Commerce (English Medium) कक्षा ११ - CBSE Question Bank Solutions for Accountancy

From the following particulars, prepare a bank reconciliation statement as at March 31, 2017.

1. Balance as per cash book ₹ 3,200 .
2. Cheque issued but not presented for payment ₹ 1,800.
3. Cheque deposited but not collected upto March 31, 2014 ₹ 2,000.
4. Bank charges debited by bank ₹ 150.

From the following particulars, prepare a bank reconciliation statement as at March 31, 2017.

1. Balance as per cash book ₹ 3,200.
2. Cheque issued but not presented for payment ₹ 1,800.
3. Cheque deposited but not collected upto March 31, 2014 ₹ 2,000.
4. Bank charges debited by bank ₹ 150.

Rectify the following errors:

1. Credit sales to Mohan Rs 7,000 were not recorded.
2. Credit purchases from Rohan Rs 9,000 were not recorded.
3. Goods returned to Rakesh Rs 4,000 were not recorded.
4. Goods returned from Mahesh Rs 1,000 were not recorded.

From the following particulars, prepare a bank reconciliation statement as at March 31, 2017.

1.  Balance as per cash book ₹ 3,200.
2. Cheque issued but not presented for payment ₹ 1,800.
3. Cheque deposited but not collected upto March 31, 2014 ₹ 2,000.
4. Bank charges debited by bank ₹ 150.
   

From the following particulars, prepare a bank reconciliation statement as at March 31, 2017.

1.  Balance as per cash book ₹ 3,200.
2. Cheque issued but not presented for payment ₹ 1,800.
3. Cheque deposited but not collected upto March 31, 2014 ₹ 2,000.
4. Bank charges debited by bank ₹ 150.

From the following particulars, prepare a bank reconciliation statement as at March 31, 2017. 

1. Balance as per cash book ₹3,200.
2. Cheque issued but not presented for payment ₹1,800.
3. Cheque deposited but not collected upto March 31, 2014 ₹2,000.
4. Bank charges debited by bank ₹150. 

From the following particulars, prepare a bank reconciliation statement as at March 31, 2017.

1. Balance as per cash book ₹ 3,200.
2. Cheque issued but not presented for payment ₹ 1,800.
3. Cheque deposited but not collected upto March 31, 2014 ₹ 2,000.
4. Bank charges debited by bank ₹ 150.

What are the methods of preparing trial balance?

What is ‘Depreciation’?

What is retirement of a bill of exchange?

Briefly explain the purpose and benefits of retiring a bill of exchange to the debtor and the creditor

Name any two types of commonly used negotiable instruments

State any four essential features of bill of exchange

A bill of exchange must contain “an unconditional promise to pay” Do you agree with a statement?

Give the meaning of rebate

Vishal sold goods for ₹ 7,000 to Manju on Jan 05, 2016 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal’s draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank @12% p.a. On the due date Manju met her acceptance.
Journalise the above transactions in the books of Vishal and Manju.

Nikhil sold goods for ₹ 23,000 to Akhil on Dec. 01, 2017. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank @12 p.a. On the due date Akhil dishonoured the bill of exchange and the bank paid ₹ 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest @10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept ₹ 10,000 in cash immediately and drew a third bill upon him including interest of ₹ 500. Nikhil agreed to Akhil’s request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil’s account in the books of Nikhil and Nikhil’s account in the books of Akhil.

On Jan. 01, 2017 Harsh accepted a month bill for ₹ 10,000 drawn on him by tanu for latter’s benefit. Tanu discounted the bill on same day @ 8% p.a. On the due date tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance.
Record the journal entries in the Books of Tanu and Harsh.

What is meant by renewal of a bill of exchange?

Give the performa of a Bills Receivable Book