Model Paper 2

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 95

    Part-A

    Answer all the questions

    11 x 1 = 11
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2. _____________must be properly maintained to increase their productivity.

    (a)

    Liabilities

    (b)

    Assets

    (c)

    Debtors

    (d)

    None of these

  3. The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

    (a)

    Materiality

    (b)

    Money measurement

    (c)

    Conservatism

    (d)

    Accrual

  4. ___________ requires that all accounting transactions recorded should be based on objective evidence.

    (a)

    Matching concept

    (b)

    Cost concept

    (c)

    Dual aspect concept

    (d)

    Objective evidence concept

  5. Trial balance is prepared:

    (a)

    At the end of the year

    (b)

    On a particular date

    (c)

    For a year

    (d)

    None of the above

  6. The preparation of ___________ is the third step in the accounting process.

    (a)

    journal

    (b)

    ledger

    (c)

    trial balance

    (d)

    balance sheet

  7. The sub-division of work gives the advantage of specialisation leading to _____

    (a)

    business transactions

    (b)

    efficiency

    (c)

    decision making

    (d)

    none of these

  8. 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

  9. A depreciable asset may suffer obsolescence due to______________

    (a)

    Passage of time

    (b)

    Wear and tear

    (c)

    Technological changes

    (d)

    None of the above

  10. Amount received from IDBI as a medium term loan for augmenting working capital

    (a)

    Capital expenditures

    (b)

    Revenue expenditures

    (c)

    Revenue receipts

    (d)

    Capital receipt

  11. 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

  12. Part-B

    Answer all the questions

    13 x 2 = 26
  13. What is financial accounting?

  14. Do you think that financial accounting system is suitable for all business?

  15. During the financial year, Rajan had cash sales of RS 4,50,000 and credit sales of Rs3,00, 000. Expenses incurred for the year were Rs 3,50,000 out of which Rs 1,50,000 are still to be paid. Find out Rajan's income following.
    (i) Cash Basis of Accounting.
    (ii) Accrual Basis of Accounting.

  16. What are the conventions of accounting?

  17. Is Trial balance an account or a statement?

  18. Write notes on Parties involved in bill of exchange.

  19. As per the Rough Book, following transactions of M/s. Jain Fashion Wears are given you are required to make out the Sales Book.

     2015 Feb 1   Sold to Mis. Om & Sons on Credit as per Invoice No. 182  
        72 Kurtas @ Rs 175 each
        45 Trousers @ Rs 225 each
        Less: Trade Discount @ 5%
    Feb 5   Sold to Deepti & Co. as per Invoice No.282
        50 long shirts @ Rs 185 each
        65 Jeans @ Rs 235 each
    Feb 18   Sold to M/s. Gupta & Sons for cash as per Invoice No. 173  
        20 Ladies Suits @ Rs 115 each
        30 T-Shirts @ Rs 405 each
        Less: Trade Discount 5%
    Feb 20   Sold 5 Chairs @ Rs 50 each to Mis. Kapil & Co. as per Invoice No. 381 
  20. List out the various methods of depreciation.

  21. What is annuity method?

  22. A company has purchased a machinery for Rs.1,80,000 and spent Rs.10,000 for its installation. The estimated life of the machinery is 5 years with a residual value of Rs.15,000. Find out the amount of depreciation to be provided every year.

  23. Classify the following expenditures and receipts as capital or revenue:
    i) Rs.10,000 spent as travelling expenses of the directors on trips abroad for the purchase of fixed assets.
    ii) Amount received from trade receivables during the year.
    iii) Amount spent on demolition of building to construct a large building on the same site.
    iv) Insurance claim received on account of a machinery damaged by fire.

  24. What is meant by deferred revenue expenditure?

  25. Name any two accounting packages.

  26. Part-C

    Answer all the questions

    6 x 3 = 18
  27. Discuss briefly the branches of accounting.

  28. Write short notes on accrual basis of accounting.

  29. "Business units last indefinitely". Mention and explain the concept on which the statement is based.

  30. What are the objectives of book-keeping?

  31. Explain the various methods of preparing trial balance.

  32. Mention any three limitations of computerised accounting system.

  33. Part-D

    Answer all the questions

    8 x 5 = 40
  34. What are the bases of accounting? and briefly explain it.

  35. Explain briefly accounting conventions

  36. Following is the trial balance of Sudhir Chaudhary as on 31.03.2017.

       Rs     Rs
     Capital     10,00,000   Debtors    9,64,000
     Plant and Machinery   13,40,000   Creditors   5,30,000
     Furniture 2,40,000   Rent 1,92,000
     Cash in hand 60,000   General expenses   14,000
     Bank overdraft 78,000   Discount allowed 2,000
     Purchases 22,70,000   Sales return  6,000
     Sales 34,80,000    
  37. Balan who has a car driving school gives you the following ledger balances. Prepare trial balance as on 31st December 2016.

      Rs   Rs
    Computer 26,000 Freehold land 30,000
    Salaries to drivers 4,000 Bank loan 15,000
    Taxes and insurance 16,500 Fees received 18,150
    Fuel and Power 2,000 Capital 53,850
    Rent and rates 1,500 Advertisement 7,000
  38. Record the following transactions in the proper subsidiary books of Mis. Sunil & Co., and cost them to the Ledger.

     2013 Apr 1   Goods sold to Ramesh Rs 1,000  
    Apr 5   Sold goods to Kumar Rs 2,200
    Apr 8   Sold goods to Shankar Rs 300
    Apr 10   Goods returned by Kumar Rs 600
    Apr 15   Credit Note sent to Shankar for Rs 200 being the Invoice overcharged.  
  39. Record the following transactions in the purchases book of Raja Furniture:

     2017   
     May 4    Purchased from Kasi Furnitures, Kanyakumari  
            10 chairs @ Rs 300 each
            4 tables @ Rs 800 each
     May 6   Purchased for cash from Welcome Furniture, Vellore   
           2 almirahs @ Rs 2,000 each
           4. chairs @ Rs 200 each
               Less: Trade discount @ 5%
     May 10   Bought furniture from Murugan Furniture Mart, Nagapattinam   
           10 chairs @ Rs 250 each
           5 tables @ Rs 750 each
           Delivery and packing charges Rs 150
     May 20   Purchased 2 computers for office use from Anandan & Co., Adyar on credit for Rs 5,550 each 
     May 25   Purchased from Gowtham & Co., Chennai
            10 chairs @ Rs 550 each
            15 steek cabinets @ Rs 2,000 each
                   Delivery charges Rs 200
                   Less: Trade discount @ 10%
  40. Identify the following items into capital or revenue.
    i) Audit fees paid  Rs.10,000.
    ii) Labour welfare expenses Rs.5,000.
    iii) Rs.2,000 paid for servicing the company vehicle.
    iv) Repair to furniture purchased second hand Rs.3,000.
    v) Rent paid for the factory Rs.12,000

  41. The following table is given to you. Find solution for the following questions.

      A B C D E F G H I J
    1 550 156     852 584 TAX 573 GST 1234
    2 340 1285 468 584 268 222 CASH BRS STOCK DEBT

    A) How many cells contain numbers only?
    B) Count the number of cells that contain any value.
    C) Count the number of cells containing the value exceeding 1000.

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