Plus One Official Model Question 2019

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2.  Accounting information helps government in the field of ________

    (a)

    taxation

    (b)

    grant of subsidy

    (c)

    both

  3. GAAPs are:

    (a)

    Generally Accepted Accounting Policies

    (b)

    Generally Accepted Accounting Principles

    (c)

    Generally Accepted Accounting Provisions

    (d)

    None of these

  4. Which one of the following is representative personal account?

    (a)

    Building A/c

    (b)

    Outstanding salary A/c

    (c)

    Mahesh A/c

    (d)

    Balan & Co

  5. Which one of the following is representative personal account?

    (a)

    Capital A/c

    (b)

    Outstanding salary A/c

    (c)

    Mahesh A/c

    (d)

    Balan & Co..

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

    (a)

    Casting

    (b)

    Posting

    (c)

    Journalising

    (d)

    Balancing

  7. Total of debit > Total of credit = __________.

    (a)

    Debit balance

    (b)

    Credit balance

    (c)

    Nil balance

    (d)

    Trial balance

  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. Which of the following statements is not true?

    (a)

    Cash discount is recorded in the books of accounts

    (b)

    Assets purchased on credit are recorded in journal proper

    (c)

    Trade discount is recorded in the books of accounts

    (d)

    3 grace days are added while determining the due date of the bill

  10. A bill is drawn on 1.4.2014 for 2 months, its due date is___________.

    (a)

    1.6.2014

    (b)

    3.6.2014

    (c)

    4.6.2014

  11. Small payments are recorded in a book called_____.

    (a)

    Cash book

    (b)

    Purchase book

    (c)

    Bills payable book

    (d)

    Petty cash book

  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 When money is withdrawn from bank, the bank ____________.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. Uncollected cheques are also known as __________

    (a)

     outstanding cheques

    (b)

    Uncleared cheques

    (c)

    Outstation cheques

    (d)

    Both a & c

  14. 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

  15. Residual value of an asset means the amount that it can fetch on sale at the ____________of its useful life

    (a)

    Beginning

    (b)

    End

    (c)

    Middle

    (d)

    None

  16. Meaning of Salvage value is___________.

    (a)

    Cash to be paid when asset is disposed off

    (b)

    Estimated disposal value

    (c)

    Definite sale price of the asset

    (d)

    Cash to be received when life of the asset ends

  17. Loss on sale of fixed asset is an example of ____________

    (a)

    Revenue loss

    (b)

    Capital loss

    (c)

    Expenditure

    (d)

    Capital profit

  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. Net profit is transferred from profit and loss account ______ account.

    (a)

    Capital

    (b)

    Drawings

    (c)

    Bank overdraft

    (d)

    Sundry creditors

  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 insolvency?

  23. Give the golden rules of double entry accounting system.

  24. Prepare a correct trial balance from the following trial balance in which there are certain mistakes.

    S.No Name of account L.F. Debit Balance
    Rs
    Credit Balance
    Rs
    1. Sales   1,75,000  
    2. Closing Stock     1,50,000
    3. Debtors     30,000
    4. Creditors     15,000
    5. Fixed Assets   25,000  
    6. Expenses     30,000
    7. Capital   45,000  
  25. What is an opening entry ?

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

  27. Rectify the following errors before preparing trial balance:
    (a) The total of purchases book was carried forward Rs.90 less.
    (b) The total of purchases book was carried forward Rs.180 more.
    (c) The total of sales book was carried forward Rs.270 less.
    (d) The total of sales returns book was carried forward Rs.360 more.
    (e) The total of purchase returns book was carried forward Rs.450 less.

  28. From the following information, calculate the amount of depreciation and rate of depreciation under straight line method.
    Purchase price of machine Rs.2,00,000
    Expenses to be capitalised Rs.50,000
    Estimated residual value Rs.15,000
    Expected useful life 5 years

  29. 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.

  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. Give any two examples of readymade software.

  32. 7 x 3 = 21
  33. Why are the following parties interested in accounting information?
    (i) Investors
    (ii) Government

  34. What are advantages of book-keeping?

  35. State the principles of double entry system of book keeping.

  36. Post the following transactions direct into ledger of Akbar.

    2018 March   Rs
    1 Bought goods for Cash 25,000
    2 Sold goods for Cash 50,000
    3 Bought goods for Credit from Gopi 19,000
    5 Sold goods on Credit to Robert 8,000
    7 Received from Robert 6,000
    9 Paid to Gopi 5,000
    20 Bought furniture for Cash 7,000
  37. Enter the following transactions in the Purchases Book of M/s. Kannan Garments.

     2011 Sep 5   Purchased from Gupta Bros. as per Invoice No. 171  
        120 White Shirts @ Rs 95 each
        60 School Tie @ Rs 40 each
    Sep 19   Purchased a computer for office use from Mis. Hari Tech for Rs 30,000 as per Invoice No.207
    Sep 20   Purchased from Jain Bros. as per Invoice No. 180
         70 Pairs Socks @ Rs 18 each
        90 Skirts @ Rs 130 each
        Less: Trade Discount 10%
    Sep 22   Purchases from Verma & Co. as per Invoice No. 261
        65 T-shirts @ Rs 115 each
        80 Trousers @ 180 each
        Less: Trade Discount 20%
  38. Briefly explain about contra entry with examples.

  39. The following errors were located at the time of preparation of the trial balance. Pass rectifying entries.
    (a) Goods of the value of Rs 100 returned by Bhuvana were included in stock, but no entry was made in the books.
    (b) Sale of goods to Mani on credit for Rs 475 has been wrongly entered in the sales book as Rs 745.
    (c) A cheque of Rs 500 received from Sandhiya was dishonoured and debited to allowances account.
    (d) A sum of Rs 300 drawn by the proprietor for personal use was debited to wages account.

  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. Mention any three limitations of computerised accounting system.

  43. 7 x 5 = 35
  44. Describe the informational needs of external users

  45. From the following transactions of Shyam, a stationery dealer, pass journal entries for the month of August 2017

    August  
    1 Commenced business with cash Rs.4,00,000, Goods Rs.5,00,000
    2 Sold goods to A and money received through RTGS Rs.2,50,000
    3 Goods sold to Z on credit for Rs.20,000
    5 Bill drawn on Z and accepted by him Rs.20,000
    8 Bill received from Z is discounted with the bank for Rs.19,000
    10 Goods sold to M on credit Rs.12,000
    12 Goods distributed as free samples for Rs.2,000
    16 Goods taken for office use Rs.5,000
    17 M became insolvent and only 0.80 per rupee is received in final settlement
    20 Bill of Z discounted with the bank is dishonoured
  46. Give journal entries from the following transactions and post them to ledger.

    2016 Sep   Rs.
    1 Commenced business with cash 80,000
    7 Bought goods for cash from Roopan 10,000
    10 Purchased goods from Hema on credit 42,000
    22 Goods returned to Hema 2,000
    23 Cash paid to Hema 10,000
  47. Prepare the trial balance from the following balances of Babu as on 31st March ,2016.

      Rs   Rs
      Cash in Hand  7,000   Bills receivable 7,000
      Sundry Debtors 5,400   Sundry creditors 11,800
      Salaries 6,800   Capital  25,800
      Bad Debts 200   Purchases 45,000
      Opening Stock 15,400   Sales   50,000
  48. Record the following transactions in the purchases book of Shanthi Furniture Mart:

    2017  
    March 1 Purchased from Mohan Furniture Mart, Madurai
      20 chairs @ Rs 450 each
      2 tables @ Rs 1,000 each
      Less: Trade discount @ 10%
    March 7 Bought from Ramesh & Co., Royapettah
      2 stools @ Rs 500 each
      10 rolling chairs @ Rs 200 each
      Delivery charges and cartage Rs 150
    March 21 Purchased from Kamal & Co., Karaikkal
      10 chairs @ Rs 750 each
      15 steel cabinets @ Rs 1,500 each
      Packing and delivery charges Rs 250
      Less: Trade discount @ 10%
    March 25 Purchased from Jemini & Sons, Chennai
      2 typewriters @ Rs 7,750 for office use
  49. Enter the following transactions in a cash book with cash, bank and discount columns of Sundari.

    2017 April   Rs
    1 Commenced business with cash 80,000
    1 Cash at bank 44,000
    10 Bought goods for and paid by cheque 13,850
    11 Bought furniture for cash 9,500
    18 Bought stationery for cash 1,850
    20 Received cheque from Santhosh and deposited in the bank 6,800
      Discount allowed to him 200
    22 Cheque issued to Rama 4,000
    24 Paid to Muralidharan half by cheque, half by cash 12,400
      Discount received from him 100
    25 Salaries paid through bank 6,500
    27 Withdrawn cash from bank 1,000
    31 Locker rent charged by the bank 150
  50. Prepare petty cash book on imprest system from the following particulars given below:

    2012, December Rs.
    1 Balance on hand Rs.25 and Received cheque to make the imprest 975
    2 Paid for postage 40
    4 Paid for stationery 225
    6 Paid for wages 140
    8 Paid for carriage 130
    10 Paid for travelling expenses 150
    11 Paid for telegrams expenses 50
    12 Coffee to office staff 45
    19 Taxi hire 150
  51. Prepare bank reconciliation statement from the following data.

    Particulars Rs
    Bank overdraft as per bank statement 6,500
    Cheques issued, but not yet presented for payment 8,750
    Cheques deposited but not yet credited by the bank 500
    Business customer directly deposited into cash deposit machine 3,500
    Bank charges not entered in the cash book 200
    Bank paid rent as per standing instruction 1,980
  52. The following errors were located at the time of preparing trial balance. Rectify them.
    (a) A personal expense of the proprietor Rs 200 was debited to travelling expenses account.
    (b) Goods of Rs.400 purchased from Ramesh on credit was wrongly credited to Ganesh’s account.
    (c) An amount of Rs.500 paid as salaries to Mathi was debited to his personal account.
    (d) An amount of Rs.2,700 paid for extension of the building was debited to repairs account.
    (e) A credit sale of goods of Rs.700 on credit to Mekala was posted to Krishnan’s account.

  53. A Ltd., purchased a machine on 1st January 2014 for Rs 60,000. On 1st July 2014, it purchased another machine for Rs 50,000. On 1st July 2015, the company sold the machine purchased on 1st January 2014 for Rs 40,000. It was decided that the machine be depreciated at 10% per annum on diminishing balance method. Show the machinery account for the years 2014 to 2016. The accounts are closed on December 31st, every year.

  54. Classify the following expenditure under capital and revenue.
    i) Rs.2,500 spent on purchasing a tyre for a car.
    ii) Rs.2,00,000 spent on remodeling a building.
    iii) Trademark of the business is registered at Rs.50,000.
    iv) Rs.5,00,000 worth goods purchased for the purpose of sale.
    v) Machinery was depreciated by Rs.10,000.

  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. From the trial balance of Sumathi and the adjustments prepare the trading and profit and loss account for the year ended 31st March, 2016, and a balance sheet as on that date.

     Particulars   Debit Rs.   Credit Rs. 
    Stock on April 1, 2015   900  
    Purchases 2,000  
    Sales   4,000
    10% Loan   2,000
    Carriage on purchases    200  
    Rent from tenant   250
    Interest on loan 100  
    Machinery 400  
    Cash in hand 75  
    Furniture 4,000  
    Capital   1,975
    Postage and telegram 100  
    Salaries 425  
    Commision   200
    Repairs 75  
    General expenses 150  
      8,425 8,425

    Adjustments
    (a) Six months interest on loan is outstanding.
    (b) Two months rent is due from tenant, the monthly rent being Rs. 25.
    (c) Salary for the month of March 2016, Rs. 75 is unpaid.
    (d) Stock in hand on March 31, 2016 was valued at Rs. 1,030.

  57. Prepare invoice for the following items.
    1. Financial Accounting – RL Gupta - 40 Nos.
    2. Advanced Accounting – MC Shukla - 20 Nos.
    3. Income Tax Law & Practice – HC Mehrotra - 20 Nos.
    4. Practical Auditing – B N Tandon - 30 Nos.

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