ACCOUNTANCY
Time allowed: 3 hours Maximum Marks: 80
General Instructions:
● Question nos. 1 to 9 and 18 to 26 are very short answer type questions
carrying 1 mark each.
● Question nos. 10 and 27 are short answer type–I questions carrying 3 marks each.
● Question nos. 11 to 13 and 28 are short answer type–II questions carrying
4 marks each.
● Question nos. 14, 15 and 29, 30 are long answer types–I questions carrying
6 marks each.
● Question nos. 16 and 17 are long answer type–II questions carrying 8 marks each.
Part A - Financial Accounting I
1 Name any two external users of accounting information. 1
2 Define inventory or stock. 1
3 If total assets of a business are ₹1,50,000 and capital of a business is ₹80,000, find out the 1
total liabilities of a business.
4 Explain a going concern concept. 1
5 A credit purchase of ₹500 is written as ₹50. Pass the rectifying entry. 1
6 Pass the journal entry for ‘goods lost by fire for ₹1,500’. 1
7 Can trial balance disclose compensating errors? 1
8 When do we pass contra entry? 1
9 A bill of exchange is drawn on 8th September, 2019 for 3 months. Its due date will be: 1
(a) 10th December
(b) 6th December
(c) 11th December
(d) 12th December
(QUESTIONS)
10 Prepare purchase return book for the following transactions: 3
Dat Detail
e s
May 1 Return goods to M/s Jainam Traders
May 15 ₹15,000 Goods returned to Sanchi Pvt.
May 23 Ltd. ₹28,000
Goods returned to M/s Naman Traders for list price ₹15,000 less
May 29 20% trade discount.
Or
Samar sold goods to Rahim for ₹60,000 on credit on December 1, 2019. Half of the payment
was made immediately and for the remaining half Samar drew a bill of exchange upon Rahim
for 3 months. Rahim accepted the bill and returned it to Samar. Bill was dishonoured on
maturity and noting charges paid ₹100. Record the necessary journal entries in the books of
Rahim.
11 Record the following transactions in the petty cash book. 4
Date Particulars Amount
(₹)
2020
Nov. Received petty cash 8,000
01
Nov. Paid for Repairs 200
05
Nov. Refreshment Expense 500
07
Nov. Paid for Stationery ₹3,000 plus CGST and SGST at 10%
10 each.
Postage Charges
Or
Pass the necessary journal entries for the following transactions and prepare ledger
accounts: (a)
Mr. Rhean started business with cash ₹1,00,000, stock ₹36,000.
(b)Sold goods to Vinay for ₹80,000.
(c) Sold goods to Kian for ₹10,000 and allowed a cash discount at the rate of 10%.
12 Rectify the following errors. 4
(a) Credit sales to Reyansh for ₹50,000 were recorded in the purchase book.
However, Reyansh’s account was correctly debited.
(b) Credit purchases from Rohan of ₹1,600 were not posted.
(c) Credit sales to Divya for ₹2,000 were posted to Karan.
(d) Credit purchases from Viha for ₹1,000 were not recorded in the books.
13 Prepare a bank reconciliation statement as on 31st March, 2020. On this day the passbook of 4
Mr. Khanna showed a balance of ₹18,000.
a. Cheque of ₹1,550 directly deposited by a customer.
b. Commission received for ₹1,800 directly deposited into a bank account.
c. Cheques of ₹5,400 were issued, out of which cheques for ₹1,400 were not presented for
payment.
d. There was a debit in the passbook of ₹8,540 in respect of the dishonoured cheque.
(QUESTIONS)
14 Enter the following transactions in the double column cash book of Swayam. 6
Date Transactions Amount
(₹)
2020
July 1 Cash in hand ₹50,000 and cash at bank ₹80,000
July 3 Riya who owed Swayam ₹20,000 became bankrupt and paid only 60
paise in a rupee.
July 7 Cheque received from Anju and deposited on the same day into bank
10,500 July 8 Withdrew from bank for personal use
12,000 July 15 Received a payment on account of loan of ₹37,500 and deposited ₹22,500
out
of it into the bank.
July 21 An amount of ₹13,300 due from Rahul written off as bad debts in the
previous year, now recovered.
July 25 Cheque received from Priyansh of ₹16,000 in full settlement of
₹20,000. July 30 Cheque received on July 25 was banked.
15 Nia Ltd. purchased furniture for ₹5,00,000. The depreciation is charged at 10% p.a as per 6
straight line method. Calculate the profit or loss on the sale of the furniture in each of the
following cases:
Case Date of Purchase Accounting Year Ending Date of Sale Sale Proceeds
1 1st June, 2018 31st December 31st March, 2019 ₹ 3,50,000
2 1st December, 2018 31st March 1st October, 2019 ₹ 4,60,000
16 On April 1, 2018, Priya Ltd. purchased machinery for ₹10,00,000. On October 1, 2020, the 8
machinery was sold for ₹8,20,000. The company has adopted the method of providing 10%
depreciation on the original cost of the machinery. Prepare machinery account, accumulated
depreciation account, and machinery disposal account.
17 Abha sold goods worth ₹38,000 to Nia on 2nd April, 2018. ₹8,000 was paid by Nia immediately 8
and for the balance, she accepted the bills of exchange drawn upon her by Abha payable after
4 months. Abha discounted the bill immediately with her bank at 10% discounting charges. On
the due date, Nia dishonoured the bill and the bank paid ₹60 as noting charges.
Record the necessary journal entries in the books of Abha and Nia.
Part - B: Financial Accounting II
18 Closing stock is valued at: 1
a. Cost Price
b. Market Price
c. Net Realisable Value
d. At Cost or Net realisable whichever is Less
19 Which characteristic of a computer system is shown in the statement 'Ability to perform various 1
tasks, simple as well as complex?
(QUESTIONS)
20 Calculate the value of closing capital from the following information: 1
Profit = ₹80,000, drawings = ₹15,000, additional capital introduced = ₹50,000, opening capital =
₹75,000.
a. ₹1,90,000
b. ₹70,000
c. ₹60,000
d. ₹2,05,000
21 Loan from a friend is shown on the side of the . 1
22 What is the accounting treatment of revenue in advance? 1
23 Opening capital in incomplete records is ascertained through . 1
24 Mention all the stages of automation. 1
25 There are the people who design data processing systems. Name them. 1
26 Which of the following is regarded as apt to show the purchase of a fixed asset? 1
(a) Income & Expenditure account
(b) Balance Sheet
(c) Bank Statement
(d) Profit & Loss Account
27 From the following, calculate the amount of bills accepted during the year. 3
Amount
Particulars (₹)
Balance at the beginning 4,20,000
Balance at the end 6,40,000
Bills payable dishonoured during the year 1,00,000
Bills payable honoured during the year 1,60,000
28 Write down the limitations of the Computerised Accounting System. 4
29 Calculate the closing capital and profit or loss made during the year from the following details 6
given below.
At the end
Particulars In the Beginning (₹) (₹)
Bills payable 12,000 78,00
0
Creditors 14,000 -
Loan - 80,00
0
Bills receivable 50,000 90,00
0
(QUESTIONS)
30 Prepare trading and profit or loss account and balance sheet from the following balances 6
relating to the year ended 31st March, 2019.
Account title Debit Credit
( ₹) ( ₹)
Opening Stock 40,000 -
Purchases and Sales 2,60,000 3,90,000
Lighting 4,000 -
Cash in Hand 22,000 -
Salary 18,000 -
Rent - 9,000
Building 6,50,000 -
Machinery 4,80,000 -
Debtors and Creditors 32,000 50,000
Purchase return - 12,100
Sales return 6,200 -
Capital - 11,45,000
Drawings 10,200 -
Commission received - 6,000
Wages 7,000 -
Investment 69,000 -
Manufacturing Expenses 5,600 -
Dock and Clearing charges 8,100 -
16,12,100 16,12,100
(QUESTIONS)
Additional information:
i. The stock on 31st March, 2019 was valued at ₹12,000
ii. Interest on Capital @5% and Drawings @10%
iii.Unexpired Rent ₹500
iv.Building is depreciated @ 10%
v. Interest on Investment @ 6%
vi. Charge 10% depreciation on Machinery
