The Indian High School, Dubai

Accountancy
Grade 11
Summer Assignment-1
Time: 1 hour
1. Unscramble the underlined words given in bold letters:
a) The cost of principle is often described as the
CTLSROIHAL cost principle.
b) A customers cheque that was returned NSF is
sometimes referred to as a cheque thats DENCBOU.
c) The process of transfer of journal entries to the ledger
accounts is GPITSON.
d) These accounts will normally have a credit balance
IELATISILIB.
2. From the following particulars prepare the account of D.
Budhiraja, the proprietor of a business:
i)
Capital Introduced Rs.50,000
ii)
Drawings made by him Rs.6,500
iii)
Further Capital Introduced Rs. 22,500
iv)
Profit for the period Rs.7,500
Balance the same and explain what the closing balance
indicates.
3. How will you deal with the following items in Accounting
Equation:
i)
Interest due but not received Rs. 500.
ii)
Rent received in advance Rs. 1,000
iii)
Insurance premium paid in advance Rs. 1,500
iv)
Salaries due but not paid Rs. 2,000
4. Vijay, a consultant during the financial year 2012-13
earned Rs.4, 00,000. Out of which he received Rs.3,
50,000. He incurred an expense of Rs.1, 70,000, out of Rs.
40,000 are outstanding. He also received consultancy fee
relating to previous year Rs. 45,000 and also paid Rs.20,
000 expenses of the last year.
You are required to determine his income for the last year
if:
i)he follows Cash Basis of Accounting and
ii)he follows Accrual Basis of Accounting.

The Indian High School, Dubai

Accountancy
Grade 11
Summer Assignment-2
Time: 1 hour
1. Record the following transaction in a journal:
i)
Received cash from Ram for bad debt written off
last year Rs. 100.
ii)
Bought goods at the list price of rs.25, 000 from
Mohan less 20% trade discount and 2% cash
discount and paid 40% by cheque.
iii)
Sold goods to Rakesh at the list price of Rs. 50,000
less 20% trade discount and 2% cash discount and
paid 50% by cheque.
iv)
Goods costingRs. 3,000 were destroyed by fire.
They were not insured.
v)
Received first and final dividend of 60 paise in the
rupee from the official receiver of Mr.Ashok who
owed Rs.10,000.
2. The transactions for the month of March 2013 M/s Gupta
&Co. are furnished here. You are required to enter the
same in an appropriate cash book.
2013
March
1
March
2
March
5
March
15
March
16

Cash in hand Rs.415 and cash at bank Rs.2530

Paid wages by cheque Rs.950
Made cash purchase Rs.150
Received Rs.530 by cheque from Krishna and
allowed him discount Rs.20
Paid cheque to Mohan Rs.400 in full settlement
of his account Rs.415
Cash sales amounted to Rs.150
Bought furniture for Rs.300 paid by cheque
Bank credited the account with Rs.200 for
interest
Received the cheque for Rs.250 from Suresh and

March
18
March
20

allowed him discount Rs.10

Deposited cash into bank Rs.300

3. Record the following transactions in proper subsidiary

books , close the subsidiary books on 31st January and
post them into a ledger.
2013
Jan 1
Jan
Jan
Jan
Jan
Jan
Jan

5
6
7
8
19
27

Purchased goods from Arun on the list price of

Rs. 80,000 less 10% Trade discount
Sold goods to Hari for Rs.20,000
Returned goods to Arun on the list price of
Rs.10,000
Sold goods to Shyam for Rs.60,000
Sold goods to Harsh for Rs.24,000
Sold goods to Hari for Rs.12,000
Sold goods to Dinesh for Rs.16,000

4. Prepare a Bank Reconciliation Statement :

i.
On 31st March 2008 the cash book of Radha showed
a debit balance of Rs.15,000
ii.
Before that date she issued cheques amounting to
Rs.8,000 out of which cheques amounting to
Rs.3,200 has so far been presented for payment.
iii.
A cheque of Rs.2,200 deposited by her into bank on
26th March 2008 not yet credited in the Pass book.
iv.
She also received a cheque of Rs.500 which
although entered by her in the bank column of Cash
book was omitted to be paid into Bank.
v.
On 30th March 2008 a cheque of Rs.1570 received by
her was paid into the Bank , but the same was
omitted to be entered in the cash book.

vi.

There was a credit of Rs.150 for interest on Current

A/c and debit of Rs.25 for bank charges.