Half Yearly Model Question Paper 2019

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90

    Part I

    Answer all the questions.

    Choose the most suitable answer from the given four alternatives and write the option code with the corresponding answer.

    20 x 1 = 20
  1. Which one of the following is not a main objective of Accounting?

    (a)

    Systematic recording of transactions

    (b)

    Ascertainment of the profitability of the business

    (c)

    Ascertainment of the Financial position of the business

    (d)

    Solving tax disputes with tax authorities

  2. _______________involves recording of transactions and events which are financial in nature.

    (a)

    Financial Accounting

    (b)

    Cost Accounting

    (c)

    Management Accounting

    (d)

    Human Resource Accounting

  3. GAAPs are:

    (a)

    Generally Accepted Accounting Policies

    (b)

    Generally Accepted Accounting Principles

    (c)

    Generally Accepted Accounting Provisions

    (d)

    None of these

  4. The dual aspect concept is the basis for ______________

    (a)

    single entry system

    (b)

    double entry system

    (c)

    book keeping

    (d)

    all the above

  5. Bad debts entry is passed in__________.

    (a)

    Sales Book

    (b)

    Cash Book

    (c)

    Journal Book

    (d)

    None of these above

  6. Main objective of preparing ledger account is to _________

    (a)

    Ascertain the financial position

    (b)

    Ascertain the profit or loss

    (c)

    Ascertain the profit or loss and the financial position

    (d)

    Know the balance of each ledger account

  7. While preparing the trial balance, the accountant finds that the total of the credit column is short by Rs.200. This difference will be

    (a)

    Debited to suspense account

    (b)

    Credited to suspense account

    (c)

    Adjusted to any of the debit balance

    (d)

    Adjusted to any of the credit balance

  8. The total of the sales book is posted periodically to the credit of ____  

    (a)

    Sales account

    (b)

    Cash account

    (c)

    Purchases account

    (d)

    Journal proper

  9. ___________is the statement prepared by the seller of goods.

    (a)

    Voucher

    (b)

    Receipt

    (c)

    Invoice

    (d)

    Ledger

  10. The cash book records____.

    (a)

    All cash receipts

    (b)

    All cash payments

    (c)

    Both (a) and (b)

    (d)

    All credit transactions

  11. R.N. expands for____

    (a)

    Receipts number

    (b)

    Roll number

    (c)

    Route number

    (d)

    Rank number

  12. Balance as per cash book is Rs. 2,000. Bank charge of Rs. 50 debited by the bank is not yet shown in the cash book. What is the bank statement balance now?

    (a)

    Rs 1,950 credit balance

    (b)

    Rs 1,950 debit balance

    (c)

    Rs 2,050 debit balance

    (d)

    Rs 2,050 credit balance

  13. A transaction not recorded at all is known as an error of

    (a)

    Principle

    (b)

    Complete omission

    (c)

    Partial omission

    (d)

    Duplication

  14. Purchase of office furniture Rs. 4,800 has been debited to general expense account which error is it?

    (a)

    Error of commission

    (b)

    Error of principle

    (c)

    Compensating error

    (d)

    None of these

  15. Which method shall be efficient, if repairs and maintenance cost of an asset increases as it grows older

    (a)

    Straight line method

    (b)

    Reducing balance method

    (c)

    Sinking fund method

    (d)

    Annuity method

  16. Loss on sale of a fixed asset will appear on the _____________

    (a)

    Credit side of depreciation account

    (b)

    Debit side of fixed asset account

    (c)

    Credit side of fixed asset account

    (d)

    Debit side of depreciation account

  17. Expenses on advertisement will be classified under _________

    (a)

    Capital expenditure

    (b)

    Revenue expenditure

    (c)

    Deferred revenue expenditure

    (d)

    Capital receipt

  18. Carriage inwards will be shown

    (a)

    In the trading account

    (b)

    In the profit and loss account

    (c)

    On the liabilities side

    (d)

    On the assets side

  19. A prepayment of insurance premium will appear in

    (a)

    The trading account on the debit side

    (b)

    The profit and loss account on the credit side

    (c)

    The balance sheet on the assets side

    (d)

    The balance sheet on the liabilities side

  20. ______ earned during the period must be compared with the expenses incurred during the period.

    (a)

    Incomes

    (b)

    Revenues

    (c)

    Profit

    (d)

    Loss

  21. Part II

    Answer any 7 questions. Question no. 30 is compulsory.

    7 x 2 = 14
  22. What is liability?

  23. What is Cheque?

  24. What is meant by posting?

  25. What is an invoice?

  26. Give the format of 'Single column cash book'

  27. On 31st, December 2017, Magesh received a bank statement from his bank, which showed a credit balance of Rs 19,700. He instructed Dinesh to check the statement with the cash book. On comparing both, Dinesh found that the cash book showed a balance of Rs 14,500. He was puzzled.

  28. The following errors were located after the preparation of trial balance. Pass journal entries to rectify them. Assume that there exists a suspense account.
    (a) The total of sales book was undercast by Rs.350.
    (b) The total of the discount column on the debit side of cash book Rs.420 was not posted.
    (c) The total of one page of the purchases book of Rs.5,353 was carried forward to the next page as Rs.5,533.
    (d) Salaries Rs.2,400 was posted as Rs.24,000.
    (e) Purchase of goods from Sembiyanmadevi on credit for Rs.180 was posted to her account as Rs.1,800

  29. What is written down value method?

  30. State whether the following are capital or revenue items.
    i. Rs.5,000 spent towards additions to buildings.
    ii. Second-hand motorcar purchased for Rs.30,000 and paid  Rs.2,000 as repairs immediately.
    iii. Rs.10,000 was spent on painting the new factory.
    iv. Freight and cartage on the new machine Rs.150, erection charges Rs.200.
    v. Rs.150 spent on repairs before using a second hand car purchased recently.

  31. Compute cost of goods sold from the following information:

     Particulars     Rs 
      Opening stock           8,000
      Purchases 60,000
      Direct expenses 5,000
      Indirect expenses      6,000
      Closing stock 9,000
  32. Part III

    Answer any 7 questions. Question no. 40 is compulsory.

    7 x 3 = 21
  33. Explain the external users of accounting.

  34. Write a brief note on Accounting Standards.

  35. Fill in the missing information in the following Journal Entries.

    Date Particulars   L.F` Debit Rs Credit Rs
    i) ................... /c Dr   ..............  
      To .............. A/c       ..............
      Goods purchased for Cash Rs.20 000)        
    ii) .................... A/c Dr   ....................  
      .................... A/c     ....................  
      To Vignesh A/c       ................
      (Received Rs.18,800 from Ramani in full settlement of the due Rs.19,000)        
    iii) .................... A/c Dr   ....................  
      To .................... A/c       25,000
      (Borrowed loan from Kumar)        
    iv) Cash A/c Dr   4,000  
      .................. A/c Dr   ....................  
      To Domu A/c       ....................
      (Domu declared insolvent 40 paise in a rupee received for the due)        
    v) ....................  A/c Dr   ....................  
      To Machinery A/c       ....................
      (Depreciation on Machinery Rs.4,000)        
  36. On 15th March 2017, Ramesh paid Rs 13,800 in full settlement of his account Rs 15,000 due to his creditor Dinesh. Pass journal entry and prepare ledger accounts.

    In the books of Ramesh Journal entry
     Date   Particulars   L.F.   Debit Rs   Credit Rs 
        2017        
     March 15    Dinesh A/c    Dr.   15,000  
        To Cash A/c     13,800
        To Discount received A/c         1,200
       (Paid Dinesh in full settlement of his account)        
  37. What are the advantages of subsidiary books?

  38. Explain the types of petty cash books?

  39. Prepare bank reconciliation statement as on 31st December 2017 from the following information:
    (a) Balance as per bank statement (pass book) is Rs.25,000.
    (b) No record has been made in the cash book for a dishonour of a cheque for Rs.250.
    (c) Cheques deposited into bank amounting to Rs.3,500 were not yet collected.
    (d) Bank charges of Rs.300 have not been entered in the cash book.
    (e) Cheques issued amounting to Rs.9,000 have not been presented for payment.

  40. Following are some accounting errors. Rectify the same through Suspense Alc.
    (i) Goods Purchased from Manohar of Rs 2,500 has been posted to.the debit of his account.
    (ii) Cash of Rs 4,500 paid to Munish was credited to Manish.
    (iii) Discount Rs 100 allowed to Anthony was not debited to discount account.

  41. What are the classifications of expenditures?

  42. Explain the accounting treatment of bad debts, provision for doubtful debts and provision for discount on debtors.

  43. Part IV

    Answer all the questions.

    7 x 5 = 35
    1. Kumar gives you the following expenses which were incurred in his business during the year 2003, classify them into capital, revenue or deferred revenue.
      i) Rs.12,000 spent on purchasing a patent right.
      ii) Freight charges paid on new plant amounts to Rs.700
      iii) Repairs of Rs.600 for furniture.
      iv) Rs.10,000 spent towards expenses connected with rainwater harvesting as per Government orders.
      v) Rs.7,500 spent towards initial advertising expenses.

    2. Prepare profit and loss account of Manoj for the year ending on 31st March 2016.

       Particulars   Rs.   Particulars   Rs. 
        Gross profit        25,000   Travelling expenses       500
        Salaries 5,600   Stationery 75
        Insurance 200   Rent 650
        Discount allowed    400   Interest on loan 225
        Discount received     300   Repairs 125
        Commission received    100   Office expenses 55
        Advertisement 450   General expenses 875
        Printing charges 375   Postage 175

      Adjustments:
      (i) Salary outstanding Rs. 400
      (ii) Rent paid in advance Rs. 50
      (iii) Commission receivable Rs. 100.

    1. A Book keeper found his trial balance not balanced placed the difference amount in the suspense account and subsequently found the following errors :
      (a) Sales book was overcast by Rs 1,500.
      (b) Rs 2,900 received from Vani in full settlement of his account of Rs 3,000 was posted in cash book but omitted to be entered in her account.
      (c) The total of the sales book Rs 12,000 was debited to sales returns account.
      (d) Rs 1,000 received as interest was credited to interest account as Rs 100.

    2. A company purchased machinery costing Rs 90,000 on January 1, 2015 and spent Rs 10,000 on its erection. On July 1, 2017, the machinery was sold for Rs 58,000. The company writes off depreciation at 20% p.a. underwritten down value method. Prepare machinery account. The books are closed on 31st December every year.

    1. From the following particulars of Mr. Manikandan, prepare a Bank reconciliation statement as on March 31, 2017.
      a) The following cheques were paid into the firm's currentAlc in March but were credited by the bank in April: Anbu Rs 250, Balu Rs 350 and Chandru Rs 190.
      b) The following cheques were issued by the firm in March and were cashed in April : Prince Rs 250, Queen Rs 450 and Raja Rs 400.
      c) A cheque for Rs 100 which was received from a customer was entered in the bank column of the cash book in March but the same was paid into the bank in April.
      d) The pass book shows a credit of Rs 250 for interest and a debit of Rs 100 for bank charges.
      e) The balance as per cash book was Rs 18,000 as on 31.03.2017.

    2. Prepare bank reconciliation statement as on 31st March, 2017 from the following extracts of cash book and bank statement.

      Dr.      Cash Book [Ban column only]        Cr.
      Date Particulars Amount
      Rs
      Date Particulars Amount
      Rs
      2017 Mar 1 To Balance bId 9,000 2017 Mar 4 By Drawings 1,700
      3 To Ram 2,200 8 By Sami 3,300
      9 To Prem 1,500 12 By Salary 2,800
      16 To Pavithra 3,400 16 By Kayal 1,700
      23 To Devi 2,600 18 By Pooja 4,200
      27 To Mani 1,100 26 By Sam 2,000
      30 To Shankar 350 28 By Raheem 1,100
            30 By Rent 1,100
            30 By Balance c/d 2,250
          20,150     20,150

       

      Bank Statement
      Date Particulars Dr.
      Withdrawals
      Rs
      Cr.
      Deposits
      Rs

      Balance Dr./Cr

      Rs

      2017 Mar 1 To Balance bId     9,000 Cr.
        To cheque-Drawings 700   8,300 Cr.
      5 By cheque - Ram   2,200 10,500 Cr.
      9 To cheque - Sumi 3,300   7,200 Cr
      11 By cheque - Prem   1,500 8,700 Cr.
      12 To cheque - Salary 2,800   5,900 Cr
      17 To cheque - Kayal 1,700   4,200 Cr.
      20 By cheque - Devi   2,600 6,800 Cr.
      30 By Interest received   900 7,700. Cr.
      30 To bank charges 15   7,685 Cr.
    1. Prepare necessary subsidiary books in the books of Niranjan and also Sachin account and Mukil account from the following transactions for the month of February 2017.

              Rs 
       2017 Feb 1   Purchased goods from  Mukil Traders on credit    12,480
      Feb 4   Goods sold to Sachin Traders on credit 15,000
      Feb 6   Sold goods to Manish Traders on credit 12,100
      Feb 7   Sachin Traders returned goods for which cash is not paid   1,200
      Feb 9   Returned goods to Mukil Traders for which cash is not received   1,500
      Feb 10   Sold goods to Manish & Co., on credit 13,300
      Feb 14   Purchased from Mukil Traders on credit 15,200
    2. Enter the following transactions m cash book WIth cash and bank columns. Balance the cash book.

      2013, May Rs.
      1 Cash in hand 30,000
      2 Paid into bank 10,000
      3 Cash purchases 2,500
      4 Loan obtained from Vasan 10,000
      5 Cash deposited in bank 7,500
      6 Cash sales 2,500
      8 Rent paid by cheque 2,000
      10 Cash withdrew for office use 4,000
      14 Paid Nataraj Rs.300 by M.O.  
      15 Akilan directly paid into our bank account 3,000
      25 Cash withdrawn from bank 5,000
    1. Enter the following transactions in the books of Ganesan and post them into ledger.

      2017 Oct   Rs.
      1 Started business with cash 25,000
      5 Deposited into bank 12,500
      10 Purchased furniture and payment by cheque 2,000
      15 Goods purchased for cash 5,000
      19 Sold goods to Vasu on credit 4,000
      22 Goods worth Rs.500 taken for personal use  
    2. Prepare the trial balance with the following information:

      Name of the account Rs Name of the account Rs
      Bank Loan  2,00,000 Purchases  1,80,000
      Bills Payable 1,00,000 Sales 3,00,000
      Stock 70,000 Debtors 4,00,00
      Capital 2,50,000 Bank 2,00,000
    1. Narrate the evolution of accounting

    2. Explain the advantages of Book-keeping.

    1. Journalise the following transactions in the journal of Mr. Dhakshinamoorthy. 2017, April

      Date   Rs.
      1 Mr. Dhakshinamoorthy started his business with 40,000
      2 Bought goods from Janardhanan on credit for 15,000
      5 Sold goods to Sampath on credit for  20,000
      10 Purchased goods from Santhanam for cash 7,500
      15 Cash paid to Janardhanan 5,000
      18 Cash received from Sampath 10,000
      25 Paid for stationery purchased 750
      30 Received commission 500
    2. From the following balances, prepare trial balance of Baskar as on 31st March 2017. Transfer the difference, if any, to suspense account.

       Name of the account   Rs   Name of the account   Rs 
        Opening stock    40,000   Debtors    25,000
        Capital 90,000   Carriage inwards 16,500
        Sales   1,77,200   Bills received 20,000
        Salaries 12,000   Commission recieved 5,500
        Bills payable 9,450   Cash at bank 17,000
        Telephone charges 2,350   Furniture 19,000
        Creditors 16,000   Plant & Machinery 55,800
        Purchases 85,000   Repairs 550

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