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    Test Sheet-Accounts v1

    Uploaded by

    Minaketan Das
    The document contains an accounting test with 11 multiple choice questions. It tests concepts like depreciation, accruals, provision for taxes, payroll accounting, bad debts, prepaid expenses, and bank and supplier reconciliations. For each question, the test-taker is asked to provide debit and credit entries based on financial transactions and account information provided.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Test Sheet-Accounts v1

    Uploaded by

    Minaketan Das
    54 views6 pages
    The document contains an accounting test with 11 multiple choice questions. It tests concepts like depreciation, accruals, provision for taxes, payroll accounting, bad debts, prepaid expenses, and bank and supplier reconciliations. For each question, the test-taker is asked to provide debit and credit entries based on financial transactions and account information provided.

    Original Description:

    Acccounts test for beginners

    Original Title

    Test Sheet-Accounts v1 copy

    Copyright

    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    The document contains an accounting test with 11 multiple choice questions. It tests concepts like depreciation, accruals, provision for taxes, payroll accounting, bad debts, prepaid expenses, and bank and supplier reconciliations. For each question, the test-taker is asked to provide debit and credit entries based on financial transactions and account information provided.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    54 views6 pages

    Test Sheet-Accounts v1

    Uploaded by

    Minaketan Das
    The document contains an accounting test with 11 multiple choice questions. It tests concepts like depreciation, accruals, provision for taxes, payroll accounting, bad debts, prepaid expenses, and bank and supplier reconciliations. For each question, the test-taker is asked to provide debit and credit entries based on financial transactions and account information provided.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    Accounting test

    Duration : 1 hour
    Marks scored : /100
    Name :

    ABC Ltd charge depreciation @10% p.a. on the furniture and fixture as per WDV method. Cost of furnitu
    accumulated depreciation on furniture & fixture of 25,000. Record the depreciation on furniture and fix
    1

    Ans. Particulars Debit

    2 Record the provision entry of accounting fees accrual of 2,500 as on 31.12.2020.


    Ans. Particulars Debit

    3 ABC ltd issued sales invoice as on 25.12.2020 of 45,000, record the sales entry.
    Ans. Particulars Debit

    4 Record the dividend payable to shareholder of 50,000 for the year ended 31.12.2020
    Ans. Particulars Debit

    5  X Ltd. Owned an asset as under:


    Cost of the asset 50,000.00
    Accumulated Depreciation on the asset 20,000.00
    The asset was sold for 18,000.00
    Pass entry to record sale of asset. ( Combined Entry )
    Ans. Particulars Debit

    50,000.00

    6 Profit before tax 398,000.00


    Depreciation as per books 10,000.00
    Depreciation as per Income tax Act 8,000.00
    Tax Rate 30%
    Pass entry for Provision for Income Tax
    Ans. Particulars Debit

    120,000.00

    7 Gross salary (Exclude Company`s PF Contribution) 55,000.00


    Company’s Contribution – Provident Fund 5,000.00
    Employees Contribution – Provident Fund 5,000.00
    Tax Deducted at Source 4,000.00
    Profession Tax 200.00
    Pass entry to record payroll.
    Ans. Particulars Debit

     A company had debtors of Rs. 125,000 and Provision for Bad Debts of Rs. 2,000.During the year, the Co
    8
    Rs. 4,500, utilizing the provision.
    Ans. Particulars Debit

    Insurance premium paid for the period 01.10.20 to 30.09.21 is 20,000, Calculate prepaid expenses for y
    9
    Ans. Particulars Debit

     Prepare Reconciliation of Supplier balance from the following information for XYZ
    10 Limited and arrive at balance as per PQR Limited
    a Amount due to PQR Limited as on 31.12.2020 47,500.00
    On 31.12.2020, XYZ Limited paid Rs. 5,000 to PQR Limited, the Cheque
    b was received by PQR Limited on 02.01.2021
    On 29.12.2020, PQR Limited issued a credit note for return of goods
    c by XYZ limited for Rs. 2000. The same was received by XYZ Limited on
    01.01.2021.
     In June 2020, XYZ Limited made payment of Rs. 3,000 to ABC Limited
    d on behalf of PQR Limited. The same has not been accounted by PQR
    Limited.
    Ans. Particulars Amount

    Prepare Bank Reconciliation from the following information for ABC Limited and arrive
    11
    at Balance as per Cash book.
    a. Balance as per Bank statement as on 30.06.2021 34,500.00
    b Cheques issued, not presented for payment up to 30.06.2021 5,500.00
    c Amounts debited by Bank, not accounted 500.00
    d Direct deposit by a customer, not accounted 1,000.00
    e Cheques deposited on 30.06.2021, not credited by. Bank 1,500.00
    Ans. Particulars Amount
    00
    Examiner's marking

    DV method. Cost of furniture as on 01.01.2020 is of 100,000 and


    ciation on furniture and fixture as on 31.12.2020

    Credit 5 Marks

    020.
    Credit 5 Marks

    y.
    Credit 5 Marks

    12.2020
    Credit 5 Marks

    Credit 10 Marks

    50,000.00
    Credit 5 Marks

    120,000.00

    Credit 10 Marks

    000.During the year, the Company decided to write-off bad debts of

    Credit 5 Marks

    ate prepaid expenses for year ended 31.03.2021 and pass entry

    Credit 10 Marks

    15 Marks
    Amount

    25 Marks

    Amount

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