The document outlines a test for KFT Accounting Solutions, including tasks such as preparing journal entries, bank reconciliation statements, and IQ tests. It provides specific financial scenarios for journal preparation and reconciliation, along with multiple-choice questions related to accounting principles. The total marks for the test are 150, with detailed instructions and examples included for each section.
The document outlines a test for KFT Accounting Solutions, including tasks such as preparing journal entries, bank reconciliation statements, and IQ tests. It provides specific financial scenarios for journal preparation and reconciliation, along with multiple-choice questions related to accounting principles. The total marks for the test are 150, with detailed instructions and examples included for each section.
The document outlines a test for KFT Accounting Solutions, including tasks such as preparing journal entries, bank reconciliation statements, and IQ tests. It provides specific financial scenarios for journal preparation and reconciliation, along with multiple-choice questions related to accounting principles. The total marks for the test are 150, with detailed instructions and examples included for each section.
The document outlines a test for KFT Accounting Solutions, including tasks such as preparing journal entries, bank reconciliation statements, and IQ tests. It provides specific financial scenarios for journal preparation and reconciliation, along with multiple-choice questions related to accounting principles. The total marks for the test are 150, with detailed instructions and examples included for each section.
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KFT Accounting Solutions
Name :- Instructions for Test. Time 1.30 Hours Marks
1 Prepare Journal from Entries 50 Marks 0
2 Prepare Bank Reconcilation Statement 30 Marks 0
3 IQ Test-A 30 Marks 0 IQ-Test-B 15 Marks 0
4 Punch Client Movement IN MYOB 25 Marks 0
Total marks 150 Marks 0
Index
Financial year 2011-12
Prepare Journal Entries
Amount due from ABC & Co Rs 7000 written off as Bad Debt in 2011 1 During 2012 on Settlement . Rs 4500 recovered from him
New Machinery bought for Rs 84500 and Rs5500 paid for installation 2 and Rs 39000 received against old scraped machinery costng Rs60000 with WDV Rs 32000 and balance paid by cheque
Rs 30000 received from Customer for services provided 1st Sep 2011 to 31 Aug 2012 3 Compnay recorded full amount as income.Pass adjusting enty as on 31st March 2012.
Company has a Provision for Doubtfull debts Rs45000. Total Debtor of the Compnay are 4 Rs 354000 and compnay estimate that 10% will be Bad Debt. Make proper Provision for Doubtful Debtor in A/c
Compny operates a Restaurent. Rs 8500 item used personally by the owner
5 out of which Rs 4500 paid in form of New Oven purchased from personal A/c
Rs 45000 Goods destroyed in Fire and Rs 25000 realised from sale of Scrap and Rs 15000 6 received from insurance company.
VAT paid Rs 11500 A/c sister concern ABC Pvt ltd against Rs35000 payable 7 to them and balance paid by cheque after adjusting sales of Rs 11000.
8 Stock Rs 45400 as on 31/3/12 (Includes Rs18000 damaged stock 50% relisable value)
9 Sold personal Car for Rs. 39000 (Cost Rs 54000 W.D.V Rs 35000) amount deposited in Company bank A/c
10 Rent Rs. 38000 P.M (TDS Rate 20% )adjusted agaisnt commission due Rs.15000 and balance paid in Bank Compu er 32500 Cash 19500 Comput er 25000 DEP 14525 Gain 2525
5 Total Marks 0 scraps Mechnery 32000 Profit on sale on scraps Mechnery 7000 Index Prepare Bank Reconcilation
Name 0
1 On 31st December, 2011, the debit bank balance according to cash book of a trader was `6,000. On comparison with the pass book, the following information was gathered :
a) A cheque for `5,000 deposited with the bank on 28th December, 2011 was credited in pass book on 2nd January, 2012.
b) On 29th December, 2011, a cheque for `3,000 was issued to a supplier. The cheque was presented to bank for payment on 3rd January, 2012.
c) Insurance premium of `4,000 was paid by bank, but not yet recorded in the cash book.
d) A cheque of `3,000 received from Ramesh was entered in the bank column of the cash book, but was omitted to be deposited in the bank.
e) Bank charges of `100 were not shown in cash book.
f) Bank interest allowed by bank, `150 had not been entered in cash book. Prepare the bank reconciliation statement as on 31st December, 2011.
2 On the basis of following detail, prepare the bank reconcilation statement and ascertain the balance as per Bank as on 31st March 2013
a) Balance as per Cash book on 31st March 2013 $1700
b) Cheques deposited with bank but not yet cleared $12000
c) Cheques in hand of Cashier not yet deposited with bank $3000
d) Amount charged by bank but not yet recorded in cash book $100
e) dividend collected by bank but not appearing in cash book $1500
f) Cheque issued on 31st March 2013 but not presented to bank for payment $14000 Prepare Bank Reconcilation
2011, the debit bank balance according to cash book of a trader
mparison with the pass book, the following information was gathered :
0 deposited with the bank on 28th December, 2011 was
ok on 2nd January, 2012.
, 2011, a cheque for `3,000 was issued to a supplier. The
ted to bank for payment on 3rd January, 2012.
m of `4,000 was paid by bank, but not yet recorded in the cash
received from Ramesh was entered in the bank column of
was omitted to be deposited in the bank.
00 were not shown in cash book.
wed by bank, `150 had not been entered in cash book.
econciliation statement as on 31st December, 2011.
owing detail, prepare the bank reconcilation statement and ascertain the balance 31st March 2013
sh book on 31st March 2013 $1700
d with bank but not yet cleared $12000
f Cashier not yet deposited with bank $3000
y bank but not yet recorded in cash book $100
by bank but not appearing in cash book $1500
31st March 2013 but not presented to bank for payment $14000 Prepare Bank Reconcilation Index IQ -A
1 Profit and loss statement show that Sales revenue is Rs. 650,000 and the gross margin is 20%. What is the cost of Goods Sold?
A) 650,000
B) 130000
C) 26000
D) 520000
2 At the end of an accounting year, total debtors are `1,00,000. Provision for bad debts and for discount on debtors are made @ 5% and 2% respectively. The amount of provision for discount on debtors will be —
A) `2,000
B) `5000
C) `1,900
D) `1,950.
3 When an asset is shown at its original cost till its disposal, the annual depreciation is recorded by credit to ____________ account.
4 Plant and machinery account is a —
A) Personal account
B) Tangible real account
C) Intangible real account
D) Nominal account.
5 The value of a fixed asset after deducting depreciation is known as its —
A) Book value
B) Market value
C) Face value
D) Realisable value.
6 Puchase of New computer for office is--
A) Deffered Revenue
B) Revene Expenditure
C) Capital Expenditure
D) None of above
7 Expenses incurred before Incorporation of Company are
A) Preoperative Expenses
B) Direct Expenes
C) Prelimenery Expenes
D) None
8 If an amount written off as a bad debt is recovered subsequently, it will be —
A) Debited to the debtor’s personal account
B) Credited to the debtor’s personal account
C) Debited to bad debts recovered account
D) Credited to bad debts recovered account.
9 Which of the following would not be a current asset?
Accounts A) Receivable
B) Land
C) Prepaid Insurance
D) Stocks
10 A brand new company has a building costing Rs.10,000, machinery costing Rs.5,000, cash of Rs.700, and a bank loan of Rs.7,850. What is the owner’s equity?
A) Rs.8,850
B) Rs.15,700
C) Rs.7,850
D) cannot be determined
11 Term Loan Taken from Bank shown under:-
A) Current Liabilites
B) Unsecured Loan
C) Secured Loan
D) Loan & Advances
12 Fill in Blanks (i) Profit prior to Incorporation is a profit
(i) Profit earned after Incorporation is a profit
13 Which of the following accounts will be reported on the balance sheet?
A)Bad Debt Expense
B)Petty Cash
C)Sales Returns
D)Allowances 14 Bank Account is :-
A) Personal Account
B) Real Account
C) Nominal Account
D) None
15 The separate entity assumption states that
A) Assets should be recorded at their initial acquisition cost
B) Each business is considered to be part of its owners
C) The monetary unit should be in Indian Rs.
D) For measurement purposes, the resources, debts, and activities of a business
should be kept separate from those of the owners (Each Question carry 2 marks)
Answers Marks 5,000, cash of Total Marks 0 Index IQ -B
1 Company XYZ reported the following in 2005; total assets, $105,000; total liabilities, $20,000; contr A) $45,000
B) $35,000
C) $25,000
D) $15,000
2 On January 1, 2005, Company XYZ. started the year with a $50,000 credit balance in its retained e company received cash of $15,000 as an additional investment by its owners. Therefore, the balanc A) $ 95000
B) $ 75000
C) $ 65000
D) $ 80000
3 your company began operations. On December 3 it purchased Rs.1,500 of Material and recorded monthly financial statements at the end of each calendar month. At the end of the day on March 31 A) How many accounts are involved in the adjusting entry?
B) What is the name of the account that will be debited?
C) What is the name of the account that will be credited?
D) What is the amount of the debit and the credit?
E) What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? l liabilities, $20,000; contributed capital, $70,000. Therefore, retained earnings was:
t balance in its retained earnings account. During 2005, the company earned net income of $40,000 and declared and pa rs. Therefore, the balance in retained earnings on December 31, 2005, would be
f Material and recorded the transaction with a debit to the current asset Stock and a credit to the current liability Accou nd of the day on March 31, your company estimated that Rs.700 of the Materials were still on hand in the supply room. T (Each Question carry 5 marks)
