11-Std Third Revision Question answer 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. The term TDS in taxation refers to _______

    (a)

    Tax Dissolved

    (b)

    Tax Deducted Source

    (c)

    Both

  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. 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

  5. Capital account is classified under________.

    (a)

    Personal A/c

    (b)

    Real A/c

    (c)

    Nominal A/c

  6. J. F. means ___________

    (a)

    Ledger page number

    (b)

    Journal page number

    (c)

    Voucher number

    (d)

    Order number

  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. Purchases of-fixed assets on credit basis is recorded in_______

    (a)

    Purchases book

    (b)

    Sales book

    (c)

    Purchases returns book

    (d)

    Journal proper

  10. On 1st January 2013, Chandran draws a bill on Sundar for 3 months, its due date is___________.

    (a)

    31st  March 2013

    (b)

    1st April 2013

    (c)

    4th April 2013

  11. Cash book is a_______

    (a)

    Subsidiary book

    (b)

    Principal book

    (c)

    Journal proper

    (d)

    Both subsidiary book and principal book

  12. 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

  13. When cheque  is not paid by the bank it is called as_______

    (a)

    Honoured

    (b)

    Endorsed

    (c)

    Dishonoured

    (d)

    None of these

  14. A credit purchase of furniture from Athiyaman was debited to purchases account. Which of the following accounts should be debited while rectifying this error?

    (a)

    Purchases account

    (b)

    Athiyaman account

    (c)

    Furniture account

    (d)

    None of these

  15. If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is

    (a)

    Straight line method

    (b)

    Diminishing balance method

    (c)

    Annuity method

    (d)

    Insurance policy method

  16. ____________ method is appropriate for the fixed assets having certain period of working life.

    (a)

    Diminishing balance

    (b)

    Sinking fund

    (c)

    Straight line

    (d)

    Depreciation fund

  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. Balance sheet shows ____________ the of the business.

    (a)

    Profitability

    (b)

    Financial position

    (c)

    Sales

    (d)

    Purchases

  19. Outstanding expense account is a representative ______ account.

    (a)

    Personal

    (b)

    Real

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  20. One of the limitations of computerised accounting system is

    (a)

    System failure

    (b)

    Accuracy

    (c)

    Versatility

    (d)

    Storage

  21. 7 x 2 = 14
  22. What is credit transaction?

  23. Write anyone transaction which:
    a) Decreases the assets and decreases the liabilities
    b) Increases one asset and decreases another asset

  24. Analyse the Trial Balance. Can you identify accounts that have only debit balances/credit balances always?

  25. What is purchases returns book?

  26. Which values are involved in the preparation of bank reconciliation statements?

  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. A firm purchased a plant for Rs 40,000. Erection charges amounted to Rs 2,000. Effective life of the plant is 5 years. Calculate the amount of depreciation per year under straight line method

  29. State whether the following are capital, revenue or deferred revenue expenditure.
    i) Carriage of  Rs.1,000 spent on machinery purchased and installed.
    ii) Office rent paid Rs.2,000.
    iii) Wages of Rs.5,000 paid to machine operators.
    iv) Hire charges for the use of motor vehicle, hired for five years, but paid yearly.

  30. Give adjusting entry for depreciation at 10% p.a. on machinery of Rs.25,000.

  31. Name any two accounting packages.

  32. 7 x 3 = 21
  33. Discuss briefly the branches of accounting.

  34. What are the limitations of Book keeping

  35. 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

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

  37. Explain any three advantages of subsidiary books.

  38. Briefly explain about contra entry with examples.

  39. The following errors were located after the preparation of trial balance. The difference in trial balance has been taken to suspense account. Rectify them.
    (a) The total of purchases book was carried forward Rs.70 less.
    (b) The total of sales book was carried forward Rs.340 more.
    (c) The total of purchases book was carried forward Rs.150 more.
    (d) The total of sales book was carried forward Rs.200 less.
    (e) The total of purchase returns book was carried forward Rs.350 less

  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. Explain how closing stock is treated in final accounts.

  42. Mr. Vivek took a loan of Rs.2,00,000 from State Bank of India, Chennai and number of instalments is 84 months. Calculate the rate assuming payments Rs.3,300 per month using the appropriate function.

  43. 7 x 5 = 35
  44. Briefly explain the functions of accounting

  45. Karthick opened a provisions store on pt April, 2017. Journalise the following transactions in his books:

    2017 April   Rs
    1 Paid into bank for opening a current account 2,00,000
    3 Goods purchased by cheque 40,000
    5 Investments made in securities 40,000
    6 Goods sold to Radha for Rs.20,000 and cheque received and deposited into bank  
    7 Amount withdrawn from bank for office use 15,000
    10 Purchased goods from Kamala and cash deposited in CDM 10,000
    12 Sold goods to Vanitha who paid through debit card 10,000
    15 Interest on securities directly received by the bank 1,000
    20 Insurance paid by the bank as per standing instructions 2,000
    25 Sales made to Kunal who made payment through CDM 6,000
  46. Journalise the following transactions and post them to Ledger.

    2016 Jan   Rs.
    1 Started business with cash 10,000
    5 Paid into bank 5,000
    7 Purchased goods from Ram for cash 1,000
  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. 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
  49. Enter the following transactions of Fathima in the cash book with cash, bank and discount columns for the month of May, 2017

    2017 May   Rs
    1 Cash balance 17,200
      Bank balance 43,000
    4 Received from Rajkumar by cheque on account 6,500
    9 Sold goods to Kumar for cash 12,000
    15 Bought laptop for business use and payment made through NEFT 21,000
    17 Withdrawn cash from Bank 9,600
    24 Goods purchased for cash Rs 12,400 and by cheque 18,200
    25 Deposited cash with bank 14,000
    28 Paid staff salaries by cheque 8,000
    29 Dividend received in cash 4,700
    30 Paid office rent in cash 12,000
  50. Enter the following transactions in the single column cash book of Mrs. Lalitha.

    2012, August Rs.
    1. Cash in hand 46,000
    3 Paid into Bank 12,000
    4 Cash sales 24,000
    5 Credit sales to Mani 3,000
    7 Printing charges 3,000
    9 Received cheque from Natesan 8,000
    12 Dividend received 2,000
    14 Computer purchased 35,000
    17 Cash received from Mani 3,000
    24 Cash withdrawn from bank 2,000
  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. A book-keeper finds that the debit column of the trial balance is short by Rs.308 and the difference is put to a suspense account. Subsequently, the following errors were located.
    (a) An entry for sale of goods on credit for Rs 102 to Mekala was posted to her account as Rs.120.
    (b) Rs.100 being the monthly total of discount allowed to customers was credited to discount received account in the ledger.
    (c) Rs.275 paid by Mannan was credited to Kannan account.
    (d) Rs. 26 appearing in the cash book as paid for the purchase of stationery for office use has not been posted to ledger.
    (e) The purchases book was undercast by Rs.100.
    Rectify the errors and prepare suspense account.

  53. An asset is purchased on 1.1.2016 for Rs 25,000. Depreciation is to be provided annually according to straight line method. The useful life of the asset is 10 years and its residual value is Rs 1,000. Accounts are closed on 31st December every year. You are required to find out the rate of depreciation and give journal entries for first two years.

  54. Classify the following into capital and revenue.
    i) Rs.300 paid for carriage on goods purchased.
    ii) Rs.700 paid for repairs on second hand machinery as soon as it was purchased.
    iii) Rs.1000 paid for repairs on a machinery for maintenance.
    iv) Second hand asset purchased for Rs.10,000
    v) Rent paid to the landlord Rs.8,000

  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. Following are the extracts from the trial balance.

     Particulars   Debit Rs.   Credit Rs. 
      Sundry debtors    50,000  
      Discount on debtors    1,000  
      Bad debts 3,000  
      Provision for doubtful debts      5,000
      Provision for discount on debtors      2,000

    Additional information:
    (a) Additional bad debts Rs. 1,000
    (b) Create a provision for doubtful debts @ 5% on sundry debtors.
    (c) Create a provision for discount on debtors @ 2% on sundry debtors.
    You are required to pass necessary journal entries and show how these items will appear in the final accounts.

  57. 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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