CBSE Terminal Exam 2019-20 Class 11

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	No Debit Credit 1 Cash Capital 2 Hari Cash 3 Purchase Cash 4 Cash Amit 5 Cash Sales 6 Manish Cash	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	Point of difference Trial balance Balance sheet Objective The objective of trial balance The objective of balance sheet Requirement Trial balance is not a statutory requirement. Balance sheet is a statutory requirement for every registered organization. Coverage It includes Expenses, Incomes, It includes Liabilities and Assets Time period It is prepared whenever desired. Normally it is prepared at the Closing stock Normally Closing stock does not appear in  trial balance Closing stock appear in balance sheet under Current asset group	6
31	Gross profit: Rs. 12,000, Net profit: Rs. 500, Total balance sheet: Rs. 43,400	8
32	Date Particulars Amount (Dr.) Amount  (Cr.) Cash A/c                                             Dr      To Capital A/c Cash A/c                        Dr      To Sales A/c Purchase  A/c                           Dr      To Cash Purchase A/c ………………Dr. Input CGST A/c ……………Dr. Input SGST A/c ………    …Dr.               To Cash A/c Surekha A/c ………………Dr.              To Sales A/c              To Output CGST A/c              To Output SGST A/c Rent A/c                                           Dr      To Cash Purchase A/c ………………Dr. Input CGST A/c ……………Dr. Input SGST A/c ………    …Dr.               To Rajeev A/c Machinery A/c                         Dr. Input IGST A/c ……………Dr.               To Cash A/c Cash A/c ………………      Dr.              To Sales A/c              To Output IGST A/c GokulA/c ………………      Dr.              To Sales A/c              To Output IGST A/c	8