11th Half Yearly Model Question

11th Standard

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Accountancy

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

    I. Choose the most suitable answer and write the option code and 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. Two or more business units forming a single entity is known as __________.

    (a)

    Joint

    (b)

    Merger

    (c)

    Link

    (d)

    Compound

  3. Which of the following does not follow dual aspect concept?

    (a)

    Increase in one asset and decrease in other asset

    (b)

    Increase in both asset liability

    (c)

    Decrease in one asset and decrease in other asset

    (d)

    Increase in one asset and increase in capital

  4. 'Cash withdrawn by the proprietor from the business for his personal use' causes ____

    (a)

    Decrease in assets and decrease in owner's capital

    (b)

    Increase in one asset and decrease in another asset

    (c)

    Increase in one asset and increase in liabilities

    (d)

    Increase in asset and decrease in capital

  5. An entry is passed in the beginning of current year is called

    (a)

    Original entry

    (b)

    Final entry

    (c)

    Opening entry

    (d)

    Adjusting entry

  6. The process of finding the net amount from the totals of debit and credit columns in a ledger is known as

    (a)

    Casting

    (b)

    Posting

    (c)

    Journalising

    (d)

    Balancing

  7. Merchandise stolen by someone should be debited to_______

    (a)

    Sales account

    (b)

    Purchases account

    (c)

    Loss by theft account

    (d)

    None of the above

  8. The trial balance contains the balances of_____

    (a)

    Only personal accounts

    (b)

    Only real accounts

    (c)

    Only nominal accounts

    (d)

    All accounts

  9. Which of the following statements is not true?

    (a)

    Cash discount is recorded in the books of accounts

    (b)

    Assets purchased on credit are recorded in journal proper

    (c)

    Trade discount is recorded in the books of accounts

    (d)

    3 grace days are added while determining the due date of the bill

  10. _____ is a statement prepared by a trader who receives back from his customer the goods sold.

    (a)

    Debit note

    (b)

    Credit note

    (c)

    Both

    (d)

    None of these

  11. Which one of the following is not a timing difference?

    (a)

    Cheque deposited but not yet credited

    (b)

    Cheque issued but not yet presented for payment

    (c)

    Among directly paid into the bank

    (d)

    Wrong debit in the cash book

  12. When the balance as per Cash Book is the starting point to ascertain balance as per bank statement, direct payments by bank are:

    (a)

    Added

    (b)

    subtracted

    (c)

    not adjusted

    (d)

    None of the above

  13. Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?

    (a)

    Senguttuvan account

    (b)

    Sales returns account

    (c)

    Returns outward account

    (d)

    Purchases returns account

  14. 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

  15. ___________ is a non-cash item.

    (a)

    Depreciation

    (b)

    Asset

    (c)

    Liabilities

    (d)

    None of these

  16. Deferred revenue expenditure is to be written off ___________

    (a)

    In the year in which the expenses are incurred

    (b)

    In the year in which the benefit of expenses are exhausted

    (c)

    Within 3 to 5 years

    (d)

    Within 5 to 10 years

  17. 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

  18. The expenses and incomes for the full accounting period must be taken into account while preparing ______

    (a)

    Final accounts

    (b)

    Trial balance

    (c)

    Balance sheet

    (d)

    Cash book

  19. People who write codes and programes are called as

    (a)

    System analysts

    (b)

    System designers

    (c)

    System operators

    (d)

    System programmers

  20. II. Answer any seven questions in which question No. 30 is compulsory. 

    7 x 2 = 14
  21. What is cash transaction?

  22. How are personal accounts classified?

  23. What is suspense account?

  24. What is journal proper ?

  25. What is Alternative Presentation?

  26. Rectify the following errors discovered before the preparation of the trial balance:
    (a) Sales book was undercast by Rs.100
    (b) Purchases returns book was overcast by Rs.200

  27. On 1.1.2017 a firm purchased a machine at a cost of Rs.1,00,000. Its life was estimated to be 10 years with a scrap value of Rs.10,000. Compute the amount of depreciation to be charged at the end of each year.

  28. Classify the following expenses as capital or revenue.
    i) The sum of Rs.3,200 has been spent on a machine as follows:
    a) Rs.2,000 for additions to double the output.
    b) Rs.1,200 for repairs necessitated by negligence.
    ii) Overhauling expenses of Rs.25,000 for the engine of a motor car to get better fuel efficiency.

  29. Goods worth Rs.3,00,000 were burnt by fire and claim of Rs.1,80,000 has been accepted by the insurance company. How It will be recorded in final accounts

  30. What are mnemonic codes?

  31. III. Answer any seven questions in which question No. 40 is compulsory

    7 x 3 = 21
  32. Explain the meaning of accounting

  33. Briefly explain the relationship among accounting, accountancy and book-keeping.

  34. What is double entry system? State its advantages.

  35. Explain the significance of debit and credit balances of various types of accounts.

  36. Write a note on (i) Bills Receivable Book (ii) Bills Payable Book.

  37. Enter the following transactions in a simple cash book of Kunal:

    2017    
    Jan   Rs
    1 Cash in hand 11,200
    5 Received from ramesh 300
    7 Pain Rent 30
    8 Sold goods for cash 300
    10 Paid mohan 700
    27 Purchased furniture for cash 200
    31 Paid salaries 100
  38. The following errors were located by the accountant after the preparation of trial balance.There exists a suspense account. Rectify them.
    (a) The total of the discount column of Rs.1,180 on the debit side of the cash book was not posted.
    (b) Purchase of goods from Arivuchelvan on credit for Rs.600 was posted to the debit side of his account.
    (c) The total of the discount column on the credit side of the cash book was undercast by Rs.400.
    (d) The total of sales returns book of Rs.570 was posted twice.
    (e) Sold goods to Mukil on credit for Rs.87 was posted to her account as Rs.78.

  39. What are the classification of assets? (any five)

  40. Show necessary entries to adjust the following on 31st December, 2017.
    (i) Outstanding salaries Rs 1,200
    (ii) Outstanding rent Rs 300
    (iii) Prepaid insurance premium Rs 450
    (iv) Interest on investments accrued Rs 400
    (v) Bad debts written off Rs 200

  41. Find out from the following data, minimum collection of Rs.500 on any one day achieved by the sales counters.

    Counter Day 1 sales Day 2 sales
    Ground floor 600 600
    First floor 850 300
    Second floor 350 400
  42. IV.  Answer all the questions.

    7 x 5 = 35
    1. Briefly explain the functions of accounting

    2. Pass journal entries in the books of Sasi Kumar who is dealing in automobiles

      2017 Oct.   Rs
      1 Commenced business with goods 40,000
      3 Cash introduced in the business 60,000
      4 Purchased goods from Arul on credit 70,000
      6 Returned goods to Arul 10,000
      10 Paid cash to Arul on account 60,000
      15 Sold goods to Chandar on credit 30,000
      18 Chandar returned goods worth 6,000
      20 Received cash from Chandar in full settlemen 23,000
      25 Paid salaries through ECS 2,000
      30 Sahil took for personal use goods worth 10,000
    1. Journalise the following transactions in the books of Arun and post them to ledger accounts.

      2017 Dec   Rs.
      1 Arun started his business with cash 10,000
      3 Bought goods for cash 1,500
      8 Sold goods to Krishna on credit 4,000
      14 Purchased goods from Govind on credit 2,000
      25 Received cash from Krishna 3,000
      28 Cash paid to Govind  1,000
    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. Enter the following transactions in the sales book and sales returns book of M/s. Guhan & Sons, who is a textile dealer.

       2017May 2   Sold to MIs. Karan & Co., on credit  
          100 pieces towels @ Rs 280 per piece  
          200 metres shirtings @ Rs 270 per metre  
      May 5   Sold to MIs. Veeran & Sons on credit
          10 pieces ready-made dress @ Rs 1,500per piece  
      May 16   Sold to M/s. Jain & Sons on credit
          50 blankets @ Rs 240 each
      May 20   Damaged 10 pieces towels returned by Karan & co. and cash not paid  
      May 25   Sold old furniture to MIs. Saran & Co., on credit Rs 18,000
      May 27   Returned 2 pieces ready-made dresses by M/s. Veeran & Sons due to inferior quality and cash not paid
    2. Enter the following transactions in a petty cash book of Mr. Murugan maintained on imprest system with analytical columns.

            Rs
      2018 Mar  15 Cash in hand 143
          Received from the chief cashier 607
        16 Bought stamps 25
        17 Paid cartage 40
        18 Tea and lunch expenses to customers 74
        19 Telegram sent 23
        20 Paid taxi hire 150
        21 Purchased envelops 22
        22 Paid for repairs of typewriter 65
        23 Purchased one bottle of ink 12
        27 Paid Railway fare to manager 187
        31 Paid to coolie 20
    1. Record the following transactions in the three column cash book of John Pandian.

      2017 Dec 1 Cash balance brought forward 12,600
      1 Bank overdraft brought forward 36,000
      1 Advance paid to petty cashier by cheque 3,000
      5 Goods sold for cash 12,000
      7 Dividend on shares collected by the banker 1,000
      13 Cash paid into Bank 10,000
      14 Interest charged by the bank for bank overdraft 1,500
      18 Cheque issued to Siddique 8,000
        Discount received from him 200
      24 Insurance claim received by cheque and deposited into bank 17,000
      28 Cash received from Baskar 15,000
        Discount allowed to him 150
      31 Deposited into Bank all cash excess of Rs.18,600  
    2. A trader received his bank statement on 31st December, 2017 which showed an overdraft balance of Rs 12,000. On the same day, his cash book showed a debit balance of Rs 2,000.
      Analyse the following transactions. Choose the possible causes and prepare a bank reconciliation statement to show the causes of differences.
      (a) Cheque deposited for Rs 2,000 on 21st December, 2017. Bank credited the same on 26th December, 2017.
      (b) Cheque issued for payment on 26th December, 2017 amounting to Rs 2,500, not yet presented until 31st, December, 2017.
      (c) Bank charges amounting to Rs 200 not yet entered in the cash book.
      (d) Online payment for Rs 1,500 entered twice in the cash book.
      (e) Cheque deposited amounting to Rs 1,000, but omitted in the cash book. The same cheque was dishonoured by bank, but not yet entered in cash book.
      (f) Cheque deposited, not yet credited by bank amounting to Rs 17,800.

    1. The following errors were located after the preparation of the trial balance. Assume that there exists a suspense account. Pass journal entries to rectify them.
      (a) The total of purchases book was undercast by Rs 100.
      (b) The total of the discount column on the debit side of cash book Rs 575 were not posted.
      (c) The total of one page of the sales book for Rs 5,975 were carried forward to the next page as Rs 5,795.
      (d) Salaries Rs 1,800 were posted as Rs 18,000.
      (e) Purchase of goods on credit from Mukilan for Rs 150 have been posted to his account as Rs 1,500.

    2. A manufacturing company purchased on 1 April, 2010, a plant and machinery for Rs 4,50,000 and spent Rs 50,000 on its installation. After having used it for three years, it was sold for Rs 3,85,000. Depreciation is to be provided every year at the rate of 15% per annum on the fixed instalment method. Accounts are closed on 31st March every year. Calculate profit or loss on sale of machinery.

    1. Classify the following into capital and revenue.
      i) Rs.560 spent on replacement of a worn our part of plant.
      ii) Rs.1,500 spent on complete overhauling of a second hand machinery just bought.
      iii) Carriage expenses Rs.230.
      iv) Profit on sale of asset Rs.700
      v) Rs.150 loss on sale of furniture.

    2. From the Trial balance, given by Saif, prepare final accounts for the year ended 31st March 2018 in his books.

       Debit Balances   Rs   Credit Balances   Rs 
        Land     40,000   Purchases returns         15,000
        Opening stock      40,000   Bill payable 7,000
        Machinery 66,000   Capital 1,50,000
        Purchases 1,30,000   Sales 2,20,000
        Wages 35,000   Creditors 60,000
        Interest paid 13,000    
        Cash 2,300     
        Debtors   80,000    
        Bill receivable 15,000    
        Office rent paid 12,700    
        Furniture 3,000    
        Drawings 5,000     
        Sales returns 10,000    
        4,52,000   4,52,000

      Closing stock (31-12-2017) Rs. 14,500.

    1. The following balances were extracted from the books of Thomas as on 31st March, 2018

      Particulars Rs Particulars Rs
      Purchases 75,000 Capital 60,000
      Returns inward 2,000 Creditors 30,000
      Opening stock 10,000 Sales 1,20,000
      Freight inwards 4,000 Returns outward 1,000
      Wages 2,000    
      Investments 10,000    
      Bank charges 1,000    
      Land 30,000    
      Machinery 30,000    
      Building 25,000    
      Cash at bank 18,000    
      Cash in hand 4,000    
        2,11,000   2,11,000

      Additional information:
      (a) Closing stock Rs 9,000
      (b) Provide depreciation @ 10% on machinery
      (c) Interest accrued on investment Rs 2,000
      Prepare trading account, profit and loss account and balance sheet.

    2. Sara Ltd., sells goods on credit basis. Their policy is to charge interest @ 2% p.a., for the period of default. From the following data, find out the amount to be collected from each customer. Assume 365 days in the year.

      Customer Sales Date of Sales Period of Credit
      (days)
      Date of
      Settlement
      M 25,000 10-04-2016 60 05-07-2016
      N 14,000 28-05-2016 30 25-07-2016
      P 28,000 14-07-2016 45 25-08-2016
      R 54,000 03-08-2016 90 02-01-2017

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