SAMPLE QP FOR XI HALF-YEARLY EXAM. SUB: ACCOUNTANCY CLASS - XI

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1 SAMPLE QP FOR XI HALF-YEARLY EXAM. SUB: ACCOUNTANCY CLASS - XI TIME: 3 HOURS M.M: 90 GENERAL INSTRUCTION: a. Marks are indicated against each question. b. Answer should be neat and with proper working note if required. c. All parts of a question should be attempted in a place 1. What is window dressing in context with the limitation of Accounting? 1 2. Closing Stock is valued at cost price or et price whichever is least. Which concept of Accounting is applied here? 1 3. Mr. Sashi owed us Rs for a long time and his account is written off as bad debt during last year, but suddenly he paid Rs.3000 in this year. What is the term to be used for this receipt? 1 4. Trial Balance is a prima facie evidence of accuracy of Accounting -comment Define Obsolescence in relation to depreciation of Assets What do you mean by Noting Charge in relations to bills of exchange? 1 7. Give any three limitations of Accounting Explain any three of the following: 1X3= 3 a) Revenue b) Drawings c) Assets d) Liabilities 9. What do you mean by Accounting standard? Give any two of its utilities Draw difference between Provision and Reserve (any three) 3 Page 1 of 11

2 11. What is a Suspense account? Why is it prepared? Calculate gross profit from the following particulars: 3 Total purchase during the year Rs Return Inward Wages Rs.2000 Rs.4000 Carriage Inward Rs Gross sales Rs Closing Stock Rs Draw any four differences between cash basis accrual basis of Accounting Pass Journal Entries for the following: 1X4 = 4 a) Bought goods from Mr. Ranjeet Patel for cash-list price Rs.2000 at 10% trade discount, 2% cash discount. b) Paid by cheque Rs.3200 from business as electric bill, 1/4 of the bill is related to the residential house of the owner. c) Charge interest on p.a on a capital of Rs for half year. d) Purchase an old building for business at Rs , Materials of Rs and wages of Rs are incurred to make it usable. 15. Prepare a suitable day book for the following transaction as furnished by M/S Super & Co.-furniture dealer: 2013 June 16: Sold goods to Ramana & Sons 2 Steel Almirah@ Rs.7200 each 15 Plastic Rs. 330 each. 10 % Trade Discount Page 2 of 11

3 June 22: Sold goods to Kamlesh & Sons. 8 Iron Rs 3400 each 26 Plastic Rs % Trade Discount June 22: Sold goods to Vishal Enterprise in cash 5 Wooden Rs.1620 each. June 30: sold old cartons to Divya Sons. 125 Rs.16 each Describe the errors not detected in the trial balance Calculate Closing Stock and Cost of goods sold from the following data: 4 Opening stock Sales Wages Carriage Inward Sales Return Rs Rs Rs Rs Rs Purchase Rs Return outward Gross Profit Rs Rs Develop any two of the following: 2X3= 6 a) Accounting Entity b) Money measurement c) Full disclosure 19. Enter the following transaction in the Cash Book with cash and bank column. Page 3 of 11

4 2013 May 1: Cash in hand Rs.4400 Cash at bank Rs (Overdrft) May 6: Received a cheque from Rahul for Rs in full settlement of his due Rs.5200 May 12: Cash and cheque of Rs.7000 (including cheque of Rahul) has been deposited into bank. May 18: Received a cheque of Rs.8000 from Hariom. May 22: Hariom s cheque endorsed to Vineet as a full settlement of his claim Rs May 26 HJariom s cheque returned dishonoured and bank charged Rs.100 for this matter. May 31: Deposited into bank after keeping a cash balance of Rs Prepare a Bank reconciliation statement as on 30 September 2013 from the following particulars Pass book M/S Kanchan Brothers showed a debit balance of Rs a) Cheque issued on September for Rs but only Cheque of Rs 8000 has been presented for payment upto 30 th September. b) Cheque of Rs received and deposited into the bank in September, but a cheque of Rs.2500 has not been credited by the bank till 30 th September. c) Payment side of cash Book (Bank coloum) overcast by Rs.800. d) Bank credited Rs.400 as dividend and also debited Rs. 150 as interest on overdraft on 30 th September. e) Cheque of Rs.2600 received recorded properly in cash book on 30 th September but not yet deposited in the bank. Page 4 of 11

5 f) Cheque issued Rs on 30 th September was not recorded in cash book and the cheque is not yet presented for payment Himesh owed to Ritesh Rs For this Ritesh drew a Bills of exchange of 3 monthes for the same amount on and the same was accepted by Himesh.Ritesh discounted the bill on 12% p.a with the bank.on the due date the bill was diushonoured with a noting charges of Rs 100 paid by the bank.himesh immediately paid Rs.4100 in cash and requested to draw a fresh bill of 2 months for the balance due and interest 18% p.a.ritesh agreed and did the same.on the due date of the second bill it is duly honoured. Pass journal entries in the books of Ritesh Pass necessary rectification entry for the following errors: a) Sales return book undercast by Rs b) An amount of Rs.2600 spent for making a wooden show-case for shop has been debited to wages account. c) Good of Rs.2000 returned by a customer has been taken into stock but no entry has been made in the books. d) A purchase of Rs has been wrongly entered in the sales book as 680. However the party s account has rightly been entered. e) An old computer sold at Rs entered in the Sales account. f) Goods purchased from Sudha for Rs credited to Sushil Account Mr. Sumanlal purchased second-hand machinery for Rs on He paid Rs.6000 as installation charges for the machine on the same date. Another machine was purchased and installed on at Rs On half of the machine purchased on sold at Rs and on the same day a new machine was installed at Rs Dueto increase in the production capacity another machine was acquired at Rs on Depreciation is 10% p.a on Straight line Method. Page 5 of 11

6 Prepare Machinery account for the years 2009, 2010 and 2011 assuming that the books are closed on 31 st December every year. OR Mr. Dinesh purchased a machine on at Rs another machine was purchased on at Rs On the machine purchased on was sold at Rs and on the asme day a new machine was installed at Rs Depreciation is 10 p.a on Reducing Balance Method. Prepare Machinery Account for the Years , and assuming that the books are closed on 31 st March every year Following is the Trial Balance of M/S. Greenearth Enterprise as on Name of account Debit (Rs.) Credit (Rs.) Opening stock Purchase Return Inward Wages Carriage Inward Carriage Outward 8000 Power Salary Audit Fees 6000 Donation 2000 Advertisement Rent & Taxes 7000 Repair 3000 Debtor Interest 3000 Page 6 of 11

7 Building Furniture Motor Vehicle Bad Debt 1000 Discount 2000 Cash Bank Bills Receivable Drawings Sales Return Outward Rent Received 5000 Capital Commission 6000 Crteditor Loan Bills Payable TOTAL The closing stock is valued at Rs Prepare Trading account, Profit & Loss Account for the year ended 31 st March 2013 and Balance Sheet as on that date. OR From the following ledger balances provided by M/S Sumit Trader as on , Prepare Trading account,profit & Loss Account and Balance Sheet. 8 Name of Account Amount(Rs) Capital Plant & Machinery Building Page 7 of 11

8 Furniture Goodwill Opening Stock Debtor Bills Receivable Bills Payable 6000 Profit on Sale of Machinery 1000 Sales Return Bad Debt Commission Paid 4000 Rent 8000 Discount 5000 Drawings 3000 Creditor Purchase Purchase Return 5000 Repair & renewal Trade Expense 9000 Cash Bank Overdraft Interest 7000 Depreciation Closing stock is valued at Rs Page 8 of 11

9 MARKING SCHEME 1. Right answer 1 2. Right concept 1 3. Bad debt recovery 1 4. Right comment 1 5. Meaningful definition 1 6. Proper meaning of Noting charges 1 7. Proper explanation of any three limitations 1x3=3 s 8. Proper explanation of each item. 1X3=3 s 9. Proper meaning of accounting Standard 1 Two for utilities 1X2=2s 10. One for each point. 1X3 = 3 s 11. One for meaning and 2 s for explanation. 1+2=3 s 12. Calculation of correct Gross profit Rs s 13. One for each point. 1X4 = 4 s 14. Each correct journal entry with proper narration. 1X4=4 s Page 9 of 11

10 15. Correct entry for 16 & 22 June in Sales day Book. 1.5X2=3 s Working Note for 26 & 30 June.5X2=1 16. Proper explanation of four errors 1X4=4 s 17. Calculation of correct Closing stock 2 s Calculation of correct Cost of Goods sold 2 s 18. Proper explanation of each concept. 2X3=6 s 19. Correct posting of Transaction for May 1.5 s May 6 1 May 12 1 May 18.5 May 22.5 May 26 1 May 31 1 Correct closing balance Each correct function (add/less) of point 1X6 =6 s Page 10 of 11

11 21. First entry for receipt of bill.5 Second entry for discounting of bill 1 Third entry for dishonoured of bill 1 Fourth entry for part payment.5 Fifth entry for interest 1 Sixth entry for New bill.5 Seventh entry for honouring the new bill.5 Correct ledger a/c of Himesh Each correct rectification entry with narration 1X6=6 s 23. First year depreciation & balance 2 s Second year depreciation & balance 2 s Third year depreciation & balance 2 s Working note for sale of Machinery 2 s 24. Trading account 2 s Profit & Loss account 4 s Balance sheet 2 ma Page 11 of 11