Objective

SUPERIOR GROUP OF COLLEGES Test 1st half

INTERMEDIATE
CLASS SUBJECT ACCOUNTING TOTAL MARKS 100
PART-II
DATE SYLLABUS CH# 1+2+3 TIME ALLOWED 03 Hours
STUDENT
ROLL NO. SECTION
NAME
Total Marks: 30
Question No. 1: Select the correct answer and encircle it. (20 Marks)
1: opening capital is ascertained by preparing :
a) Cash account b) total debtor account c) opening statement of affairs d) none of
these
2: which one of the wasting assets :
a) Good will b) patent c) mines d) land
3: which one of the tangible assets:
a) Copy right b) goodwill c) Trade mark d)All of these
4: internal causes of depreciation :
a) depletion b) wear & tear c) obsolescence d) a & b
5: Depletion is calculated only on :
a) forest b) Truck c) machinary d) Furniture
6: Non-trading concerns prepare:
a) personal b) Real c) Nominal d) All of these
7: Donation for building add in :
a) assets b) revenue c) capital funds d) expenses
8: Capital funds of non trading concerns is equal to :
a) Assets+income b) Assets+liabilities c) Expenditures +liabilities d) Assets-liabilities
9: admission fee income should be :
a) capitalized b) treated as revenue c) treated ass liability d) none of these
10: which is depreciable asset :
a) Equipment b) Amortized c) Land d) none of these
11: Income and expenditure account is debited to all:
b) income b) Expenditure c) payment d) assets
12: net worth is also called :
a) capital b) income c) Assets d) Liabilities
13: income and expenditure account reveals :
a) cash b) capital c) surplus and deficit d) none of these
14: endowment funds is :
a) Assets b) liability c) income d) expenditure
15: sinking fund investment is :
a) income b) expense c) assets d) liability
16: legacy generally treated as:
b) income b) expense c) assets d) liability
17: A fee by members of a club at the time of becoming member is called :
a) Grant b) donation c) subscription d)entrance fee
18: due to drawing made during the year ,the closing capital will :
a) constant b) increase c) decrease d) multiply
19: credit side can be obtained by:
a) cash book b) debtors c) creditors d) none of these
20:closing balance of cash is obtained by preparing:
a) balance sheet b)debtor a/c c) creditors account d) cash account

subjectives
Question No. 2: Define the following terms: (10 Marks)

1) Define term margin?

2) Write down the six head of debtors

account?
3) Define scrap value ?

4) What is receipts and payment account ?

 5) Why we prepare single entry system ?

Question No. 3: Define the following terms: (10 Marks)

1) What is meant by non-trading concern?

2) What is depreciation expense?

3) What is meant by restricted funds?

4) Write down three disadvantages of single

entry system ?

5) Can a public limited company keeps

account under single entry system?

Question No. 3: (20 Marks)

st
Mr.Ali keeps his book under single entry system. His position on January 1 and December 1991
was as under:

Particulars 1st Jan 1991 December

1991
Bank balance (Cr) 740 (dr) 400
S.Debtors 5,300 8,800
Cash in hand ------------- 10
S.Creditors 1,500 1,950
Stock 1,700 1,900
Plant 2,000 2,000
Furniture 140 140
st
During the year he had withdrawn Rs. 3,000 and introduced Rs.600/- on 1 july 1991 as fresh capital.
A provision of 5% is to b provided on debtors for bad and doubltful debts. Write off depreciation on plant
5%. interest on capital is to be allowed at 5%p.a.
Required: Ascertain his profit and loss during the year 2020.

Question No. 5: (20 Marks)

X limited company purchased a machine for Rs. 200,0000 on 1st January 2011. He charges depreciation
20% p.a by using diminishing balance method. Prepare machinery account for five years.

Question No.06 : (20 Marks)

st
Following is the receips and payment account of Rizwan club for the year ended 31 December
2008

Receipts Rs. Payments Rs.

Balance (01-01-08) 300 Rent 5,200
Entrance fee 550 Stationary 3,068
Subscription(2007) 200 Wages 5,330
Subscription(2008) 16,900 Billard table 3,900
Subscription(2009) 300 Repairs &renewals 806
Locker rent 300 Interest 1,500
Special subscription for 3,450 Balance (31-12-08) 2,396
governor’s part
22200 22200

Adjustment:
i) Locker rent 60 referred to 2007 andRs.90 still owes
ii) Rent rs.1300 pertained to 2007 and Rs.1300 still owes
iii) Stationary Rs.312 related to 2007, still owing Rs.364
iv) Subscription unpaid for 2008 Rs.468
v) Special subscription for Governor’s party outstanding Rs. 550
Requirement: prepared income and expenditure account