Time: 1.45 hrs ACCESS COMMERCE CAREER F.M.

– 50
CONGREES MAIDAN ROAD, KADAMKUAN, PATNA -3
Accountancy – XI
 Marks are indicated with Question Nos..
 It is compulsory to draw format with scale wherever required.

1. Which source document is issued by a trader when he receives cash from the customer? 1
a) Pay-in-slip b) Receipt c) Cheque d) Cash memo

2. Assertion (A): Accounting information must be reliable. Reliability implies that the information should be presented in
such a simple and logical manner that they are understood easily by their users. 1
Reason (R): Accounting is influenced by personal judgements.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false.
d) A is false but R is true.

3. Real account (which include cash and all other assets) will usually show: 1
a) Debit Balance b) Both debit and credit balance c) Negative balance d) Credit Balance

4. X commenced business on 1st April 2022 with a capital of ₹6,00,000. On 31st March 2023, his assets were worth
₹8,00,000 and liabilities ₹50,000. Find out his closing capital. 1
a) ₹ 5,50,000 b) ₹ 7,50,000 c) ₹ 6,50,000 d) ₹ 2,00,000

5. Cash vouchers are types of accounting vouchers that are prepared for cash transactions only. Which of the following are
types of cash vouchers? 1
a) Cheque vouchers and credit vouchers b) Debit vouchers and cheque vouchers
c) Cash receipt vouchers and cash payment vouchers d) Debit vouchers and credit vouchers

6. Which of the following will not be recorded in the books of account? 1

a) Payment of salary b) Purchase of goods c) Sales of goods d) Quality of staff

7. If the amount of any known liability cannot be determined accurately: 1

a) Provision should be created b) Definite liability should be created
c) Should be shown as a contingent liability d) Reserve should be created

8. The data is classified for creating groups of accounts in the heads of: 1
a) Assets, Owners' equity, Revenue and Expenses b) Assets, Capital, Liabilities, Revenue and Expenses
c) Assets, Liabilities and Capital d) Capital, Revenue and Expenses

9. Accrual concept is based on: 1

a) Dual Aspect Concept b) Cost Concept c) Matching Concept d) Going concern Concept

10. Profit on sale of fixed asset is used to create: 1

a) Capital Reserve b) Specific Reserve c) Reserve Capital d) General Reserve

11. Distinguish between Trade Discount from Cash Discount. 3

12. During the financial year, Rajan had cash sales of C4,50,000 and credit sales of C3,00,000. Expenses incurred for the
year were C3,50,000 out of which Rs.1,50,000 are still to be paid. Find out Rajan's income following Cash basis of
accounting and Accrual basis of accounting 3

13. On 30th June, 2023, the bank Column of Anuj’s Cash Book showed a balance of ₹8,250. On examination of the Cash
Book and bank statement you find that: Out of total cheques amounting to ₹8,000 issued, cheques amounting to ₹5,800
have been presented for payment upto 30th June, 2023. Out of total cheques amounting to ₹6,000 sent to bank for
collection, cheques of ₹4,100 were credited in Pass Book upto 30th June, 2023. On 28th June a customer deposited
₹3,500 direct in the bank account but it was entered only in the Pass Book. Debit side of Anuj’s Cash Book (Bank
 Column) has been overcast by ₹ 100. No entry has been made in the Cash Book for the Rent of ₹800 paid by bankers
according to Anuj’s standing instructions. The Pass Book showed a credit of ₹320 for interest and a debit of ₹40 for
bank charges, but these have not been entered in the Cash Book. 8
Prepare a Bank Reconciliation Statement as on 30th June, 2023.
[OR]for ISC
Following is the Receipts and Payments Account of Women Club for the year ended March 31, 2015. Prepare the
Income and Expenditure A/C for the year ended on March 31, 2015
Receipts Amount C Payments Amount C
To Balance b/d 28,260 By Rent & Taxes 17220
To Entrance Fees 11,040 By Salaries 18,800
To Subscriptions 44,000 By Electricity Charges 840
To Donations 21,220 By General Expenses 2,500
To Interest 820 By Books 6,240
To Profit from Entertainment 1,640 By Office Expenses 9,000
By Investments 28,000
By Balance c/d 24,380
1,06,980 1,06,980
Additional Information: (i) In the beginning of the year, the club had books worth C60,000 and Furniture worth
C11,600. (ii) Subscription in arrears on April 1, 2014 were C1,200 and on March 31, 2015 C1,400. (iv) Write off
C1,000 as depreciation on Furniture and C6,000 on Books. (v) On March 31, 2015 Salaries C3,000 and Electricity
Charges C4,000 were outstanding.

14. Pass Journal entries for the following transactions: 8

Apr. 1 Pawan started business with cash ₹ 2,00,000 and Bank ₹ 8,00,000.
Apr. 3 Bought a machinery for ₹ 25,00,000 by making a down-payment of 10%.
Apr. 3 Paid ₹ 48,000 as wages for installation of machine.
Apr. 5 Bought goods from Kumar Bros. ₹ 3,00,000.
Apr. 12 Withdrawn from bank ₹ 50,000.
Apr. 15 Repaid bank loan ₹ 35,000 including interest of ₹ 3,000.
Apr.18 Sold goods to Suresh ₹ 40,000.
Apr. 24 Received from Suresh ₹ 39,750, discount allowed ₹ 250.
Apr. 27 Paid rent of ₹ 37,500 by cheque.
Apr. 30 Provide depreciation on machinery at 15% per annum.
[OR] for ISC
Vishal sold goods for ₹7,000 to Manju on Jan 05, 2016 and drew upon her a bill of exchange payable after 2 months.
Manju accepted Vishal’s draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the
bill with his bank @12 p.a. On the due date Manju failed to meet her acceptance. Noting charges amounted to C200. A
new bill was drawn for C7,500. The new bill was met on due date.
Jounalise the above transactions in the books of Vishal and Manju.

15. On 1st April, 2022, following balances appeared in the books of M/s Krishna Traders: 10
Furniture Account C50,000
Provision for Depreciation Account C22,000
On 1st October, 2022 a part of Furniture purchased for ₹ 20,000 on 1st April, 2018 was sold for ₹ 5,000. On the same
date a new furniture costing ₹25,000 was purchased. The depreciation was provided @10% p.a. on original cost of the
asset and no depreciation was charged on the asset in the year of sale. Prepare Furniture Account and Provision for
Depreciation Account for the year ending 31st March, 2023.

16. Rectify the following errors: 8

a. Goods for ₹ 5,500 were purchased from Royal Traders on credit, but no entry has yet been passed.
b. Purchase Return for ₹ 1,500 not recorded in the books.
c. Goods for ₹ 2,000 sold to Sita Traders on Credit were entered in the sales book as ₹ 200 only.
d. Goods of the value of ₹ 1,800 returned by Suraj & Co. were included in stock, but no entry was passed in the
books.
e. Goods purchased for ₹ 900, entered in the purchases book as ₹ 9,000
f. An invoice for goods sold to X was overcast by ₹ 100