PER - QUARTERLY EXAMINATION - 2018.

11th Standard

    Reg.No. :
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ACCOUNTANCY

NOTE :

USE BLUE INK TO WRITE AND UNDERLINE PENCIL :


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

    PART – A

    I.CHOOSE THE MOST SUITABLE ANSWER FROM THE GIVEN ALTERNATIVES AND  WRITE THE OPTION CODE AND THE CORRESPONDING ANSWER :

    20 x 1 = 20
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2. Accounting is not a modern concept and it is as old as _____________

    (a)

    money

    (b)

    goods

    (c)

    services

    (d)

    all of these

  3. All the business transactions are recorded in the book of _______________

    (a)

    accounts

    (b)

    book keeping

    (c)

    transactions

    (d)

    none of these

  4. The famous book "Arthasastra" was written by

    (a)

    Kautilya

    (b)

    Chandrakupta

    (c)

    Luco Pacioli

    (d)

    Batlibai

  5. The profounder of double entry system of book-keeping is

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  6. ___________ involves recording business transactions of financial nature in the books of accounts.

    (a)

    Balance Sheet

    (b)

    Trial balance

    (c)

    book keeping

    (d)

    All the above

  7. ASB was constituted in India in the year of __________.

    (a)

    1977

    (b)

    1978

    (c)

    1979

    (d)

    1976

  8. A firm has assets are of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be ______

    (a)

    Rs.1,60,000

    (b)

    Rs.60,000

    (c)

    Rs.1,00,000

    (d)

    Rs.40,000

  9. In double entry system of book keeping, every business transaction affects ______

    (a)

    Minimum of two accounts

    (b)

    Same account on two different dates

    (c)

    Two sides of the same account

    (d)

    Minimum three accounts

  10. Goodwill is an example of ________

    (a)

    tangible real A/c

    (b)

    intangible real A/c

    (c)

    nominal A/c

    (d)

    none of these

  11. Received cash for Bad debts written off last year is credited to ____

    (a)

    Bad debts A/c

    (b)

    Bad debts recovered A/c

    (c)

    Cash A/c

    (d)

    Debtors A/c

  12. Real accounts always show _________________

    (a)

    debit balances

    (b)

    credit balances

    (c)

    both 'a' and 'b'

    (d)

    none of these

  13. Entry in which more than one transactions are recorded is called _______________

    (a)

    compound entry

    (b)

    single entry

    (c)

    double entry

    (d)

    journal entry

  14. Trial balance is a_____

    (a)

    Statement

    (b)

    Account

    (c)

    Ledger

    (d)

    Journal

  15. Days of grace are _____ in number.

    (a)

    three

    (b)

    four

    (c)

    five

    (d)

    nine

  16. The year of Negotiable Instrument Act is _____

    (a)

    1981

    (b)

    1881

    (c)

    1851

    (d)

    1956

  17. On 1st January, 2018, Kumar draws a bill on Ramar for 3 months, its due date is

    (a)

    4th April, 2018

    (b)

    1st April, 2018

    (c)

    31st March, 2018

    (d)

    1st March, 2018

  18. If the debit and credit aspects of a transaction are recorded in the cash book, it is ______.

    (a)

    Contra entry

    (b)

    Compound entry

    (c)

    Single entry

    (d)

    Simple entry

  19. On Jan 1st2015, 1,000 given to petty cashier. He has spent Rs 860 during the month of January. On Feb 1st to make the imprest he will receive the cheque for ________

    (a)

    1,000

    (b)

    860

    (c)

    1,860

    (d)

    960

  20. Balance as per bank statement is Rs. 1,000. Cheque deposited, but not yet credited by the bank is Rs. 2,000. What is the balance as per bank column of the cash book?

    (a)

    Rs 3,000 overdraft

    (b)

    Rs 3,000 favourable

    (c)

    Rs 1,000 overdraft

    (d)

    Rs 1,000 favourable

  21. PART - B

    II. ANSWER ANY SEVEN ONLY |: ( Q.No.21 IS COMPULSORY )

    7 x 2 = 14
  22. Define accounting.

  23. Does every businessman need accounting knowledge?

  24. The firm of M/s. Long and Short has the following ledger balances on 1st April 2014

      Rs
    Cash 20,000
    Debtors 20,000
    Stock 30,000
    Creditors 16,000
    Building 60,000
    Capital ?

    Pass the opening journal entry and find the capital?

  25. Write the transaction for following Journal entries.
    a) Purchases A/c Dr.
                 To Bank
    b) Drawings A/c   Dr.
                 To Purchases A/c

  26. Complete the missing items.

      Assets Rs= Liabilities Rs+ Capital Rs
    (a) 30,000 20,000 ?
    (b) 60,000 25,000 ?
    (c) ? 25,000 30,000
    (d) ? 10,000 80,000
    (e) 25,000 ? 15,000
    (f) 40,000 ? 30,000
  27. Mention four types of subsidiary books.

  28. Define bill of exchange.

  29. What is days of grace?

  30. What is cash discount?

  31. Define Trial balance.

  32. PART - C

    III. ANSWER ANY SEVEN ONLY |: ( Q.No.38  IS COMPULSORY )

    7 x 3 = 21
  33. Discuss in detail the importance of accounting

  34. "Only monetary transactions are recorded in accounting". Explain the statement.

  35. Fill in the missing information in the following journal entries:

    Date Particluar L.F Debit Rs Credit Rs
      ..........A/c  Dr   ..........  
      To ........... A/c     .............
      (Goods purchases for cash Rs.20,000)      
      ..................A/c      Dr   ...........  
      .................A/c      Dr   ...........  
      To Niha A/c      
      (Received Rs 18,800 from in full settlement of the due Rs 19,000)      
  36. Distinguish between journal and ledger.

  37. What are the difference between Cash Discount and Trade Discount?

  38. From the following information, prepare bank reconciliation statement to find out balance as per bank statement on 31st March 2017.

      Particulars Rs
    (i) Cheques deposited but not yet collected by the bank 500
    (ii) Cheque issued but not yet presented for payment 1,000
    (iii) Bank interest charged 100
    (iv) Rent paid by bank as per standing instruction 200
    (v) Cash book balance 300
  39. The following balances extracted from the books of Mr. Murali, as on 30.03.2016. Prepare trial balance.

       Rs     Rs 
     Sales   35,000   Audit Fees   1,000
     Interest paid   350   Octroi duty  8,000
     Returns inward   2,500   Land  90,000
     Depreciation 2,400   Capital 60,000
     Office rent 2,000   Bank overdraft   11,250
  40. Prepare a double column cash book from the following transactions of Mr. Gopalan.

    2017 July 1 Cash in hand 4,000
    6 Cash purchases 2,000
    10 Wages paid 40
    11 Cash Sales 6,000
    12 Cash received from Suresh
    and allowed him discount
    1,980
    19 Cash paid to Meena
    and discount received
    20
    27 Cash paid to Radha 2,470
    28 Purchased goods for cash 2,070
  41. Point out the nature of the following Accounts.
    a) Capital A/c;
    b) Drawings A/c;
    c) Machinery A/c;
    d) Purchases A/c;
    e) Wages A/c;
    f) Bank A/c;
    g) Outstanding rent A/c
    h) Prepaid insurance A/c;
    i) Bad debts A/c

  42. Prepare cash account from the following transactions for the month of January 2018. (Direct Ledger Posting)

      Jan 1    Commenced business with cash Rs 62,000  
    3    Goods purchased for cash Rs 12,000
    10    Goods sold for cash Rs 10,000
    12    Wages paid Rs 4,000
    25    Furniture purchased for cash Rs 6,000
  43. PART - D

    IV. ANSWER ALL :

    7 x 5 = 35
    1. Show the direct ledger postings for the following transactions:

      2016 July  
      1 Shankar commenced business with a cash Rs 1,00,000
      5 Sold goods for cash Rs 10,000
      9 Wages paid Rs 6,000
      19 Salaries paid Rs 8000
      20 Advertisement expenses paid Rs 4,000
    2. Journalise the following transactions and post them to ledger in the books of Raja.

      2018 Mar   Rs.
      1 Sold goods to Senthil for cash 9,000
      5 Sold goods to Murali on credit 4,500
      9 Cash sales 6,000
      18 Bought goods from Mani on credit 3,200
      23 Received Rs.4,000 from Murali in full settlement of his account  
    1. Prepare accounting equation for the following transactions.
      (a)Murugan commenced business with cash Rs.80,000
      (b) Purchased goods for cash Rs.30,000
      (c) Paid salaries by cash Rs.5,000
      (d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
      (e) Introduced additional capital of Rs.10,000

    2. Prepare accounting equation and balance, sheet on the basis of the following.

          Rs.
      (i) Pallavan started business with cash 60,000
      (ii) He purchased furniture 10,000
      (iii) He paid rent 2,000
      (iv) He purchased goodson credit from Mr.Mahendran 30,000
      (v) He sold goods (cost price f 20,000) for cash  25,000
    1. Journalise the following transactions of Mrs. Radha

      2017 Jan   Rs
      1 Mrs. Radha commenced Business with cash 30,000
      2 Paid into bank 21,000
      3 Purchased goods by cheque 15,000
      7 Drew cash from bank for office use 3,000
      15 Purchased goods from Siva 15,000
      20 Cash sales 30,000
      25 Paid to Siva  14,750
        Discount Received 250
      31 Paid rent 500
        Paid Salaries 2,000
    2. Mary is a cement dealer having business for more than 5 years. Pass journal entries in her books or the period of March, 2018.

      March   Rs
      1 Cement bags bought on credit form Sibi 20,000
      2 Electricity charges paid through net banking 500
      3 Returned goods bought form Sibi 5000
      4 Cement bags taken for personal use 1,000
      5 Advertisement expenses paid 2,000
      6 Goods sold to Mano 20,000
      7 Goods returned by Mano 20,000
      8 Payment received from Mano through NEFT  
    1. Prepare the trial balance from the following balances of Karthik as on 31st March, 2017.

        Rs   Rs
      Rent and Taxes 5,000 Rent 6,000
      Discount allowed 350 General expenses 3,000
      Capital 10,000 Legal expenses 2,000
      Insurance premium 4,000 Purchases 40,000
      Drawings 5,000 Sales 55,350
    2. Mary runs a textile store. She has prepared the following trial balance from her ledger balances. Her trial balance does not tally. She needs your help to check whether what she has done is correct.

      S.No. Name of the account L.F. Debit Balance
      Rs
      Credit Balance
      Rs
      1. Capital   50,000  
      2. Discount received     3,000
      3. Rent paid     15,000
      4. Salaries Paid   1,000  
      5. Purchases of textiles     20,000
      6. Sale of textiles     30,000
      7. Salesmen commission paid     9,000
      8. Transport charges paid   6,000  
      9. Cash balance   32,000  
            89,000 77,000
    1. From the following particulars of Raheem traders, prepare a bank reconciliation statement as on 31st March, 2018.
      (a) Overdraft as per cash book Rs. 2,500
      (b) Debit side of cash book was undercast by Rs. 700
      (c) Amount received by bank through RTGS amounting to 2,00,000, omitted in the cash book.
      (d) Two cheques issued for Rs. 1,800 and Rs.2,000 on 29th March 2018. Only the second cheque is presented for payment.
      (e) Insurance premium on car for Rs. 1,000 paid by the bank as per standing instruction not recorded in the cash book.

    2. Prepare a bank reconciliation statement of Mr. Gowtham from the following data as on 31.12.2017.
      a) Balance as per cash book Rs 12,500
      b) Cheques issued but not presented for payment Rs 900
      c) Cheques deposited in bank but not collected Rs1,200
      d) Bank paid Insurance premium Rs 500
      e) Direct deposit by a customer Rs 800
      f) Interest on investment collected by bank Rs 200
      g) Bank charges Rs 100

    1. From the following information, prepare purchase day book and purchases returns book for the month of June 2017 and post them into ledger accounts in the books of Robert Furniture Mart.

       2017 June 1   Purchased from Balu Traders 20 chairs @ Rs 150 each on credit 
      June 13   Bought from Sub ash @ Co., on credit
          2 Almirah @ Rs 3,100 each
          10 tables @ Rs 1,500 each
          15 chairs @ Rs 200 each
          Less: 10 % Trade discount on all items
          Add: Freight charges Rs 220
      June 21   Returned 2 damaged chairs to Balu Traders and cash not received  
      June 24   Purchased from Sunrise Furniture Mart on credit
          25 Almirahs @ Rs 1,300 each
      June 27   Purchased from Mouli Traders on credit
          10 executive tables @ Rs 3,275 each
      June 29   Returned 3 Almirahs to Sunrise Furniture Mart and cash not received  
    2. Record the following transactions in the sales book and sales returns book of M/s. Ponni & Co., and post them to ledger.

       2017Aug 1   Sold goods to Senthil as per Invoice No. 68 for Rs 20,500 on credit 
      Aug 4   Sold goods to Madhavan as per Invoice No. 74 for Rs 12,800 on credit  
      Aug 7   Sold goods to Kanagasabai as per Invoice No. 78 for Rs 7,500 on credit
      Aug 15   Returns inward by Senthil as per Credit Note no. 7 for Rs 1,500 for which cash is not paid
      Aug 20   Sold goods to Selvam for Rs 13,300 for cash
      Aug 25   Sales returns of Rs 1,800 by Madhavan as per Credit Note No. 11 for which cash is not paid
    1. 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
    2. Prepare three column cash book of Mr. Raghavan from the following transactions and balance the cash book on 30th June 2017.

      2017 June 1 Cash in hand Rs 50,000
        Bank overdraft Rs 15,000
      3 Paid into Bank Rs 25,000.
      5 Parthiban settled his account for Rs 3,750, by giving a cheque for Rs 3,690
      8 Parthiban's cheque sent to bank for collection
      10 Cash withdrawn from bank Rs 8,000
      14 Parthiban's cheque returned dishoIioured
      15 Received from Ramesh a Currency note for Rs 5,000 and gave him a Change for its.
      18 Paid Rent Rs 500
      20 Bank Charges as per Pass book Rs 150.
      30 Deposited into bank all Cash in Excess of Rs 5,000.

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