Mid-Term Examination 2022 2023

Accountancy
Grade X
Marks: 80
Time: 3 Hours 15 Mins
General Instructions:
1. Mention your name, grade, section, date and subject in the answer script.
There are 32 questions in the question paper
Marks are indicated against each question.
Attempt all parts of the questions together

1. Journal is called
[1
a: a book of primary entry b. a book of secondary entry
final entry
C. a book of final entry d. both secondary entry and
transactions would be recorded
in the accounting system based on
the
2. Which of the following
money measurement concept?
a. The value of plant and machinery of a company
b. The health of the Chief Executive Officer of an organisation
C. The quality of a company's product or service
d. None of the above [1]
3. The existence of business is different from its [1
4. Recording of transaction in a Journal is called.
(c) Transfer (d) Ruling
(a) Posting (b) Journalising
5. Sale of goods to Ram for cash is debited to .
(C) Sales A/c (d) Stock Alc
(a) Ram (b) Cash Alc Purchases
less Trade Discount of 20%.
6. Anil purchased 1,000 Add Gel Roller Pens T 50 each [11
Account will be debited by_
(c)T45,000 (d) 60,000
(a) 50,000 (b) 40,000 of R 3,000 from Amar
of the following is correct entry to record cash purchase
Which
(a) Dr. Purchases A/c and Cr. Amar by 3,000.
(6) Dr. Amar and Cr. Purchases A/c by T 3,000.
(c) Dr. Cash A/c and Cr. Purchase A/c by T3,000.
(d) Dr. Purchases A/c and Cr. Cash A/c by T 3,000.
8, Assets Capital +
=

business is separate from its

9. Which of the following concepts means that the identity of a
owner?
[11
(a) Going concern concept (b) Business entity concept
(c) Realísation concept (d) None of the above
are known
10. The assets which are convertible into cash or cash equivalents within a year
as
[11
(a) Fixed assets (b) Current assets (c) Tangible assets (d) None of the above
is
11. Cash, goods, or assets invested by the proprietor in the business for earning profit
called [1
a) Profit (b) Capital (c) Fixed assets (d) None of these
12. Define accounting. [11
B. What is Ind -AS ? [1]
Or
and Accrual basis are the two basis of accounting.

1
14. Long term assets without any physical
a) Intangible assets existence but, possessing a value
b) Fixed assets c) Current assets are called-
5. The amount drawn by businessmen for d) Investments
his personal use
a) Capital (b) Drawings is
6/Which concept denotes that the existeeb busina a januahl þan 1
aspects are affected in every transaction. (One / 1
H8. Which of the following statement is correct: Two]
aIncome =revenues expenses
b) Income = expense revenues
S. What does "" in IGST stands for?
ja) Internal (6) Integrated (c) Internal
20/What is the nature of account of furniture (d) Intra
hA. State whether the following accounts will have a debit or credit balance:
[11
[3]
(i) Rent Received (ii) Wages
(ii) Land and Building (iv) Commission Received
(v) Cash in Hand (vi) Drawings
Or
State the rules of debit and credit
22. Explain the following principles:
a) Going concern concept / principle
b) Prudence principle
c) Matching principle
/23,Explain any four objectives of accounting. 4
2A. Clasify the following into Assets, Liabilities, Capital, Expenses and Revenue [41
(i) Land (ii) Investments
(ii) Interest Received (iv) Building
(vi) Bank Overdraft
(v) Salary
(vii) Debtors (vii) owners equity
4
5. Explain the following terms: c) Capital d) Drawings
/a) Creditor b) Liability
total assets if: [41
6. Calculate the
(i) Capital is 40,000.
(ii) Creditors are 25,000.
(ifi) during the period is R 50,000.
Revenue
(iv) Expenses during the period are 40,000.
Or
external liabilities were T 2,00,000 and 6,000
On 31st March, 2019, the total assets and withdrawn
had introduced capital of T 20,000 and
respectively. During the year, the proprietor the year. Calculate the capital as
of F 20,000 during
T 12,000 for personal use. He made profit
a

/ on 1st April, 2018.

transaction took place in M/s Goodluck Computers.
Prepare the Accounting
27. The following [4
Voucher from M/s Computes for
1St January 2022 Purchased two Desktop Computers
cash vide Cash Memo No. 170R1,00,000
following transactions for discount in the
Journal of Gag Bros. [61
28. Journalise the 98000
Received from Dev in full settlement of his account (T 1,00,000)
2020 April 1 settlement of his account -(80,000) 78500
April 12 Received from Manmohan in full 19500
discount allowed 500
Received cash from Ram and 300 4700
April 15 and discount received from him
-

Paid cash to Pawan

April 20 of T 25,000 at 20% trade discount
Sold goods to Varun of the list price
April 28
Or
Journalise the following transactions on which GST
Date Particulars applicable:
2022
Jan 3
Purchase of goods 10,000
(CGST and SGST @6%)
Jan 5
Saleof goods for cash 30,000
(CGST and SGST 9%)
Jan 10 Paid interest 50,000
(CGST and SGST 5%
Jan 12 Paid to Jeevan 80,000
(CGST and SGST @12%)
Jan 15 Purchase of Furniture 30,000
Jan 20
(IGST12 %)
Sold to Mythra 10,000
(IGST@18%)
29. From the following Transactions, state the nature of account and which account will be de
and which account will be credited:
1) Manu started business with cash 1,00,000
(ii) He purchased furniture for business 20,000
(iii) Purchase goods on credit from Anshul - F 6,000
(iv) Paid to his creditor, Anshul - F 2,000
(v) Paid salary to his clerk - 1,000
(vi) Paid Rent 500

30. On the basis of the narrations, fill in the missing itemsS:

Date Particulars LF Dr()
1 Dr 5,00,000
To ***
5,00,000
(Being started business with cash)
50,00,000
Dr
2 To
50,00,000
(Being Building purchased for cash)
10,000
Dr
TO
(Being purchase of goods from Ajith) 50,000
3 10,000
Dr
10,000
(Beingcash deposited in to bank)
Dr
To 2000
(Being salary paid by cheque) 50,000
Dr 500
To 10,000
(Being the goods returned by Rana) 2000
500
6
31. Prepare an Accounting Equation on the basis of the following transactions:
(i) Started business with cash T 70,000. 81
(ii) Credit purchase of goods 7 18,000.
(ii) Payment made to creditors in full settlement 17,500.
iv) Purchase of machinery for cash 20,000.
(v) Depreciation on machinery R 2,000.
32. You are required to pass the journal entries of the following transactions: [8
a. Nithin started business with cash R 20,00,000
b. he deposited 5,000 out of cash in to bank
c. purchases goods for : 5,000 against cash ( 9% CGST and 9% IGST)
d. purchased a building and paid T:2,50,000 by cheque
e. purchased goods from m/s. Hari &.co for T; 100,000
f. sold goods for cash R 50,000 (CGST and SGST 6%)
9. sold goods on credit to m/s. Ramesh & co. F; 25,000
a. m/s Ramesh & co. returned goods of T;5000 being defective,
b. goods returned by m/s Ramesh & co 4000
c. paid salary to staff by cheque F 15,000
d. paid electricity charges for the month ;1,000 in cash
e. paid telephone charges 500 in cash
f. bought office furniture for R 25,000 against cash
g. paid m/s Hari & co, on account 50,000 by cheque
h. received from m/s Ramesh & co. by cheque
Or
Transaction of Rajeev for April are given below: journalise them [8

2017 Particulars Amount R ) |

April 1 Rajeev started business with cash 10,0000
April 1 Paid for repair of premises 10,000
April 2 | Paid into bank 70,000
April 2 Loanfrom bank 25,000
April 3 Bought goods for cash 5,000
April 4 Drew cash from bank for office 1,000
April 13 Bought goods from Shyam 22,500
April 13 Paid for cartage 500
April 20 Sold goods to Krishna 15,000
April 24 Received from Krishna 15,000
April 28 Paid to Shyam by cheque 22,500
April 30 Cashsales for the month 8,000
April 30 |Paid salary to Ram 3,000
April 30 Paidinterest on loan from bank on repayment 250