4 GGG-1112 Please check total printed pages before start : 12 ron: [TT | SESSION ENDING EXAMINATION 2022-23 SUBJECT : ACCOUNTANCY CLASS : XI Time : 3 hours Marks :80 General Instructions: . This question paper contains 34 question. . Question No. 1 to 20 are of 1 mark each. - Question No. 21 to 26 are of 3 marks each. - Question No. 27 to 29 are of 4 marks each. . Question No. 30 to 34 are of 6 marks each. Q.1. Which of the following is not true about accountancy? a) It is art and science. both. c) It helps in planning. b) It includes qualitative aspects also. d) _ It helps to determine financial position. 1 Q.2. Assertion: “Creditors are liability."Reason: “Payment is made in advance to them.” a) Both Assertion and Reason are correct. b) Only Assertion is correct. c) Only Reason is correct. d) Both Assertion and Reason are wrong. 1 Q.3. As per .... .. concept, any income is recorded when the legal right’ ton receive the money arises. XI-Accountancy [P.T.O]GGG-1112 : 2 a) Cost b) Accrual c) . Matching d) Revenue Recognition OR AS PP cecccccsssssssssseeeee CONCept, Asset = Capital + Liabilities a) Dual aspect b) Consistency c) Cost d) — Materiality Q.4. Which one is the correct sequence? 41. Posting to ledger 2. — Identification of transaction 3. Preparation of voucher 4. Recording in books of original entry a) 3,1,2,4 b) 2,3,4,1 ec) 1,2,3,4 d) 3,1,4,2 a Q.5. Accounting Standards are useful for a) Investors b) Outside parties c) Auditors d) All of these 1 Q.6. Which equation is. correct ? a). Liabilities = Assets + Capital b) ° Assets = Liabilities - Capital c) Capital = Assets —- Liabilities d) Capital = Assets + Liabilities = OR Main elements of accounting equation are a) Capital, Creditors and Bills Payable b) Liabilities, Capital and Assets c) Cash, Stock and Debtors X!-Accountancy [PT.O]3 GGG-1112 d) Bank, Cash and Capital dl Q.7, Voucher is prepared from: a) — Journal entry b) Ledger Accounts c) Source Documents d) All of these | Q.8. Rent paid to landlord should be debited to... Alc. 1 a) Drawing b) Landlord c) Personal d) Rent OR Personal accounts are related to: a) ~ Assets and Liabilities b) Expenses, losses and incomes c) Debtors, Creditors etc. d) None of the above 41 Case Study: On the basis of given case study answer question no. 9 and 10. Mr. X is known for his employee welfare. So, this year he has purchased a building as recreation center for employees on 1.4.2020 for Rs.10,00,000 and spent Rs.2,00,000 as legal fee to acquire building. On 1.7.2022 Mr. X spent Rs.15,000 on normal repairs of the building. Q.9. What is the total amount of capital expenditure? 1 Q.10 How will you show amount of repair in Financial Statements of Mr. X? 1 Q.11.'Journal’ records the transactions of a firm in a a) Periodical order b) Chronological order c) Summarized order d) Systematic order 1 XI-Accountancy [PT.O]GGG-1112 4 Q.12.Which of the following is not recorded as contra entry? 1 a) . Cash deposited into bank b) » Cash withdrawn from bank c) Cash withdrawn from bank for personal use d) All the above OR A cheque received and deposited into bank on the same day will be recorded in cash book in a) Cash column on debit sideb) Cash column on credit side c) Bank column on debit sided) Bank column on debit side1 Q.13.A separate column is made for ‘Credit Note No.’ in ............ book: a) Purchase b) Sales c) Sales Return . d) Purchase Return 1 Q.14.Find out the Bank balance as Cash Book from the following particulars: 1 i) Overdraft as per Pass Book. Rs.5,000 ii) _ Cheques deposited into bank but not credited Rs.2000 a) Balance Rs.3,000 b) “Overdraft Rs.3,000 c) Balance Rs.7,000 d) Overdraft Rs. 7,000 OR Which of the following transaction will result in higher balance in bank column of Cash book in comparison to Pass book? a) , Cheques issued but not presented b) Interest allowed by bank XI-Accountancy [PTO]5 GGG-1112 c) Bank charges entered twice in cash book d) Cheques deposited into bank but yet not credited by bank1 Q.15.A company purchased a machine on 1.1.2019 for Rs.1,20,000 and spent Rs.10,000 on its installation. Its residual value after 10 years is Rs.5,000. On 1.3.2020 Rs.10,000 were spent on its repair. Depreciation is provided urder straight line method and books are closed on 31% December each year. Amount of depreciation on 31% December, 2020 will be: a) Rs.12,500 b) Rs.13,000 c) Rs.14,000 d) Rs.13,500 1 Q.16 Loss on sale of asset is debited to: a) ‘Goods A/c b) Depreciation A/c c) Profit & Loss A/c d) Asset A/c 4 Q.17.Credit sales to Mahesh Rs.8,000 were recorded as Rs.800 in sales book. In rectification entry Mahesh A/c will be 1 a) Dr by Rs.7,200 b) Cr by Rs.7,200 c) Dr by Rs.8,800 d) | Cr by Rs.8,800 OR Which of the following errors will be corrected through. suspense A/c a) . Sales return by Madhav Rs.3,000 not recorded. b) ~ Sales return by Madhav Rs.3,000 recorded as Rs.300. c) Sales return. by Madhav Rs.3,000 recorded as Rs.3,300. d) Sales return by Madhav Rs.3,000 not posted to Madhav's A/c. Q.18.Provision is made: a a) To provide for known losses b) To provide for unknown losses c) To face the financial difficulties X|-Accountancy IPT.O]GGG-1112 6 d) To strengthen the financial position i Q.19.Cost of goods sold Rs.3,00,000; Closing Stock Rs.80,000; Opening Stock Rs.1,20,000; Amount of purchase will be a) —Rs.1,70,000 b) —Rs.2,60,000 c) Rs.1,00,000 d) Rs.3,80,000 1 Q.20.The profit and loss account shows: 1 a) Financial position b) Gross _ profit c) Net profit d) Net profit and financial position OR Financial Statements are prepared a) At the end of calendar year b) _At the end of assessment year c) ~ On every Diwali d) At the end of financial year 1 Q.21 Explain any three limitations of Accounting. 3 Q.22.Mr. Y doesn't know accounting terms. You tell him correct accounting terms for underlined part of transactions: a), Y purchased goods worth Rs.10000 but he returned goods as it was not as per sample. b) Ram is a customer to whom Y sells goods on credit. c) -Y purchased few articles which are not to be resold. 3 articles which are not to be resold. Q.23.Classify following as Capital Expenditure or Revenue Expenditure. Give reasons for your answer: i) Rs.500 spent on repair of second hand machine before using it. ji) Rs. 1500 spent on repair of furniture during the year. ili) Rs. 1000 spent as insurance premium. OR X!/-Accountancy PTO]7 GGG-1112 Classify following as Capital Receipt or Revenue Receipt. Give reasons for your answer: i) Received Rs.5,00,000 from government as grant for building. ii). . Sale of Rs.15,000. iti) Sale of investments for Rs.50,000. 3 Q.24.Pass journal entries for the following:1.Received Rs.20,000 from Subhash, which were written off as bad debts in the previous year.2. Salaries due to clerks Rs.5,000.3. Provide 10% depreciation on furniture costing Rs.50,000. OR Pass journal entries for the following: 1, Out of rent paid this year, Rs.10,000 is related to next year. 2. - Charge interest on drawing Rs.8,000. 3. Paid to Sita Rs.9;650 in full payment of her dues of Rs.10,000. 3 Q.25.What are source doctiments of accountancy? Explain any two of them. 3 Q.26.Differentiate between Provision and Reserves on the basis of i) Purpose ji) Legal compulsion iii) . Effect on taxable profit 3 Q.27.Explain any two of the following concepts along with one example: i) Cost Concept ji) Matching iii) Dual. Aspect iv) Accrual X!l-Accountancy [P.T.O]GGG-1112 8 Q.28. Prepare Accounting equation for following: i) Started business with cash Rs.1,00,000 and goods worth Rs.20,000. ii) _ Sold 50% of the above goods at a profit of Rs.2000 on credit to Ram. iii) Ram paid 90% of his amount in full settlement. 4 Q.29.Record following transactions in the sales book of Gyan Furnitures, Ludhiana (Punjab), assuming CGST @ 6% and SGST @ 6%: May, 2018 1 Sold to Five Star Furniture Co., Patiala (Punjab): 150 chairs @ Rs.1,800 each 36 tables @ Rs.5,000 each Trade discount @ 20% 15 Sold to Vishal Furniture House, Amritsar (Punjab): 10 almirahs @ Rs.11,000 each 5 sofa sets @ Rs.18,000 each Trade discount @ 15% 20 Sold to Prakash Furniture House, New Delhi 100 chairs @ Rs.2,000 each Trade discount @ 5% 25 Sold to Moonlight Furniture for cash 50 chairs @ Rs.1,900 each 28 Sold on credit to Sunil Machinery Stores: 2 Old Machineries @ Rs.5,000 per machine 1 Old Computer for Rs.1,200 4 Q.30.Prepare two column cash book from the following information: 6 X!I-Accountancy [PTO] a9 GGG-1112 Date |Amount June, 1 Cash in hand 2,800 Cash at bank 7,000 June, 10 Bank collected amount of Bill Receivable 5,000 June, 15] Cash sales 6,000 June, 18 | Paid into bank 3,000 June, 20] Paid rent 700 June, 25| Bank charges 100 June,30 Withdrawn from bank for personal use 1,500 > Purchased goods from Vinay on credit 4,000 Q.31.0n 31% December, 2016 Pass Book showed a debit balance of Rs.1,000.From the following particulars, Prepare a Bank Reconciliation Statement: 1. Cheques amounting Rs.800 were drawn on 25'" December of which cheques worth Rs.300 only were cashed within 31% December. Cheques paid into bank for collection amounted Rs.5,000 but cheques of Rs.2,280 were credited on 2"! January,2017 Items unticked in the passbook are i) Incidental charges Rs.25 ii) Dividend collected by bank Rs.35 A cheque for Rs.60 debited in cash book but omitted to be banked A cheque of Rs.75 banked and credited but omitted to be recorded in cash book. 6 Q.32.Rectify following errors by passing journal entries: i) The purchase of Rs.2,000 for Sanjay was entered into sales book but sanjay's a/c is was rightly credited X!-Accountancy [P.T.O]GGG-1112 10 : — ii) Sales of Rs.340 to Ram was credited to his acco! Rs.430 ; ii) Sales of old furniture for Rs.8500 was credited to sales a/c as Rs.5800 iv) - Goods worth Rs.1500 were taken by proprietor which was not tecorded v) Sales of Rs.296 to Kishan was recorded in sales book as Rs.269 vi) Sales Return book total of Rs.580 was not included in accounts. 6 Q.33.The following balances appear in the books of X Ltd. as on 1.4.2019: Machine A/c Rs. 2,50,000 Provision for Depreciation A/c _ Rs. 1,12,500 The machinery was depreciated at 10%p.a. on Straight Line Method and books are closed on 31% March. On 1% October 2019, a machine was purchased on 1% July 2016 for Rs.50,000 was sold for Rs.21,000 and on same day a fresh machine was purchased for Rs.1,00,000.Prepare Machine A/c and Provision for Depreciation Alc for the year 2019-20, OR A company brought a machine on 1.4.2017 for Rs.2,00,000 which includes’ a boiler worth Rs.20,000. Depreciation was charged on reducing balance method @ 10%p.a. for the first five years and credited to machine a/c accordingly. On 1.4.2021 the boiler became useless due to damage of its some vital Parts. The damaged boiler is sold for Rs.4,000, Prepare Machine A/c upto 31.3.2022 X/-Accountancy [PTO]11 GGG-1112 Q.34.Prepare a Trading and Profit & Loss A/c of M/s Shrey Traders for the year ended on 31.3.2021 from following figures: 6 Debit Balances Amount | Credit Balances Amount, Opening Stock 1,25,000 | Sales (2,50,000 Purchases 35,000 | Purchase Return 6,000 Return Inwards 25,000 | Creditors 55,000 Postage 600 Capital 50,000 Salary 12.300 | Discount 1,000 Wages 3,000 | Provision for Bad Debts] 4,500 Rent and Rates 1,000 | Commission Received 5,400 Packing and Transport 500 General Expenses 400 Insurance 4,000 Debtors 50,000 Cash in hand 20,000 Closing Stock 40,000 Machinery 20,000 Lighting 5,000 Discount 3,500 Bad Debts 3,500 Investments 23,100 3,71,900 5,71,900 Adjustments: i) Depreciation charged on machine @5%p.a. ii) Further bad debts Rs.1,500, Provision for discount on debtors @ 5% and Provision for Doubtful Debts @ 6%, iii) Wages Prepaid Rs.1,000 iv) Interest on investments @ 5% p.a. Xl-Accountancy [PTO]GGG-1112 12 OR From the following Trial Balance extract prepare a Trading and Profit & Loss A/c of Yash for the year ended on 31.3.2021. Debit Balances Amount |Credit Balances Amount Purchase 3,30,000 [Sales 5,30,000 Rent paid 7,480 |Return 8,000 Wages 33,000 |Creditors 37,000 Salaries 30800 [Discount 3,000 Power 5,400 |Capital 2,00,000 Stock on 1.4.2020 45,000 |Misc Income 3,060 Stock on 31.3.2021 | 36,000 Charity 2,000 Debtors 53,000 Furniture 8,000 Motor car 2,00,000 Motor car Expenses | 18,000 Insurance 3,600 Unexpired Insurance 600 Drawings 5,000 Cash 34,680 7,81,060 7,81,060 Adjustments: i) personal use iii) Goods costing Rs.3,500 were taken by proprietor for his ii) Wages, rent and salaries for March, 2021 have not paid, Provide 10% depreciation on Furniture and 20% on Motor car. Provide for manager's commission at 10% on net profit after charging such commission X/-Accountancy [PTO]