February 26, 2014

Junior Inter Commerce Model Questions

1. Satyanarayana Murthy and Son's cash book showed Rs.11,700 as on 30th September 2012.

On comparing the cash book with passbook the following discrepancies were noted.
a. Directly deposited by a customer Rs. 2,000.
b. Interest debited by the bank in passbook only Rs. 500.
c. Cheques issued but not presented for payment Rs. 2,500.
d. Bank charges Rs. 100.
e. Cheques deposited in bank but not credited Rs. 4,000.
Prepare bank reconciliation statement showing balance as
per passbook.

2. Explain the functions of accounting?

3. Rectify the following errors found after preparation of trial balance.
a) A debtor balance of Rs. 550 was not included in the list of debtors.
b) A sum of Rs. 587 to Shiva was recorded in the sales book as 857.
c) A sum of Rs. 1,200 paid to Suresh was debited to Subhash.
d) Purchased goods from Ravi Rs. 4,500 but entered into sales book.
e) Goods taken by proprietor Rs. 700 has not been entered in the books at all.

3. What is the rule of debit and credit for nominal accounts?
4. What are fictitious assets?
5. What are current liabilities?
6. What is meant by "Narration"?
7. What are one sided errors?

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