KENDRIYA VIDYALAYA SANGATHAN, LUCKNOW REGION

HALF YEARLY EXAMINATION 2022-23

Class – XI
Subject – Accountancy(055)
Time allowed: 3 Hrs Maximum Marks : 80

Instructions
1. This question paper contains 34 questions. All questions are compulsory.
2. All parts of questions should be attempted at one place.
3. Question 1 to 20 carries 1 mark each.
4. Questions 21 to 26 carries 3 marks each.
5. Questions from 27 to 29 carries 4 marks each
6. Questions from 30 to 34 carries 6 marks each
7. There is no overall choice. However, an internal choice has been provided in 7
questions of 1 mark, 2 questions of 3 marks, 1 questions of 4 marks and 2questions of 6
marks

Q1. Which is the last step of accounting as a process of information? 1

(a) Recording the transaction
(b) Preparation of financial statements
(c) Communication of information
(d) Analysis and interpretation of information
Q2. Assertion (A):- Book keeping involves summarising the classified transactions 1
in the form of profit and loss account and balance sheet.
Reason (R):- Book keeping is an art of recording in books of accounts the
monetary aspect of financial transactions. It is concerned with record keeping or
maintenance of books of accounts.
(a) Both Assertion (A) and Reason(R) are true and Reason(R)is the correct
explanation of Assertion (A).
(b) Both Assertion (A) and Reason(R) are true and Reason(R) is not the correct
explanation of Assertion (A).
(c) Assertion (A) is false, but Reason (R) is true.
(d) Assertion (A) is true, but Reason (R) is false.
Q3. Out of the following assets which one is NOT an intangible asset? 1
(a) Patents (b) Investments (c) Goodwill (d) Trademark
OR
Currents assets do not include:
(a)Debtors (b) Furniture (c) Stock (d) Cash
Q4. Use of common unit of measurement and common format of reporting promotes 1
(a) Comparability (b) Understandability
(c) relevance (d) Reliability
Q5. The proprietor of the firm records the premium of his life insurance as an 1
expenses in the books of the firm. Which accounting principle has been violated
(a) Prudence Principle (b) Business Entity Principle
(c) Cost Principle (d) Full disclosure Principle
Q6. According to principle of prudence. 1
(a) Outstanding expenses are accounted for

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 (b) Provision for bad debts is created
(c) Depreciation is charged on assets.
(d) All of the above
OR
The Convention of Conservatism takes into accounts
(a) All prospective profits and prospective losses.
(b) All prospective profits and leaves out prospective losses.
(c) All prospective losses but leaves out prospective profits.
(d) None of the above.
Q7. A concept that a business enterprise will not be sold or liquidated in the near 1
future is known as
(a) Going concern (b) Business Entity
(c) Money Measurement (d) None of these.
Q8. According to the Companies Act, 2013, all the companies are required to 1
maintain their accounts according to:
(a) Cash Basis (b) Accrual Basis
(c) Either (a) or (b) (d) Neither (a) nor (b)
OR
Identify the GST applicable in case X Ltd. sells goods from Agra to a vendor in
Prayagraj.
(a) Central GST (b) State GST
(c) Both (a) and (b) (d) Integrated GST
Read the following hypothetical situation, Answer Question No. 9 and 10
Shobhit has a trading business in Delhi. All his transactions occur within the
limits of Delhi. Shobhit bought goods of ₹ 1,00,000 on credit. He sold them for
₹1,35,0000 in the same state on credit.
Assuming CGST @5% and SGST @5%, you are required to answer the
following questions.
Q9. By what amount will creditors account be credited for the purchase of 1
₹1,00,000?
(a) ₹1,00,000 (b) ₹1,05,000
(c) ₹1,10,000 (d) None of the above.
Q10. “He sold them for ₹1,35,000 in the same state on credit.” By what amount will 1
debtors be debited while passing journal entry?
(a) ₹1,35,000 (b) ₹1,41,500
(c) ₹1,48,500 (d) None of these
Q11. ‘Z’ commenced business on 1st April 2021 with a capital of ₹ 12,00,000. On 31st 1
March, 2022 his assets were worth ₹ 16,00,000 and liabilities ₹ 1,00,000. Find
out his closing capital.
(a) ₹ 15,00,000 (b) ₹ 4,00,000
(c) ₹ 11,00,000 (d) None of these
OR
Which of the following transaction will reduce the capital?
(a) Selling the goods on Credit (b) Purchase of good for cash

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 (c) Computer purchased for office (d) Laptop purchased for personal use

Q12. A sole trader took goods costing ₹1,000 from stock from his own use. The 1
normal selling price of the goods is ₹ 1,500.
Which of the following journal entries would correctly record this?
(a) Dr. Drawings A/c and Cr. Purchases A/c by ₹ 1,000.
(b) Dr. Drawings A/c and Cr. Sales A/c by ₹1,500.
(c ) Dr. Drawings A/c and Cr. Purchases A/c by ₹ 1,500.
(d) Dr. Sales A/c and Cr. Drawings by ₹1,000.
Q13. Deposit of cash in bank is recorded in 1
(a) Debit of Bank Column and credit of cash column.
(b) Debit of Cash Column and credit of Bank column.
(c) Debit of Cash Column and also Credit of Cash Column.
(d) Debit of Bank Column and also Credit of Bank Column.
Q14. If XYZ Electronics Ltd. purchases 20 TV @ ₹ 2,000 per piece and 15 tape 1
recorders @ ₹12,500 per piece. There was a trade discount of 20%. What will
be the amount recorded in purchase book?
(a) ₹40,000 (b) ₹1,87,500
(c) ₹ 2,27,500 (d) ₹1,82,000
Q15. The term ‘Imprest System’ is used in relation to : 1
(a) Cash Book (b) Petty Cash Book(c ) Purchase Book (d) Sales Book
OR
The total of the Sales Book is posted to
(a) Debit of the Sales Account (b) Credit of the Sales Account
(c) Debit of the Customers’ Account (d) Debit of the Customers’ Account
Q16. A separate column for ‘Debit Note No.’ is made in case of: 1
(a) Sales Return Book (b)Purchase Return Book
(C) Sales Book (d) Purchase Book
Q17. Bank Reconciliation Statement is started with 1
(a) Bank Balance of the Cash Book.
(b) Cash balance of the Cash Book
(c) Pass Book balance
(d) Bank balance of the Cash Book or Pass Book balance.
OR
Unfavorable bank balance means
(a) Credit balance in pass book
(b) Credit balance in cash book
(c) Debit balance in cash book
(d) None of the above
Q18. Cash Book shows ₹ 1,000 as overdrawn. When bank statement is received, it 1
was identified that one of the debtors has deposited ₹ 400 into the account and
bank charges of ₹ 20 had been debited to the account. Balance as per Bank
Statement will be:
(a) ₹1,420 (Dr.) (b) ₹ 620 (Dr.)
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 (c) ₹ 4,300 (Cr.) (d) ₹ 1,700 (Dr.)

Q19. The difference between the cash book and the bank pass book is caused by 1
(i) timing differences in recording of the transactions.
(ii) errors made by the business (Account holder) or by the bank.
(a) Only (i) is correct. (b) Only (ii) is correct.
(c) Both (i) and (ii) are correct. (d) Neither (i) nor (ii) are correct.
OR
A bank reconciliation statement is prepared by
(a) Banker (b) Account holder in a bank
(c) Creditor (d) Supplier
Q20. If the overdraft as per the pass book is taken as the starting point, the cheques 1
issued but not presented are to be……….in the bank reconciliation statement.
(a) deducted (b)added
(c) ignored (d) None of these
Q21. Explain the meaning of any three of the following terms: 3
(i) Liability (ii) Revenue (iii) Stock (iv) Drawings
Q22. Explain any three objectives of Accounting. 3
OR
Define Accounting. Explain any two limitations of Accounting.
Q23. Define Accounting Standards. Explain its any two limitations. 3
Q24. The following balances existed in the books of Rohit Traders as on 1st April 3
2022:
Assets: Cash ₹ 1,50,000 ; Debtors ₹ 50,00 ( Utkarsh ₹ 10,000; Mahadev
₹12,000; Dhruv ₹28,000); Furniture ₹30,000 ; Machinery ₹ 80,000;
Liabilities: Creditors ₹ 70,000; Bank loan ₹ 20,000.
Pass the Opening Entry.
Q25. What do you understand by imprest amount in petty cash book? 3
Q26. State the causes of differences occurred due to time lag (any three). 3
OR
Explain briefly any three points regarding need and importance of preparing a
Bank Reconciliation Statement.

Q27. Show the effect of the following transaction on the accounting equation: 4
Sl.no. Transaction Amount (₹)
1.​ Harish started business with cash 1,00,000
2.​ Purchase furniture from M/S style industries 20,000
3.​ Purchased goods on credit from Amit 10,000
4.​ Withdrew for private use 2,000

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 5.​ Received interest 4,000
6.​ Paid to Amit 10,000
7.​ Sold goods on credit to Shyam costing ₹ 6,000 7,000
8.​ Rent paid 3,000

Q28. In the Financial Year 2021-22, Aman earned a total revenue of ₹ 6,90,000, out 4
of which ₹ 4,70,000 was received in cash. The total expenses paid by him were
₹ 4,40,000, out of which ₹ 20,000 pertains to 2022-23. The expenses of
₹ 30,000 are still outstanding. Determine Aman’s Income for 2021-22 as per:
(i) Cash Basis of Accounting.
(ii) Accrual Basis of Accounting.
Q29. From the following information of M/S Jindal Furniture , Kolkata, prepare the 4
purchases Book for the month of March 2022.

Date Details
2022
March-02 Bought from M/S Shivam and Sons(Delhi),on credit:
10 Almirahs @ ₹ 4,500 each
05 Chairs @ ₹ 1,500 each
Trade Discount @10%
IGST@12%
March-06 Purchased from M/S Laxmi Furniture (Kolkata), on
credit:
05 Table @ ₹ 2,500 each
10 Chairs @ ₹ 1,500 each
Trade Discount @10%
CGST@6%, SGST @6%
March-12 Purchased in cash from JK Traders(Patna)
07 Almirahs @ ₹ 4,000 each
IGST@12%
March-15 Purchased from M/S Narayan Furniture (Kolkata), on
credit:
06 Chairs @ ₹ 2,500 each
05 Computer Table @ ₹ 4,000 each
Trade Discount @10%
CGST@6%, SGST @6%

OR
Form the following particulars, prepare Sales Book of Raj& Co.Kolkata who
deals in furniture:
Date Details
2022
Jan-05 Sold to Hari & co., Kolkata:
10 Tables@ ₹ 1,100 each

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 20 Chairs @ ₹ 1,000 each
Less: Trade Discount @5%
Jan-10 Sold to M/S Sharms & co.,Delhi
5Almirahs @ ₹ 5,000 each
5 Stool @₹ 1,000 each
Less: Trade Discount @5%
Jan-20 Sold old printer for₹ 600 to Raja & Co., Kolkata
Sold to M/S Sohan lal & Bros., Kolkata:
5 Tables@ ₹ 2,500 each
Jan-25 1 Revolving Chair@ ₹ 5,000
Less: Trade Discount @10%

Q30. Explain the qualitative characteristics of accounting information. 6

Q31. Explain the following accounting concepts: 6
(i) Dual Aspect Concept
(ii)Consistency Concept
(iii)Business Entity Concept
OR
Differentiate Accrual Basis of Accounting and Cash Basis of Accounting.
Q 32. Prepare double column cash book from the following transaction of M/S Leesa 6
& Co. for the month of January 2022
Date Details Amount (₹)
2022 Jan-01 Cash in hand 4,000
Bank overdraft 3,200
Jan-04 Wages paid 400
Jan-05 Cash sales 7,000
Jan-07 Purchased goods by Cheque 2,000
Jan-09 Purchased furniture for cash 2,200
Jan-11 Cash paid to Rohit 2,000
Jan-13 Cash sales 4,500
Jan-14 Deposited into bank 7,000
Jan-16 Bank charged interest on overdraft 200
Jan-20 Paid telephone bill by cheque 600
Jan-25 Sale of goods and received cheque. 3,000
(Deposited same day)
Jan-31 Interest collected by bank 1,700

Q 33. Journalise the following transactions in the books of Aman Brothers: 6

(i) ₹ 2,000 due from Mohit are now bad debts
(ii) Goods worth ₹ 4,000 were used by proprietor.
(iii) Charge Depreciation @10% p.a. for two month on machine costing ₹
60,000.
(iv) Provide interest on capital on ₹ 1,50,000 @ 6% p.a. for 9 months.

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 (v) Rent outstanding ₹ 1,000.
(vi) Received ₹ 1,200 of bad debts written off last year.
Q 34. From the following particulars prepare a bank reconciliation statement as on 31st 6
January 2022:
1.​ On 31st January 2022 the cash book of a firm showed a bank balance of
₹ 6,000 (Debit balance)
2.​ Cheques had been issued for ₹ 5,000, out of which cheques worth ₹
4,000 only were presented for payment
3.​ Cheques worth ₹ 12,000 were deposited in the bank on 28th January
2022 but cheque of ₹ 10,600 were only credited by the bank.
4.​ A cheque form Susan for ₹ 400 was deposited in the bank on 26th
January 2022 but was dishonoured and the advice was received on 2nd
February 2022.
5.​ Passbook showed bank charges of ₹ 20 debited.
6.​ Receipts side of our own book (i.e.cash book) has been undercast by
₹ 500.

OR
On 31st July 2021 the Pass Book of Mr. Anil showed a credit balance of
₹7,500. On the basis the following particulars prepare a Bank
Reconciliation Statement:
1.​ He sent to the bank cheques amounting to ₹9,500, out of which Bank
could not credit a cheque for ₹1,700.
2.​ Out of the cheques issued by him for payment for ₹8,400, cheques for ₹
6,500 were only presented.
3.​ One of the debtors of Mr. Anil paid a cheque of ₹1,000 directly into the
bank account of Mr. Sunil.
4.​ Bank credited his Account for ₹400 as interest allowed and deducted
₹300 being bank charges.
5.​ Out of the cheque deposited into the bank, one cheque of ₹600 returned
dishonoured.
6.​ Bank paid ₹500 for insurance premium and ₹1,200 for bills payable.

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