Practice Paper
TERM II (2021 – 2022)
Class – XI
Accountancy (055)
Time: 2 hours Maximum Marks: 40
General Instructions:
- There are 12 questions in the question paper.
- All questions are compulsory.
- Question nos. 1 to 4 are short answer type–I question carrying 2 marks each.
- Question nos. 5 to 8 are short answer type–II questions carrying 3 marks each.
- Question nos. 9 to 12 are long answer type questions carrying 5 marks each.
- There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and 1 question of five marks.
1. State the meaning of software?
2. Explain the Parties that are involved in a Promissory Note.
3. Rakesh keeps incomplete records of his business. He gives you the following information. Capital at the beginning of the year Rs 8,00,000; capital at the end of the year Rs 6,20,000, Rs 2,50,000 was withdrawn by him for his personal use; as Rakesh needed money for expansion of his business, he asked his wife for help, his wife allowed him to sell her ornaments and invest that amount into the business which come to Rs 30,000. Calculate his profit or loss for the year ended.
4. Define Provisions for bad and doubtful debts with adjustment entry.
Provision for bad and doubtful debts occurs when there is a possible reason for debtors who are doubtful that they will not pay the debts on time.
5. Explain central processing unit, as a component of computer system.
6. List the various advantages of Computerised Accounting Systems.
OR
State the limitations of Computers.
7. State whether the following expenses are capital or revenue in nature:
OR
From the following information, determine Gross Profit for the year ended 31st March, 2019:
8. From the following figures, calculate Operating Profit:
OR
Explain Marshalling of Balance Sheets.
9. Rectify the following errors assuming that Suspense Account was opened.
(a) Credit sales to Mohan ₹ 7,000 were recorded in Purchase Book. However, Mohan’s Account was correctly debited.
(b) Credit purchases from Rohan ₹ 9,000 were recorded in Sales Book. However, Rohan’s Account was correctly credited.
(c) Goods returned to Rakesh ₹ 4,000 were recorded in Sale Returns Book. However, Rakesh’s Account was correctly debited.
(d) Goods returned from Mahesh ₹ 1,000 were recorded through Purchase Returns Book. However, Mahesh’s Account was correctly credited.
(e) Goods returned to Naresh ₹ 2,000 were recorded through Purchases Book. However, Naresh’s Account was correctly debited.
10. A sells goods for ₹ 30,000 to B on 1st January, 2017 and on the same day draws a bill on B at three months for the amount. B accepts it and returns it to A, who discounts it on 4th February, 2017 with his bank at 18% per annum. The acceptance is dishonoured on the due date, the noting charges paid by the bank being ₹ 200. On 4th April, 2017, B accepts a new bill at two months for the amount then due to A together with interest at 12 per cent per annum.
Make Journal entries to record these transactions in the books of A.
OR
Asha sold goods worth ₹ 19,000 to Nisha on March 2, 2016. ₹ 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank @ 10% p.a. On the due date Nisha dishonoured the bill and the bank paid ₹ 30 as noting charges.
On 5th June, Nisha paid ₹ 3,030 (including noting charges) in cash and accepted a new bill at one month for the amount due to Asha together with interest @ 15% p.a. Record the necessary journal entries in the books of Nisha.
11. X, a retailer, has not maintained proper books of account but it has been possible to obtain the following details:
Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
(a) Shop Fittings are to be depreciated by ₹ 780.
(b) X has drawn ₹ 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
(d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.
12. From the following balances, prepare the trading and profit and loss account and balance sheet as on March 31, 2017.
Adjustments
1. Closing stock Rs. 70,000
2. Create a reserve for bad and doubtful debts @ 10% on book debts
3. Insurance prepaid Rs. 50
4. Rent outstanding Rs. 150
5. Interest on loan is due @ 6% p.a.