CBSE Class 11 Accountancy Revision Worksheet Set A Solved

1. What is the meaning of ‘discounting of a bill’.

2. Explain the following.

(i) Errors of Omission

(ii) Errors of Commission

(iii)Errors of Principle

3. The Trial Balance was out by Rs14,930 being excess credit. The difference has been posted to the Suspense Account:

(i) Total of Returns Inward Book for January has been cast by Rs 1,000 short.

(ii) Purchase of an office table costing Rs 6,000 had been posted through the Purchase Book.

(iii) A purchase of Rs 570 had been posted to the Creditor’s Account as Rs 500.

(iv) A cheque of Rs 400 received from M.P. Mittal had been dishonoured and was debited to the ‘Printing and Stationery Account’.

(v) A credit sale of goods Rs 1,200 to Raghav has been wrongly passed through the Purchase Book.

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

(vii) Dia paid Rs 6,700 but her account was wrongly credited with Rs 10,700.

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

4. On 15th January, 2016 Saurav sold goods for Rs 60,000 to Nehra and drew upon latter a bill for the same amount payable after 3 months. The bill was accepted by Nehra. The bill was discounted by Saurav from his bank for Rs 58,500 on 31st January, 2016. On maturity the bill was dishonoured. He further agreed to pay Rs 21,000 in cash including Rs 1,000 interest and accept a new bill for two months for the remaining Rs 40,000. The new bill was endorsed by Saurav in favour of his creditor Kailash for debt of Rs 40,000. The new bill was duly met by Nehra on maturity. Give the Journal Entries in the books of Saurav.

→ VALUE POINTS 

1. A bill may be presented to a bank and amount received against it.

2. (i)Errors of Omission- When a transaction is completely or partially omitted from being recorded in the books of account.

(ii) Errors of Commission – Those errors which arise due to wrong recording, wrong posting, wrong carting forward, wrong casting of subsidiary books, wrong balancing etc.

(iii) Error of Principle- When a transaction is recorded in contravention of accounting principle.

3. Rectifying Journal Entries

4. In the Books of Saurav

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