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m<uq jdr mÍlaIKh - 11 fY%aKsh - 2020

First Term Test - Grade 11 - 2020

Business & Accounting Studies - Answer Paper

Paper I
01' ^3& 11' ^3& 21' ^4& 31' ^4&
02' ^2& 12' ^3& 22' ^2& 32' ^3&
03' ^1& 13' ^4& 23' ^4& 33' ^2&
04' ^3& 14' ^3& 24' ^3& 34' ^3&
05' ^2& 15' ^3& 25' ^2& 35' ^4&
06' ^3& 16' ^3& 26' ^2& 36' ^4&
07' ^4& 17' ^4& 27' ^3& 37' ^1&
08' ^4& 18' ^2& 28' ^4& 38' ^3&
09' ^4& 19' ^4& 29' ^1& 39' ^4&
10' ^4& 20' ^3& 30' ^3& 40' ^2&

Paper II
^01& (i) (a) l partnership (b) planning - decided to recruit an ex-
l private sector business/ profit oriented perienced employee
(b) give marks for a correct advantage and a dis-
decided to open a cur-
advantage.
rent account.

(ii) internal environment examples

factors
l owners Sumali, Minoli organizing - recruited an unexperi-
employee Thamali enced employee.
production and distri-
external environment examples bution activities are
factors done under Minoli and
l consumers who are concern their Sumali.
health

(iii) (a) retails trade

(v) Assestes } equity ¬ liabilities
(b) commercial banks
¬ 500 000 } ¬ 500 000
(cash) (capital)
(iv) (a) communication communication
¬ 500 000 } ¬ 500 000
medium method
(building) (capital)
electronic social web sites
¬ 300 000 } ¬ 3000 000
(cash) (bank loan)
1 300 000 } 1 000 000 ¬ 30 000

1 11 Grade - Business & Accounting Studies (English) - NWP

 or
Assest } equity ¬ liability ^02& (i) (a) earning profit
1 300 000 } 1 000 000 ¬ 300 000 (b) manufacturing goods and services

(vi) (a) electricity bill acc Dr. 4 000 (ii) (a) 3 (b) 7
cash acc Cr. 4 000 (c) 3 (d) 3

(b) Rs 357 000 (iii) (a) community

Bank Loan Rs. 300 000 (b) consumer affairs Authority
^¬& creditors Rs. 15 000
^¬& furniture creditors Rs. 50 000 (iv) (a) entertaintment
Rs. 365 000 (b) - provides an identity and recognition
^-& paid bank loan Rs ^8 000& - provides an ownership of the business
Rs 357 000 name
- provides a qualification to obtain incen-
tives given by the government
(vii) (a)General Journal
- easy to obtain loans
Journal Voucher

(b) General Journal

Date V/N Description L.p. Dr. Cr. ^03& (i) (a) - to identify strengths & weaknesses.
01$09 Furniture Acc Dr. 50 000 - strengths can be used to grow a business
Damubulu Furniture 50 000 - weaknesses are to be minimized
(purchased furniture - opportunities can be exptoited
Rs. 50 000 from - identifying threats and face them success-
Dambulu Furnirture) fully.

(b) - provide funds to the business

(viii) - assume the risks
Cash account
Capital Acc 500 000 Food - raw material 100 000
bank loan Acc 300 000 packaging meterial 8 000 (ii) (a) 7 (b) 7
sales 170 000 water bill 3 000 (c) 3 (d) 3
bank loan 100 000
electricity bill 4 000
(iii) (a) savings account
salary 20 000
01/31 b/c/f 825 000 (b) - loans
970 000 970 000 - electronic cash related services
02/01 b/b/f 825 000 - leasing services
- current accounts related services
(ix) give marks for relavant transactions.
(iv) (a) - Risk of data being destroyed
(x) - Incurring an extra cost
2020$01$01 capital 1 000 000 - Inability to use for payments at certain
^ ¬ & income sales 170 000 1 170 000 shops.
^ - & expenses
^100 000 ¬ 8 000 ¬ 15 000 (b) - payment of insurance premium
3 000 ¬ 4 000 ¬ 20 000 ^150 000& - payment of electricity/ water/ telephone bill
equity as at 31.01.2020 1 120 000 - purchasing software packages
- payment of exam fees/ course fees

2 11 Grade - Business & Accounting Studies (English) - NWP

^04& (i) (a) give marks for correct idea. ^05& (i) (a) provide information to the stakeholders to
take decisions.
(b) - marine insurance (b) The value of assets that belongs to owners
of the business is termed as equity.
- Goods in transit insurance
- Export credit insurance (ii) (a) paid to creditors Rs. 12 000 by a cheque.
(b) credit sales Rs. 4 000

(ii) (a) 7 (b) 3

(c) 3 (d) 7 Transaction Assest } Liabilities ¬ Equity

^1& cash ¬100 000 capital ¬ 100 000

(iii) (a) wholesale trade ^2& furniture ¬25 000
(b) production mix cash -25 000
^3& cash ¬50 000 bank loan ¬50 000
^4& stock ¬30 000 creditors ¬30 000
(iv) (a) controlling ^5& cash ^- 5 000& salary ^-5 000&
(b) - reducing the price of a cool
drink bottle
(iii) Assest } Liabilities ¬ Equity
- Organizing competitions 175 000 } 80 000 ¬ 95 000
- sell with another good.
05' (iv)
Namal Business
Petty cash book for the month of January
receipt V/N Date Description L/P Total Analysis columns L/P
Rs. postage t r a v e l - refresh
ling ment ledger Acc
400 01$01 b/b/f
1 100 01$01 cash
01$02 postage 150 150
01$05 travelling 200 200
01$15 refreshments 180 180
01$28 postage 100 100
630 250 200 190
01$31 b/c/f 870
1 500 1 500
870 02$01 b/b/f

^06& (i) (a) Income increase - credit

Income decrease - debit 2' controlled by the business
3' The future economic benefits will flow into
(b) 1' arose as a result of a past transaction the business

(ii) Purchases Journal

Date invoice Supplier Ammount (Rs.) L/P
No
2020$01$05 xx Amal 5 400
2020$01$12 xx Nuwan 8 020
2020$01$15 xx Ranga 4 500
2020$01$31 debited to the purchases
Acc 17 900

3 11 Grade - Business & Accounting Studies (English) - NWP

 Purchases Account
Date Description L/P Account Date Description L/P Ammount
01$31 creditors 17 900

Amal's Account
Date Description L/P Account Date Description L/P Ammount
01$05 purchases 5 400

Nuwan's Account
Date Description L/P Account Date Description L/P Ammount
01$12 purchases 8 000

Ranga's Account
Date Description L/P Account Date Description L/P Ammount
01$15 purchases 4 500

Trial blance
(iv) Description Debit Credit
(iii) ^1& Journal Voucher, General Journal
purchases 35 000
^2& paid an expense, cash book
salary 20 000
^3& credit sales Rs. 4000, sales invoice
insurance 4 000
^4& receipt, cash book
Land 80 000
building 30 000
debtors 25 000
sales 60 000
creditors 15 000
capital 119 000

194 000 194 000

^07& (i) (a) counterfoil (iii) (a) general journal - journal voucher
(b) debtors Acc - debit (b) give 01 mark for 02 corrected answers
bank account - credit
(iv) suspense Account
(ii) Bank reconciliation statement The difference 4 000 electricity 4 000
balance of the adjusted bank account 20 000 4 000 4 000
^¬& unpresented cheques 7 000
27 000 (iv) General Journal
^-& unrealized cheques ^12 000& Description Debit Credit
The balance of the bank statement 15 000 Debtors Acc. Dr. 5 000
Sales Acc. Cr. 5 000

Adjusted bank account Electricity charges Acc. Dr. 4 000

b/b /f 21 000 bank charges 2 000 Suspense Acc. Cr. 4 000
Remittances 4 000 insurance 3 000
b/c/f 20 000 motor vehicle repair Acc. Dr. 8 000
25 000 25 000 motor vehicle Acc. Cr. 8 000
(if uses the general journal give 1/2)

4 11 Grade - Business & Accounting Studies (English) - NWP