Subject: Accountancy
Class XI
Time Allowed: 3 hours
Max. Marks: 80
General Instructions:
a) Section – A, questions carry 1 mark each.
b) Section – B, question carry 3 marks each.
c) Section-C, questions carry 4 marks each.
d) Section – D questions carry 6 marks each
SECTION-A
1. “Deposited Rs. 10,000 in bank”. The correct entry will be:
| (a) | Bank A/c Dr. To cash A/c |
| (b) | Cash A/c Dr. To Bank A/c |
| (c) | Bank A/c Dr. To Bank A/c |
| (d) | Cash A/c Dr. To Cash A/c |
2. “Proprietor withdrawn goods costing Rs. 5,000 for personal use will be credited to
(a) Cash A/c. (b) Drawings (c) Purchase (d) Goods
3. The correct entry for discount allowed to the debtors will be:
| (a) | Cash A/c Dr. To Debtors A/c |
| (b) | Cash A/c Dr. To Debtors A/c To Discount Received A/c |
| (c) | Cash A/c Dr. To Debtors A/c To Discount Allowed A/c |
| (d) | Cash A/c Dr. Discount Allowed A/c Dr. To Debtors A/c |
Q4. Outstanding salary is a:
(a) real account (b) personal account (c) nominal account (d) none of these
Q6. Name the concept which gives single method is used year to year.
Q7. A compound journal entry
(a) has more than one debits/credits (b) generally extends to several pages
(c) does not require narration (d) all of these
Q8. During the lifetime of an entity accounting procedures financial statements is according with which of the following accounting concept
(a) matching (b) conservatism (c) accounting (d) period cost
Q9. The liability of a form are Rs. 3000 the capital of the proprietor is Rs. 7000 the total assets are
(a) Rs. 7000 (b) Rs. 10000 (c) Rs. 4000 (d) None of these
Q10. According to going concern concept:
(a) Business shall continue for a foreseeable period and there is no intention to close the business or scale down its operations significantly.
(b) Assets are recorded by estimating the market value.
(c) Assets are recorded at lower of cost or market value.
(d) Business shall not continue for a foreseeable period and there is intention to close the business or scale down its operations significantly.
Q11. Closing Stock is valued at
(a) Cost Price (b) Market Price (c) cost or Market price whichever is less
(d) None of the above
Q12. Cash Memo is used for Cash Purchase of Goods
(a) Cash Purchase of Goods
(b) Credit Purchase of goods
(c) Cash payment to Creditors
(d) None of the Above
Q13. Who is known as father of book keeping?
(a) Luca pacioli (b) Old Casstle (c) Henry fayol (d) None of the Above
Q14. Acrual Basis of Accounting recognises outstanding and prepaid expenses. (True or False)
Q15. Exe CO. which purchased 50 computers from HCL made payment immediately. As a result, HCL granted it a discount of Rs. 10,000. Is the discount received Trade Discount or Cash Discount? How will you record it in the books of accounts?
Q16. Calculate total assets if.
Capital is Rs. 2,00,000, creditors Rs. 50,000; Revenue during the year Rs. 5,00,000 and expenses during the year Rs. 4,00,000.
(a) 3.50,000 (b) 2,50,000 (c)4,50,000 (d) 1,50,000
Q17. Premium paid on the life insurance policy of the proprietor will be debited to …
(a) life insurance account (b) insurance premium account
(c) Drawings account (d) Cash account
Q18. Suspense Account always shows debit balance.
Q19. ‘X’ Commenced business on 1 April, 2013 with a capital of ₹ 6,00,000. On 31″ March, 2014 his assets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital and profits earned during the year.
(a) Closing capital ₹ 7,50,000; Profit ₹ 1,50,000
b) Closing capital ₹ 6,50,000; Profit ₹ 1,50,000
(c) Closing capital ₹ 7,00,000; Profit ₹ 1,50,000
(d) Closing capital ₹ 6,00,000; Profit ₹ 1,50,000
Q20. A person who owes money to a firm against goods sold on credit is called
(a) creditor b) debtor (c) both a and b (d) none of these
SECTION – B
Q21. Pass an opening entry from the given balance of Assets and Liabilities and calculate capital Assets- Cash: 20,000 Furniture: 25,000 Debtors 15,000 (A 10000 B 5000) Liabilities-Bank loan 50,000.
Q22. X started a business on 1st April, 2012 with a capital of Rs. 50,000 and a loan of Rs.25,000 borrowed from Y, During 2012-13, he had introduced additional capital of Rs.25,000 and had withdrawn Rs.15,000 for personal use. On 31st March, 2013 his assets were Rs.1,50,000. Find out his capital as on 31st March, 2013 and profit made or loss incurred during the year 2012-13.
Q23. Determine the missing amounts on the basis of the Accounting Equation:
Assets = Liabilities + Capital
(i) Rs.20,000 = Rs.15,000 + ?
(ii) ? = Rs.5,000 + 10,000
(iii) Rs.10,000 = ? + Rs.8,000
Q24. From the following particulars, prepare the account of D. Budhiraja, the proprietor of a business:
| Rs | |
| (i) Capital introduced | 30,000 |
| (ii) Drawings made by him | 6,500 |
| (iii) Further Capital introduced | 22,000 |
| (iv) Profit for the period | 7,500 |
Balance the same and explain what the closing balance indicates.
Q25. Classify the following accounts under personal, real or nominal accounts:
a) Commission Accrued
b) Prepaid salaries
c) Leasehold property A/c
d) Discount allowed
e) Drawings A/c
f) Bank overdraft
Q26 Explain the following terms.
(i) Entity (ii) Nun Current assets (i) Rebate
SECTION-C
Q27. Journalise the following transactions:
(i) Goods destroyed by fire Rs.500.
(ii) Paid Rs.2,500 in cash as wages on installation of a machinery.
(iii) Issued a cheque in favour of M/s. Parmatma Singh & Sons on account of purchase of goods worth Rs.7,500.
(iv) Goods sold costing Rs.6,000 to M/s. Kalu Sons at an invoice price 10% above cost less 5% Trade Discount.
Q28 (i). ‘Closing stock is values at lower of cost or realizable value’. Which principle of Accounting is applied here? Explain.
ii) Why should a business follow the consistency principle?
OR
The Chief Accountant of Grand Marketing has taken a decision that adjustments for accrued incomes and incomes received in advance of the current year should not be adjusted while preparing the financial statements.
(i) Whether his decision is correct?
(ii) Explain which accounting concepts are not being followed?
Q29. Following trial balance is given but it is not correct. Prepare correct trial balance.
| Debit Balance | Rs. | Credit Balance | Rs. |
| Furniture | 20,000/- | Capital | 2,00,000/- |
| Debtors | 2,00,000/- | Creditors | 80,000/- |
| Opening stock | 1,04,000/- | Sales | 8,58,000/- |
| Trade expenses | 50,000/- | Machinery | 50,000/- |
| Wages | 30,000/- | Discount allowed | 4,000/- |
| Closing stock | 98,000/- | Drawings | 45,000/- |
| Purchases | 6,25,000/- | ||
| Wife’s loan | 50,000/- | ||
| Motor Van | 60,000/- | ||
| 12,37,000/- | 12,37,000/- |
Q30. VK Bros. has made a total sales of Rs. R,00,000 during accounting period 2021-22. Total sales incudes 70% cash sales and remaining credit sales.
Details of total expenses
Salaries paid Rs. 2,00,000
Rent paid Rs. 12,000
Insurance premium paid 20,000
Commission outstanding 18,000
Find out the income of VK Bros. on the basis of
(a) Cash basis of accounting (b) Accrual basis of accounting
Q31. From the following Journal, prepare Ledger Account of Bank:
| Date | Particulars | L.F | Dr. Rs. | Cr. Rs |
| 2018 April 12 | Bank A/c Dr. To Cash A/c (Being cash deposited into bank) | 80,000 | 80,000 | |
| April 18 | Naman Dr. To Bank A/c (Being the amount paid to Naresh by cheque) | 20,000 | 20,000 | |
| April 20 | Drawing A/c Dr. To Bank A/c (Being the amount withdrawn from bank for personal use) | 10,000 | 10,000 | |
| April 25 | Bank A/c Dr. Discount allowed A/c To Goyal Bros. (Being the cheque received from Garg Bros. and deposited into bank) | 20,000 | 20,000 | |
| April 28 | Bank A/c Dr. To Interest Received A/c (Being the bank interest received) | 400 | 400 |
Q32 Prove that the accounting equation is satisfied in all the following transactions of Sudir:
1. Started business with cash ₹ 50,000 and goods ₹ 20,000.
2. B02ought goods for Cash ₹ 15,000 and on credit for ₹ 10,00
3. Goods costing ₹ 24,000 sold at a profit of 33%%. Half the payment received in cash.
4. Purchased furniture for office use 76,000 and for household use of Sudhir ₹ 4,000.
SECTION- D
Q33. Journalize the following transactions in the books of Bhushan agencies.
(i) Received from Bharat cash Rs. 20000, allowed him discount of Rs. 500
(ii) Received from Vikas Rs. 35000 by cheque allowed him discount Rs. 750
(iii) Received from Akhil Rs. 38000 in full settlement of his dues of Rs. 40000 in cash.
(iv) Received from Amrit Rs. 50000 by cheque on account against dues of Rs. 60000
(v) Paid cash Rs. 40000 to Suresh availed discount of 2%.
(vi) Paid by check Rs. 25000 to Mehar and settled her dues of Rs. 26000
(vii) Purchased goods costing Rs. 60000 from Akash and co. paid 50% immediately availing 3% discount
Sold goods of Rs. 60000 to Vimal received 50% of due amount allowing 2% discount.
Q34. Prepare an accounting equation from the following transactions:
(i) Ajit started business with cash Rs. 2,00,0000
(ii) He purchased furniture for Rs. 2,000
(iii) He paid rent Rs. 200
iv) He purchased goods on credit Rs. 3,000
(v) He sold goods (cost price 2,000) for Rs. 5000 on cash
(vi) Purchased goods for cash Rs. 20,000 and on credit Rs. 30,000
(vii) Outstanding salaries Rs. 1,000
(viii) Charge interest on capital Rs. 2000
Q35. Distinguish between Cash Basis and Accrual Basis of Accounting on the following basis.
a) Technical Knowledge b) Legal position c) Acceptability d) Reliability
OR
What is accounting? Explain advantages and disadvantages of accounting.