Terminal
Examination- 1 2019-20
Accountancy
Class: XI Marks:
80
Time:
3hrs
General
Instruction:
a) Questions
from 1-20 carries one mark
b) Questions
from 21-22 carries Three mark
c) Questions
from 23-27 carries Four mark
d) Questions
from 28-30 carries six mark
e) Questions
from 31-32 carries Eight mark
1. Transactions
are recorded into Journal from
a) Ledger
b) Vouchers
c) P&L
Account
d) Balance
sheet
2. Who
among the following is not an External User of Accounting Data
a) Banks
b) Investors
c) Workers
d) Creditors
3. Goods
taken by the proprietor from the firm is ………………
a) Liability
b) Drawings
c) Debtor
d) All
the above
4. It
is also known as Owner’s Equity
a) Cash
b) Capital
c) Asset
d) Bank
5. Excess
of expenses of a period over its Revenues
a) Gain
b) Profit
c) Loss
d) All
the above
6. It
is a reduction in the total amount of purchase at the time of payment
a) Purchase
return
b) Cash
discount
c) Trade
Discount
d) Rebate
7. Going
Concern Concept in accounting indicates , business have
a) An
indefinite life period
b) Limited
life up to 5 years
c) Short
period life
d) Long
life up to 50 years
8. It
is not a book of primary entry
a) Ledger
b) Purchase Day Book
c) Journal
d) Sales Return day Book
9. Meaning
of the term Debit is……………..
a) Increase
in value of Liability
b) Increase
in value of Capital
c) Increase
in value of Asset
d) Bills
Payables
Find the missing aspect in the entry
10.
……………..a/c Dr
To Amina
[Returned goods by Amina at discount 10%]
a) Sales
Return
b) Sales
c) Amina
d) Discount
11.
Bank a/c Dr
To Sales
To…………….
To…………….
[Sold goods for Rs.400000 by cheque, paying
CGST
@9% and SGST 9%]
a) CGST
`3600,SGST`3600
b) INPUT
IGST `48000
c) OUTPUT
IGST `48000
d)
OUTPUT IGST `40000
12.
As
per traditional approach …… what comes in ….. what goes out.
13.
According
to modern approach, Sales Account is an ……account
14.
This
book is a summarised & classified record of all transactions
15.
The
process of Transferring journal entry to ledger is………..
16.
The
statement helps find out arithmetical accuracy of recording transactions is
………….
17.
The
direct expenses are shown in …………. Account
18.
Debit
side of profit and loss include………..
19.
The
statement that shows the financial position of the firm is ………..
20.
Excess
of credit over debit in profit and loss account is ……
21.
Calculate
the value of closing stock from the following information
Purchase
93,000 , Wages 20,000, Sales 1,20,000, Carriage Outward 3,200
Rate
of Gross Profit 40% on sales
22.
Enumerate
main objectives of accounting.
23.
From
the following information prepare Trading Account for the year ending
31.03.2016. Stock as on 01.04. 2015 Rs. 20,000, During the year Sales was Rs.
4,00,000; Purchases Rs. 2,90,000; Carriage Inwards Rs. 8,000; Clearing charges
Rs. 10,000; Sales Returns Rs. 3,000; Purchases Returns Rs. 4,000; Carriage
Outwards Rs. 5,000 and Stock on 31.03.2016 was Rs. 30,000.
24.
Identify the debit and credit aspects from
the following transaction
Started
business with cash 10000
Cash
paid to Hari 500
Purchased
goods 800
Cash
received from Amit 2000
Sold
goods for cash 800
Paid to Manish 500
25.
Summarise
any six Accounting Concepts.
26.
Sarath has the following transactions. Show accounting
equation for the same,
Business
started with cash 1,00,000
Opened
a bank account with ICICI 4,00,00
Goods
purchased for cash 10,000
Paid
cartage 600
Goods
sold on credit to M/s Lara India 25,000
Cash
received from M/s Lara India 25,000
Paid
trade expenses 750
Goods
purchased on credit from Taranum 32,000
Paid
rent by cheque 4,000
Drew
cash for personal use 10,000
27.
From
the following information, prepare a Profit & Loss Account for the year
ending 31st March 2016.
Gross
Profit Rs. 70,000; Rent Rs. 5,000; Salary Rs. 15,000; Wages Rs. 8,000;
Commission paid Rs. 7,000; Interest on loans Rs. 5,000; Advertising Rs. 3,000;
Discount Received Rs. 2,000; Printing & Stationery Rs. 1,000; Legal charges
Rs. 2,500; Bad Debts Rs. 1,500; Depreciation Rs. 1,000; Income received on
Investment Rs. 3,000; Loss by Fire Rs. 2,200; Bad Debts recovered Rs. 200;
Freight outward Rs. 600; Audit Fee Rs. 450.
28.
Prepare a trial balance as at March 31, 2015
based on the following balances:
Capital
1,00,000
Drawings
16,000
Machinery
20,000
Sales
2,00,000
Purchases
2,10,000
Sales
return 20,000
Purchases
return 30,000
Wages
40,000
Goodwill
60,000
Interest
received 15,000
Discount
allowed 6,000
Bank
overdraft 22,000
Bank
loan 90,000
Debtors
:
Nndhu55,000
Radha
20,000
Creditors
:
Revu
35,000
Gagan
25,000
Cash
54,000
Stock
on April 01, 2014 16,000
29.
Explain
the term Asset With its classification
30.
Differentiate Trial Balance & Balance
Sheet.
31.
You
are required to prepare trading and profit and loss account and the balance
sheet from the following data
Debtors 12,000
Apprenticeship premium 5,000
Purchases 50,000
Loan 10,000
Coal, gas and water 6,000
Bank overdraft 1,000
Factory wages 11,000
Sales 80,000
Salaries 9,000
Creditors 13,000
Rent 4,000
Capital 20,000
Discount 3,000
Advertisement 500
Drawings 1,000
Loan 6,000
Petty cash 500
Sales return 1,000
Machinery 5,000
Land and building 10,000
Income tax 100
Furniture 9,900
32.
Journalise
the following transactions
Started
business with cash ` 200000
Sold
goods for ` 40000
Purchased
Goods for ` 25000
Purchased
goods for ` 40000 by paying 6% CGST & SGST
Sold
goods to Surekha ` 80000 for 8 % CGST & SGST
Paid
Rent ` 5000
Purchased
goods from rajeev for ` 16000 by paying 6% CGST & SGST
Purchased
Machinery for ` 64000 by paying 12% IGST
Sold
Furniture for ` 42000 charging 12% IGST
Sold
goods to Gokul for ` 30000 charging 12% IGST
MARKING
SCHEME
|
QnNo.
|
Value
Points
|
Marks
|
||||||||||||||||||||||||||||||||||||||||||||
|
1
|
Voucher
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
2
|
Workers
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
3
|
Drawings
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
4
|
Capital
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
5
|
Loss
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
6
|
Cash
Discount
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
7
|
An indefinite life period
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
8
|
Ledger
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
9
|
Increase
in value of Asset
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
10
|
Sales
Return`
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
11
|
CGST
3600,SGST3600
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
12
|
Debit,
Credit
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
13
|
Income
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
14
|
Ledger
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
15
|
Posting
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
16
|
Trial
Balance
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
17
|
Trading
Account
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
18
|
Indirect
Expense
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
19
|
Balance
Sheet
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
20
|
Net
Profit
|
1
|
||||||||||||||||||||||||||||||||||||||||||||
|
21
|
Closing Stock Rs. 41,000
|
3
|
||||||||||||||||||||||||||||||||||||||||||||
|
22
|
·
Maintain records of business;
·
Calculate profit or loss;
·
Depict the financial position;
and
·
Make information available to
various groups and users.
|
3
|
||||||||||||||||||||||||||||||||||||||||||||
|
23
|
Gross Profit 1,03,000
|
4
|
||||||||||||||||||||||||||||||||||||||||||||
|
24
|
|
4
|
||||||||||||||||||||||||||||||||||||||||||||
|
25
|
Business
entity concept
Money
measurement concept
Going
concern concept
Accounting
period concept
Accounting
cost concept
Duality
aspect concept
Realisation
concept
Accrual
concept
Matching
concept
|
4
|
||||||||||||||||||||||||||||||||||||||||||||
|
26
|
Asset
= Liability + Capital
116650
= 96650+20000
|
4
|
||||||||||||||||||||||||||||||||||||||||||||
|
27
|
Net
Profit = 30,950
|
4
|
||||||||||||||||||||||||||||||||||||||||||||
|
28
|
Trial Balance Total Rs. 5,17,000
|
6
|
||||||||||||||||||||||||||||||||||||||||||||
|
29
|
Assets
are economic resources of an enterprise that can be usefully expressed in
monetary terms. Assets are items of value used by the business in its
operations.
Assets
can be broadly classified into two types: Fixed Assets and Current Assets.
Fixed
Assets are assets held on a long-term basis, such as land, buildings,
machinery, plant, furniture and fixtures. These assets are used for the
normal operations of the business.
Current
Assets are assets held on a short-term basis such as debtors (accounts receivable),
bills receivable (notes receivable), stock (inventory), temporary marketable
securities, cash and bank balances.
|
6
|
||||||||||||||||||||||||||||||||||||||||||||
|
30
|
|
6
|
||||||||||||||||||||||||||||||||||||||||||||
|
31
|
Gross
profit: Rs. 12,000,
Net
profit: Rs. 500,
Total
balance sheet: Rs. 43,400
|
8
|
||||||||||||||||||||||||||||||||||||||||||||
|
32
|
|
8
|
