SAINT FATEH SINGH CONVENT SCHOOL +1 ACCOUNTANCY TIME: 3 HOURS MM: 90 Section-A 1. Accounting standard 10 relates to? 2. What do you mean by bill of exchange? 3. Is trial balance a statement or an account? 4. What do you mean by double entry system? 5. What is an opening entry? 6. Give any three limitations of accounting? 7. Define the following terms in accounting? (a) Capital (b) voucher (c) bad debts 8. Prepare bank reconciliation statement from the following particulars on 31 st march 2017: (i) Debit balance as per bank column of cash book 3,72,000 (ii) cheques issued to creditors, but not yet presented to the bank for payment 72,000 (iii)dividend received by the bank,but not entered in the cash book 5,000 (iv) interest allowed by the bank 1250 (v)cheques deposited into bank for collection, but not collected by bank upto this date 15,400 (vi)bank charges 200 (vii) a cheque deposited into bank was dishonoured, but no intimation received 320 (viii) bank paid house tax on our behalf, but no information received from bank in this connection 350. 9.prepare the cash book with cash and bank columns from the following transactions: 2017 Jan 1. bank overdraft 12000 cash in hand 2,300
7. cheque received from suresh 4,000. Discount allowed 200 9. cheque received from suresh deposited into bank 12. cheque paid to radha 2,500 and discount received 50 15. suresh s cheque dishonoured 20. money withdrawn from bank for office use 3,400 23. fees of chidren paid by cheque 75 25. cheque received from sita and endorsed it to heera on 27 th jan 4,500 27. bank charges 20 31. paid into bank the entire amount after retaining 700 at office. 10.show the accounting equation on the basis of following transactions: (a)started business with cash 1,20,000 (b)rent received 10,000 (c)invested in shares 50,000 (d)received dividend 5,000 (e)purchased goods on credit from ragini 35,000 (f)paid cash for household expenses 7,000 11.journalise the following transaction (i)received 20,000 from subash, which were written off as bad-debts in the previous years. (ii)salaries due to clerks 50,000 (iii)out of the rent paid this year, 10,000 is related to next year. (iv)provide 10% depreciation on future costing 50,000 (v)provide 12% interest on capital amounting to 10,00,000. (vi)charge interest on drawings 8,000. 12.birla cotton mills purchased a machinery on 1 st august,2009 for 90,000. On 1 st October, 2010 it purchased another machine for 40,000.
On 30 th june,2011 it sold off the first machine purchased in 2009 for 58,000 and on the same date purchased a new machine for 1,00,000. Depreciation is provided at 20% p.a. on the original cost each year. Accounts are closed each year on 31 st march. Show the machinery account for three years. 13.Enter the following transactions in the purchase book of pawan electronics store, New Delhi:- June 2 purchased goods from surya electronics store, on credit 200 tubelights @ 50each 50 tabels fans @ 400 each 20 heaters @ 100 each Trade discount 15% June 10 purchased goods from ravindra electronic co. patel nagar, on credit 120 dozen bulbs @ 80 per Dozen 20 water heaters @120 each Trade discount 10% 14.Explain the following terms: I. Full Disclosure ii.accrual concept iii. Conservatism Section-B 15.Which financial statements are included in final accounts? 16What is hardware? 17.Write any 3 differences between Receipts and Payment A/c and Income and Expenditure A/c. 18.Write any 3 advantages of computerized accounting system 19.Ascertain cost of goods sold from the following: Indirect expenses 15,200, direct expenses 18,600, sales 1,20,000, net purchases 72000 Closing inventory 28,000, opening inventory 16000
20.Prepare the specimen of balancesheet? 21.Show how you deal with the following items In the following items in the final account of a club: Sports Fund 35000 Sports Fund investment 35,000 Income from sports fund investment 4,000 Donation for sports fund 15,000 Sports prize awarded 10,000 Expenses on sports events 4,000 22.Receipts and Payments A/c of entertainment club showed that 68,500 were received by way of subscription for the year ended on march 31,2017 1. subscription outstanding on march 31,2016 were 6,500 2.. subscription received in advanced as on march 31,2016 were 4,100 3.. subscription outstanding on march 31,2017 were 5400 4.. subscription received in advanced as on march 31,2017 were 2,500 23.(a) What is a Not for profit organization? (b)how will you treat the following items in income and expenditure A/c and balancesheet Entrance fee, Life membership fee, Legecy 24. From the following trial balance, ypu are required to prepare Trading and Profit and Loss A/c for the year ending 31 st march,2017 and a Balance sheet as at that date: Particular Amount Particular Amount Opening stock Furniture Purchases Carriage inward Bad debts Wages Debtors Sales return Rent Miscellaneous exp. Salaries Cash 25,000 16,000 5,55,300 4,700 1,800 52,000 80,000 15,000 24,000 3,400 68,000 8,900 Capital Sales Creditors Bank overdraft Provision for bad debts Discount Purchase return 2,00,000 7,00,000 72,500 50,000 2100 500 20,000
Drawings Building Advertising Interest on bank overdraft 14,000 1,60,000 10,000 7,000 Adjustments: 10,45,100 10,45,100 i.closing stock is valued at 36,000 ii.private purchases amounting to 5,000 have been debited to purchases account. iii.make a provision for bad and doubtful debts 5% on debtors. iv. A new sign board costing 4,000 is included in advertising v. Depreciate furniture and fittings by 10%.