Rectification of Errors — Account STD 11 Commerce — Question

From the following particulars, you are required to ascertain the bank balance as would appear in the Cash Book of Ramesh as on 31st October, 2018:

1. Bank Pass Book showed an overdraft of ₹ 16,500 on 31st October.
2. Interest of ₹ 1,250 on overdraft up to 31st October, 2018 has been debited in the Bank Pass Book but it has not been entered in the Cash Book.
3. Bank charges debited in the Bank Pass Book amounted to ₹ 35.
4. Cheques issued prior to 31st October, 2018 but not presented till that date, amounted to ₹ 11,500.
5. Cheques paid into bank before 31st October, but not collected and credited up to that date, were for ₹ 2,500.
6. Interest on investment collected by the bankers and credited in the Bank Pass Book amounted to ₹ 1,800.

On 31st March, 2019, Cash Book of Mahesh showed debit bank balance of ₹ 75,000. When compared with the Bank Statement, following facts were discovered. On 30th March, two cheques of ₹ 5,000 and ₹ 7,000 were deposited in the bank but were not realised till date. On 28th March, three cheques of ₹ 6,000, ₹ 8,000 and ₹ 12,000 were issued but none of these were presented to the bank for payment. On 31st March, bank credited ₹ 1,250 as interest but this was not recorded in the Cash Book. Similarly, the bank had charged ₹ 150 as bank charges but this was not recorded in the Cash Book.
Bank paid insurance premium of ₹ 5,000 but it was recorded as ₹ 500 in Cash Book. Prepare Bank Reconcilation Statement on 31st March, 2019.

From the following Trial Balance and other information prepare Trading and Profit and Loss Account for the year ended 31st March 2016 and Balance Sheet as at that date.

Additional Information:
Stock on 31st March 2016 was ₹ 12,450. Rent was unpaid to the extent of ₹ 85 and ₹ 150 were outstanding for Trade Expenses. ₹ 400 are to be written off as bad debts out of the above debtors, and 5% is to be provided for doubtful debts. Depreciate plant and machinery 10% and premises by 2%. Manager is entitled a commission of 5% on net profit after charging his commission.

Define Single Entry System. What are the defects of this system?

From the following information, prepare Bank Reconciliation Statement as on 31st March, 2019:

		₹
(i)	Bank overdraft as per Pass Book.	36,000
(ii)	Cheques issued but not presented for payment.	19,700
(iii)	Cheques deposited with bank but not collected.	25,000
(iv)	Cheques entered in Cash Book but not banked.	9,000
(v)	Directly deposited to bank by a customer.	11,000

From the following information supplied by Ms. Sudha, calculate the amount of 'Net Sales'

	₹
Debtors on April 01, 2016	65,000
Debtors on March 31, 2017	50,000
Opening balance of bills receivable as on April 01, 2016	23,000
Closing balance of bills receivable as on March 31, 2017	29,000
Cash received from debtors	3,02,000
Discount allowed	8,000
Cash received against bills receivable	21,000
Bad debts	14,000
Bill receivables (dishonoured)	20,000
Cash sales	2,25,000
Sales return	17,000

Give two features of Accounting Information System. Features of Accounting Information System:

Computerised accounting system is the best form of accounting system. Do you agree? Comment.