BHONWAL CONVENT SCHOOL

Academic Session 2024-2025

Roll No........................ Date........................
Final Examination

Total Time: 3 Hrs 00 Mins Max Marks: 80

General Instructions
This Question Paper is Divided into 4 Sections
Section A Consists of 20 Questions
Section B Consists of 6 Questions
Section C Consists of 3 Questions
Section D Consists of 5 Questions

Standard/Class: 11th Subject: ACCOUNT

Section A

Objective(MCQ) - (1 Marks)

1. Which of the following is a liability? [1]

a) Rent Payable b) Stock
c) Interest Received d) Furniture

2. Assertion (A): Internal users of accounting information include owners and management. [1]
Reason (R): Internal users get accounting information by published reports of the business such a Profit &
Loss Account and Balance Sheet. They also get information from unpublished reports or internal reports of
the enterprise.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false. d) A is false but R is true.

3. The data is classified for creating groups of accounts in the heads of : [1]
a) Assets, Owners' equity, Revenue and Expenses
b) Assets, Capital, Liabilities, Revenue and Expenses
c) Assets, Liabilities and Capital
d) Capital, Revenue and Expenses

4. Goods costing ₹ 20000 have sold for cash at 25 % profit. By what amount cash will increase [1]
a) ₹ 20500 b) ₹ 25000 c) ₹ 15000 d) ₹ 15500
OR
Total assets in a business are ₹ 8,00,000 and total liabilities are ₹ 5,00,000. The difference is called:
a) expenses b) income c) goodwill d) capital

5. A cheque is considered as an order in writing drawn upon a bank to pay a specified sum to the bearer or the [1]
person named in it only if it is dated and signed by the ________.
a) drawee b) Both drawee and drawer
c) bearer d) drawer

6. In measurement, what type of transactions are considered (during the process of accounting)? [1]
OR
Which of the following is the limitation of accounting?
A. Unrealistic Information
B. Assistance to Management
C. Replaces Memory
D. Evidence in Court
a) B only b) A only c) C only d) D only

7. A Provision is: [1]

a) an appropriation of profits b) Distribution of profits

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 c) a charge against profit
d) can be an appropriation of profits and a charge against profit

8. Bank account is a: [1]

a) Real account b) Nominal account
c) Personal account d) Revenue account
OR
Which of the following accounts has a credit balance?
a) Discount Allowed b) Discount Received
c) Carriage Inward d) Carriage Outward

9. Full form of GAAP [1]

a) Generally Accepted Accounting prudence
b) Generally Accepted Accounting principles
c) General Accounting principles
d) Generally Accounting Accepted principles

10. According to the principle of prudence, [1]

a) all of these b) provision for bad debts is created
c) depreciation is charged on assets
d) outstanding expenses are accounted for

11. Provisions are: [1]

a) external transactions b) non economical transaction
c) internal transactions
d) Can be external transactions and internal transactions

12. Which of the following item is not concerned with credit voucher? [1]
a) Purchase of goods for cash b) Payment received from debtors
c) Sale of goods for cash d) Income received

13. A ________ is prepared when a party is to be given a credit for reasons other than credit purchase. [1]
a) credit note b) Account note
c) written note d) debit note

14. Pick the odd one out. [1]

a) Drawings b) Net assets
c) Owner's equity d) Net worth
OR
Goods taken by the proprietor for personal use is
a) Drawings b) Purchase c) Capital d) Sale

15. If XYZ Electronics Ltd. purchases 20 TV @ ₹2,000 per piece and 15 tape recorders @ ₹12,500 per piece. [1]
There was a trade discount of 20%. What will be the amount recorded in the purchase book?
a) ₹2,27,500 b) ₹1,87,500 c) ₹40,000 d) ₹1,82,000

16. Revenue Reserve is created: [1]

a) Out of general profits b) Out of capital profits
c) Out of profits on the purchase of a running business
d) Out of profits on sale of fixed assets

17. Calculate Drawing from the following information: Profit: Rs.4,000, Opening capital-Rs.30,000, Closing [1]
capital- Rs.35,000, fresh capital-Rs.6,000
a) Rs.12,000 b) Rs.5,000 c) Rs.500 d) Rs.16,000
OR
Calculate the profit from the following information:
Opening capital: Rs.36,000, closing capital-Rs.54,000, Drawings-Rs.3,000, capital added during the year-
Rs.6,000.Calculate profit
a) Rs.20,000 b) Rs.25,000 c) Rs.15,000 d) Rs.10,000

18. Final Accounts are prepared: [1]

a) at the end of the accounting year
b) at the beginning of the accounting year
c) on every Diwali d) at the end of the assessment year

19. Income Received in advance, if given in the Trial Balance is shown in: [1]
a) Balance Sheet in the liabilities side.
b) Trading Account, as deduction from the respective income.
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 c) Profit & Loss Account, as deduction from the respective income.
d) Profit & Loss Account, as deduction from the respective income and in the liabilities side of the Balance
Sheet.
OR
Income tax paid by a sole trader is reflected in his financial statements:
a) On the debit side of the Trading Account
b) On the debit side of the Profit and Loss Account
c) As way of deduction from capital in the Balance Sheet
d) As an asset in the Balance Sheet

Subjective - (1 Marks)

20. The company pays its creditors by cheque. What is the effect on assets and liabilities [1]
a) Increase Bank and Increase Capital
b) Reduce Bank and Reduce Liability
c) Increase Bank and Reduce Capital
d) Reduce Bank and Increase Capital

Section B

Subjective - (3 Marks)

21. Name and briefly discuss the principal book of accounting system. [3]
OR
Enter the following transactions in the Journal of Kumar Stores:

22. [3]
Explain the following briefly with appropriate example:
Conservation or Prudence Concept.

23. Explain and give example of each of the following accounting terms: [3]
i. Expenses
ii. Drawings
iii. Gain

24. From the following information, prepare Trading Account for the year ended 31st March, 2023: [3]
Adjusted Purchases ₹ 11,00,000; Sales ₹ 12,50,000; Freight and Carriage Inwards ₹ 6,000; Wages ₹ 14,000;
Freight and Cartage Outwards ₹ 5,000; Closing Stock ₹ 1,00,000.

25. Following information was taken from an Income Statement: [3]

Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Return ₹ 1,000; Gross Profit ₹ 6,000;
Purchases ₹ 10,000; and Purchases Return ₹ 900. Calculate Closing Stock and the Cost of Goods Sold.

26. Name the two-State Taxes that have merged into GST. [3]
OR
Why should a business follow the consistency Concept?

Section C

Subjective - (4 Marks)

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27. From the following information, draw up a Trial Balance in the books of Shri Haridas Chaki as on 31st [4]
March, 2023:
Capital ₹ 1,40,000; Purchases ₹ 36,000; Discount Allowed ₹ 1,200; Carriage Inwards ₹ 11,000; Sales ₹
60,000; Returns Inward ₹ 300; Returns Outward ₹ 700; Plant and Machinery ₹ 1,15,300; Stock on 1st April,
2022 ₹ 16,700; Sundry Debtors ₹ 20,200; Sundry Creditors ₹ 12,000; Investments ₹ 3,600; Commission
Received ₹ 1,800; Cash in Hand ₹ 100; Cash at Bank ₹ 10,100 and Stock on 31st March, 2023 (not adjusted)
₹ 20,500.

28. Prepare double column cash book from the following transactions for the year August 2017: [4]

29. Govind maintains his Current Account with HDFC Bank. On 31st March, 2023, the bank column of Cash [4]
Book showed an overdraft of ₹ 42,000 in his Current Account. From the following particulars, prepare Bank
Reconciliation Statement as on 31st March, 2023:
i. A cheque of ₹ 1,040 deposited was dishonoured and bank charges debited in the Pass Book were ₹ 110. It
was not recorded in the Cash Book.
ii. Out of the total cheques of ₹ 1,00,000 issued, cheques aggregating ₹ 30,000 were debited in March,
cheques aggregating ₹ 40,000 were debited in April, and the rest have not yet been debited.
iii. Payments side of the Cash Book is undercast by ₹ 3,000.
iv. A cheque of ₹ 4,000 received from Om on 20th March, 2023 was recorded in the discount column of the
Cash Book and was not banked.
v. ₹ 80 for bank charges were recorded two times in the Cash Book whereas bank levied annual charges of ₹
70, which were not recorded in the Cash Book.
OR
Prepare Bank Reconciliation Statement from the following:

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 Section D

Subjective - (6 Marks)

30. Pass journal entries for the following: [6]

2023 March 1 Bought goods from Vinay worth ₹ 1,00,000 at 20% trade discount and 5% cash discount. Paid
full amount at the time of purchase itself.
2023 March 3 Bought goods from Teena for ₹ 2,00,000 at 5% cash discount and 10% trade discount. Half of
the amount paid by cheque at the time of purchase.
2023 March 4 Sold goods to Neeru for ₹ 50,000 at terms 4% cash discount and 20% trade discount. Half the
amount received by cash and balance half by cheque on the same day.
2023 March 6 Sold goods to Anu for ₹ 1,00,000 on terms 10% trade discount and 5% cash discount if the
payment is received within fifteen days. 80% payment is received on March 18th by cheque.
2023 March 20 Sold goods to Simmy for ₹ 1,00,000 at 20% trade discount and 10% cash discount if the
payment is received within ten days. She paid half the amount on March 26th and 30% of the remainder on
March 31st.
OR
Transactions of Rajeev for April are given below. Journalise them.

31. Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial [6]
balance.
a. Depreciation provided on machinery ₹ 4,000 was not posted to depreciation account.
b. Bad debts written-off ₹ 5,000 were not posted to debtor's account.
c. Discount allowed to a debtor ₹ 100 on receiving cash from him was not posted to discount allowed
account.
d. Goods withdrawn by proprietor for personal use ₹ 800 were not posted to drawings account.
e. Bill receivable for ₹ 2,000 received from a debtor was not posted to bills receivable account.
OR
Pass the journal entries to rectify the following errors detected during the preparation of the trial balance.
i. Purchase book is undercast by ₹ 1,000.
ii. Wages paid for the construction of office debited to wages account ₹ 20,000.
iii. A credit sale of goods ₹ 1,200 to Rishi has been wrongly passed through the purchase book.
iv. Goods purchased for ₹ 5,000 were posted as ₹ 500 to the purchases account.
v. Credit purchase of ₹ 1,040 from Rishi was passed in the books as ₹ 1,400.
vi. Goods (cost ₹ 5,000, sales price ₹ 6,000) distributed as free samples among prospective customers were
not recorded anywhere.
vii. Goods worth ₹ 1,500 returned by Green & Co have not been recorded anywhere.

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32. Babu purchased on 1st April, 2021, a machine for ₹ 6,000. On 1st October, 2021, he also purchased another [6]

machine for ₹ 5,000. On 1st October, 2022, he sold the machine purchased on 1st April, 2021 for ₹ 4,000. It
was decided that Depreciation @ 10% p.a. was to be written off every year under Diminishing Balance
Method.
Assuming the accounts were closed on 31st March every year, show the Machinery Account for the years
ended 31st March, 2022 and 2023.
OR
On April 01, 2010, Bajrang Marbles purchased a Machine for ₹ 1,80,000 and spent ₹ 10,000 on its carriage
and ₹ 10,000 on its installation. It is estimated that its working life is 10 years and after 10 years its scrap
value will be ₹ 20,000.
i. Prepare Machine account and Depreciation account for the first four years by providing depreciation on
the straight-line method. Accounts are closed on March 31st every year.
ii. Prepare Machine account, Depreciation account, and Provision for depreciation account (or accumulated
depreciation account) for the first four years by providing depreciation using straight-line method accounts
are closed on March 31 every year.

33. On 31st March, 2023 the following Trial Balance was extracted from the books of Sh. Gopal Das:- [6]

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Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at
that date, after making adjustments for the following matters:
i. Depreciate Land and Building at 2.5% and Motor Vehicles at 20%.
ii. Interest on Loan at 15% p.a. is unpaid for six months.
iii. Gopal Das withdrew ₹ 2,000 for his private use. This amount was included in general expenses.
iv. Interest on Investments is receivable for full year @ 10%.
v. Provide for Manager’s Commission at 10% on Net Profit after charging such commission.
vi. Stock in hand on 31st March, 2023 was valued at ₹ 25,000 (Realisable value ₹ 22,000).
OR
From the following trial balance, prepare the trading and profit and loss account for the year ended 31st
March, 2013 and the balance sheet as at that date.

Additional Information
i. Closing stock Rs 12,000.
ii. Goods costing Rs 2,000 were distributed as free samples while goods costing Rs 1,000 were taken by the

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 proprietor for personal use.
iii. A credit sale of Rs 4,000 was not recorded in the sales book.
iv. Closing stock included goods costing Rs 2,000 which were sold and recorded as sales but not delivered
to the customer.
v. Maintain provision for doubtful debts @ 5%.

34. X who keeps incomplete records gives you the following information: [6]

You are also given the following information:During the year he introduced ₹10,000 as his additional capital.
Drawings of Mr. X during the year were ₹ 7,520.Prepare a statement of Profit as on 31st March, 2023, and a
final statement of affairs as at that date.
OR
Hari maintains his books of accounts on Single Entry System. His books provide the following information:

His drawings during the year were ₹ 5,000. Depreciate furniture by 10% and provide a reserve for Bad and
Doubtful Debts at 10% on Sundry Debtors.
Prepare the statement showing the profits for the year.

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