Model Paper. 3. Prepare a Personal account of Inchara from the following transactions:

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Christopher Barrett
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1 Model Paper Section A 1. Give the meaning of accounting. 2. What are drawings? 3. Expand GAAP. 4. What is journalizing? 5. Mention any two features of Cash Book. 6. What is an error of principles? 7. State any two parties of a bill of exchange. 8. What is closing stock? 9. What is a statement of affairs? 10. State any two elements of computer system. Section B 1. Brielfy explain accounting conventions. 2. Classify the following accounts under English system Furniture A/C Cash A/C Rajesh A/C Interest A/C International Traders A/C Traveling expenses A/C Motor Vehicles A/C Drawings A/C Stock A/C Wages A/c 3. Prepare a Personal account of Inchara from the following transactions: January Credit Balance of Inchara Rs Bought goods from Inchara Rs Returned goods to Inchara Rs Sold goods to Inchara Rs Paid to Inchara Rs Enter the following in the purchase book for the month of March 2013 March Purchased goods from Rajesh Rs Bought goods from Suresh Rs less 5% trade discount 18 Purchased from Mahesh on account Rs Bought Xerox from Kamalesh Rs

2 5. From the following information prepare analytical petty cash book under imprest system. July Balance of Cash Rs Cheque received from main cashier Rs under imprest system. 06 Paid for cartage Rs Paid for postage Rs Wages paid Rs Paid for printing charges Rs Paid to telephone expenses Rs Paid to Impana on account Rs Prepare a trial balance from the following ledge balances as on 31 st December 2013 Cash A/c Rs Furniture A/c Rs Purchase A/C Rs Salary A/C Rs Wages A/c Rs Adverisement A/c Rs Sales A/C Rs Capital A/c Rs Bank loan A/c Rs Write any five advantages of computerized accounting. Section C 1. Journalize the following transactions in the books of Pavan for the month ofv February Commenced Business Rs Opened a Bank a/c Rs Purchased furniture by Cheque Rs Bought goods for cash from Roopa Traders Rs Bought from Pampa traders Rs Cash Sales Rs Sold goods to Krupa traders Rs Rent Paid Rs Paid trade expenses by Cheque Rs Received cheque from Krupa traders Rs Goods returned to Pampa traders Rs Paid to Pampa traders Rs Paid salary Rs Received loan Rs Prepare the 3 column cash book from the following transactions and balance the same: Sept 2013

3 1 Balance cash Rs and Bank Rs Paid to bank Rs Purchased goods for cash Rs Received cheque from Dharmendra Rs and allowed him discount of Rs Cash sales Rs Paid to Amitab Rs and received discount of Rs Received from Salman Rs Deposited Dharmendra's cheque into bank 18 Received rent Rs Withdrew for office use from bank Rs Paid salary by cheque Rs Prepare bank reconciliation statement as 31 st Dec 2013 from the following information pass book of Shobha showed overdraft Rs a) Cheque Rs issued but not presented for payment b) Cheque paid into bank but not credited before 31/12/13 Rs c) Wrong debt in passbook Rs. 800 d) Customer directly deposted Rs but not entered in cash book. e) Dividend on shares collected by the bank credited only in the passbook Rs f) Cheque paid to the bank was dishonored Rs Record the following information in the proper subsidiary books in August Purchased from Radha Rs Bought 20 Rs. 500 each from Vedha 4 Sold goods to Kumudha Rs Sold goods to Sudha Rs Returned goods to Vedha Rs Cash Sales Rs to Megha 15 Bought from Sudha Rs at 10% trade account 17 Bought goods from Dinesh Rs Goods returned by Kumudha Rs Returned to Sudha Rs Bought from Roopesh Rs Credit sales to Ramesh Rs Purchased type writer machine from XYZ Co Rs Sent debit note on Dinesh Rs On 1 st June 2013 Fathima sold goods to Mahima for Rs on the same day. Mahima accepted a bill drew on her for 3 months. On 4 th July 2013 Fathima endorsed the bill to Reema on the same day

4 Reema discounted the bill for Rs With her banker, on the due date the bill was honored. Pass journal entries in the books of Fathima, Mahima and Reema. 6. From the following Trial Balance and additional information, prepare trading and profit and loss account for the year ending 31 st December 2013 and Balance Sheet as on that date: Trial Balance as on 31 st December 2013 Sl No Particulars L/F Debit Amt Credit Amt 1 Purchase and Sales a/c Bank A/c Wages a/c Debtors and Creditors Cash A/c Legal Expenses A/c Building A/c Machinery a/c Commission A/c Office Expenses a/c Opening Stock A/c Cartage A/C Factory Expenses A/c Office Furniture A/c Investment A/c Drawing a/c Capital A/c Additional information: a) Closing stock Rs b) Outstanding Wages Rs c) Provide for bad 5% on debtors d) Depreciate machinery and building at 5% each 7. Arjun Kumar kept his book under incomplete system. Prepare statement of profit and loss for the year ending 31 st March 2013 and prepare revised statement of affairs as of that date.

5 March 31 April Cash Bank OD Stock Creditors Debtors Bills Payable Bills Receivable Buildings Furniture Machinery Adjustments a) Write off Rs as bad debts b) Appreciate buildings at 10% c) Salary due Rs and wages due Rs d) Depreciate machinery by 5% pa and furniture by Rs e) Prepaid rent Rs During the year Arjun withdrew Rs for personal use and introduced additional capital of Rs Section D 1. Draw a diagram showing accounting cycle 2. Prepare a specimen of bill of exchange. 3. Prepare a Trading a/c with five imaginary figures.

Class-XI CBSE. Time : 3 hrs. Financial Accounting MM-90

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