SETH TOLARAM BAFNA ACADEMY

HALF YEARLY EXAMS 2019-2020

Class: - XI
Subject: - Accountancy
Time: 3 Hours Total Marks: 60
General Instructions:
All questions are compulsory.
There are total 18 Questions in all.
A) Questions 1-10 are objective type questions carrying 1 mark each.
B) Questions 11-12 are carrying 3 marks each.
C) Question 13 is of 4 marks.
D) Questions 14-15 are carrying 5 marks each.
E) Questions 16-18 are carrying 10 marks each.
1. Book Keeping is mainly concerned with:
a) Recording of financial data
b) Designing the systems of summarising the recorded data
c) Interpreting the data for internal and external users
d) Preparation of financial statements of the business enterprise

2. Out of the following assets which one is NOT an intangible asset?

a) Patents
b) Investments
c) Goodwill
d) Trademark

3. Which of these is not a fundamental accounting assumption?

a) Going Concern
b) Consistency
c) Accrual
d) Materiality

4. Which basis of accounting is recognised under the Companies Act, 2013?

a) Cash Basis
b) Accrual Basis
c) Both a) and b)
d) None of the above

5. Which of the following equation is correct?

a) Capital = Assets - Liabilities
b) Liabilities = Assets – Capital
c) Both a) and b)
d) None of the above

6. Which of the following is a Personal Account?

a) Bad Debts
b) Prepaid Insurance
c) Both a) and b)
d) Machinery

7. For cash purchase of Fixed Assets which of the below vouchers will be prepared?
a) Debit Voucher
b) Credit Voucher
c) Transfer Voucher
d) Asset Voucher
 8. Goods costing Rs. 30,000 supplied to Mohan at a profit of 25% of Sales Price less Trade Discount @5% will be
credited to Sales A/c with :
a) 35,625
b) 38,000
c) 37,500
d) 34,200

9. Where will you record “Rent Unpaid” in the cash book?

a) Debit side of Cash Book
b) Credit side of Cash Book
c) No Entry
d) Petty Cash Book

10. If debts written off as bad are recovered subsequently it should be should be credited to which account?
a) Bad Debts Recovered A/c
b) Debtors A/c
c) Cash A/c
d) Bad Debts A/c

11. Post the following Journal Entries in their respective Ledgers.

Journal of Garg & Sons

Date Particulars L.F Debit Credit
2019
April 1 Cash A/c Dr. 5,00,000
To Capital A/c 5,00,000
(Being business started)

April 15 Purchases A/c Dr. 1,00,000

To Cash A/c 1,00,000
(Being goods purchased)

April 20 Bad Debts A/c Dr. 30,000

To Arpit A/c 30,000
(Being bad debts recorded)

April 22 Cash A/c Dr. 10,000

To Bad debts recovered A/c 10,000

(Being bad debts recovered of debts declared as bad in previous year)

12. State 3 differences between provisions and reserves.

13. (A) State with reasons whether the following are Capital or Revenue expenditures.
a) A sum of Rs. 10,000 was spent on painting the new factory.
b) Rs. 1,500 was spent on the repair of machinery.
(B) State with reasons whether the following are Capital or Revenue receipt.
a) Rs. 2,00,000 received from State Government as subsidy.
b) Investments which were purchased in 2012 for Rs. 10Lac sold in 2019 for Rs.12Lac.
14. Prepare a Sales Book from the following transactions of Seesam Furniture House, Ludhiana (Punjab) assuming
CGST @6% and SGST @6% :-
2019 Particulars
May 1 Sold goods to Ridhi Furniture Co., Punjab, on credit:-
150 Chairs @ Rs. 1,800 each
36 Tables @ Rs. 5,000 each
Trade Discount 20%
May 15 Sold goods to Tarang Furniture House, Amritsar (Punjab):-
10 Almirahs @Rs. 11,000 each
5 Sofa Sets@ Rs. 18,000 each
Trade discount 15%
May 20 Sold goods to Radhe Furniture House, New Delhi:-
100 Chairs @ Rs. 2,000 each
Trade discount 5%
May 25 Sold goods to Twilight Furniture Co. For Cash:-
50 Chairs @ Rs. 1,900 each
May 30 Sold on credit to Sunil Machinery Store:-
2 Old Machineries @ Rs. 5,000 per Machine
1 Old Computer for Rs.1,200

15. Prepare a Trial Balance from the following balances of Sh. Shyam Sunder as at 31st March 2019 :-

S.No. Name of Accounts Amount S.No. Name of Accounts Amount

1 Opening Stock 20,000 14 Creditors 12,750
2 Purchases 85,000 15 Bills Receivable 4,600
3 Purchases Return 5,000 16 Bills Payable 2,500
4 Sales 1,60,000 17 Cash in Hand 11,220
5 Sales Return 6,200 18 Bank Overdraft 10,000
6 Rent 1,200 19 Interest on Overdraft 1,800
7 Salaries 5,700 20 Capital 50,000
8 Advertisements 880 21 Drawings 7,800
9 Commission Received 1,440 22 Input CGST 5,000
10 Discount Received 710 23 Input SGST 5,000
11 Furniture 6,000 24 Output CGST 8,000
12 Machinery 62,000 25 Output SGST 8,000
13 Debtors 36,000

16. On 1st January, 2019, Ram sold goods to Mohan for Rs. 15,000, and for payment of the same amount Ram drew
three bills on Mohan as follows:-

Bill Amount Maturity After

I 4,000 1 Month
II 5,000 2 Months
III 6,000 3 Months
Mohan accepted all the three bills.
On 10th January, 2019, Ram endorsed the first bill to his creditor Sohan in full settlement of his account of
Rs. 4,120. This bill was duly met on maturity.
On 20th January, 2019, the second bill was discounted from bank for Rs. 4,850. This bill was dishonoured on the
due date and bank paid Rs. 40 as noting charges. On Mohan’s request Ram drew a fourth bill on Mohan for 2
months for the amount due plus Rs. 200 as interest.
 Third bill was paid under a rebate of 15% p.a. one month before maturity. The fourth bill was sent to bank for
collection on 4th May, 2019 and was duly met on maturity.
Pass Journal entries in the books of Ram, Mohan and Sohan.

17. Enter the following transactions in the Cash Book with Cash and Bank columns. Also pass Journal entries where
necessary:-
`2019 Particulars Amount
Cash in Hand 6,200
April 1 Bank Overdraft 18,500
April 2 Received a cheque from Hari and paid it into bank on the same day 1,300
April 3 Received a Cheque from Vinod 3,300
April 5 Cheque received from Vinod deposited into bank
Purchased goods and paid by cheque 20,000
April 5 Freight paid (in cash) 250
April 8 Sold goods for cash 16,000
April 9 Sale proceeds of April 8 deposited into bank
April 11 Withdrew cash for payment of proprietor's children school fees 1,000
April 12 Withdrew by cheque for private use 5,000
April 14 Goods purchased from Suresh on credit 2,500
April 16 Paid to Suresh by Cheque 2,500
April 17 Received a Cheque from Ajay (Not Banked) 3,700
April 20 Cheque received from Ajay endorsed to Vijay
April 22 Received cheque from Mahesh and deposited into bank 2,700
April 24 Received Cash Rs. 1,000 and Cheque Rs, 1,200 for cash sales
April 25 Paid into bank 10,000
April 26 Received a cheque from Prem and sent it to bank immediately 4,150
Bank notifies that Prem's Cheque has been dishonored, Bank
April 28 Charged Rs. 20 on this Cheque
April 28 Kishore deposited directly in our bank account 3,000
April 30 Bank has charged Rs. 60 for bank charges and interest on overdraft 720
18. From the following balances taken from the books of Siyaram & Son, prepare Trading and Profit and Loss
Account for the year ended 31st March, 2019 and a Balance Sheet as at that date. Stock in hand on 31st March,
2019 was 56,000.
Name of Accounts Debit Balances Credit Balances
Opening stock 15,320
Purchases and Sales 1,00,000 1,20,000
Returns 2,200 3,000
Drawings and Capital 10,000 1,30,000
Cartage 2,200
Factory heating and lightning 6,600
Works expenses 15,200
Rent Received 7,300
Cash at shop 800
Accounts Receivable
Ritika 8,000
Geetika 5,000
Praveen 1,500
Accounts Payable
Prabhas 16,000
Heena 7,540
Office Equipment 25,000
B/R and B/P 10,000 2,120
Rent Paid 15,000
Fire Insurance Premium 4,800
Life Insurance Premium 6,000
Bank Overdraft 67,000
Bank Interest 2,400
Telephone Expenses 3,000
Advertisement Expenses 5,200
Salaries 32,240
Freehold Property 81,000
Audit Fees 1,500
TOTAL 3,52,960 3,52,960