HISSAN Paper Solution for 2023 provides comprehensive answers to the accounting examination questions for both Set A and Set B. This solution manual covers essential topics such as bookkeeping, accounting standards, modern banking systems, and financial statements. It is designed for students preparing for their accounting exams, offering detailed explanations and step-by-step solutions. Each section addresses specific accounting principles and practices, making it a valuable resource for effective exam preparation.

Key Points

  • Covers HISSAN accounting exam solutions for 2023
  • Includes detailed answers for Set A and Set B
  • Focuses on key topics like bookkeeping and accounting standards
  • Provides step-by-step solutions for financial statements
Kanhaiya Mahato
31 pages
Language:English
Type:Solution Manual
Accounting
Kanhaiya Mahato
31 pages
Language:English
Type:Solution Manual
Accounting
350
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Solution to HISSAN 2080 (2023) Set A
Full Marks: 75 Time 3 hours
Section A
Very Short Answer Questions
Attempt All Questions (11 × 1 = 11)
1. What is book-keeping?
n]vf clen]vgsf b'O{ dxTj pNn]v ug'{xf];\ .
2. Give the meaning of matching concpet.
ldnfgsf] cjwf/0ffsf] cy{ lbg'xf];\ .
3. Write in brief about Nepal accounting standard.
g]kfn n]vfdfgsf af/]df ;ª\lIfKtdf n]Vg'xf];\ .
4. Define modern banking system.
cfw'lgs a}ª\lsª k|0ffnLnfO{ kl/eflift ug'{xf];\ .
5. Point out any two objectives of trial balance.
;Gt'ng k/LIf0fsf] s'g} b'O{ p2]Zo a'Fbfut ¿kdf n]Vg'xf];\ .
6. What is compensating errors?
Ifltk"lt{ uNtL eg]sf] s] xf] <
7. List out any two features of reserve.
;l~rtLsf s'g} b'O{ ljz]iftfsf] ;"rL agfpg'xf];\ .
8. State any two examples of capital loss.
k"FhLut gf]S;fgLsf s'g} b'O{ pbfx/0f lbg'xf];\ .
9. Mention any two features of government account.
;/sf/L n]vfsf s'g} b'O{ ljz]iftf pNn]v ug'{xf];\ .
10. Give the meaning of Treasury Single Account.
Psn vftf sf]ifsf] cy{ lbg'xf];\ .
11. Define budget sheet.
ah]6 vftfnfO{ kl/eflift ug'{xf];\ .
Section B
Short Answer Questions
Attempt All Questions (8 × 5 = 40)
12. a. Write any three features of double entry system of book keeping.
bf]xf]/f] n]vf k|0ffnLsf s'g} tLg ljz]iftfx¿ n]Vg'xf];\ .
12 b. Following information are given:
i. Started business with cash Rs 200,000 and stock Rs 50,000.
ii. Goods purchased for Rs 20,000 andd received discount Rs 500.
Required: Accounting equation.
Ans: Assets Rs 2,50,500; Liabilities Rs Nil, Capital Rs 2,50,500
SOLUTION
b. Accounting equation
Transaction Assets = Capital + Liabilities
Business started with cash and stoc
k
250,000 250,000 + 0
Beginning equation 250,000 = 250,000 + 0
Goods purchased with discount 20,500
–
20,000 = 500 + 0
Ending equation 250,500 = 250,500 + 0
13. a. Following transactions are given
Magh 1 : Opening cash Rs 75,000 and bank balance Rs 25,000
Magh 5: Cash deposited into the bank Rs 10,000
Magh 16: Cash paid to creditors Rs 9,000 after deducting 10% discount.
Required: Cash book
Ans: Balance b/d: Cash Rs 56,000; Bank Rs 35,000
SOLUTION
a. Triple column cash book with cash, bank and dis column
2 Advance Saraswati's NEB Solution Manual to Principles of Accounting-XI
D P LF C B Dis D P LF C B Dis
M.1 To bal b/d 75,000 25,000 M.5 By bank (C) 10,000
M.5 To cash (C) 10,000 M.16 By ceditors 9,000 1,000
M.30 By bal. c/d 56,000 35,000
75,000 35,000 Nil 75,000 35,000 1,000
F.1 To bal b/d 56,000 35,000
b. Following purchase related information's are provided:
Poush 1: Purchase stationery from Stationry house:
10 dozen cello ball pen @ Rs 20 per piece.
100 ledgers book @ Rs 250 per book
Poush 15: Purchase from MK Stationery 3 set of table files for cash Rs 18,000.
Required: Purchase book
Ans: Total Rs 4,900
SOLUTION
Purchase book
Date Particular Inv. Lf Details Amount
P. 1 Purchase from stationary have
10 dozen cello pen @ Rs 20 recpiece 2,400
10 ledger books @ Rs 250 per book 2,500 4,900
Total purchase book 4,900
14. Consider the following information:
i. On 3st January the pass book showed of Rs 50,000.
ii. Cheque issued but not cashed of Rs 4,000
iii. Cheque deposited but not credited by bank of Rs 15,000.
iv. The bank has credited interest of Rs 2,000 but not recorded in the cash book.
v. Customer paid cash into bank Rs 3,000 but not recorded in cash book.
Required: Bank reconciliation statement
[Ans: Balance as per cash book Rs 56,000]
SOLUTION
Bank reconciliation statement
As on 31
st
January
Particulars Amount Amount
Bank balance as per pass book 50,000
Add: (iii) cheque deposited but not colected by bank 15,000 15,000
65,000
Less: (ii) cheque issued but not cashed 4,000
(iv) The bank has credited interest but not recorded in cash book 2,000
(v) Customer paid cash into bank but not recorded in cash book 3,000 (9,000)
Bank balance as per cash book 56,000
15. a. The following is trial balance extracted on 31st December 2021 from a business house.
Particulars Dr (Rs.) Cr (Rs.)
Capital 200,000
Creditors 50,000
Sales 4,50,000
Bank overdraft 50,000
Furniture 1,50,000
Cash at bank 1,60,000
Debtors 40,000
Rent 25,000
Wages 5,000
Purchase 3,50,000
Salary 20,000
Total 7,50,000 7,50,000
Additional information:
i. Depreication on furniture by 10%
Solution to Model Question 2077 3
ii. Outstanding rent Rs 5,000
Required: Adjusted trial balance
Ans: ATB Total Rs 7,55,000
SOLUTION
Adjusted trial balance
S.N Particulars Unadjusted Adjustment Adjusted
Dr. Cr. Dr. Cr. Dr. Cr.
1 Capital - 200,000 - - - 200,000
2. Creditors - 50,000 - - - 50,000
3. Sales - 450,000 - - - 450,000
4. Bank overdraft - 50,000 - - - 50,000
5. Furniture 150,000 - - 15,000 135,000 -
6. Cash at bank 160,000 - - - 160,000 -
7. Debtorss 40,000 - - - 40,000 -
8. Rent 25,000 - 5,000 - 30,000 -
9. Wages 5,000 - - - 5,000 -
10. Purchases 350,000 - - - 350,000
11. Salary 20,000 - - - 20,000
Adjustment
i. Dep
n
on furniture - - 15,000 - 15,000 -
ii. Oustanding rent - - - 5,000 - 5,000
Total 750,000 750,000 20,000 20,000 755,000 755,000
b. Following information is provided:
i. During the year the bad debts amounted to Rs 5,000
ii. Debtors at the end of the year were Rs 200,000 and maintained 5% provision.
iii. Opening provision for doubtful debt Rs 6,000
Required: Provision for doubtful debts account.
Ans: Estimated bad debts Rs 9,000
SOLUTION
Dr. Prov. for doubtful debt A/C Cr.
D Particulars LF A D Particulars LF A
To debtors 5,000 By balance b/d 6,000
To balance c/d 10,000 By estimated bad debt exp. 9,000
[5% of 200,000]
15,000 15,000
16. Following incomes and expensese were taken from a company as on 31st Chaitra last year given below:
Particulars Cr (Rs.)
Rent expenses 36,000
Sales revenue 4,50,000
Purchase 1,60,000
Wage 8,000
Salaries expenses 26,000
Selling expenses 9,000
Opening stock 20,000
Interest expenses 5,000
Other expenses 7,000
Prepaid insurance 8,000
Additional information:
i. Closing stock Rs 45,000
ii. Prepaid insurance was expired Rs 3,000
Required: Trading and profit and loss account
Ans: GP Rs 3,07,000; NP Rs 2,21,000
SOLUTION
Trading & PlL A/C
For the year ended 31
st
Chaitra, last year
Particulars Amount Particulars Amount
To opening stock 20,000 By sales 450,000
To purchase 160,000 by closing stock 45,000
/ 31
End of Document
350

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FAQs

What are the main objectives of accounting standards mentioned in the document?
The document outlines several key objectives of accounting standards, which include enhancing the reliability and comparability of financial statements. These standards aim to provide a framework for consistent reporting, ensuring that financial information is understandable and useful to users. Additionally, they help in the prevention of fraud and misrepresentation by establishing clear guidelines for accounting practices.
What is the significance of the accounting equation in the document?
The accounting equation, represented as Assets = Liabilities + Capital, is fundamental to the principles of accounting discussed in the document. It illustrates the relationship between a company's resources (assets) and the claims against those resources (liabilities and capital). This equation must always balance, ensuring that all financial transactions are accurately recorded and reflected in the financial statements.
How is the trial balance prepared according to the document?
The document explains that a trial balance is prepared by listing all the debit and credit balances from the ledger accounts. The total of the debit balances must equal the total of the credit balances, confirming that the books are in balance. It serves as a preliminary check before preparing financial statements, helping to identify any discrepancies or errors in the accounting records.
What are compensating errors as defined in the document?
Compensating errors are defined in the document as mistakes in accounting that offset each other, resulting in no overall effect on the trial balance. For instance, if an error is made in recording a transaction that is balanced by another error, the total debits and credits may still appear correct. Understanding these errors is crucial for accurate financial reporting and analysis.
What is the role of the budget sheet as described in the document?
The budget sheet is highlighted in the document as a vital tool for planning and controlling financial resources. It outlines expected revenues and expenditures for a specific period, allowing organizations to allocate resources effectively. The budget sheet helps in monitoring financial performance against the planned budget, facilitating better decision-making and financial management.
What are the features of the double-entry system of bookkeeping mentioned in the document?
The document discusses several features of the double-entry system of bookkeeping, including that every transaction affects at least two accounts, ensuring that the accounting equation remains balanced. This system enhances the accuracy of financial records and provides a comprehensive view of a company's financial position. Additionally, it helps in detecting errors and fraud, as each entry must be matched with a corresponding entry.
What adjustments are made in the adjusted trial balance according to the document?
In the adjusted trial balance, the document specifies that adjustments such as depreciation, outstanding expenses, and prepaid expenses are accounted for. For example, depreciation on assets is deducted to reflect their current value, while outstanding expenses are added to ensure all liabilities are recognized. This process ensures that the financial statements present an accurate and fair view of the organization's financial status.

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