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Punjab (PTB) · Chapter test · Free

1st Year Principles of Accounting Chapter 11 TestWork Sheet

26 marks · 40 minutes · 18 questions. Covers: CHAP 12: Work Sheet.

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1st Year Principles of Accounting Chapter 11 Test

1st Year · Principles of Accounting · Punjab (PTB)

Name: ____________Roll No: ________Class/Section: ________Date: ________Total marks: 26Time: 40 minutes

Q1. Multiple choice questions (Attempt all · 10 × 1 = 10)

  1. On way of avoiding errors in the permanent accounting records is to use a form which is called:

    1. Bank statement

    2. Trial balance

    3. Balance sheet

    4. Work sheet

  2. Which one of the following is used to simplify work, to be done at the end of period:

    1. Balance sheet

    2. Income statement

    3. Bank statement

    4. Work sheet

  3. Worksheet provides complete information for preparing:

    1. Income statement

    2. Position statement

    3. Financial statement

    4. Bank Reconciliation statement

  4. The body of worksheet contains:

    1. Two pairs of money column

    2. Three pairs of money column

    3. Four pairs of money column

    4. Five pairs of money column

  5. In the preparation of the worksheet the amounts in the trial balance columns are taken directly from:

    1. Journal

    2. Ledger

    3. Trial balance

    4. Transaction

  6. Which one of the following is not considered the permanent part of the accounting record?

    1. Journal

    2. Trial balance

    3. Ledger

    4. Work sheet

  7. Adjusting entries affect:

    1. Balance sheet

    2. Income statement

    3. Work sheet

    4. All of those

  8. Financial statement is prepared is prepared from the amount given in:

    1. Trial Balance columns

    2. Adjustments columns

    3. Cash columns

    4. Adjusting trial balance columns

  9. The amount of assets, liabilities, capital and drawings are extended from adjusted trial balance to the:

    1. Balance sheet columns

    2. Income statement columns

    3. Cash columns

    4. Bank columns

  10. A sheet which minimizes the chances of errors to the maximum possible extent is called:

    1. Balance sheet

    2. Work sheet

    3. Paper sheet

    4. Income statement

Q2. Short questions (Attempt any 4 of 5 · 4 × 2 = 8)

  1. What are the advantages of worksheet? (any two)

  2. What do you mean by work sheet?

  3. Why balance sheet is to be prepaid?

  4. Define income statement.

  5. Name the five sets of money columns of worksheet.

Q3. Long questions (Attempt any 2 of 3 · 2 × 4 = 8)

  1. From the following Trial Balance of Ahmed & Co. Prepare a ten column work sheet for the year ended 31st December 2022:
    Adjustments:
    (1) Merchandise inventory on December 31, 2022 was Rs. 105,000.
    (2) Depreciation on furniture @ 10% p.a.
    (3) Rent unexpired Rs. 6,000.
    (4) Commission earned but not received Rs. 3,000.

    Accounts Name Dr. Rs. Cr. Rs.
    Cash in hand 15,000  
    Account Receivables 42,500  
    Furniture & Fixtures 90,000  
    Merchandise inventory (01-01-2015) 60,000  
    Goodwill 60,000  
    Accumulated Depreciation on Furniture & Fixture   9,000
    Bank Overdraft   27,500
    Ahmad's Capital   95,000
    Mortgage loan   60,000
    Sales less returns   232,500
    Commission earned   15,000
    Purchases less returns 145,00  
    Rent Expense 24,000  
    Mics. Expenses 2,500  
      439,000 439,000

  2. The following Trial Balance has been extracted from the books of Usman Bros for the year ended on 31st December 2022.
    Adjustments:
    (1) Closing inventory was valued at Rs. 14,000.
    (2) Advertisement prepaid Rs. 1,790.
    (3) Accrued dividend Rs. 120.
    (4) Allow interest on capital @ 5% p.a.

    Names of Accounts Dr. Rs. Cr. Rs.
    Cash in hand 435  
    Prepaid advertisement 2,790  
    Office Furniture 25,400  
    Accumulated Depreciation   1,200
    Capital   30,000
    Drawings 2,600  
    Accounts receivable 29,500  
    Accounts Payable   8,500
    Sales   66,620
    Salaries 9,850  
    Purchases 34,980  
    Transporting Expenses 1,745  
    Dividend Received   980
      107,300 107,300

  3. The following balances are extracted from the Books of Asif & Bros. For the year ended 31st December 2022. You are required to prepare the work sheet for the year ended 31-12-2022.
    The Merchandise inventory on 31-12-2022 was valued at Rs. 53,000.

      Rs.
    Merchandise inventory on 01-01-2015 36,000
    Perchases 143,600
    Purchases discounts 3,000
    Purchases returns and allowances 2,500
    Sales 175,000
    Wages 1,500
    Sales salaries 15,000
    Advertising expenses 9,600
    Utilities expenses 8,900
    Insurance 950
    Rent, rates and taxes 2,300