Professional Documents
Culture Documents
Accountancy Worksheet Practice
Accountancy Worksheet Practice
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.
March
18
March
20
5
6
7
8
19
27
vi.