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11th PrincipalsofAccounting Model Paper

This document provides a model paper for an intermediate accounting exam covering both objective and subjective questions. The objective section includes 15 multiple choice questions testing accounting concepts. The subjective section has 3 questions - the first asks students to answer short questions, the second provides short scenario based questions, and the third longer multi-part questions involving journal entries, financial statements, and accounting adjustments.

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Shawn Parker
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123 views6 pages

11th PrincipalsofAccounting Model Paper

This document provides a model paper for an intermediate accounting exam covering both objective and subjective questions. The objective section includes 15 multiple choice questions testing accounting concepts. The subjective section has 3 questions - the first asks students to answer short questions, the second provides short scenario based questions, and the third longer multi-part questions involving journal entries, financial statements, and accounting adjustments.

Uploaded by

Shawn Parker
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Model Paper Principals of Accounting Objective

Intermediate Part I (11th Class) Examination Session 2012-2013 and onward Total marks: 15

Paper Code_______

Time Allowed: 20 minutes

Note:- You have four choices for each objective type question as A, B, C and D. The choice which you think is correct; fill that circle in front of that question number. Use marker or pen to fill the circles. Cutting or filling two or more circles will result in zero mark in that question. Q No.1 Question
The modern system of recording business transactions in the books of accounting is known as Withdrawal of merchandise for personal use is The excess of assets over liabilities is equal A credit is represented by Nominal Account is related to Day book is another name of The Arithmetic accuracy of books of account is verified through Return of defective merchandise to creditor is recoded in The entry made on both sides of the cash book When bank column of a cash book shows a debit balance, it means The periodical return sent by the bank to the customer is called Expenditure incurred on advertising a new product is called Receipt on Sale of fixed asset is a Mistake in balancing an account is an error of

Modern system

Double entry system

American entry system

Single entry system

Drawing

Sale of merchandise Profit A decrease in liabilities Assets Ledger

Trade expenses

Charity

3 4 5 6

Capital A decrease in asset Liabilities Journal

Equities A decrease in equity Income Cash Book

Drawings A decrease in owners equity Equity Purchase Book

Journal

Ledger

Trial Balance

Cash Book

Cash Book

Journal Compound entry Favorable balance

Purchase Book

Purchase return Book Mixed entry

Double entry

Contra entry

10

Overdraft balance

Unfavorable balance Bank Reconciliation statement Deferred Revenue Expenditure Capital Receipt Principle

Bank balance

11

Income statement Capital Expenditure Revenue Receipt Omission

Bank statement Revenue Expenditure Current Receipt Commission

Ledger Statement Current Expenditure Deferred Receipt Compensation

12 13 14

15

Income tax of proprietor paid out of business should be treated as

Expense

Income

Drawing

Liability

Model Paper Principals of Accounting Subjective


Intermediate Part I (11th Class) Examination Session 2012-2013 and onward Total marks: 60 Time: 2 hours &10 Minutes

SECTION ------------I
Q. No: - 2 Answer any six questions from the following: i. What is credit transaction? ii. Define Business. iii. Define the term Capital. iv. Describe term Account. v. What is Pass book? vi. Define personal Account. vii. What is entry? viii. What is the imprest system of petty cash? ix. Explain contra entry. 6 x2=12

Q. No: - 3 Answer any six questions from the following: i. Define renewal of bill of exchange ii. Define noting charges. iii. Explain unrepresented cheques. iv. Who is drawer of the bill of exchange? v. What is meant by days of grace? vi. Define Bank Reconciliation statement. vii. Explain the treatment of omitted cheque. viii. Define direct expenses. ix. Name any two fictitious assets.

6 x2=12

Q. No: - 4 Answer any six questions from the following: i. ii. iii. iv. Define error of principle. Give two examples of deferred revenue expenditure. Define Adjustments. Give any four examples of the capital receipts.

6x2=12

v. vi. vii. viii. ix.

Explain the term marshalling. Define revenue loss. Describe error of commission. Explain suspense account. Explain two book keeping errors.

Section II
Attempt any three questions from the following: 8x3=24

5- Show the effect of following transactions on the elements of Accounting Equation. a). i- Ahmed started business with cash Rs. 50000. ii- Bought building for cash Rs. 10000. iii- Paid salaries Rs. 1000 and outstanding salaries Rs. 200. iv- Withdrew cash Rs. 500 for personal use. b). Enter the following transactions in the simple cash book. 2012 Jan., 1 Cash in hand Rs. 10000. 05,, Received cash from saleem Rs. 500 10. Paid to jamil Rs.400 15 Cash sales Rs. 700. 6. Prepare a Bank reconciliation statement as on 31st December, 2012 of M/S Nadeem & Co. from the following details a) Balance as per Cash book overdrawn Rs. 54,000 b) Cheque issued Rs. 4000 are still not presented in the bank for payment. c) Cheques amounting to Rs. 8000 were deposited on 23rd December 2012 of which Rs.3000 is still not credited by bank. d) Dividend of Rs. 6000 credited by bank in bank statement but still not recorded in the cash book. e) Cheques Rs. 20000 received but omitted to be banked. f) Bank charges Rs. 1300 debited by bank. 7. Saad sold goods to Ali on Ist January 2011 goods valued Rs. 30000 and drew upon him a three months bill for the amount. Ali accepted the bill and returned it to Saad. On maturity, Ali 8 4 4

expressed his inability to meet the bill and offered to pay Rs. 10000 in cash and accepts a fresh bill for three months to cover balance plus interest at the rate of 5% P.A. for three months. At the due date this new bill was duly met by Ali. Pass journal entries in the books of Saad. 8 8. Following is the trial balance of karim &co. on 31st December 2011 Dr. Opening stock Cash Account Receivable Bill Receivable Motor Truck Office machine Purchases Carriage inward Salaries Office rent Misc. expenses Bill payable Capital Account payable Sales 16300 750 8000 3500 4000 5000 20000 1900 4750 2250 850 5700 20000 3000 38600 ______________________________ Total ; 67300 67300 Cr. 8

Adjustments: 1. Closing stock Rs. 10500 3. Prepaid rent Rs. 500 2. Salary payable Rs. 700 4.Intrest on capital @ 10%.

Prepare Trading and profit and Loss account and Balance sheet

9.

a) State with reasons whether the following should be considered as capital or revenue Expenditure: i. ii. iii. iv. Interest paid on a loan taken for purchase of machinery. Preliminary expenses in the formation of a company. Carriage paid on goods purchased. Repairs to a motor car purchased second hand. 4

b). i. ii. iii. iv.

Give journal entries to rectify the error: A bill for Rs.1250 for furniture sold to Haleem was credited to sales account.

An amount Rs. 2300 received on account of interest was credited to commission account.
Goods to the value of Rs.7000 were returned by Akram but return was not recorded in the books.

An item of Rs. 2300 paid for the purchase of furniture debited to purchases account.

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