11th Second Revision Test 2019 Important Question

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. Which one of the following is not a branch of accounting?

    (a)

    Financial accounting

    (b)

    Management accounting

    (c)

    Human resources accounting

    (d)

    None of the above

  2. When goods meant for resale are sold it is called as ______

    (a)

    Purchases

    (b)

    Sales

    (c)

    Income

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

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  4. The incorrect accounting equation _________

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  5. Madhan spent Rs.2,000 as repair on purchases of machine from scrap dealer. The transaction will ____

    (a)

    Increase and decrease Asset

    (b)

    Decrease Assets and Capital

    (c)

    Increase and decrease Asset

    (d)

    Increase and Decrease Liability

  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. ________ accounts give the net amount due to creditor and the net amount due from debtors.

    (a)

    Real

    (b)

    Personal

    (c)

    Nominal

    (d)

    Ledger

  8. The account which has a debit balance and is shown in the debit column of the trial balance is_______

    (a)

    Sundry creditors account

    (b)

    Bills payable account

    (c)

    Drawings account

    (d)

    Capital account

  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. A Bill is drawn on 1.4.2004 for 2 months, its due date is _____

    (a)

    1.6.2004

    (b)

    3.6.2004

    (c)

    4.6.2004

    (d)

    4.4.2005

  11. 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

  12. When money is withdrawn from bank, the bank ____________.

    (a)

    Credits customer's account

    (b)

    Debits customer's account

    (c)

    Debits and credits customer's account

    (d)

    None of these

  13. A time gap between the depositing of the ________________ and the collection by the bank.

    (a)

    cash

    (b)

    cheques

    (c)

    petty Cash

    (d)

    none of these

  14. The difference in trial balance is taken to

    (a)

    The capital account

    (b)

    The trading account

    (c)

    The suspense account

    (d)

    The profit and loss account

  15. Depreciation is provided on

    (a)

    Fixed assets

    (b)

    Current assets

    (c)

    Outstanding charges

    (d)

    All assets

  16. Under which method of depreciation, interest is also taken into consideration?

    (a)

    Revaluation method

    (b)

    Depletion method

    (c)

    Annuity method

    (d)

    None of the above

  17. An asset worth Rs. 1,00,000 is sold for Rs. 75,000 the capital loss amounts to

    (a)

    Rs.1,75,000

    (b)

    Rs.1,00,000

    (c)

    Rs.75,000

    (d)

    Rs.25,000

  18. Goodwill is classified as

    (a)

    A current asset

    (b)

    A liquid asset

    (c)

    A tangible asset

    (d)

    An intangible asset

  19. The Trial Balance as on 31-03-2016 shows capital Rs.5,00,000. Interest on capital at 6% p.a. is ______

    (a)

    Rs.5,00,000

    (b)

    Rs.30,000

    (c)

    Rs.5,30,000

    (d)

    Rs.2,50,000

  20. Customised accounting software is suitable for

    (a)

    Small, conventional business

    (b)

    Large, medium business

    (c)

    Large, typical business

    (d)

    None of the above

  21. 7 x 2 = 14
  22. What is solvency?

  23. How are personal accounts classified?

  24. Explain the principle on which the agreement of trial balance is based.

  25. What is credit note?

  26. Who prepares a bank statement?

  27. State the account/s affected in each of the following errors:
    (a) Goods sold to Vasu on credit for Rs.1,000 was not recorded in the sales book.
    (b) The total of sales book Rs.2,500 was posted twice.

  28. What is annuity method?

  29. What is meant by revenue expenditure?

  30. How will the following adjustment appear in the balance sheet as on 31-12-2010?
    Sundry Debtors Rs.21,000
    Bad debts to be written off Rs.1,000
    Provide 5% provision for bad and doubtful debts and 2% provision for discount on debtors.

  31. What is a computer?

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

  34. What are the basic concepts of accounting?

  35. What is the accounting treatment for insurance premium paid on the life of the proprietor?

  36. Indicate the nature of normal balance in the following accounts.
    (a) Cash  (b) Creditors  (c) Sales (d) Furniture   (e) Commission received (f) Debtors  (g) purchases  (h) Capital   (i) Salaries and   (j) Computer

  37. What are the various types of subsidiary books?

  38. 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
  39. The following errors were located after the preparation of the trial balance. Assume that there exists a suspense account. Rectify them.
    (a) Sale of goods on credit to Arun for Rs 152 posted to his account as Rs 125.
    (b) Bought goods from Lakshmi on credit for Rs 550, credited to her account as Rs 505.
    (c) Purchase of furniture from Abirupa for Rs 404 on credit was debited to furniture account as Rs 440.
    (d) Purchased machinery for cash Rs 200 was not posted to machinery account.
    (e) The total of purchases book Rs 89 was carried forward as Rs 98.

  40. Opening stock Rs. 30,000, Purchases Rs. 54,600, Expenses Rs. 6,000, Sales Rs.90,000, Expenses on sales Rs. 3,000, Closing stock Rs. 36,000. Calculate Cost of goods sold and Gross profit.

  41. Sundry debtors as per trial balance as on 31st March, 2016 is Rs 10,000.
    Adjustment: Write off bad debts amounting to Rs 300.
    Give adjusting entry and show how these appear in the final accounts as on 31st March, 2016.

  42. State the input and output devices of a computer system.

  43. 7 x 5 = 35
    1. Explain the Accounting cycle

    2. Deepak is a dealer in stationery items. From the following transactions, pass journal entries for the month of January and February, 2018

      Jan   Rs
      1 Commenced bussiness with cash 2,00,000
      2 Opened a bank account by deposited cash 1,00,000
      3 'A 4 paper' sold on credit to Padmini and Co 60,000
      4 Bills received from Padrnini and Co. for the amount due  
      5 Bills received from Padmini and Co. discounted with the bank 58,000
      Feb    
      15 Bills of Pad mini and Co. dishonoured  
    1. Pass journal entries for the following transactions and post them in the ledger accounts.

       2017
      June   1
         
         Commenced business with cash Rs. 50,000  
      4    Purchased furniture by paying cash for Rs. 6,000   
      7    Purchased machinery on credit from Harish Rs. 10,000   
      10    Bought goods for cash Rs 4,000
      18    Paid insurance premium Rs 100
    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. From the following information, prepare the necessary subsidiary books for Nalanda Book Stores.

      2017 Dec. 1 Bought from M/s. Umadevi on credit
        100 copies Business Statistics Book @ Rs.80 each
        100 copies Accountancy Book @ Rs.150 each
      Dec. 7 Sold to Sridevi & Co., on credit
        240 copies Business Statistics @ Rs.90 each
        250 copies Accountancy books @ Rs.170 each
      Dec. 10 Bought from Subha & Co.,
        40 Copies Economics books @ Rs.80 each
        Less: 15% Trade Discount
      Dec. 15 Returned to Mis. Vma Devi 10 copies of damaged Accountancy book for which cash is not received
      Dec. 18 Sold to Gupta Bros., on credit
        200 copies of Economics book @ Rs.95 each
      Dec. 26 Returned 6 copies of Economics books to Subha & Co.,
    2. Enter the following transactions in the double column cash book of Mr. Srinivasan.

      2002 May   Rs
      1 Cash in hand 50,000
      3 Cash Paid to Rajan 6,000
        Discount allowed by him 100
      6 Cash Purchases 10,000
      10 Received cash from Arun Rs 2,900 and allowed hime discount 100
      13 Cash Sales 15,000
      15 Electricity charges paid 1,000
      18 Paid for miscellaneous expenses 2,000
      20 Received cash from Murali 3,450
        Discount allowed 50
    1. Prepare a analytical petty cash book from the following information on the imprest system:

       2017     Rs 
       Jan 1    Received for petty cash    500
       Jan 2    Paid rickshaw charges 5
           Paid cartage 12
       Jan 3    Paid for postage 15
           Paid wages to casual labourer    66
       Jan 4    Paid for stationery 134
           Paid for auto charges 18
       Jan 5    Paid for repairs 65
           Paid for bus fare 11
           Paid for cartage  
    2. From the following information, prepare bank reconciliation statement as on 31st December, 2017 to find out the balance as per bank statement.

      Particulars Rs
      (i) Bank overdraft as per cash book 20,000
      (ii) Cheques deposited but not yet credited 4,000
      (iii) Cheque issued but not yet presented for payment 1,000
      (iv) Rent collected by the bank as per standing instruction 500
      (v) Interest on overdraft debited by bank 2,000
      (vi) Amount wrongly debited by bank 300
      (vii) Cheque issued on 30th December 2017 dishonoured by the bank 5,000
      (viii) A customer's cheque deposited in the bank dishonoured by bank not recorded in the book 2,000
    1. 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.

    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 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. From the following information, prepare trading account for the year ending 31st December 2017.

       Particulars   Rs   Particulars   Rs 
        Opening stock        50,000   Dock charges on purchases        4,000
        Cost of goods manufactured    12,000   Import duty on purchases 3,500
        Cash purchases 60,000   Wages 11,000
        Cash sales 85,000   Sales returns 3,000
        Purchases returns 2,000   Credit purchases 35,000
        Carriage inwards 4,000   Credit sales 60,000
        Freight outwards 3,000   Other direct expenses 7,000
        Coal and fuel 2,500    
    1. Given below are the balances of Pandian as on 31st March, 2016.

       Particulars   Debit Rs.   Credit Rs. 
        Capital      1,20,000
        Sundry debtors and creditors       22,000 22,500
        Sales   59,700
        Drawings 2,000  
        Cash in hand 8,200  
        Cash at bank 30,000  
        Wages 2,500  
        Purchases 10,000  
        Opening stock 30,000  
        Business premises 60,000  
        Bills receivable 14,500  
        Office telephone expenses 3,500  
        General expenses 9,000  
        Goodwill 10,500  
        2,02,200 2,02,200

      Adjustments:
      (a) The stock value at the end of the accounting period was Rs. 5,000
      (b) Interest on capital at 6% is to be provided
      (c) Interest on drawing at 5% is to be provided
      (d) Write off bad debts amounting to Rs. 2,000
      (e) Create provision for bad and doubtful debts on sundry debtors @ 10%
      Prepare final accounts for the year ended 31st March, 2016.

    2. Calculate depreciation under Straight Line Method using Spreadsheet based on the details given below.

      A B C D E F
      Asset Cost of
      purchase
      Installation
      charge
      Transportation
      charge
      Salvage value Life in
      years
      1. Machinery 200000 20000 5000 25000 10
      2. Furniture 50000 4000 2000 5000 8

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