8 KRISHNA PUBLIC SCHOOL ‘Annual Exam - 2022-23 Class - XI 02032022 Time: 3Hours Subject - Accountancy MM- 80 ‘General Instructions 1. This question paper contains 2 parts A & B, 2. This question paper contains 34 questions. 3. Q.No.1 to 16 and 27 -30 carry 1 mark each. 4. Q.No.17 to 20 and 31 and 32 carry 3 marks each. 5, Q.No. 21,22 and 33 carry 4 marks each. 6 Q.No. 23 to 26 and 34 carry 6 marks each. 7. There is no overall choice. However an internal choice has been provided in 7 questions of 1 mark, 2 questions of 3 marks and 2 questios of 6 marks Section- A Financial Accounting. I 1, Sale of goods to ram for cash is debited to - oy a Ram b, CashA/C cc. Sales A/C d. Stock A/C 2. Bank reconciliation Statement is prepared by bank and also the account holder. @ a True b. False OR Bank reconciliation statement is nota part of. of accounting, a. Single entry system b. Double entry system 3, Identify the contra entry from the following:- o a. Paid cash Rs.280 in full settlement. b. Cash Rs, 400 withdrawn from Bank Both (a) and (b) d. None of the above 4. Capital and Revenue items are not distinguished under the :- o a. Accrual basis of accounting b. Cash basis of accounting ‘c. Double entry system d. None of these | OR ‘Which of the following Accounting principles is ignored by the cash basis of accounting? ' a. Business entity b. Matching principle - Accounting period d. None of the bove 5. Provision cannot be used for distribution. @ a True b. False OR Provision is a_ against profits. a. charge b. appropriation revenue d. none of these 6, Debit note is prepared by the - @) a Buyer b. ‘Seller ¢ Third party 4. Bank ce7 10, u. 2, 4. Ry Installation charges are treated as expenditure. a Capital b, Revenue Both (a) and (b) d, None of the above OR From the following pick the odd one out a. Accured Rent b, Prepaid Rent ¢.— Rentcarried forward d. Unexpired Rent General Reserve isa - a. free resrve : b. specific reserve capital reserve d. none of these Ledger Account is Prepared. from a. Vouchers b. Trial balance Journal d. Financial statements ‘OR When total of debit side of an account exceed than that of its credit side, it is called - a. Credit balance b. Expenses ¢. Debit balance d. Income Life Insurance Premium paid by using business money is__, 0 withdrawal of capital b. Drawings b. Business Expenses d. Curent Assets ‘The preparation of Trial Balance helps in + : 0 2 Assessing the financial positon b, ‘Coals ofall types . Preparation of final accounts d. None of these IE total assets are Rs, 1,00,000, Net worth is Rs. 70,000, creditors will be:- a a. Rs. 70,000 ‘bs, 30,000 c Rs. 170,000 None of these Goods purchased on credit from Vineet for Rs, 7000 recorded as Rs. 700 while, passing ‘entries is an exmple of Oo) a. Brror Principle b. Error of Commission © Error of Omission 4. Compensating error Match the following: Q @ Judgement about profitability and financial position @ Summarising (i) Ledger (©) Analysis and interpretation (i) Journal (© Classifying (iv) Preparation of financial statements (dl) Recording a (BGC (i) A.) D b OD. GH.C, Gi, @v)A & ()B (i)D, (iC, (iv) A 4. (BGC, fii) D, fv) a Which ofthe following is not an affective usr of accounting information. ay a. Management Db cA person declared insolvent by the court d. Lenders oR Investor16. v. 18 9 20. a. _ i a Assertion (A);- Be Boke (A): Personal transactions ofthe owners ofthe business are not recorded in the Rei : ae (R)- According to the business entity concept, each business entreprise is consid- 8 an accounting unit seperate from owners. (A) iscorrect but (R) is wrong b. (A) is wrong but (8) is correct ‘Both (A) and (R) are correct and (R) is the correct explanation of (A) a. Both (A) and (R) are correct and (R) is not the correct explanation of (A) Case Study Based Questions( Q16 & 17) ‘A truck is purchased Expected life 15 years) for delivery of goods. The cost of the truck is spread over the next 15 years for thecalculation of Profit/Loss for each year. Identify the concept. 0 ‘a, Going concern b. Matching . Historical cost d. Prudence Alta, is sunning a large scale business. Ithas a large number of machines wo: production. It believes in charging depreciation on these fixed assets year by year with the same method due to- o a. Going concern concept b. Accounting period concept c. Consistency assumption cd. Money measurement principle Explain the following with example:- ® a. Capital b. Current Assets Debtors Explain any 3 advantages of Journal ° OR Why the ledger is called the Principal Book? Explain any 2 features of ledger. Explain the following ® ‘a, Business Entity Concept b. Prudence concept Record the following transactions inthe Sales book of M/S Super Garments:- ® 2022 Jan4 Sold to casual wears, Patel nagar Delhi on credit, 40 shirts @ 250 each 30 Trousers @ 500 each ‘Trade discount @ 10% Jan.11 Sold to Verma fashion house, Delhi on credit 100 shirts @ 225 each 50 raincoats @ 200 each ‘Trade discount @ 15% Jan18 Sold goods on credit to Royal garments, Karol Bagh, Delhi 80 gowns @ Rs. 400 each 100 shirts @ Rs. 230 each Trade discount @ 15%JAI 22. Redraft the following Trial Balance. Trial balance (as on 31.03.2023) [Debit Balance [Amount [Credit Balance _ Amount Building 60,000 [Capital 73,600. Machinery 17,000 _|Fixtures 5,600 [Return Outward 2,600 _|Sales 1,04,000. [Bae debts 2,800 [Debtors 60,000 [cash 400 interest Received [2,600 | [Discount Received | 3,000 [Bank Overdraft 10,000 [Creditors 50,000 | [Purchases 100,000 | 245 800 285,500 23. Journalise the following:- (6) I Amount 1 (Paid to Nihar 9800 Received cash discount 200 (ii) Sohan is declared Insolvent. Received from his official Receiver 60 paise in a rupee on a debt of Rs, 10,000 (il) Received cash for a bad debt written off last year Rs. 700 (iv) Goods costing Rs. 1000 damaged by fire and Insurance ‘Company accepted claim of Rs, 800 and Cheque received from Insurance Co. (¥) Paid Income tax by cheque Rs. 500 (vi) Goods of Rs, 15000, distributed as free sample | 24. Prepare the Cash Book with bank Column of Mohan from the Following transactions: (6) jm : a ae is eae an | =, aoe 2 Dre. 4 | ocd ucla ined chy fete 000 | oe (areata “| csc —- a ites | Hee | Dec. 9 | Withirawn rom bank or private we... 250 =) Smee wemaweas| “| a a hie 3] ade =| mea lees | ee (ee ava 2 [amare ta From the following parti ee i s ip rice of ina Chaudhary of Bihar, prepare the Bank reconcilia~ , ‘A cheque for 500 issued in favour of Karan has not been presented for payment. Abill for Rs. 700 retired by bank under a rebat y ebate of Rs.20, the fu e was credited in the cash book, = acre Debit balance as per cash book Rs. 10,000 ° ‘A cheque for Rs. 295 deposited in the bank has been dishonoured. A sum of Rs, 800 deposited in the bank has been credited as Rs. 80 in the Pass Book. Payment side of Cash Book has been undercast by Rs. 200 A Dill receivable for Rs. 1,000 (discounted with the bank in February 2020) dishon ured on 31st March, 2020. (On Ist October 2017, Ram and Mohan purchased a second hand machine for Rs. 180,000 and spent Rs. 20,000 on its repairs. ‘On 30th Sepember, 2020, the machinery was discarded and sold for Rs. 140,000. The books are closed on 31st March every year and depreciation is charged @10% p.a.on written down value, Prepare machinery account from the date of purchase of machinery tll the date of sale of machinery. OR ‘On Ist April 2018, A Itd. purchased a machine for Rs. 240,000 and spent Rs. 10,000 on its erection. On Ist October 2018, an additional machinery costing Rs. 7,00,000 was purchased. On Ist Cctober 2020, the machine purchase on 1st April 2018 was sold for 143,000 and on the same date, a new machine was purchased ata cost of Rs. ,00/000. ‘Show the machinery account for frst four financial years after charging depreciation at 5% paa by straight ine method. © Section -B (Financial Accounting I) Read the following hypothetical condition and answer the given questions:- Mr. Gagan prepared Financial Statements of his business for the year ended SIst March 2nd. He had an opening stock of goods Rs. 22500 and closing stock of goods Rs. 55,000. He purchased goods of Rs. 150,000 and returned Rs 20,000 out of those to suppliers. He sold foods of Rs. 30,000 out of which Rs. 25,000 returned by customers. Fie has incurred the following expenses during the year- Carriage inwards 25,000 Factory Rent 12,000 ‘Advertisement Expenses 8250 Salaries 6,000 Coal, fuel, gas ete 2,500 ‘Travelling Expenses 5,100 ‘Ault Fees 7200 Wages 3,650 Answer the Questions:-30. 31 32. Me Calculate the total amount of Direct Expenses? a Rs51,400 b Rs. 43,150 Rs.69700 d._Rs.57,750 oR How much is the amount of cost of goods sold? a Rs. 148,900 b. Rs, 140,650 R6.1,36,900 d. None of these The amount of Indierect expenses is - ( a Rs.26,550 b. Rs.25,450 Rs.25,650 d. None of these ‘Adjusted purchases ofthe firm is- a a. Rs, 98500 b. Rs. 97500 Rs. 95700 4. None of these ‘What do you mean by marshalling and grouping of assets and liabilities ° Following isthe extract from the Trial balance ofa firm as on 31st March 2022 Trial balance as on 31.03.2023) [Head oF Account [LF [Dr (Rs) Cis) Sundry Debtors 410,000 - Provision for bad ldebis : 20,000 Bad debts 600 : Additional Information: 1. Additional (further) bad debts Rs. 10,000 2. Maintain the provision for doubiful debts @10% on Sundry debtors. Show the relevant extracts of Profit & Loss A/C.and the balance sheet. ® oR Calculate the following If the profit eazned by the firm before allowing manager's Commission is Rs, 22000 and the manager's is entitled to a commission of 10% of Net profit. 1. Before charging such commission, 2. After charging such commission. Calculate closing stock from the following details @ Opening Stock Rs. 20,000 Cash Sales Rs, 60,000 Credit Sales Rs. 40,000 Purchases Rs. 70000 A) Rate of Grass profiton cost 33%Bec my ‘omplete the folowing Trading accout by filling the amount of missing figures- (4) [Pariatars (De) mnount | —Particatars (Ce) | Amount fo Opening Stock ra) 10% of sates) 30,000 By Sales o [To Manufacturing expenses (10% of ising stock) 6000__| By Closing Stock oo, [To Purchases: a) fo Wages G0% oF - opening stock) @ fio port duty (@% OT mame closing stock) ® Ho facory Expenses [a a of sales) o fro Carriage (OOK oF [=e lwagest 5000) o 9 Freight (10% of closing stock) 6) fro Gross profit (90% of closing stock) a a wm S_ Prepare Trading and Profitand Loss Account and balance Sheet rom the folowing balance relating to year ended SIst March 2022. 6 Fala Ammoant | Paria Tmoant |e 70.0000 |Wasee 3.00000 [Creators 7.20000 [Bank 7.00600 Returns outward 30000 fpairs 3000 sates 740000 [Sock (L042021) 70,008 Bills Paya 30000 [Rene 0000 VPineananacriony | como [Rimes 300 [Sandy Debio 76,000 [Trade Expenses 700 Drawings 10000 [ad Debs 2000 Purchase 7050000 |Caringe 15,000 Returo inwards 30,000 _ [uel and Power 10.000 ‘Additional Information:- 1. Closing Stock was valued at Rs. 145,000. 2. Depreciate Plant and machinery by Rs. 40,000 3, Allow 5% Interest on Capital. 4, Rs, 4000 is due for repairs. Neen EEEnEInnEnEnEInI III nInDEnnIEnNnEEEEEIEMBI OR From the following Trial Balance. Prepare Profit ‘March 2020 and Balance Sheet as at that date ; if 1 & Loss Account for year Gross Profits Rs. 192,000 Particulars ‘Amount(Dr) Amount (Ci - Purchases & Sales 275,000 5,200 Returns 15,000 9,000 Carriage 12400 ‘Wages & Salaries 58,600 Trade Expenses 2200 | i bo ye 13,000 Insurance 20 p00 d Audit Fees m0 "7p ad Debtors & Creditors ting “4 #2 2,100 B/R&B/P sa )'poo2 2 200 Printing & Advertising. 55 5609 Gamminbah Sit aes ~~ tgo0 29 00 = Opening Sack hess ue Oe ; (Cashin Fland EF asm! 5 GehetBenk 259° 58 Bank Loan \ tee, eno Interest on Loan 220099 1300 N25 29 Capital wees 29. 250000 : yee? 354.29 Dawings 77 wan 382550 1922 Bade ooo sam 7? = i | \9V=59 | L407 s7700 i eet 6 ; do * | ‘Adjustment 73 1. Stockat theend Rs. 60000 1 79 5 192 | 2. Depriciate fixed assets by 10%. oy) 12 3. Commission earned but not BRR ae, FZOS 4 Rent received in advance Rs, 100. 5. Allow 8% Interest on Capita 00 a560W? 32Sp0% Is fees ) 7 o 560 se VIE oalteee 93