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Exam Papr-2

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0% found this document useful (0 votes)
106 views12 pages

Exam Papr-2

Questions paper

Uploaded by

Ifza Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1} 3) 2021 Roll No, Code : 112021 AE-A Please check that this question | + paper contains 32 questions and 12 printed pages. CLASS-XI ACCOUNTANCY ANNUAL EXAM (2020-21) Time allowed : 3 hours Maximum Marks : 80 General Instructions : ok ee Question paper is divided into two parts. Part A (62 marks) and Part B (28 marks). Both parts are compulsory. All parts of the question. should be attempted at one place. Write down the question number clearly before attempting the question. 25% of the marks allotted to the question would be deducted for not using correct format, narrations and working notes. Nothing should be written on the question paper. There ix no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks and 2 questions of eight marks. Part-A In which situation ‘Drawer’ and ‘Payee’ is the same person in case of a Bill of. exchange ? 1 (a) When the drawer endorses the bill to a third party (b) When the drawer gets the bill discounted with the bankers (c) When the drawer retains the bill till maturity (d) When the drawer sends the bill to a collecting agency for collection You are looking at the Profit and Loss A/c's of two different business enterprises. You come across the term ‘Depletion’ in the first case and ‘Amortisation’ in second case. State the types of business of the two enterprises. 1 1 H a f the books of accounts. Do you ‘Trial Balance is a conclusive proof of the accuracy © 1 the answer. agree with this statement ? Give reason in support of ich is concerned with : Cost accounting is that branch of accounting which is con (a) Decision making process of the management fs d financial rn ili an (b) Maintenance of the books of accounts to determine profitability position of the business jucts manufactured (©) Process of accounting and controlling the cost of prodi (@) Process of calculation and settlement of tax liability of the business Give one example of ‘Contra entry’ while recording transactions in a Multiple cola Cash Book apart from the following : (a) Cash deposit in bank (b) Cash withdrawn from bank for office use system of accounting requires technical knowledge, while it is not 1 required unde system of accounting. Give one transaction which increases one liability and reduces another liability. 1 Which of the following limitations of accounting states that accounts may be manipulated to conceal vital facts ? 1 (a) Accounting is not fully exact (b) Accounting may lead to window dressing (©) Accounting ignores price level changes (d) Accounting ignores qualitative elements Choose the ‘Source Document’ from the following : 1 (a) Debt Voucher (b) Credit Voucher (c) Transfer Voucher (d) Invoice 10, i Fi The following are examples of ‘Personal Accounts’. Classify them into the types of personal accounts. (ay (b) Capital account. Outstanding expenses account 11, 1 Give two examples when Input GST eannot be set-off against Output GST. 12. dyoti started business with eash € 60,000. She paid rent of shop & 5,000. Purchased furniture for € 2,500 and paid ¥ 600 on its cargate. She paid wages © 3,000 fend advertising expenses % 25,000. Advertising expenses were to be written off in 5 years. Calculate the value deferred revenue expenditure. a c 13. State and explain any one ‘Underlying assumptions’ under IND-AS. 1 14. Rahul started business with eash ¥ 5,00,000 and stock % 2,00,000. During the year he sold goods costing ¥ 50,000 for ® 80,000 on credit to Aditya. He purchased furniture for ¢ 25.000 and machinery for t 50,000. At the end of the year machinery of book value % 10,000 was sold for ¥ 18,000. Calculate the value of profit, Gain and Income. 3 oR Identify the accounting term highlighted in the following cases : 1. Rebate allowed to the buyer for making prompt payment 2. The person or entity that has given monetary loan to our business organisation 3. The expenditure incurred to acquire or increasing the value of ‘Non-Current Assets! 3 15. State with reasons whether the following statements are True or False. (Highlight © the underlying coneept/convention/assumption) = 4 1. The value of human resources is generally shown as an asset in the balance sheet 2. The economic life of an enterprise if generally split into periodic intervals in accordance with the ‘Going Concern Assumption‘ 3. ‘Accounting Entity’ concept is not applicable to a joint stock company 4. As per ‘Conservatism Concept’, the accountant should provide for all possible losses but should not anticipate income oR 16, 17. el Resorves' ? Do you think the convention of (0) What do you mean by ‘Seer sation of ‘Secret renorves! ? 2 ‘Conservation’ results in ¢ najor fire broke out in the promises of ‘Kanupriya Ltd.’ d to (b) On 26th Mareh, 2020 « and destroyed a major part of its plant and machinery. This was expectes n capacity of the company by 60% for a major part hampor/reduce the producti 2020-21, The company did not disclose this fact in the annual report of the yc for the year ended 31st March, 2020, What is your opinion about this i 2 n? omiss Prepare an ‘Accounting Equation’ from the following information of Akshita: 4 1, The following balances appeared in the books of Akshita : Cash % 80,000 Cash at Bank % 20,000 Stock % 30,000 Machinery % 20,000 Outstanding salary ® 10,000 Prepaid insurance ¥ 1,000 2. Sold goods costing % 5,000 on credit to Manish for 3. Received & from Manish after receiving a cash discount of % 300 which was 5% of the amount due from him, 4. Paid cash % 6,000 for outstanding salary. Rectify the following errors in the books of Chanderi Handloom : 4 1, Sarees sold to Mahendra store on credit for 2 10,000 were recorded in Cash book. © Lehengas purchased from Surjesh mills for 15,000 were posted to Suresh Mills as & 1,500. 3. BAR drawn on us by Princess Ltd. for @ 50,000 was not recorded anywhere, 4. Sales return of % 300 by Mahendra store was recorded in return outward book as % 5,000 and posted to credit of Mahendra store as % 3,000. 4 18, 19, 9 cdintol: Ananya sold goods worth & 60,000 to Lalahita on tat April, 2020 and bmme llntoly drow 2 bills of & 9 months ronpoetlvely,” tho 0,000 and © 90,000 payable nftor S monthe and a ‘The first bill wos retained {iE maturity and tho aecand bi war dincountod with bankers on 4th May, 0 © 1206 p.n, ‘Pho firat bill wan honoured on duo date but a A tho second bill was dishonourod and noting chargon € 600 wore paid. Aflor 10 daya od in tho 4 Lakshita paid the whole amount to Ananya by ehoquo which wan depos bank on the same day, P nal ontriew in the books of Ananya: on pare jou ‘Tulika sold goods for € 20,000 (o Ayan on Lat duly 2020 nnd immediately drow two equal bills payable aftor 8 and 6 months rospoctively, Tulikn endorsed the second bill to hor creditor Riyan in full sottlomont of his dob of € 11,000 on 4th July 2020, ‘The first bill was sent to the bankers for collection on duo dato and the bankers collected it and credited our account on next day. Tho second bill was dishonoured and noting charges & 500 wero paid. Tulika cleared hor duos to Riyan by cheque on the next day. Pass necessary journal entries in the books of Pulila only. 4 (a) Prepare a double column ‘Cash Book’ from (ho following information of Anshita. (Journal proper is required) 3 Date "Transaction % 60,000 and at Bank & 30,000 (Debit) 1/4/20 2/4/20 | Cash sales € 20,000 and received a cheque immediately which endorsed to Sheenu on 6th April 7/4/20 | Withdrew from bank for petty cash & 1,000 8/4/20 | Withdrew % 6,000 from bank for payment of salary 10/4/20 | Goods sold for & 10,000 and received 60% by cash and balance by a pos dated cheque (b) On 31st Decemby 020 Bank statoment of Chhavi showed a debit balance of £9,000. Prepare a bank reconciliation statement after considering the following : 3 20, 0 but recorded in cash (9) Cheques issued in the month of December column of cash book amounted to & 6,000. : 1 nol recorded (b) Rahman, a customer deposited in our bank & 2,600 but iL was nob i in cash book, , h of (©) Cash and cheques of ¢ 6,600 were deposited in bank in the month December 2020 but recorded in bank statement as © 660. (@) Payment side of cash book was overcast by & 1,000, Anil tubes purchased machinery for € 1,20,000 on lat January, 2018 and again Purchased machinery on 30th June, 2019 for % 20,000. On 31st Mareh, 2020 they Sgain purchase a machinery for ¥ 8,000. On 31st August 2020, a machine that was Purchased on Ist January, 2018 for % 6,000 (included in & 1,20,000) was found to be obsolete and was scrapped for & 600, Depres balance method’ on 31st December evory year: P years, ciation was charged @ 10% p.a, on ‘Reducing 'repare Machinery A/e for first three 6 Pass necessary journal entries in the books of Anirudh Metal works, Bhopal (Madhya Pradesh) assuming CGS and SGST @ 6% each and IGST @ 12% ; 8 1 Goods purchased from Rajdhani Metals (Delhi) of list price % 5,00,000 at a trade discount of 20%, Sold goods for cash of list price & 1,00,000 at a trade discount of 10%, Purchased a machinery for cutting/bending aluminium tubes from Vikas Engineering works for & 1,34,000 (net amount payable) and issued a % 134,400. cheque for Paid rent to landlord ® 50,000 (Half of the Properly was used by the proprietor Anirudh for his residential purpose.) Moodie valued al 815,000 purehaaod locally were dentrayed by & Jona by fire in anco company admitted the | todown, ‘Those goods wory inated and the insu vin in Cult but tho amount avian nat yot recotved from tho instance COMPANY: 6 Paid satarios & 60,000 by cheque and & 6,000 wore atitl duo to be paid to Ramehonedea (aw employe. Paid interwat on hank loan € 5,000 an paid & 2,00,000 out of the principal amonnt of bank Loan by cheque, on Record the following transactions of Rajkishoro and sons (Hardware and Sanitary (Assume IGST @ 12% CAST @ 6% store) (Delhi) in appropriate ‘Subsidiary books SQST @ 6) (Prepare Journal Proper is also required), Ast April, 2020 Sold to Hindustan tradors (Delhi) 50 L-Drops @ & 60 cach Less 20% Trade discount ount 20 Tower bolts @ € 120 each Less 26% ‘Trade Purchased from Rahul Traders (Chennai) 25 door lock set @ & GOO each 20 door latch @ F800 cach 5th April, 10th April, Chaudhary and sons purchased from us 80 Dozen door hinges @ % 90 per dozen 12th April, 2020 Purchased from Commercial Typing college and instruments 1 Typowriter @ ¥ 6,000 on credit 16th April Sri Ram and Sons (Ayodhya ~ Uttar Pradesh) sold to us 10 Door handle sets @ € 180 each less 10% ‘Trade discount 20th April, 2020 Hindustan Traders returned 5 L-Drops 2nd April, 2020 Sold to Jai Bhagwan for cash Door hinges for 7 11,200 net including GST 25th April, 2020 Returned to Sri Ram and Sons 2 Door handle set ? 27 Vane 1 ' alae, TL Stato whothor tho flowing atatomont ln Era oF Kala, Civ i 14 love Ntatement Comptors ave very intaltigent anedsion: ytle Beh \ Witeh at the tally y nynton Wu bent a Hinitation of winytle entey ayaten A Wea compton matheal VW. Avithmotio aeouaey eannat hn ehookadd Co DAMONIE Uy meortiin eanveut profit ae to Vite method in vary OXponnive an compared ta Double Raley wyaten Outatontinyetelophone exponen necomnt nppone iy the Pviab Halanes € 6,000, How WHE you treat He at tho tine al 4 Waparation af Hinncial abatements of a vole propriotar? 1 “Tho manager af Sadhaneha Pole Hoy Vico ti entitled for i commission of 6% of Not profits botiry hia comminaio © 4,270,000, ‘Mho profit of the firm afer hin comminsion wos Cateulute tho amount of profit hofors allowing comminion af the man i Mateh the statomont yivon in A with tho correct options ander 1. 1 A au Katey Syatom 1 Adjuntnonta are made at the Lime of preparation of finaneial alutomonts, 2% AML Wunmuetionn rolntod to Real Porionnt and Nominal accounts are recorded 4. Balanco she not be proparod undor Uhin yutom, State paving reason whether the following alatomont in ‘Trae or Balse 1 Statement; Wagon paid for Ube erection of u necount hinory is debited to Profit and Lous Name the two main accountecounts maintained in ueeounte from 4 complete 1 rds, a in comparison Briefly explain any three characteristics of n computer ayatem which, i to human being, turn out to be its eapabilities, z or Identify and briefly explain the components of a computer from the following 1. Magnetic scanner, MICR, OCR ete. 2. VDU, Graphic plotter, printer ete. uch as addition, 3. It is responsible for performing the arithmetic computations © " subtraction and multiplication ete. Briefly explain any 4 features of a Computerised Accounting System. 4 atic manner. She Priyanshi runs a Book Cafe but does not keep her records in systerm gives you the following information = Particulars wang 31/3/20 z z Cash in hand 1,50,000 1,765,000 Bank balance 7,50,000 6,00,000 Furniture 1,00,000 1,00,000 Inventory 5,00,000 4,50,000 Suppliers 3,50,000 4,00,000 Customers 2,50,000 3,00,000 Priyanshi’s personal expenses paid from business account were € 4,60,000. She sold her property on 31/9/20 for % 10,00,000 and purchased equipment worth € 6,00,000 for the Cafe use. Calculate net profit earned for the year ended 31/3/20 after the following adjustments: (i) Create a provision for bad and doubtful debts @ 5% (ii) Depreciate furniture by 10% Gii) Outstanding electricity expenses were % 1,000 (iv) Unexpired insurance was © 1,500 6 9 —_ ‘You are required to 82. Following is the ‘Trial Balance’ of ‘Tenali Rama at 31/3/20. 8 Prepare his Financial statements ‘Trial Balance As at 31/9/20 it Balance Account head Debit Balance | Credit Bal : z Opening stock _ 15,000 Purchases 109,000 Sales 1,80,000 Workshop expenses 8,000 Fuel 12,000 e Salaries 11,000 Income tax 5,500 Loan to Tathacharya @ 10% pa, 5,000 Interest on loan to Tathacharya “ Apprenticeship premium 4,500 Rent 4,000 Rent outstanding 600 Furniture (including ¢ 1,000 Purchased on 1/10/19) 5,000 Bills receivable 6,000 Bills payable 1,600 Ly Plant 72,000 Sundry Debtors 28,000 Sundry Creditors 13,000 Capital 19,500 Cash in hand 3,00,000 3,00,000 . —! 10 Additional information i 2. From the following balances of Aladdin, prepare the Trading and Furniture is to be depreciated to 90% in the market Stock at the end was % 40,000 (cost price) but due to slowdown in the marke e only 75%. it was expected to re Chinnadevi, a customer was declared insolvent and nothing could be recovered from her dues of % 2,000. A provision of 5% was to be created for bad and doubtful debts. Apprentice premium was received on 1st April, 2019 for 3 years. Salaries for the month of March, 2020 was still outstanding. OR Profit & Loss Ale and balance sheet as at 31/3/20 after considering the adjustments given below: ‘Trial Balance As at 31/3/20 Account head Debit Balance Credit Balance z x Drawings and capital 15,000 3,25,000 Plant and Machinery 2,00,000 Motor vehicles 1,50,000 Returns 25,000 37,000 Stock at commencement 82,000 Purchase and sales 4,40,000 6,75,000 Carriage 6,000 Trade expenses 2,500 Bad debts 4,250 Provision for bad and doubtful debts 6,000 Rent received 00 1" Rent, rates and taxes 12,000 Salaries and wages 24,000 Debtors and creditors 70,500 55,000 Fuel and coal ete. 4,250 Cash in hand 16,500 Cash at bank 5 50,000 11,02,000 11,02,000 Additional information : 1, Rent of premises sublet is € 300 per month. Stock at the end was valued at & 1,10,000. Salaries for the month of February and March 2020 is still unpaid, Depreciate plant and machinery by 15% and Vehicles by 25%. sf eS % 500 due from Yasmin for goods sold to her on credit were not recoverable. Maintain a provision for doubtful debts @ 1% on other debtors. 6. Coal for % 1,750 was purchased without payment but this transaction was omitted to be recorded. 12

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