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    Account Question Paper

    Uploaded by

    Mayank Verma

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    © All Rights Reserved
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    KRISHNA PUBLIC SCHOOL Annual Examination — 2024 Clase Xt ™ Subject- Accountancy! 02.2028 vie 80 1. 2 Tha tions 3. This MeStion paper has 34 questions. Al questions are compulsory 4 Quegt*Stion paper is divided into 2 parts. A and 5. Queg gO 1 to 16 and 26 to 29 carry T mark each 6 Ques gO" 17 to 20 and 30-31 carry 3 marks each, 2 Ques 42"8 21, 32 and 33 carry 4 marks each. There jo" 22 to 25 and 34 carry 6 marks each. soft 8, Mark, 5" overall choice, However an internal choice has been provided in 7 questio" Shou, © Mestions of 3 marks, 1 questions of four mark and 2 questionsof 6 marks. 4OUr workings Wherever necessary. = Cost of Part-A (Financial Accounting -!) a, of 8004s r,anutactured is determined by c ‘ancial accounting bv. cost accounting ‘@Nagement accounting d. None of the above Or “ “Sounting aims to communicate financial information to investors only. 2 mere b. False Which of the following will increase one asset and decrease another asset ? < itchase of machinery on credit. Purchase of goods on credit ; 3... Payment to creditors d. Purchase of furniture in cash for office use {According to this principle/concept income is treated as being earned on the date on which Wis realised, & Meteriality principle b. Dual aspect principle 4,“ Revenue recognition principled. _cost concept Periodic total of purchase book is posted by means of one entry in & Purchases book b. Sales book 5, Cash book d. Allof the above ~ Assets, liabilities and equity are the elements of i Statement of change in equity b. Statement of financial position > oot ©. Statement of changes in cash flow d. None of the above 008 Or SOr recA, ————_ liabilities refer to those liabilities which are to be paid normally within one year. yoo a. Current b. Noncurrent © Long term d. None of the above 6. — Goods sold on cash basis to Vinod for Rs. 2,00,000 at 15% trade discount andl.3% cash discount. Identify the correct option from the following : a, Sales A/c credit Rs. 2,00,000 b. Cash A/e Debit Rs, 1,701,000 c. Discount Allowed A/c Debit Rs. 5100. d. Vinod credit Rs. 1,70,000. 7. Favourable bank balance refers to a. Debit balance as per cash book, Debit balance in pass book cc. Credit balance in cash book None of these Or IRN n surance premium Cash book (Bank column) shows a credit balance of Rs. 35000. Insurane’ P res RS. 3000 recordwt the bank Rs. 2000 but entered twice in the cash book. Bank charges RS NOP Ticorded iy, as per pass book will be bank but no entry is made in cash book at all. Debit balance a. 36000 b. 35000 «37000 d. 41000 8. Accounting begins where - a. Balance sheet is already prepared b. Profit and loss account is already prepared Book keeping ends d. Book keeping, begins 9. Trial balance is a proof of _ accuracy of accounts. a. Arithmatical b. Conclusive Bothaand b d. None of the above 10. Match the following 1. Return Inwards A. Noentry 2. Life insurance premium paid by firm. B, Sales return 3. Return outwards C. Drawings 4. Trade discount D. Purchase return Choose the correct option a 1-B,2-C3D,4A ¥ < 1B,2A,3-D,4C¥ 11. Expenses are recorded on payment under 1-B,2-C,3-A,4D ~~ 1B, 2-D,3-C,4-D pe a. Cash basis b. Accrual basis c. _ None of these d. Bothaandb Or Basis is recognised under the companies Act, 2013. a. Accrual basis b. Cash basis c. Fundamental basis d. None of these 12. Which of the following is not correct. a. Cash book records all cash receipts and cash payments. b. Cash book records transactions which have one aspect related to cash and bank or both. c. Cash book is prepared on Accrual basis. d. None of the above 13. Provision is made to meet a. Aknown liability b. Anunknown liability © Incomes d. Losses 14. According to which principle/assumption assets are divided into 2 categories __ie Non current assets and current assets, a. Going concern assumption b. Money measurement principle Matching principle d. Business entity principte Or There should be uniform accounting policies and methods from one period to another, according to * Consistency concept b. Matching concept © Conservatism concept d. None of t 15. When a revenue expense is treated as capital expenditure, itis an example of a. Error of principle b. Error of commission ~ Error of omission d. Compensating errors 17, 18, 19. Wy ted to transactions in the books, the next step is classifying, whic! After recording the rel a. Journal b © Trial balance 4. Balance sheet Define Accounting ? EXPIain any 2advantajes of wcunning? Or , Ledger Identify the qualitative characteristics of a. Journal entries Ate based on facts mo, Feceipts etc, he following, accounting, informations ch and can be verified through source docutmen as cash mer b. Nowadays statement of profit and loss are made quarterly by almost all companies °° that informed decisions can be taken by ite user ant of small amount of items are grouped so that financial statements have cc Insignific Iry debtors, fewer items and Main conclusions sundry creditors ete. Prepare a double oltmn cash book from the folowing, can be drawn easily for example sun¢ Rs. Jan? Cashin hand 70000 Bankoverdraft 20000 Jal Deposited into bank 30000 Jan5 Received @ cheque from Rohit for goods sold. 5000 JantO Deposited Rohit’s choque into hank Jan 13 Pajd to Dolly Rs. 900 in full settlement of Rs, 1000. Jan 18 withdrew from bank for personal use. 900 Jan19 withdrew from Bank for office use 1000 Jan25 Bank charges _ 100 Jan27 Income tax Paid by cheque 500 Jan31 paid salaries 1000 Jan31 Paid rent by cheque 500 Or Prepare capital A/cof Mr. David from the following information April 1 Business started with cash Rs. 2,00,000. July 20 Additional capital introduced Rs. 50,000. Oct30 Capital withdrawn permanently. Rs. 30,000 Nov 15 — Withdrawn for personal use Rs. 8000. March31_ Net profit for the year was Rs. 68,000 An accountant has made the following trial balance. Even though the debit and cerdit sides agree the trial balance contains mistakes. Redraft the trial balance. Trial balance Particulars Rs. Particulars Rs. Building 60,000 | Capital 15,600 Machinery 17,000 Fixtures 5,600, Returns outwards 2,600 Sales 104,000 Bad debts 2,800 Debtors 60,000 Cash 400 | Interest received 2,600 Discount received 3,000 Loan from Gupta 60,000 Bank overdraft 10,000 Creditors 50,000 Purchases 1,02,000 247,800 2,47,500 20 24. 2. mai] ae Explain the following terms a. Debtors b. Creditors c_ Fixed assets d. Current assets e. Cash discount Depreciation Rectify the following errors a, Payment of wages to Ramesh was debited to his personal account with Rs. 3000 b, _ Rent paid to Rajesh was debited to his personal account Rs, 2000 Rent amounting to Rs. 770 was received but was debited to Rent account Rs. 77 i. / Goods returned to Ramesh for 600 was posted to his account only. Prepare an accounting equation from the folowing information a. Started business with cash Rs. 30,000, Goods Rs. 12,000, Machinery Rs. 20,000 and furniture Rs. 10,000. b. Cash withdrawn for personal use Rs. 2000. ¢. Depreciation on machinery provided @ 10%. d. Received commission in advance Rs. 1000. &. Sold goods costing Rs. 10,000 at a profit of 10%. Received half of the amount in cash. £ Purchased goods Rs. 5000 on credit and Rs. 10,000 for cash. Journalise the following transactions Commenced business with cash Rs. 50,000. Goods worth Rs. 600 given as free sample. Out of the Rent paid this year Rs.13,000, Rs. 1000 relates to the next year. Withdrawn by proprietor for personal use goods of Rs. 4000, cash Rs. 2000. Personal furniture brought into firm worth Rs. 5000. Goods destroyed by fire worth Rs. 2000 and insurance company accepted the claim only 1900. From the following particulars, prepare bank reconciliation statement as on 31st March 2023 a. Debit balance as per cash book Rs. 10,000. b. A cheque for Rs. 500 issued in favour of Karan has not been presented for payment. © Apost dated cheque of Rs. 1000 discounted with the bank paying discounting charges of Rs. 20, the full amount of the cheque was credited in the cash book. d. A cheque for Rs. 295 deposited in the bank has been dishonoured. e. Asum of Rs. 800 deposited in the bank has been credited as Rs. 80 in the pass book £ Payment side of the cash book has been undercast by Rs. 200. A plant was purchased on Ist Jan. 2008 for Rs. 20,000 and spent Rs. 1,000 on its installation. On Ist July, in the same year another plant costing Rs. 30,000 was purchased. On Ist July, 2010 the plant purchased on 1st January, 2008 having, become useless was sold for Rs, 7,000 and on the same date new plant was purchased at a cost of Rs. 13,000. Depreciation is provided annually on 31st March @ 10% p.a. on original cost of the assets. Prepare Plant A/ ¢ from 2008 to 2011. ap poge Or On Ist April 2022 Raghav traders purchased a machine for Rs. 20,000 and spent Rs. 4000 on its erection, On Ist Oct 2023 it purchased a machine for Rs. 8000. The machine purchased ori Ist Oct 2023 was sold on Ist April 2024 for Rs. 9200. Another machine was purchased tor Rs 20,000 on 1st Oct. 2024. The depreciation is provided @ 10% p.a. on. reducing ‘balance method. Prepare machinery A/c for 3 years. Part-B (Financial Accounting-I) Real, Nominal and Personal accounts are maintained under entry syste a. Single b. Double Or veanone Rec Pounce WY 9.000 I opening capital is Rs. 60,000, drawings Rs, 5000, additional capital introduced Rs. closing capital Rs. 90.000. The value of profit earned during, the period will be a Rs 25000 b. Rs. 20000 © Rs. 30000, d. 5. 40000 27. Given below are 2 statements, one labelled as oe (A) and the other labelled as Reason (R). In the context of the given 2 statements, which of the following is correct Assertion (A) : The income statement and the balance sheet are financial statements that show the monthly finanaical position and performance af a business unit respectively Reason (R) : The general purpose of financial statements is to show the financial position and performance of a business unit 2. Both A and Rare true and R is the correct explantion of A b. Both A and Rare true but R is not the correct explanation of A « Ais true but Ris false 4. Ais false and Ris true. Or Sales are equal to Cost of goods sold + Gross profit Cost of goods sold — Gross profit. ©. Gross profit — cost of goods sold d. None of these. 28. Incomplete record mechanism of book keeping is a. Scientific b. Unscientific <. Unsystematic d. Both band c. 29. If the insurance premium paid Rs. 1000 and perpaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be a. Rs. 1300 b. Rs. 1000 <— Rs.300 d. Rs. 700 30. Differentiate between capital expenditure and revenue expenditure on the basis of a Purpose b. Period c. Recording 31. Following is the extract from the trial balance of a firm as at 31st March 2023. Trial balance (as at 31.03.2023) Heads of Accounts Te Dr (Rs) Ce (RS) Sundry debtors 410,000 - Provision for doubtful debts - 20,000 Bad debts 6000 ‘Additional information : a. _ Additonal bad debts Rs. 10,000. b. Maintain the provision for doubtful debts @ 10% one sundry debtors Show how these items will appear in final accounts of the company ed questions ae Fal accounts are the statements prepared at the end of the accounting perio! to determine the financial performance and also the financial position of the business. Final accounts includes trading and profit and loss account and balance sheet. While preparing tinal accounts accounts are balanced, trial balance is prepared, adjusting entries are passed! and atter that financial statements are prepared at the end of accounting, period All direct expenses are recorded in the debit side of trading account like fuel, power, coal wages etc, Prudence concept is the base for providing provisions. It any ot the aaijsutenient is given in the trial balance is shown in balance sheet 33. Ney 1. Wages and Salaries account is shown in a. Trading A/c b Balance sheet d account Profit and loss 4/¢ All of above 2. Under which accounting concept provision for doubtful debts ma a. Accrual concept b. Prudence conet cc. Matching concept dost concept 3. Prepaid expenses, if given in the trial balance, is shown in a, Trading A/c - as deduction from respective expenses. b. Profit and loss A/e- as deduction from the respective exP" ©. Balance sheet d. None of the above 4. The correct sequence of preparation of final accounts is accounts, 1. Preparation of trial balance 2. Balancing of accoNn 3. Preparation of financial statements 4. Passing, adjusting a 4,213 b 24,31 c 4,3 ad. 4,231 y 4 bases) Differentiate between single entry system and double entry system. ("¥ ce is book: i Swastik maintains his books of account by single entry system. His books j rovide the following information : 01.04.2022 31.03.2023 Furniture 2000 2000 Sundry debtors 21000 34000 Stock 28000 30500 Cash 1500 5000 Sundry creditors 17500 19000 Loan - 5000 Investments 10000 His drawings during the year were Rs. 5000. Depreciate furniture by 10% and provide a reserve for Bad and doubtful debts @ 10% on sundry debtors. Prepare the statement showing the profits for the year. Show your workings clearly. Debit Balances Amt(Rs) | Credit Balance Cash in Hand 2,700 | Sales Cash at Bank 13,150 | Return Outwards Purchases 2,03,375 | Capital Return Inwards 3,400 | Sundry Creditors Wages 42,400 | Rent Fuel and Power 23,650 Carriage on Sales 16,000 Carriage on Purchases 10,200 Opening Stock 28,800 Building 160,000 Freehold Land 50,000 Machinery 100,000 Salaris 75,000 Furniture 37,500 General Expenses 15,000 Insurance Premium 3,000 Drawings Sundry Debtors ~9,82,900 8,82,900 & Loss account Taking into account the following, adjustments, prepare Trading, and Profit and Balance Sheet as on March 31, 2020, Stock in hand on March 31, 2020 was Rs. 34,000, Machinery is to be depreciated at the rate of 10% and furniture @ 20%. Salaries amounting to Rs. 7,500 were outstanding, Feens Rent receivable Rs. 5,000, Or Insurance includes a premium of Rs. 850 which is prepaid. Following balances are taken from books of Niranjan. Prepare trading, and profit and loss account and balance sheet for the year ended 31st March 2023. [ Particulars ‘Amt(Rs.) | Particulars ‘Amt (Rs.) Capital ® 712,00,000 | Drawings ® 2,10,000 ning stock Y 450,000 lant and machinery 240,000 rniture (> 15,000 [

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