Class XI Accountancy Model Question

Term End Exam  – 1

Accountancy

Class: XI.                                                                                                    Marks: 70

Time: 3hrs

Answer All The Questions

1.      Explain the term Accounting                                                                                            (1)

2.      Explain the term accounting concepts                                                                              (2)

3.      What is your view on the use of Accounting in business?                                               (3)

4.      Summaries the characteristics of Accounting                                                                   (4)

5.      Explain the concept of Stock with its types                                                                     (5)

6.     Vinod has the following transactions. Show accounting equation for the same:             [6]

(i)     Commenced business with cash Rs.75,000.

(ii)   Paid salary in advance Rs.25,000.

(iii) Sold goods for cash Rs.20,000 and credit Rs.10,000.

(iv) Purchased goods costing Rs.20,000 for Rs.30,000.

(v) Paid Salary Rs.60000 and Salary outstanding Rs.200.

7.      Differentiate the terms Accounting and Business Studies                                               (4)

8.      Explain the term Journalizing                                                                                           (2)

9.      Explain the term Liability  With its classification                                                 (6)

10.  List out the Limitations of Accounting                                                                            (4)

11.  Summaries the Accounting Rules                                                                                     (8)

12.  Summaries the branches of Accounting                                                                           (5)

13.  Identify the debit and credit aspects from the following transaction

    Rs

01 Started business with cash             100000

04 Cash paid to Hari                            5000

07 Purchased goods                            8000

12 Cash received from Amit               20000

16 Sold goods for cash                       8000

20 Paid to Manish                               5000

25 Paid cartage                                   1000

31 Paid salary                                      1,0000                                                             (8)

14. Journalise the following transactions of Maruthi Ltd:

2017

March. 01 Business started with cash 1,00,000

March. 02 Opened a bank account with ICICI 4,00,00

March. 04 Goods purchased for cash 10,000

March. 10 Paid cartage 600

March. 12 Goods sold on credit to M/s Lara India 25,000

March. 14 Cash received from M/s Lara India 30,000

March. 16 Goods returned from Lara India 3,000

March. 18 Paid trade expenses 750

March. 19 Goods purchased on credit from Taranum 32,000

March. 20 Cheque received from M/s Lara India for final settlement 10,500 and deposited

 sameday into bank

March. 22 Goods returned to Taranum 1,500

March. 24 Paid for stationery 1,200

March. 26 Cheque given to Taranum on account 20,000

March. 28 Paid rent by cheque 4,000

March. 29 Drew cash for personal use 10,000

March. 30 Cash sales 12,000

March. 31 Goods sold to M/s Rupak Traders 11,000                                                 (10)

15. Explain the term Posting                                                                                                   (2)