+1 Public Model Exam March 2019

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. Who is considered to be the internal user of the financial information

    (a)

    Creditor

    (b)

    Employee

    (c)

    Customer

    (d)

    Government

  2. Withdrawn from the business by the owner for the personal use is called _______.

    (a)

    Capital 

    (b)

    Darwings

    (c)

    Purchases

    (d)

    Sales

  3. The business is liable to the proprietor of the business in respect of capital introduced by the person according to

    (a)

    Money measurement concept

    (b)

    Cost concept

    (c)

    Business entity concept

    (d)

    Dual aspect concept

  4. The incorrect accounting equation _________

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  5. Rent outstanding is _________

    (a)

    Nominal A/c

    (b)

    Personal A/c

    (c)

    Real A/c

    (d)

    Representative Personal A/c

  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. Cash received from Madhan is to be posted to his account on ________________

    (a)

    credit Side

    (b)

    debit side

    (c)

    both side

    (d)

    no side

  8. Which of the following is/are the objective(s) of preparing trial balance?

    (a)

    Serving as the summary of all the ledger accounts

    (b)

    Helping in the preparation of final accounts

    (c)

    Examining arithmetical accuracy of accounts

    (d)

    a, band c

  9. Sales book is used to record_____

    (a)

    all sales of goods

    (b)

    all credit sales of assets

    (c)

    all credit sales of goods

    (d)

    all sales of assets and goods

  10. ______ is one of the most important books, in which credit purchases of goods are recorded.

    (a)

    Purchase book

    (b)

    Sales book

    (c)

    Purchases returns book

    (d)

    None of these

  11. A bank reconciliation statement is prepared with the help of ___________.

    (a)

    Bank statement

    (b)

    Cash book

    (c)

    Bank statement and bank column of the cash book

    (d)

    Petty cash book

  12. Credit balance in the bank column of the cash book means

    (a)

    Credit balance as per bank statement

    (b)

    Debit  balance as per bank statement

    (c)

    overdraft as per cash book

    (d)

    None of these above

  13. The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry?

    (a)

    Purchases account

    (b)

    Suspense account

    (c)

    Creditor account

    (d)

    None of the above

  14. Under straight line method, the amount of depreciation is

    (a)

    Increasing every year

    (b)

    Decreasing every year

    (c)

    Constant for all the years

    (d)

    Fluctuating every year

  15. A trader followed WDV method of depreciation; the book value of assets after 4 years is 24% of original cost. Find rate of depreciation__________.

    (a)

    24%

    (b)

    26%

    (c)

    32%

    (d)

    30%

  16. Small repair charges incurred on a building is a ___________

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Deferred revenue expenditure

    (d)

    Prepaid Revenue expenditure

  17. Goodwill is classified as

    (a)

    A current asset

    (b)

    A liquid asset

    (c)

    A tangible asset

    (d)

    An intangible asset

  18. The Profit and loss account shows ______

    (a)

    Financial position of the concern

    (b)

    Net profit or Net loss

    (c)

    Gross Profit or Gross Loss

    (d)

    Balance sheet

  19. In accounting, computer is commonly used in the following areas:

    (a)

    Recording of business transactions

    (b)

    Payroll accounting

    (c)

    Stores accounting

    (d)

    All the above

  20. 7 x 2 = 14
  21. Define sales.

  22. How are personal accounts classified?

  23. 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
  24. What is sales returns book?

  25. When bank column of a cash book shows a debit balance, what does it means?

  26. The following errors were detected before the preparation of trial balance. Rectify them.
    (a) Sales book is undercast by Rs 100
    (b) Sales book is overcast by Rs 200
    (c) Purchases book is undercast by Rs 300
    (d) Purchases book is overcast by Rs 400

  27. Give the formula to find out the amount and rate of depreciation under straight line method of depreciation.

  28. Write a short note on revenue receipt.

  29. What is Bad debts?

  30. What is meant by software?

  31. 7 x 3 = 21
  32. Explain the meaning of accounting

  33. What are advantages of book-keeping?

  34. Show the accounting equation on the basis of the following transactions:
    i) Ramya started business with Cash   Rs.25,000
    ii) Purchases goods from Harsha   Rs.20,000
    iii) Sold goods to Amala costing Rs.18,000    Rs25,000
    iv) Ramya withdrew from business   Rs.5,000

  35. What are the steps in posting?

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

  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. What are the errors disclosed by a trial balance?

  39. The following Balances are taken from the books of M/s. Riya Ltd. Prepar Profit and Loss Account for the year ended 31st march 2005.

    Particulars Rs. Particulars Rs.
    Gross profit 5,25,000 Salaries & Wages 1,00,000
    Rent 10,000 Depreciation 5,000
    Interest on Loan 5,000 Office expenses 1,500
    Distribution Charges 2,500 Salesman salary 8,000
    Bad debts 2,200 Stationery and printing 500
    Commission received 3,000 Discount received 2,000
    Interest received 5,000 Advertising 9,000
    Taxes and Insurance 2,000    
  40. Pass adjusting entries for the following on 31st March, 2018.
    (i) Charge interest on drawings at Rs 50
    (ii) Write off bad debts by Rs 500
    (iii) Depreciate furniture by Rs 1,000

  41. Following is the list of students and percentage of marks obtained by them. If a student has secured a minimum of 50%, he is declared pass, else fail.

    Student Percentage of marks
    1 59
    2 60
    3 65
    4 45
    5 35
  42. 7 x 5 = 35
    1. Describe the informational needs of external users

    2. 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

    1. The following balances appeared in the books of Kumaran on April 1, 2017.
      Assets: Cash Rs 1,00,000; Stock Rs 40,000; Amount due from Rohit Rs 10,000;
      Furniture Rs 10,000; Liabilities: Amount due to Anush Rs 40,000;
      Kumaran's capital Rs 1,20,000
      Find the capital and show the ledger posting for the above opening balances.

    2. From the following balances, prepare trial balance of Baskar as on 31st March, 2017. Transfer the difference, if any, to suspense account.

        Rs   Rs
      Opening stock 40,000 Carriage inwards 16,500
      Capital 90,000 Bills receivable 20,000
      Sales 1,77,200 Commission received 5,550
      Salaries 12,000 Cash at bank 17,000
      Bills payable 9,450 Furniture 19,000
      Telephone charges 2,350 Plant & Machinery 55,800
      Creditors 16,000 Repairs 550
      Purchases 85,000    
      Debtors 25,000    
    1. From the following transactions write up the Sales day book of M/s. Ram & Co., a stationery merchant.

       2017 Jan. 1   Sold toAnbu & Co., on credit 20 reams of white paper @ Rs 150 per ream 
      Jan. 2   Sold to Jagadish & Sons on credit 6 dozen pens @ Rs 360 per dozen
      Jan. 10   Sold old newspapers for cash @ Rs 620
      Jan. 15   Sold on credit MIs. Elango & Co., 10 drawing boards @ Rs 170 per piece
      Jan. 20   Sold to Kani & Co., 4 writing tables at Rs 1,520 per table for cash
    2. Enter the following transactions in Ahamed's cash book with discount and cash columns.

          Rs
      2017 Oct 1 Cash balance 37,500
      3 Cash Sales 33,000
      7 Paid to Velan Rs 15,850 and Discount allowed by him 150
      13 Sold goods to Perumal on Credit 19,200
      15 Cash withdrawn for personal expenses 4,800
      16 Purchased goods from Subramanian 14,300
      22 Paid to Bank 22,700
      25 Cash received from Perumal in full settlement 19,000
      26 Draw a cheque for office use 17,500
      27 Paid cash to Gopalakrishnan 2,950
        Discount received from him 50
      28 Paid cash to Subramanian and settled his account 14,200
      29 Cash purchases 13,500
      30 Cash paid for advertising 1,500
    1. 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.
    2. From the following particulars of Simon traders, prepare a bank reconciliation statement as on 31st March,  2018.
      (a) Debit balance as per bank statement Rs 2,500
      (b) Cheques deposited amounting to Rs 10,000, not yet credited by bank.
      (c) Payment through net banking for Rs 2,000, omitted in the cash book.

    1. The accountant of a firm located the following errors before preparing the trial balance.Rectify them.
      (a) Machinery purchased for Rs.3,000 was debited to purchases account.
      (b) Interest received Rs.200 was credited to commission account.
      (c) An amount of Rs.1,000 paid to Tamilselvan as salary was debited to his personal account.
      (d) Old furniture sold for Rs.300 was credited to sales account.
      (e) Goods worth Rs.800 purchased from Soundarapandian on credit was not recorded in the books of accounts.

    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. 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.

    2. Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as on March 31, 2018.

       Debit Balances   Rs   Credit Balances   Rs 
        Stock      10,000   Sales     1,22,500
        Cash 2,500   Creditors 5,000
        Bank 5,000   Bills payable 2,000
        Freight inwards     750   Capital 1,00,000
        Purchases 95,000    
        Drawings 4,500    
        Wages 27,500    
        Machinery 50,000    
        Debtors 13,500    
        Postage (office) 150    
        Sundry expenses     850    
        Rent paid 2,500    
        Furniture 17,250    
        2,29,500   2,29,500

      Closing stock (31st March, 2018) Rs. 8,000.

    1. Prepare trading account from the following ledger balances presented by P. Sen as on 31st March 2016.

       Particulars   Rs.   Particulars   Rs. 
        Stock (1-4-2015)       10,000   Sales     3,00,000
        Purchases   1,60,000   Returns inward    16,000
        Wages 30,000   Returns outward    10,000
        Carriage inwards    10,000   Gas and Fuel 8,000
        Freight inwards 8,000    

      Additional information:
      (a) Stock on 31st March, 2016 Rs. 20,000
      (b) Outstanding wages amounted to Rs. 4,000
      (c) Gas and fuel was paid in advance for Rs. 1,000.

    2. Prepare payroll of the following employees.

        A B
      1 Name Basic pay(Rs.)
      2 Sasi 8000
      3 Hari 10000
      4 Karthi 6500
      5 Viji 12000
      6 Soni 9000

      Additional information:
      a. DA: 125% of basic pay
      b. HRA: Rs.4,000 for employees basic pay greater than Rs.8,000, for others Rs.2,500.
      c. PF Contribution: 12% of basic pay and DA
      d. TDS: 10% for Gross pay greater than Rs.25,000, otherwise NIL.

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