Roll No: [2 FIRST TERMINAL EXAMINATION-2024-25 CLASS—xI SUBJECT—ACCOUNTANCY Time : 3 Hrs. M.M General Instructions: 167) 2) (3) (4) (5) This question paper contains 34 questions. All questions are compulsory. Question Nos. 1 to 20 carries 1 mark each. Questions Nos. 21 to 26 carries 3 marks each. Questions Nos. 27 from 29 carries 4 marks each Questions Nos. 30 to 34 carries 6 marks each. 1. Define Accounting. \ 2. is the sum total of debtors and bills receivable. y 3. The nature of accrued income is (a) revenue. (b) expenses. (©) liability, (@) asset, 4. A firm has received an order to supply goods worth & 10 lakhs, Which subsidiary book should this be recorded in? 5. Last step of accounting process is: (a) To provide information to Various parties who are interested in business enterprise (b) To record transactions in the books (©) To classify the transactions under separat® heads in the ledger P (@) To make summary in the form of financial statements 6. Which qualitative characteristic of accounting information implies that the information must be factual and verifiable? KH-13, a>| 10. Bought goods from Nanak Bros. for %4,00,000 at 10% trade discount and 3% cash discount on purchase price. 25% purchase. Calculate the amount of cash discount in this of the amount paid at the time of is transaction. Choose the correct option according to the Assertion(A) and Reason(R) given below: Options: (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). (© (A) is true, but (R) is false: (@ (A) is false, but (R) is true. [Assertion (A): Payment of wages and salaries are exempt from levy of GST. Reason (R); Payment of health insurance and membership fee of a club, health and fitness centre is also exempt from levy of GST. (i) Overdraft as per Cash Book %48,000 i) Cheques deposited for ¥20,000, of which cheques for %8,000 were not credited by bank (iii) Interest on overdraft debited by bank %3,000 According to the information given above, select the correct option: (a) 237,000 (b) 233,000 (© %59,000 (a) 63,000 Choose the correct option according to the Assertion(A) and Reason(R) given below: Options: (a) Both (A) and (R) are true and (R) is the correct explanation of (A). KH-1311 12. 13. 14. 15. 16. KH-13 true but (R) is not the correct explanation o1 (b) Both (A) and (R) a (©) (A) is true, but (R) is false. (@ (A) is false, but (R) is true. ‘Assertion (A): Under or overcasting of a subsidiary book is an example of Error of Commission. Reason (R): Error of Commission includes error on account of wrong posting, wrong balancing of an account, wrong carry forward, wrong casting, etc., whether of subsidiary book or any other book. Cash + Stock + Debtors = Creditors + B/P + Capital 1,55000 + 35,000 + 30,000 = 15,000 + 5000 + 2,00,000 Show the following transaction in the above accounting equation: 1/3rd of the creditors were given stock worth %3000 in full settlement and the remaining by a bank overdraft. Give two examples of one sided error. Paid Insurance of 711,200 including CGST and SGST @ 6% each for a period of 1 year. Show the journal entry for the above transaction. OR Purchased goods of %2,00,000 less 25% trade discount and paid immediately availing cash discount of 2%. Payment was made by bank draft paying %200 as bank charges. Pass the journal entry for the above transaction. An Accounting Equation is based on the principle. Give any two examples of current assets. Excess of total revenue over direct expenses is called; (a) net profit (b) gross profit © gain (@) capital17. Make a journal entry: Shourya | By Furniture 2350 Cash Book Cash | Bank Tal Cash 7] GEAR By Fumiture ale |12,400 be Journal Proper Debit Credit Furniture ale be 250 To discount received alc 250 18. (A) _ Following is not a function of accounting: (a) meeting legal requirements (b) facilitating management (©) _ protecting business assets (a) maintaining systematic accounting records : OR (B) Which external user of accounting is not interested in the liquidity position of the company? (a) Government and regulatory authorities (6) Potential investors (c) Banks and Financial Institutions (d) None of the above 19. What is the implication and the accounting treatment of the balance left & the Suspense account after the errors have been located and rectified?20. State whether the following statements are true or false: @ While starting with Pass Book overdraft, bank interest credited in the Pass Book is to be written in the minus column, @) Pass Book overdraft is less than Cash Book overdraft when there are cheques deposited but not collected by the bank. 21. (a) Why is GST a value added tax? (®) Give an example where Input GST is treated as an expense. © State an advantage of GST. @ 22. (A) Ravi started the business of buying and selling (@lectronic items]with an initial investment of %40,00,000!He paid €10,00,000 for purchasing goods and @ 3,00,000 for purchasing furniture. He also spent 22,00,000 for installation of computers) Motor vehicle worth % \60,000) was also purchased for office use.)He paid % 50,000 as electricity bill, 3,000 for stationery and %3,000 for telephone charges during the year. He also sold furniture costing £100,000 for 1,20,000 and goods costing 30,000 for 740,000, (3) Calculate: (a) Opening Capital (b)_ Expenses (©) Profit earned during the year OR (B) Oswal Group owns a series of departmental stores in Delhi. During the year, they spent %6,00,000 for repairing and white washing of one of the stores and installed a new electronic surveillance system at a cost of % 75,00,000 They purchased a new building for 710,00,000 and paid %1,00,000 as legal charges for its registration. (a) Identify the type of expenditures involved in the above case. (b) Calculate the amount of expenditures identified above. (©) Distinguish between the above identified expenditures on the basis of presentation in the financial statement23. (a) Which type of an account has a debit balance? (b) Why are the rules of debit and credit the same for liability and capital? (c) State the rule of debit and credit for real accounts. (3) 24. Explain the significance of the following : (3) (@) JF (b) A post dated cheque (©) Cheques in Hand ale OR Define the following terms: (a)/ Revenue from operations (b)_ Insolvent (© Prepaid Expenses 25. Prepare the correct Trial Balance from the following information: (3) Heads of Accounts | Debit @ Credot (%) Adjusted purchases 1,50,000 Closing stock 40,000 Debtors 60,000 : Creditors 30,000 Fixed Assets 50,000 Opening stock 60,000 Expenses 20,000 Sales 2,00,000 Capital 90,000 Total 3,50,000. 3,50,000 @@ (a) Distinguish between source documents and vouchers on the basis of the purpose of Aheir preparation. (b) Prepare an imaginary specimen of a credit voucher. (42) KH-13 627, Journalise (a) (>) © @ 28 (A) @) Gi) KH-13 the following transactions: & Sons. of Belgaum of is from Nagendra ¢ and 5% cash discount ders purchased ood! % each. Payment 95,000 at 20% trade discoun Kaveri Tra' goods. aid CGST and SGST @6' the list price of @ purchase price of immediately by cheque- mounting to *10,0 ere stolen by an em nd brokerage paid @ on was made interest on capital a 0,000. 000 and cash %20,000 Bank for = 50,000 a Provide 12% ployee. Goods worth %50, Purchased shares in ICICI yp, All the payment is made by cheque: non the basis of the following a 00 and Show the accounting equatio transactions: (Started business with Cash & 2,50,000 , Goods z 80,0 Bank %2,00,000. osting %20,000 sold at a loss of 5%, out of which ~12,000 (ii) Goods e received in Cash. Gi) Purchased machinery for €1,00,000 and spent %5,000 on its installation. Payment for machinery Was made by cheque and installation expenses were paid in cash. (iv) Prepaid insurance premium 35,000. Caleulate the Closing Capital and the amount of External Liabilities as on 31st March, 2024 in each of the following cases: 023, Anita started business with a capital of rowed from a friend. During e earned a profit of 50,000. @ On Ist April, 2 22,00,000 and a loan of 750,000 bo: the year ended 31st March 2024, h On 3ist March 2024, his total assets were % 6,00,000. On Ist April, 2023, Shobhit started a business with a capital of %5,00,000 and a loan of %2,50,000 borrowed from a friend. During poten earned a profit of %2,50,000, introduced additional capital of 3, aand withdrew %1,50,000 for his personal use. On 31st March 2024, his Me total assets were %20,00,000. (@) Can a Cash Book be called as a journalised ledger? Give reasons in support of your answer? ©) Give the format of an analytical petty cash book. oe Rectify the following errors in the books of Anupriya: © (@) Salary for the month of March was posted twice, €155. () Goods worth %700 were distributed as free samples but this fact has not been taken into Books. (©) Rent of %350 received from Ashok credited both to Rent Account and Ashok’s Account. (@)_A purchase of a chair from Karnal Furniture Mart for 65 has been entered in the Purchases book for %56. (@) Old Machinery sold to the proprietor Keshav for 400 was entered in M the Sales Book as sale to Kishore. M (Closing Stock has been under valued by 7300. 7 Prepare the following from the transactions of Mohan Brothers given below 3 © Subsidiary Books: Purchase and Sales Book” Ledger Accounts : Sales, Shalini Enterprises, Output IGST Journal Proper: Transactions of Ist and 8th March-~ Opening Balances: Cash 230,000; Bank Overdraft 12,000, Purchased goods on credit from Shalini Enter and SGST @ 6% each, 2 prises 716,000 plus CGST Cash Sales 740,000 plus IGST.Mar. 8 Paid to Shalini Enterprises a cheque of €17,620 in full and final settlement of account. Purchased computer from Mahesh Computers worth 235,000 plus CGST and SGST @ 6% each, Purchased goods from Khurana Bros. for 7,800 on credit plus IGST @ 12%, Mar. 12 Sold goods to Sahil and Co. worth %3,200 plus CGST and SGST @ 6% each. igs Sold goods worth %10,000 plus IGST @ 12%. Payments received by cheque. far. 14. Paid salary by cheque of 4,500. jar. 15 Paid for repairs and renovations of showroom 27,800 in cash. ar. 16 Sold goods to Raj worth 5,600 plus CGST and SGST @ 6% each. ar. 22 Paid Hlectricity charges %9,600 in cash plus CGST and SGST @ 6% each. ir. 25 Withdrawn from bank 87,000 for office use and %2,000 for personal use. r. 26 Cash sales %12,000 plus CGST and SGST @ 6% each. (2) What are closing entries? Give an example. (b) Why is the Bank Reconciliation Statement prepared? Give two reasons. (©) Balance the following accounts: (24242) Capital ale 2 | Particulas JF. Rs. Date | Particulars JSF. Rs. 2023 | By Cash ale 1,00,000 April 1Discount Received a/c Dr, Date | Particulas JP] Rs. Date | Particulars JP.| Rs. 2023 | By Shivam 200 April 27 33. (A) On comparing the Cash Book with Pass Be of Naman it is found KH-13 (8) that on March 31, 2023, bank balance bf %40,960) showed by the Cash Book differs from the bank balance with regard to the following: (6) (a) () © @ © Prepare On 21st March, 2023, a debtor paid 22,000 into the company’s bank in settlement of his account, but no entry was made in the Cash Book of the company in respect of this. Cheques totalling 712,980 were issued by the company and duly recorded in the Cash Book before March 31st, 2023, but had not been presented at the bank for payment until after that date. A bill for 6,900 discounted with the bank is entered in the Cash Book without recording the discount charge of 2800. %3,520 is entered in the Cash Book as paid into bank on March 31st 2023, but not credited by the bank until the following day. No entry has been made in the Cash Book to record the dishonour on March 15th, 2023 of a cheque for %650 received from Bhanu. a Bank Reconciliation Statement as on March 81, 2023. OR Prepare a Bank Reconciliation Statement from the following particulars as on 31st March, 2023: Bank Statement showed a favourable balance of 312,400, 10© (©) (a) Cheques amounting to 245,000 were drawn on 27th March, 2023 of which cheques of %33,000 were encashed on 2nd April, 2023. Cheque issued returned on technical grounds %4,000, not recorded in Cash Book. Bank recorded a Cash deposit of %3,210 as %3,120. Bill for collection not advised by the bank but credited to our account %8,000. A bill for 710,000 was retired by the Bank under a rebate of 200 but the full amount of the bill was credited in the bank column of the Cash Book. Enter the following transactions in two-column Cash Book with cash and bank column of Ms. Supriya: (0) 2020 z January 1 |Cash in hand 70,000 January 1 | Bank overdraft 50,000 January 4 |Sold goods for Cash 50,000 January 5 | Cash deposited into bank 80,000 January 6 | Purchased goods from Meena 30,000 January 7 | Cheque issued to Meena in full settlement 28,800 Ig January 8 | Withdrawn from bank for personal tise 5,000 January 12 |Sold goods to Ajay and cheque received from him | 25,000 | January 17 | Cheque received from Ajay deposited into bank January 20 |Bank charges an January 22 | Interest charged by bank 2,500 January 23. {Received cash from Ramesh 28,000 January 28 |Paid Subiits life insurance premium by cheque | 15,000 January 30 [Deposited into bank the entire balance after retaining %5,000 cash in business. iS KH u