Kendriya Vidyalaya Sangathan, Mumbai Region
Term-II Examination 2021-22
Accountancy (055)
SET-II
XI
Time: 2 Hrs. M.M:40
General Instructions:
This is a Subjective Question Paper containing 12 questions.
This paper contains 4 questions of 2 marks each, 4 questions of 3 marks each and 4
questions of 5 marks each.
2 marks questions are Short Answer Type- I Questions.
3 marks questions are Short Answer Type- II Questions.
5 marks questions are Long Answer Type Questions.
Q1. Prepare the Trial Balance with following information 2
Cash at bank Rs.180000 Bank loan Rs. 70000
Stock Rs.180000 Sales Rs. 300000
Debtors Rs.300000 capital Rs. 200000
Purchase Rs. 200000 Bills payable Rs. 100000
Q2. Calculate Gross Profit and net sales from the following 2
Cost of goods sold Rs. 100000
Gross profit 20% on sales
Q3. Opening Stock Rs.960000
Purchases Rs. 2720000
Sales Rs. 3900000.
Gross Profit is 30% on Cost.
Find out the value of Cost of Goods Sold. 2
Q4 Write a short note on Suspense Account. 2
Q5. State any three limitations of computer system. 3
Q6. Ram Lal who keeps his books on single entry system, tells you that his capital
on 31/03/2020 is Rs. 384000 and his capital on 1st April 2019 was Rs.
374000, He further informs you that during the year he withdrew for his
personal purpose Rs. 68400. He sold his personal investment of Rs. 40000
@2% premium and brought that money into the business. You are required to
prepare statement of profit and loss. 3
OR
Mr. Zaheer started a business with a capital of Rs.80,000 on 1 st April, 2013. At
the end of 31st March, 2014 his capital was Rs.12,80,000. He further informed you
that during the year he withdrew for his household purpose Rs.54,200 and
introduced additional capital of Rs.3,40,000.
You are required to ascertain the profit or loss during the year by preparing
Statement of Profit and Loss.
Q7. Closing Capital Rs. 120000 3
Profit during the year Rs.96000
Additional capital was Rs. 34000
Opening Capital was Rs. 20000.
What will be the amount of Drawing?
Q8. Pass the necessary journal entries to rectify the following errors. 3
1 Credit sales of Rs. 1700 to Aryan was recorded as sales to Raj
2 Sales book was overcast by Rs. 7100.
3 Credit Purchase from Mohan Rs. 8000 were not recorded.
Q9. Pratap owed Rs.40,000 to Kumar. On 1st April 2018 Pratap accepted a Bill of
Exchange drawn by Kumar at 3 months. On the same day, Kumar got the bill
discounted at his Bank at 10% per annum. On the due date the bill was dishonoured
and Bank paid Rs150 as noting charges. Give Journal entries in the books of Pratap
and Kumar.
OR
Pass Journal entries in the Books of A and C.
On 1st January 2017, A drew a bill on B for Rs.5000 payable after 3 months. B
accepted the bill and returned it to A. After 10 days, A endorsed the bill to his
creditor, C. On the due date the bill was dishonoured and C paid Rs.100 as noting
charges.
Q10. Distinguish between Manual and Computerized Accounting System. (Any five)
5
Q11. Explain the following with examples: 5
1 Capital Expenditure
2 Revenue Expenditure
3 Deferred revenue expenditure
Q12. Read the following hypothetical text and answer the questions that follows: 5
Mandeep Singh has been a successful sole proprietorship of a showroom ‘
Fitness Nest” that deals in the exercising equipment. The account executive
of the showroom furnishes the following Trial Balance for the year ended
31/3/2021.
The exercising equipment that remains unsold in the showroom on 31/3/2021
were valued at Rs. 25000.Attempt two following questions.
1 What will be the gross profit of Fitness Nest for the year ending
31/03/2021?
2 Where will you transfer the gross profit obtained from the Trading
Account?
Particulars (Dr.) Amount Particulars (Cr.) Amount
Opening stock 12000 Sales 454500
Purchases 273000 Sundry creditors 17500
Wages and salary 13000 Rent outstanding 3000
Sundry debtors 17400 Discount received 1750
Bad debts 500 Bills payable 4500
Sales return 4500 Purchase return 3000
patents 20000 Bad debts 2050
recovered
Rent of showroom 18000
Telephone and 1500
internet expenses
Drawings 2000
Online coaching 3000
fees of the son
Furniture and 9000
fittings
Investment in 288000
share
Cash in hand 8000
Loose tools 2100
Distribution 1200
expenses
Bank charges 100
Repairs and 2200
renewals
Vehicles 8500
Depreciation 11500
TOTAL 695500 TOTAL 695500
