A KRISHNA PUBLIC SCHOOL

Annual Examination - 2023-24

Time:3Hrs. Class-XI Date: 15.02.24
M.M.-80
Subject-Accountancy
General Instructions :
(i) Q. No. 1 to 20 carry 1 marks each
(ii) Q. No. 21 to 26 carry 3 marks each
(ii) Q. No. 27 to 29 carry 4 marks each
(iv) Q. No. 30 to 34 carry 6 marks each
(v) All Questions are compulsory however internal choices
are given in some questions.
(vi) This question paper contain 34 questions and 1l pages

Q.1 Given below are two statements: [1]

Assertion(A):Accounting is both Science as well as an art
Reason(R): Accounting includes principles, concepts,
conventions and there practice over the years.

(a Both (A) and (R)are true, but (R) is not the

explanation
Both(A) and (R) are true and (R) is a correct
explanation of (A)
(c) Both (A) and (R) are false

(d) (A)is true, but (R) is false.

Q.2. Which of the following is not an intangible asset: [1]
Software License b. Trademark

C. Fixture d. Goodwill

Q.3 Define Revenue. [1]

OR

What do you mean by Bad Debts.

 2

Q.4. Which accounting concept says "Always provide for future

losses but never anticipate future gains." (1]
a. Conservatism b. Consistency

C. Entity d. Accounting Period

0.5 are written policy documents issued by expert
accounting body or by thegovernment or other regulatory
bodycovering the aspects of recognition, measurement,
treatment, presentation, and disclosure of accounting
transactions in financial statements. (fill in the blanks) [1]
Q.6 What is the nature of Sales Account [1|
Personal b. Real
Nominal d. None of above
Q.7. is the primary as well as secondary book.
Journal b Ledger [1]
C. Cash Book d. Sales Book
OR

IGST is applicable on Transactions.

(Intrastate/ Interstate)
Q.8. Trial Balance has no effect on Book keeping. (True / False)[1]
Q.9. AtrialBalance in which debit total is equaltocredit total is a
proof of: [1]
a. Complete Accuracy
b. Arithmetic Accuracy
C.
Accuracy in following principles of accounting
d. Not proof for any of above.
 3

Q.10 Bank Reconciliation Statement is [1]

a. APart of Single Entry System.
b. APart of Double Entry System.
C. Not apart of Double Entry System.
d. None of above.

Q.11. Purchase of Office Furniture for Rs.500/- recorded through

Purchase book. It is: [1]
a. Error of Omission. b. Error of Commission.
C. Error of Principle. d. Compensating Error.
Q.12. Atransaction of Rs.530/- is posted in the account as Rs.350/-.
It is an error of a . (Fill in the blanks) (1]
Q.13. Give twoexamples of One Sided error. [1]
Q.14. Which of the following is not a cause of Depreciation : [1]
a. Wear andTear b. Passage of Time
C. Obsolescence d. Fall in Market Value
Q.15. Depreciation = Total Cost of Asset -
Estimated Useful Life of Asset [1]
(Fill in the blanks)
Q.16. Name the term used to write off Intangible Asset. [1]
Q.17. Expenditure incurred on a fixed asset which increases the
earning capacity is accounted as: [1]
a. Capital Expenditure
b. Revenue Expenditure
C. Deferred Revenue Expenditure
d. General Expenditure.
 4

Q.18. OnlyX accounts and book is

maintained under Single Entry System. (Fill in the blanks)
Q.19. Prepaid Expenses, if given inTrial Balance,is shown in :f1
a. Expenses side of Profit and Loss A/c

b. Income side of Profit and Loss A/c

C. Asset Side of Balance Sheet

d. Liabilities Side of Balance Sheet

Q.20. Folowing information is taken from the Trial Balance of a

business: [1]
Sales - 1,00,000/-, Purchase - 60,000/-, Wages 7,000/
Closing stock was 3,000/- more than opening stock. What
was the Gross Profit?

a. 30,000/ b. 33,000/
C. 36,000/ d. 40,000/
Q.21. Distinguish between Book Keeping andAccounting. (Any 3)3]
OR

Distinguish between Trade Discount and Cash Discount. (Any 3)

Q.22. Journalize following in books of Sunil Traders, Bilaspur:
Govind, a debtor for Rs.3800,/-, became insolvent and
only 40% amount recovered in cash.
b. Goods of list price Rs.20,000 returned by Manish Tripathi,
Raipur. (GST is applicable @ 12%)
 5
C.
Cash Rs.3,000/- and Goods Rs.5,000/- lost by fire. (GST
@12% on goods). Insurance claim accepted by Insurance
Company Rs.7000/- only. (3]
OR

Develop Accounting Equation:

1. Business Started with Cash Rs.20,000/-, Goods
Rs.50,000/- and Furniture Rs.30,000/-.
2. Goods of Rs.30,000/- sold for Rs.50,000/- out of which
Rs.25,000/- received in cash.
3. Cash Received from Debtors Rs.24,500/- in full
settlement.

Q.23. Prepare Purchase Book of Satish Saree Stores, Raipur for the
July 2023 from following (Rate of GST 12%) [3]
4/72023 - Manish Traders, Durg (Invoice No.2145) @
10% Trade Discount

Arihant Sarees- 200 piece @ 150/- per piece

9/7/2023 - Suman Traders, Mumbai (Invoice No.ST-1458)
Navkar Sarees- 100 piece @ 200/- per piece
15/772023 - Gagan Traders, Raipur(Invoice No.4569)
2 Chairs @ 500/- per chair
24/72023 - Harshad Saree Stores, Durg (Invoice No.2241)
Gujrat Sarees - 100 piece @ 250/- per piece
 6

Q.24 On 01/04/2020 Ajay Traders purchased Machinery of

Rs.45,000/- (Scrap Value 5,000/- and Estimated Life 8 vears)
On 1/10/2022 it was sold. In the following Machinery A/c
determine the missing values. (3]

Date Particular Rs. Date Particular Rs.

1/4/2020 To Bank A/c 45,000 31/03/21 By Depreciation A/c(1).
31/03/21 By Balance C/d (2).
45,000 45,000
1/4/2021 To Balance B/d(2) |31/3/22 By Depreciation A/c (3)
31/3/22 By Balance C/d (4)
1/4/2022 To Balance B/d (4) |1/10/2022 By Bank A/c 20,000
|1/10/2022By Depreciation A/c (5).
By Loss on Sale
1/10/2022 (6)_
of Machinery A/c

Q25 Calculate Closing Stock from following details : [3)

Opening Stock 40,000/-; Cash Sales 1,20,000/-;
Credit Sales 80,000/-;Purchase 1,40,000/-;Rate of Gross Profit
on Cost 33.33%.
Q.26 Sandip's Trial Balance showed following information: [3]
10% Investment (On 01/07/2022) 5,00,000/-; Interest
received on Investment 20,000/-.
Show the above items in Profit &loss A/cand Balance Sheet
as on 3103/2023.
OR

Sundry Debtors 89,000/-; Provision for Bad Debts 4,000/-.

Additional Information :Bad Debts Rs.3,000/-. Maintain
Provision for doubtful debts @ 5% on debtors.
Show the above items in Profit & loss A/c and Balance Sheet
as on 3103/2023.
Q.27 Briefly Explain (Any 2) [4]
a. Double Entry System of Accounting
b Money Measurement Concept
C. Going Concern Concept
0.28 Give Journal Entries for following adjustment in Final Accounts
of Murli Traders on 31/03/2023: [(4]
a. Insurance Premium paid during the year Rs.6,000/
includes Rs.800/- paid in advance for next year.
b. Rs.4,000/- for rent has been received in advance.
C. Salary paid during the year Rs.66,000/- (for 11 months)
d. Closing Stock amounted to Rs.52,000/- but its market
value is Rs.50,000/-.
Q,29 Gangadhar maintain his booksof account under single entry
system. His books provide the following information : [41

1/4/2022 31/03/23
Cash 1,200 5,000
Debtors 32,000 60,000
Stock 16,000 25,000
Creditors 18,000 17,000
Furniture 20,000 30,000
Other Assets 90,000 95,000

Duringtheyear Gangadhar had withdrew Rs.2000/-per month

for personal expenditure. On 01/06/2022 he sold his private
motorcycle of Rs.50,000/- at a loss of 20% and invested the
money in the business. Ascertain his profit.SSOO
 8

Q.30 Prepare Cash book of Gagan Traders, Raipur

Transaction :
from following
01.07.2022 Opening Balance - Cash (6)
60,000/- and Bank
Overdraft 13,000/-.
05.07.2022 Goods sold and proceeds deposited in bank
Rs.15,000/-.
12.07.2022 Cheque received from Varun
Kumar
14.07.2022 Cheque of Varun Kumar deposited inRs.bank
12,500/-
15.07.2022 Cheque received from Sohanlal Rs.10,500/
18.07.2022 Cheque of Sohanlal dishonored by bank.
25.07.2022 Salary paid by cheque Rs.5,000/- and by cash
Rs.3,000/-,
30.07.2022 Leaving cash in hand Rs.20,000/- rest of the
cash deposited in bank.
Q,31 Cash book of Randhawa Traders showed an overdraft
Rs.15,200/- on 31/03/2023. Prepare Bank Reconciliation
Statement as on that date including following: [6]
a.
Cheques worth Rs.15,300/- deposited out of which
cheques worth Rs.12,700/- only were collected before
31/03/ 2023.
b. Acheque of Rs.5,000/- recorded in cash book as
deposited but not sent to the bank.
C.
Acustomer directly deposited Rs.1,000/- in our bankA/c+
d. Bank debited our account for Rs.500/- against bank
charges.
e.
Bank collected Rs.1,000/- as dividend on our behalt.
OR
 Pass Book of Nalin Traders showed balance Rs. 19,800/- on
3103/2023. Prepare Bank Reconciliation Statement as on that
date including following:

A. Cheques worth Rs.11,600/- issued out of which cheques

worth Rs.2,780/-were presented for payment after 31.03.
2023.

B. Acheque of Rs.3,000/- was sent to bank but it was

forgotten to record in cash book.
C. Bank made direct payment on our behalf against
Insurance Premium Rs.900/-.
D. Bank credited our account for Rs.700/- not related with
A
cheque previously deposited of Rs.2,500/- being
dishonored

0.32 Rectify the following error by Journal Entry: [6]

a. Cheque received from Vasudev Rs.5,000/- omitted to
post.
b. Sales Return Book was overcastted by Rs.4,500/-.
C. Salary paidto Rajeev Rs.8,000/- debited to Rajeev's
Account.
d. Goods sold to Vibhuti Rs.12,500/- wrongly recorded
through Purchase Return Book.
e. Depreciation Charged on Machinery Rs.7,000/
forgotten to post.
f. Furniture Purchased for Rs.12,000/- from Furniture
House, wrongly recorded through Purchase book As
Rs.21,000/- and posted to Credit of Furniture House
as Rs.10,000/-.
 10

Anuj Textiles purchased furniture offf

0.33
Rs.20,000/- -on
Additional furniture were purchased. on 01/10/2012 and 01042012.
01012014 for Rs.30,000/ Rs.40,,000/-respectively. It
sold 1/3d part of second furniture for Rs.10,000/- on

01/10/2014. Prepare Furniture Account forr

first 3years by
charging depreciation @10% p.a. under
method. Show your workings clearly.
diminishing balance
[6]
OR

Modern Furniture House charges depreciation on

Machinery
@ 10% p.a. under straight line
method. Following balances
were appearing in its books on 01/04/2022:

Machinery Account 5,80,000/-; Provision for

Depreciation on
Machinery A/c 2,30,000/-.
On 01/10/2022 it sold one of the
machinery for Rs.45,000/
which was purchased on 01/04/2019 for
Rs.80,000/- and
immediately purchased a new machinery for
Rs.1,00,000*
Prepare Machinery Account and Provision for Depreciation
Account for the year ended 31/03/2023. Show your workings
clearly.
 11

following are the balances extracted from the books of

The
RaghunathJi as on 31st March, 2019. From
a34
these balances,
preparehis Trading and Profit &Loss Account and Balance
date:
sheetas at that [6]

Particulars Rs. Particular Rs.

Land and Building 1,50,000|Discount Received 3,600
Purchases 6,22,500|Sales
Stock (01.04.22) 1,35,000\Capital Account 12,00,000
Wages 135,600|Chatterjee's Loan 3,45,000
75,000
Salaries 1,17,000|(01/10/22 @
12% p.a.)
office Expenses
Carriage Inwards
46,200\Commission 4,500
Carriage Outwards
3,600|Sundry Creditors 1,00,000
Discount Allowed
6,000|Expenses payable 9,900
2,000|Reserve for Doubtful debts 12,000
Bad Debts 3,600|
Insurance 4,500|
Plan and Machinery 2,00,000
Furniture and Fixtures. 60,000
Drawings 60,000
Sundry Debtors 1,20,000|
Cash at Bank
Office Expenses
48,000|
36,000
17,50,000
17,50,00o

Adjustments:
1.
Closing Stock was valued at Rs.
2. 1,55,000
Depreciate Land and Buildings by 5% and machinery
by 6%. and furniture and
3. fixture @5%
Further Bad debts Rs.2.000/-. Maintain for
debts (@5% of debtors. doubtful
4.
10% of Profit should be transferred to
General
Reserve.