CBSE Class 11 Accountancy Revision Worksheet Set 02 Solved

1. What is the meaning of ‘endorsement of a bill’?

2. Explain any three types of Errors of Commission.

3. On 15th January, 2017 Gaurav sold goods for Rs 50,000 to Mishra and drew upon latter a bill for the same amount payable after 3 months. The bill was accepted by Mishra. The bill was discounted by Gaurav from his bank for Rs 48,700 on 31st January, 2017. On maturity the bill was dishonoured. He further agreed to pay Rs 20,800 in cash including Rs 800 interest and accept a new bill for two months for the remaining Rs 30,000. The new bill was endorsed by Gaurav in favour of his creditor Kapil for debt of Rs 30,000. The new bill was duly met by Mishra on maturity. Give the Journal Entries in the books of Gaurav.

4. The Trial Balance was out by Rs 14,930 being excess credit. The difference has been posted to the Suspense Account:

(i) Rs 3,750 paid for wages to workmen for making showcases had been charged to Wages Account.

(ii) Total of Returns Inward Book for December had been cast by Rs 1,000 short.

(iii) A purchase of Rs 770 had been posted to the Creditor’s Account as Rs 700.

(iv) A cheque of Rs 600 issued to the Supplier’s Account (shown under Sundry Creditors’) towards his dues had been wrongly debited to the Purchase Account.

(v) Return of goods of `800 to Sana was passed through the Sales Return Book.

(vi) Diana paid Rs 7,700 but her account was wrongly credited with Rs 11,700.

(vii) An amount of Rs 10,000 owed by Divya was omitted from Sundry Debtors.

Pass the necessary Journal Entries for correcting the above and prepare a Suspense Account.

→ VALUE POINTS

1. Endorsement means transfer of Bill of Exchange to another person. 

2. (i) Errors of Recording – When a transaction is incorrectly recorded in the books of original entry.

(ii) Errors of Casting – If there is an error in totalling

(iii) Errors of Carrying Forward– It arises if a mistake in carrying forward a total of one page to the next page

(iv) Errors of Posting – Arises when transactions are recorded in the books of original entry is incorrectly transferred.

(Any three)

3. In the Books of Gaurav

4. Rectifying Journal Entries

Please click on below link to download CBSE Class 11 Accountancy Revision Worksheet Set B Solved