Practice Paper
TERM II (2021 – 2022)
Class – XI
Accountancy (055)
Time: 2 hours Maximum Marks: 40
General Instructions:
1. This question paper comprises two Parts – A and B. There are 12 questions in the
question paper. All questions are compulsory
2. Both Parts are compulsory for all candidates.
3. Question nos. 1, 4, 5 and 6 are short answer type–I question carrying 2 marks each.
4. Question nos. 7 to 10 are short answer type–II questions carrying 3 marks each
5. Question nos. 2, 3,11 and 12 are long answer type questions carrying 5 marks each.
6. There is no overall choice. However, an internal choice has been provided in 3 questions
of three marks and 1 question of five marks.
Part A: Financial Accounting – I
1. Give any two differences between Bills of Exchange and Promissory Note.
2. A owed to B Rs. 10,000. He gave a bill for the same on 12 April, 2021, payable after 4 months . Immediately after receiving the bill, B endorsed it to C in payment of his debt. On 12th May, C discounted the bill at 12% p.a. The bill is dishonoured on due date and noting charge was Rs.500. Pass the necessary Journal entries in the books of B and C .
3. Rectify the following errors.
1. Credit sales to Arindam Rs.7,000 were recorded in purchases book.
2. Credit purchases from Pankaj Rs. 9,000 were recorded in sales book.
3. No entry has been made for sales return of Rs. 450.
4. Rs.1,000 received from X has been credited to Y account.
5. An Office table purchased for Rs. 7,500 has been wrongly passed through the Purchase book.
Part B: Financial Accounting – II
4. From the following information calculate Gross Profit and Cost of Goods Sold :
Sale Rs.5,00,000
Gross Profit 25% on Cost
5. Identify the following item as capital or Revenue:
a) Purchase of building
b) Carriage paid on purchase of goods
c) Carriage paid on purchase of machinery
d) Repayment of long term loan
6. Differentiate between Computerized accounting and Manual Accounting. (Any2)
7. Calculate Sales and gross profit from the following information.
Purchases 40,000 Direct Expenses 4,500
Opening Stock 8,000 Closing Stock 7,500
Rate of GP is 20% on cost
OR
Calculate cost of goods sold and gross profit from the following information.
Sales 62,500 Purchases 32,000
Sales Returns 500 Direct Expenses 4,200
Opening Stock 6,400 Closing Stock 7,200
8. Opening capital is Rs. 2,50,000 ; Closing capital is Rs .3,00,000 ; Drawing during
the year was Rs. 20,000 ; Additional capital Rs. 15,000. Calculate profit or Loss.
OR
Opening capital is Rs. 3,50,000 ; Closing capital is Rs. 4,00,000 ;drawing during
the year was Rs. 30,000; Additional capital Rs.85,000. Calculate profit or Loss.
9. Explain any three elements of computer system.
10. Explain three benefits of computerized accounting.
OR
Explain three limitations of computerized accounting.
11. From the following Trial Balance as on 31st March 2010, prepare Trading and Profit & Loss Account.
Adjustments:
(i) Stock in hand at the end Rs. 35,000.
(ii) Charge 20% of the advertisement this year.
(iii) Charge interest on loan given to Ram @ 9% p.a.
(iv) Create 5% provision for bad and doubtful debts.
OR
From the following Trial Balance as on 31st March 2010, prepare Trading and Profit & Loss Account.
Adjustments:
(i) Stock in hand at the end Rs. 45,000.
(ii) Charge 30% of the advertisement this year.
(iii) Charge interest on loan given to Ram @ 6% p.a.
(iv) Create 5% provision for bad and doubtful debts.
12. Miss Radha maintains the books of accounts from incompletes records. His books provide the information:
She withdrew Rs. 300 per month for personal expenses. She sold her investment of Rs. 16,000 at 2% premium and introduced that amount into business. You are required to calculate profit or loss.