TIME: 3 Hours M.M: 90 BLOOM PUBLIC SCHOOL SAMPLE PAPER (2016-17) Accountancy (Q + KEY) Class-XI Q.1 Ashok Purchase goods for from Delhi Traders for Rs 2,00,000.As per terms, if Ashok made full payment within 21 days, He will get cash discount at 2.5%.Ashok paid 1,50,000 within stipulated time. How much discount he will get. (1) A) he will not get any discount because he has not paid full amount. Q.2 Accounting records transactions and events that can be measured in money terms. Is this in your opinion, a limitation or an advantage (1) Ans There are other important events which have far reaching effect on business but they are not recorded as they can t be measured in money for example Loss of production due to machine breakdown Q.3 What is Imprest System of Accounting? Ans Imprest means to provide some money for expenses in advance. It is convenient to entrust a definite sum of money to the petty cashier in the beginning of a period and to reimburse him for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the period. Such a system is known as the Imprest system of petty cash. With the introduction of this system small expenses of regular type are maintained separately, and it is easy to analyse and control them better. (1) Q.4 Name the category of Account That is not balanced. Ans-: Nominal accounts are not balanced. They are totaled and transferred to Profit and Loss account at the end of accounting year Q.5 How does matching principal apply to Depreciation? A) According to matching principle all costs which are incurred in an accounting year should be charged against the revenue of that period. Hence depreciation of current year is charges against the current year's revenue.full cost of assets is not treated as an expense in the year of its purchase itself rather it us spread over its useful life Q.6 What is the Process of Accounting (1) (1) (1) Ans Financial Transaction, Recording, Classifying, Summarising, Analysis and Communication Q.7 Identify the concept of accounting being violated and the underlying value being ignored in (3) XI/Accountancy 1
the following cases: a. A company purchased goods for 5,00,000 and sold 80% of such goods during the year. The market value of remaining goods was 90,000. The company valued the closing stock at cost. b. A customer of X Ltd. has discontinued his business. He used to purchase 30% of the total goods produced by X Ltd. He has not informed X Ltd. about this closure of the business. Q.8 How Expense and Expenditure different from each other? (3) A) Expense is cost incurred in producing and selling the goods and services.(amount paid for rent, salary etc) B) Expenditure is any disbursement of cash or transfer of property or incurring a liability for the purpose of acquiring assets, goods or services is called expenditure. It means any type of payment for the receipt of a benefit is termed as expenditure Q.9 Following accounts are being maintained in the books of Shri Ajit. Classify them as Personal, Real or Nominal accounts. a) Carriage inwards d) Bank Overdraft b) Accrued Income e) Outstanding Rent Account c) Haryana Education Board f) Commission Received Account (3) ans a) Carriage inwards(n) d) Bank Overdraft(p) b) Accrued Income (p) e) Outstanding Rent Account(P) c) Haryana Education Board (P) f) Commission Received(N) Q.10 Differentiate between Cash book and cash Account Cash Account Cash Book (3) 1. Cash account is a Ledger account. 2. Posting is done in Cash account from the Journal. It is a separate book maintained for recor Cash transactions. It is a Book of original entry i.e. transact are first entered in the cashbook and transferred to other ledger accounts. 3. It records one aspect of a transaction. It records both the aspects of a transaction. Q.11 Explain the concept of Journal proper.what type of entries appear in a Journal Proper Ans) (3) XI/Accountancy 2
Journal Proper is a book maintained to record transactions, which do not find place in special journals. Following transactions are recorded in Journal Proper in case, when a firm maintained all specific journals: 1. Opening entry at the beginning of the period; 2. All adjustment entries such as prepaid, outstanding, accrued and advance, expenses and incomes; 3. Rectification entries to rectify the errors in recording transactions; 4. Transfer entries to transfer the closing balances; and 5. All other entries which have not entered in any of the other books. Q.12 How will you show following Transaction in Cash Book-: Dec 5 Received cheque from Rehaan Rs 18,000 allowed him discount Rs1000 (3) Dec 12 Cheque Received from Rehaan deposited in Bank. Dec 19 Received a cheque for Rs 15,000 from John, which was endorsed to Sophia on 27 th Dec. Ans-: Journal Proper Cheques in hand Discount allowed To Rehaan In cash book Dec 19 Cheques in Hand To John Dec 27 Sophia To Cheques in hand 18000 1000 15,000 15,000 19000 15,000 15,000 XI/Accountancy 3
Q.13 Give the journal entries corresponding to the narration given below: (4) Journal in the books of Date Particulars L. F April 3 Cash a/c. Dr Dr To (Horse which was bought for Rs 15,000 died and its carcass sold for Rs 1,000) Cash a/c Dr Profit & Loss/c Dr To Live Stock Amount (Dr) Amount(Cr) April 16. Dr Dr To Cash a/c (Paid landlord Rs 12,000 for rent. Two third of building is occupied by proprietor for personal use) Rent a/c Dr Drawings a/c Dr To cash April 30. Dr Dr To Bank a/c (Paid by cheque Rs 6,000 as fire XI/Accountancy 4
insurance premium for a period of 12 months starting 1 st July 2010, Financial year closes on 31 st March every year) Insurance 4500 Prepaid Insurance 1500 To Bank 6000 April 22... Dr To To Cash (Gave as charity Cash Rs 5000 and Goods Rs 2000) Charity 7,000 To Purchases 2,000 To Cash 5,000 Q.1 4 A)Give an example for each of the following type of transactions: (1) Increase in one asset, decrease in another asset. (2) Increase in assets, increase in owner s capital. (3) Decrease in assets, decrease in liabilities. (4) Decrease in assets, decrease in owner s capital. B) Briefly explain Accounting Equation. Do you think a Transaction can break an Accounting Equation. (Ans) (1) Purchase of furniture for cash. (2) Fresh capital introduced by the proprietor. (3) Payment made to creditors. (4) Cash withdrawn for personal use by the Proprietor. (B) Ans-: Mathematical Equation which shows that the assets and liabilities of a firm are equal i.e Assets = Liabilities +Capital No a Transaction can change the accounting equation but cannot break it Q.15 The following transactions took place at M/s Nandi Ram Tailoring Shop, prepare vouchers : 2004 March 1 Bought tailoring materials for cash vide memo No. 338 7,200 (4) XI/Accountancy 5
March 28 Ans-: Wages Paid for the month of February, 2004, wide wage sheet No. 39 5,000 Q.16 Vijay,a consultant during the financial year 2014-15 earned Rs 4,00,000. Out of which he received Rs 3,50,000.He incurred an expense of Rs 1,70,000 out of which Rs 40,000 are outstanding.he also received consultancy fee relating to previous year Rs 45,000 and also paid Rs 20,000 expenses of last year. (4) You are require to determine the income for the year if 1)He follows cash basis of accounting 2)He follows accrual basis of accounting Ans-: 2,45,000,2,30,000 Q.17 1. Cash handed over to petty cashier Rs 10,000 2. Sold goods to Ajay for Rs 50,000 allowing 5% Cash Discount and10% Trade Discount. Half of the amount was received by cheque within specified time. 3. An old Machine with the book value of Rs 80,000 is exchanged for a new machine of Rs 2,40,000.The old machine is valued at Rs 50,000 for exchange purpose by Machine tools ltd. (3) ANS 1) Petty Cash a/c To cash a/c 1) Ajay Bank Discount allowed To Sales 2) Machine (New) a/c dr P&L a/c To machine(old) To Machine tools 10,000 22500 21375 1125 2,40,000 30,000 10,000 45000 80,000 1,90,000 XI/Accountancy 6
. Q.18 Draft Trial Balance-: Carriage Inward 12458 Stock on 1st April 225000 (6) Sales 235000 Loan from UTI Bank 300000 Return Inward 3350 Carriage Outward 42162 Return Outward 12167 Discount Allowed 1830 Investment @10% 200000 Discount Received 10033 Interest on Investment 20000 Drawings 10033 Interest on Loan 10000 Purchases 100000 Sundry Creditors 30500 Bad Debts 5100 Solution Dr Cr Carriage Inward 12458 Carriage Outward 42162 Loan from UTI Bank 300000 Return Inward 3350 Sales 235000 Discount Allowed 1830 Return Outward 12167 Investment @10% 200000 Discount Received 10033 Purchases 100000 Sundry Creditors 30500 Interest on Loan 10000 Interest on Investment 20000 Drawings 10033 Bad Debts 5100 Stock on 1st April 225000 6,12,800 6,12,800 XI/Accountancy 7
Q.19 Write up the Purchases and Sales Books from the following transactions and post their totals to the ledger. Date 1998 April 1 April 10 April 12 April 18 April 20 April 22 April 23 April 28 Details Purchased goods from Ram Prasad, Bombay 100 meters silk @ Rs. 4.50 per metre 75 meters velvet @ Rs. 8.00 per meter Sold goods to Sita Ram, Ahmedabad 60 metres silk @ Rs. 5 per meter 50 metres @ Rs. 8.25 per meter Sold to Radhey Sham, Delhi 30 metres silk @ Rs. 5.25 per meter 20 metres velvet @ Rs. 8.50 per meter. Roop narain & sons purchased from us 10 meters silk @ Rs. 6 per meter 5 meters velvet @ Rs. 8.75 per meter Purchased goods from Hari Ram & sons, Delhi 50 pieces prints @ Rs. 13 per piece 80 pieces calico @ Rs. 6.50 per piece Purchased from Man Mohan Lal, Varanasi Shirting cloth Rs. 1,000 Sarees Rs. 6,000 Sold to Brij Mohan & Sons, Mathura Shirting cloth Rs. 700 Sarees Rs. 2,500 Shri Ram & Bros Hapur Sold to us Long cloth 10 piece @ Rs. 102 per piece Dhoties 100 pairs @ Rs. 25 per pair Ans) 19 PURCHASES BOOK Date Particulars Details Total Rs. 1998 April 1 Ram Prasad, Bombay 100 meters silk @ Rs. 4.50 per metre 75 meters velvet @ Rs. 8.00 per meter 450 600 10 April 20 Hari Ram & sons, Delhi XI/Accountancy 8
50 pieces prints @ Rs. 13 per piece 80 pieces calico @ Rs. 6.50 per piece 650 520 1,170 April 22 April 28 Man Mohan Lal, Varanasi Shirting cloth Rs. 1,000 Sarees Rs. 6,000 Shri Ram & Bros Hapur Long cloth 10 piece @ Rs. 102 per piece Dhoties 100 pairs @ Rs. 25 per pair 1,000 6,000 7,000 1,020 2,500 3,520 April 30 Purchases a/c...dr 12,740 Dr. PURCHASES ACCOUNT C Date Particulars Amount Date Particulars Am 1998 April 30 To amount as per purchase book 12,740 SALES BOOK Date Particulars Details Total Rs. 1998 April 10 Sita Ram, Ahmedabad 60 metres silk @ Rs. 5 per meter 50 metres @ Rs. 8.25 per meter 300 412.50 71 April 12 April 18 April 23 Radhey Sham, Delhi 30 metres silk @ Rs. 5.25 per meter 20 metres velvet @ Rs. 8.50 per meter. Roop narain & sons 10 meters silk @ Rs. 6 per meter 5 meters velvet @ Rs. 8.75 per meter Brij Mohan & Sons, Mathura Shirting cloth Rs. 700 Sarees Rs. 2,500 157.50 170 32 60 43.75 10 700 2,500 3 April 30 Sales a/c...cr. 4,34 Dr. SALES ACCOUNT Cr. Date Particulars Amount Date Particulars Amoun XI/Accountancy 9
12,740 1998 April 30 By amount as per sales book Ans 20) Q20. From the following particulars, prepare a Petty Cash Book for the month of April, 2016 Date(2016) Particular INR APRIL 1 Drew for Petty Cash 2,000 APRIL 3 Paid for postage 300 APRIL 5 Paid for telephone 40 APRIL 8 Paid for cartage 140 APRIL 9 Paid for postage 200 APRIL 12 Paid for sundries 100 APRIL 27 Paid for taxi fare 240 If the imprest amount is ` 2000,show what amount the Petty Cashier would be entitled to draw in the beginning of the next month. ANSWER KEY 20 Petty cash Book Amt. Received Cash book Folio Date2016 Particular Voucher no. Amt Paid 2,000 April 1 To Bank a/c April 3 By Postage 300 a/c April 5 By 40 Telephone a/c April 8 By Cartage 140 a/c April 9 By Postage 200 a/c April 12 By Sundry 100 Expenses a/c April 27 By 240 Travelling Exp. a/c April 30 By Balance c/d 980 2000 2000 980 May 01 To balance b/d 1020 May 01 To Bank a/c 4,343.75 XI/Accountancy 10
Q.21 Journalise the following transactions: Date April 2 Wood used to make office Furniture Rs 20000 April 9 Goods sold to Sunil costing Rs 2,60,000 for cash at a profit of 20% on cost April 17 Goods worth Rs. 8,000 were destroyed by fire and it was fully insured. (6) April 8 Salaries outstanding for previous month was paid Rs 7000 April 28 Purchased goods from Neelam for Rs 2,000 and supplied these to Kashis for Rs 2400.Kashish returned goods worth Rs 240, which in turn were returned to Neel April 29 Bank charges for its services Rs 2000 April 22 Bought Shares in Colgate ltd for Rs 50,000 and brokerage paid @2%.Allpayme made by cheque Ans Particulars Dr Cr April 2 Furniture 20000 To Purchases 20000 April 8 Outstanding Salary 7000 To Cash a/c 7000 April 9 Cash 3,12,000 To Sales 3,12,000 April 17 Loss by fire to purchases A/c Dr. 8,000 To purchases A/c 8,000 Insurance Co. Dr. 8,000 To loss by fire 8,000 April 22 Investment 51,000 To Bank 51,000 April 28 a) Purchase 2000 To Neelam 2000 b) Kashish 2400 To Sales 2400 c) Sales Return 240 To Kashish 240 d) Neelam 200 To Purchase Return 200 April 29 Bank charges a/c Dr To Bank a/c 51,000 51,000 Q.22 Post the above Journal entries in Ledgers of Cash, Bank, Purchase and Sale (6) Q.23 Prepare Bank Reconciliation Statement of Dheeraj as on 31 st March from the following information-: (8) XI/Accountancy 11
(a) Debit balance as per Pass Book Rs 25,500 (b) Bank collected a cheque of Rs 2500 on behalf of Dheeraj but wrongly credited to Dheeraj s Account. (c) Withdrawal column of Cash Book was under cast by Rs 100 (d) Cheque of Rs 3572 deposited into bank was recorded as Rs 3,752 in Pass Book. (e) A cheque of Rs 5,000 collected from Megha was debited in the Pass Book. (f) Pass Book shows a credit for a cheque amounting Rs 1500 deposited by Dhiraj. (g) Cheque of Rs 2,300 issued to Divya was recorded twice in the Pass Book. (h) A cheque of Rs 1,000 was taken in the Cash column. Solution-: Bank Reconciliation Statement of Dheeraj as on 31 st March Debit balance as per Pass Book 25,500 Cheque of Rs 2500 on behalf of Dheeraj but wrongly credited to Dheeraj s Account. 2,500 Withdrawal column of Cash Book was under cast by Rs 100 100 Cheque of Rs 3572 deposited into bank was recorded as Rs 3,752 in Pass Book cheque of Rs 5,000 collected from Megha was debited in the Pass Book Pass Book shows a credit for a cheque amounting Rs 1500 deposited by Dhiraj. 10,000 180 1500 Cheque of Rs 2,300 issued to Divya was recorded twice in the Pass Book. 2300 cheque of Rs 1,000 was taken in the Cash column 1000 Credit balance as per Cash Book 18280 30,680 30,680 XI/Accountancy 12
Q 24 Key XI/Accountancy 13