11th Public Exam March 2019 Model Test

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. Financial position of a business is ascertained on the basis of ______________ .

    (a)

    Journal

    (b)

    Trial balance

    (c)

    Balance Sheet

    (d)

    Ledger

  2. The activity of a business, which does not involved by cash but it will be paid or received later is _______

    (a)

    transaction

    (b)

    cash transaction

    (c)

    credit transaction

  3. In India, Accounting Standards are issued by

    (a)

    Reserve Bank of India

    (b)

    The Cost and Management Accountants of India

    (c)

    Supreme Court of India

    (d)

    The Institute of Chartered Accountants of India

  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 'Cash withdrawn by the proprietor from the business for his personal use' causes ____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. When settlement is not made by each or through bank immediately in a transaction, it is called _______________.

    (a)

    Credit transaction

    (b)

    Cash transaction

    (c)

    both (a) & (b)

    (d)

    None

  6. If the total of the debit side of an account exceeds the total of its credit side, it means

    (a)

    Credit Balance

    (b)

    Debit Balance

    (c)

    Nil Balance

    (d)

    Debit and Credit Balance

  7. The process of transferring the debit and credit items from the journal to the ledger accounts is called _______________

    (a)

    Journalising

    (b)

    Marshalling

    (c)

    Posting

    (d)

    None of these

  8. The trial balance contains the balances of_____

    (a)

    Only personal accounts

    (b)

    Only real accounts

    (c)

    Only nominal accounts

    (d)

    All accounts

  9. 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

  10. _____ of the bill means the non payment of bill, when it is presented for payment.

    (a)

    Dishonour

    (b)

    Renewal

    (c)

    Retiring

    (d)

    Discounting

  11. The cash book records____.

    (a)

    All cash receipts

    (b)

    All cash payments

    (c)

    Both (a) and (b)

    (d)

    All credit transactions

  12. Which of the following is not the salient feature of bank reconciliation statement?

    (a)

    Any undue delay in the clearance of cheques will be shown up by the reconciliation

    (b)

    Reconciliation statement will discourage the accountant of the bank from embezzlement

    (c)

    It helps in finding the actual position of the bank balance

    (d)

    Reconciliation statement is prepared only at the end of the accounting period

  13. ________________can also be made through bank

    (a)

    Payments

    (b)

    Receipts

    (c)

    Both

    (d)

    None of these

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

    (a)

    Principle

    (b)

    Complete omission

    (c)

    Partial omission

    (d)

    Duplication

  15. If the rate of depreciation is same, then the amount of depreciation under straight line method vis-à-vis written down value method will be

    (a)

    Equal in all years

    (b)

    Equal in the first year but higher in subsequent years

    (c)

    Equal in the first year but lower in subsequent years

    (d)

    Lower in the first year but equal in subsequent years.

  16. _________ is a non-depreciable asset.

    (a)

    Building

    (b)

    Machinery

    (c)

    Land

    (d)

    Vehicle

  17. Transaction which provide benefit to the business for more than one year is called as ___________

    (a)

    Capital transaction

    (b)

    Revenue transaction

    (c)

    Neither of the two

    (d)

    None of these

  18. Bank overdraft should be shown

    (a)

    In the trading account

    (b)

    Profit and loss account

    (c)

    On the liabilities side

    (d)

    On the assets side

  19. The unsold goods in stock at the end of the accounting period Is termed as ______

    (a)

    Opening stock

    (b)

    Average stock

    (c)

    Closing stock

    (d)

    None of these

  20. Which one of the following is not a method of codification of accounts?

    (a)

    Access codes

    (b)

    Sequential codes

    (c)

    Block codes

    (d)

    Mnemonic codes

  21. 7 x 2 = 14
  22. Do you think that financial accounting system is suitable for all business?

  23. State the accounting rule for nominal account

  24. Prepare a trial balance with the following information:

      Rs   Rs
    Purchases 2,00,000 Sales 3,00,000
    Bank loan 1,50,000 Creditors 1,00,000
    Debtors 3,00,000 Cash 1,80,000
    Stock 70,000 Capital 2,00,000
  25. What is purchases returns book?

  26. On 1st December, 2017, the opening balance as per cash book and bank record was the same. On 2nd December, Magesh issued a cheque for Rs 2,000 toa supplier, but the same was entered in the credit side of the cash book as Rs 200.

  27. Pass necessary journal entries to rectify the following errors located after the preparation of trial balance:
    (a) Sales book was undercast by Rs.1,000.
    (b) A amount of Rs.500 paid for wages was wrongly posted to machinery Account.

  28. Find out the rate of depreciation under straight line method from the following details:
    Original cost of the asset = Rs.10,000
    Estimated life of the asset = 10 years
    Estimated scrap value at the end = Rs.2,000

  29. What is capital expenditure?

  30. What is Bad debts?

  31. Give any two examples of readymade software.

  32. 7 x 3 = 21
  33. Discuss the role of an accountant in the modern business world.

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

  35. What are the three different types of personal accounts?

  36. Explain the posting of a compound journal entry with an example.

  37. Explain the purpose of journal proper with examples.

  38. Briefly explain about contra entry with examples.

  39. Rectify the following errors assuming that the trial balance is already prepared and the difference was placed to suspense account:
    (a) Sales book was undercast by Rs.250
    (b) Purchases book was undercast by Rs.120
    (c) Sales book was overcast by Rs.130
    (d) Bills receivable book was undercast by Rs.75
    (e) Purchases book was overcast by Rs.35.

  40. Prepare profit and loss account of Mrs. Nalini for the year ended 3pt December 2010 from the following:

    Particulars Rs. Particulars Rs.
    Gross profit 1,25,000 Discount paid 600
    Salaries 15,000 Discount received 1,000
    Rent 5,000 Interest paid 500
    Carriage outwards 1,000 Interest received 700
    Selling expenses 500 Commission earned 2,000
    Income from investment 1,500    
  41. Explain the accounting treatment of bad debts, provision for doubtful debts and provision for discount on debtors.

  42. 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
  43. 7 x 5 = 35
  44. Explain the Accounting cycle

  45. Selvi is a dealer in furniture. Show the accounting equation for the following transctions.
    (i) Started business with cash Rs 1,00,000
    (ii) Deposited cash into bank Rs 60,000
    (iii) Borrowed loan from bank Rs 25,000 .
    (iv) Bought goods and paid by cheque Rs 10,000
    (v) Cash withdrawn for personal use Rs 5,000
    (vi) Cash withdrawn from bank for office use Rs 3,000

  46. Journalise the following transactions and post them to ledger. On May 20, 2018, Ram paid salaries Rs 15,000; Electricity charges Rs 8,000 and wages Rs 2,000.

    In the books of Ram Journal entries
     Date   Particulars   L.F.   Debit Rs   Credit Rs 
     2018         
     May 20    Salaries A/c                    Dr.   15,000  
        Electricity charges A/c     Dr.   8,000  
        Wages A/c                      Dr.   2,000  
            To Cash A/c     25,000
        (Expenses paid)      
  47. From the following balances extracted from the books of Ashok, a merchant of Chennai, prepare trial balance as on 31st December, 2017.

    Particulars Rs Particulars Rs
    Buildings 20,000 Conveyance charges 3,500
    Bills payable 3,000 Salary 5,600
    Debtors 20,000 Capital 40,000
    Cash at bank 16,800 Furniture 10,000
    Insurance paid 1,600 Motor vehicles 5,000
    Rent received 5,000 Patents 2,000
    Donation given 2,500 Goodwill 3,000
    Loan borrowed 42,000    
  48. From the following transactions of Ram Home Appliances for July 2017 prepare purchases book and ledger accounts connected with this book:

     2017   
     July 5    Purchased on credit from Kannan & Co.  
           50 iron boxes @ Rs 500 each
           10 grinders @ Rs 3,000 each
     July 6    Purchased for cash from Siva & Bros.
            25 fans @ Rs 1,250 each
     July 10    Purchased from Balan & Co. on credit
            20 grinders @ Rs 2,500 each
            10 mixies @ Rs 3,000 each
               Less: Trade discount @ 10%
               Delivery charges Rs 1,000
     July 20    Purchased on credit, one copier machine from Kumar for Rs 35,000   
  49. From the following information prepare an analytical petty cash book under imprest system:

    2017 oct   Rs
    1 Received from the cashier 2,500
    2 Paid for wages 260
    5 Paid for stationery 300
    6 Bus fare to workmen 200
    12 Refreshment to customers 180
    16 Paid for carriage 160
    20 Paid for conveyance 188
    25 Paid for travelling expenses 320
    27 Paid for revenue stamps 48
    28 Paid for office cleaning 140
    29 Pain for letters by registered post to suppliers 180
    30 Paid for taxi hire 219
  50. Prepare the analytical petty cash book of Mrs. Mala from the following:
    2012, December                                                      Rs.
    1 Cash in hand Rs.435 and Received from cashier     1,065
    4 Bought postage stamps                                        75
    7 Paid for stationery                                                135
    8 Paid to Manimaran on account                              475
    13 Tea to sales agents                                            25
    20 Bought ink & paper                                             43
    21 Paid for carriage                                                 45
    24 Sent a telegram to Madurai                                  25
    26 Paid for stationery                                               120
    29 Paid for registered post                                        50

  51. From the following particulars, ascertain the cash book balance as on 31st December, 2016.
    (i) Overdraft balance as per bank statement Rs1,26,640
    (ii) Interest on overdraft entered in the bank statement, but not yet recorded in cash book Rs 3,200
    (iii) Bank charges entered in bank statement, but not found in cash book Rs 600
    (iv) Cheques issued, but not yet presented for payment Rs 23,360
    (v) Cheques deposited into the bank but not yet credited Rs 43,400
    (vi) Interest on investment collected by the bank Rs 24,000.

  52. Pass journal entries to rectify the following errors located after the preparation of the trial balance. Assume that there exists a suspense account.
    (a) The total of sales book was undercast by Rs 2,000.
    (b) The purchase of machinery for Rs 3,000 was entered in the purchases book.
    (c) A credit sale of goods for Rs 450 to Mathi was posted in his account as Rs 540.
    (d) The purchases returns book was overcast by Rs 200.
    (e) The total of sales book Rs 1,122 were wrongly posted in the ledger as Rs 1,222.

  53. Ramu Brothers purchased a machine on 1st July 2016 at a cost of Rs.14,000 and spent Rs.1,000 on its installation. The firm writes off depreciation at 10% of original cost every year. The books are closed on 31st December every year. Give journal entries and prepare machinery account and depreciation account for 2 years

  54. Classify the following receipts under capital and revenue.
    i) Rs.3,00,000 worth of debentures are issued for raising loan.
    ii) Rs.5,000 received as dividend from the investment on shares.
    iii) Gokul started business with Rs.4,00,000.
    iv) A machinery costing Rs.50,000 was sold for Rs.50,000.
    v) Creditors allowed discount Rs.30,000.

  55. 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.

  56. On preparing final accounts of Suresh, bad debt account has a balance of Rs. 800 and sundry debtors account has a balance of Rs. 16,000 of which Rs. 1,200 is to be written off as further bad debts. Pass adjusting entry for bad debts. And also show how it would appear in profit and loss account and balance sheet.

  57. From the data given below
    i) Fill the address in B3 using CONCATENATE Function.
    ii) Change KAMARAJAR SALAI given in C2 as lower case in C3
    iii) Change Chennai given in D2 as upper case in D3

      A B C D E
    1 NAME HOUSE NO. STREET PLACE PINCODE
    2 ANAND 123 KAMARAJAR SALAI Chennai 600018

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