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NARBHERAM HANSRAJ ENGLISH SCHOOL BISTUPUR, JAMSHEDPUR SECOND ASSESSMENT FIRST ROUND TEST 2015 - 2016 STD X C&D COMMERCIAL STUDIES ( ODD) F.M. 20 Q1. (a) What is the difference between current liabilities and contingent liabilities? marks] (b) Give two objectives served by the balance sheet. (c) What do you understand by turnover? (d) What is revenue losses? Give two examples. [2x4=8 Q2. State with reasons whether the following are capital, revenue of deferred revenue expenditure. [1x4=4 marks] (a) Repairing a second-hand machine worth Rs 6,000 to begin production. (b) Rs 13,000 paid for obtaining a mortgage. (c) Rs 6,000 paid as commission on the issue of debentures. (d) Rs 750 paid on carriage of goods purchased. Q3. The following is the Trial Balance of Mr Rahane as on 31st March 2009. Prepare the Trading A/c , Profit & Loss A/c and the Balance Sheet as on that date. [8 marks] Debit(Rs) Credit(Rs) Owners equity / House hold expenses 7,000 50,000 Office furniture 2,600 Stock on 1.4.2008 Discount Plant and Machinery 48,000 6,500 50,000 Insurance 4,150 Motor Van 12,000 Goods returned Debtors and Creditors 3,700 9,300 5,500 45,700 52,000 Bad debts 2,500 Rent and Rates 6,000 Commission 3,150 2,500 Cash and Bank 7,900 1,000 Wages Goods Traded in 90,800 1,93,500 Salaries 74,000 Bills payable and receivables 17,200 4,50,000 15,600
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