Qt az a3 a4 Qs 5 NEERJA MODISCHOOL , ; _ AGLOBAL INS E RM GRADE-x _ | DATE: 28.08: TIME M.MARKS_: 80 MID-TER AMINATION | aCCOUNTANCY 2025-2026 General Instructions | Read the folowing instructions very carefully and strictly follow them: | 4. This question paper comprises two PARTS — A and B. There are 34 questions: in the question paper. Both parts are compulsory for all candidates. Question Number 1 to 16 and 27 to 30 carry 1 Mark each Question Number 17 to 20, 31 and 32 carry 3 Marks each, Question number 21, 22 and 33 carry 4 marks each. Question from 23 to 26 and 34 carry 6 marks each. There is no negative marking. Specific Instructions related to each Part is mentioned clearly before the questions. Candidates should read them thoroughly and attempt accordingly. 9. Prepare proper formats and write narrations. er PART-A Use of common unit of measurement and commen format of reporting promotes. A. Comparability B. —_Understandability C. Relevance D. Reliability assets are also called circulating assets or floating assets. A. Current assets B. —_Non-current assets C. Liquid assets D. Intangible assets ABC Car Ltd. Spent 250 Lakhs on advertisement to launch its new model of car and it hopes that it will yield benefits for 6 years to the company. The 1/Sth advertisement amounting £10 lakhs will be debited to Profit and Loss Alc being _expenditure and 4/Sth advertisement cost amounting 240 lakh will be shown as asset in the Balance Sheet being portion of __ expenditure. ‘An enterprise prepares its accounts under the’ accrual basis.) Salaries amounting 210,000 for the month of March, 2024,were not paid. The owner did not want to account it in the books of account on the ground that the amount was not paid. The enterprise closes its books of account on 31st March every year. Is he correct? Recording the transactions and events correctly and preparing financial statements are the only objectives of accounting. Is this correct? 1a7 as as a.10 an Qi2 Q.13 Q.14 Qs , Mi Rent of ee id Mere. 2023 is not yet paid. It means an expense ‘of 210,000 has | i been incurred and is yet {0 be paid, j¢;, a liability is established for the amount \ 10,000 is expense. ‘A. _ Prepaid expense Ae | a ¢. Outstanding expense S. ceoitue | ‘ \ 0 as prepaid expenses | 1 If expenses paid during the year are 230,000 including & 5,001 fear. The amount to be for cS year and %2,000 outstanding expenses of previous ¥ rec ‘orded as current year expense following the cash basis of accounting will be A. 37,000 B. 30,000 c. 36,000 - D. 32,000 Salary Vc is a__AVc but salary outstanding is @ __ANe. d Contra entries on the debit side of the Cash book are posted to a A. Debit of Bank account in the ledger . B. Debit of Cash account in the ledger C. Credit of Cash account in the ledger D. Not posted in the Ledger The Sales Book Z A. _ is apart of the Journal B. _ isa partof the Ledger D. _ is apartof the Trial Balance C. _ isapart of the Balance Sheet What type of Ledger accounts are not carried forward to next year? 1 A. Personal Accounts B. Real Accounts C. Nominal Accounts D. — Allofthese Balance in the Petty Cash Book is 1 ‘A. anexpense B. aprofit Cc. anasset D. income ig the amount of the expenditure incurred on oF chargeable to a specified | 1 product or activity. A. Cost B. Expense D. Discount c. Expenditure It total sales during the year were80,000, out of which, 850,009 cash received during | 4 of revenue recognised as realised the year and bad debts were, 22,000, The amount following accrual basis of accounting will be, ‘According to the Accrual Concept ‘A. _ transactions and events are reco’ in cash. B. transactions and e ded in the books at the time of their settlement vents are recorded in the books at the time when they are entered into. transactions and events may be recorded either at the time of the settlement or when they are entered into. D. None of the above - ovanmeawiircams» ee %, {2 _ga.16 | Cost of goods manufactured is determined by A Sos "$5 —|A.__ Financial Accounting B. Cost Accounting C. Management Accounting D. Human Resource Accounting | ‘Closing stock is valued at a lower of cost Price or market price.’ Which concept of | 3 Accounting is applied here? Explain it On 1st April, 2024 the position of M/s ABC Was as follows: 3 Cash in Hand 26,000, Cash at Bank %25,600, Stock of, Goods 29,000, Machinery%45,000, Furniture®18,000, Abdul %20,500 (Debtor), Neeraj 226,000 (Debtor), Loan®50,000,,Amit 6,700 (Creditor); Pass the Opening Journal entry, Q.19 | Explain different types of receipts. .20 | Complete the Journal entries in the books of Rahul & Co., who is dealing in products of | 3 GST slab of 12% Date Particulars LF Dr. Cr. 7 | Legal Fees Ale Dr 5,000 | —_——_ Or. _— | To (Paid Lawyer's fees to Advocate Amit Nida by cheque) i, | Mona Trading Co. Or. To To To _ (Being goods returned to Mona Trading Co. 7,000) i Or. To _ (Paid electricity charges 2,000 by | cheque) .21 | Prepare an Analytical Petty Cash Book from the following particulars: 4 Jan 2019 1 Received cash from cashier 2500. 3 Purchased stationery 323 4 Paid coolie charges %62, Taxi fare 356 6 Paid Chowkidar 290, Refreshment %70 43 Paid Loading and unloading charges 250, Refreshment 258. Use Imprest System. 3 oT 0 ee $=SC ETI TEU WITT UATIISye 4 Q.22 Q.23 Q.24 Q.25 rr ee On 1st April,2025 Ankit had 250,000 in his bank Alc. He paid to Sohan by cheque | 19,600 in settlement of 220,000. Pass Journal entry and post it in Ledger Accounts of | Ankit. Also balance the accounts. Show an Accounting Equation forthe following transactions: § i, A Ltd. commenced business with cash 50,000 and & 1,00,000 by cheque, goods 2,70,000, machinery 81,00,000 and Furniture 250,000 1i8rd of the above goods sold at a profit of 10% on sales and half of the Payment is received in cash. iil, Depreciation on machinery provided @10%. iv. Cash withdrawn for personal use 210,000. Vv. interest on drawings charged @ 5%. vi Sold goods for cash 210,000 at par. Record necessary Journal entries assuming inter-state dealings in 18% GST slab | 3+3 products. i, Bought goods from Maya & Sons, for list price %40,000 less 10% Trade Discount and 2.5% cash discount. Paid cheque for half the amount. ii, Sold goods for €1,35,000 less 10% Trade Discount. iii, Paid for Railway transport %8,000. iv. Bought a computer printer for 810,000, v._~ Paid Telephone expenses @2,360 inclusive of GST in cash. vi. Goods given away as charity 25,000. Prepare Returns Inwards and Return Outwards Books of Manoj, Mumbai from the | 6 following transactions and post them in,Ledger Accounts >< _ March 1 Mathur Bros., New Delhi, retuned: 5 pairs of shoes for being defective @%2000 per pair Less: Trade Discount 10% March 5 Returned to Kanpur Leathers Private Ltd., Kanpur: 400 pairs of Chappals being not up to the approved sample. They were purchased @%300 perehair 74» Toi Less:Trade Discount 15% | March 12 Baluja Shoes Co., Mumbai, retuned 12 pairs of ladies chappals sold to them @ 24,000 per pair Less: Trade Discount 10% March 20 Returned to Bata Shoes Pvt Ltd., Mumbai 100 pairs B.S.C Canvas Shoes %500 per pair Less:Trade Discount 15% ovanmeawiarcarsQ.27 Q.28 Q.29 Q.30 Q.3t Q.32 nV gy Record the following transactions in the Journal. 6 i. An old machinery of book value 250,000 is exchanged for a new machine costing €1,20,000. The old machine is valued for % 40,000 by ABC Ltd. ii, Amount transferred to Fixed deposit 25,00,000. ili, Paid 9,000 to Mr. A on his account for 210,000. iv. Transfer of 21,00,000 by M/S XYZ from SBI Bank A/c to PNB Bank Alc. v. Paid Life Insurance Premium by Bank Draft 210,000. Paid bank charges of 100, vi, Issued a cheque as advance for, Machinery 270,000, PART-B Goods costing £8,000 were sold to Sumit at a profit of 25% on cost less 10% trade} 1 discount and 2% cash discount. Sumit paid §0% in cash. Cash A/c will be debited by: A. %4,500 B. 4,410 Cc. %8,820 D. 3,920 Give two examples of services which are under Reverse Charge Mechanism (RCM) | 1 under the GST regime. Sale of business asset on credit is recorded in 1 A. Sales Book B, Journal Proper C. Special Journal D. Cash Book Paid £950 to Mohan full settlement of his account 21,000. Posting in Mohan's Account | 4 will be: A, %9600n Dr. side B. 21,000 on Dr. side C. 2950 0n Cr. side D. 21,000 on Cr. side Pass Journal entries for the following: = i. _ Interest due but not received 4,000 ji, Closing stock at the end of year is €50,000. ii, Salary due to staff %25,000 Following balances were extracted from the books of Ravinder Associates as at 31st] 3 March, 2017: cee (A-F CLEAR x @® - F ® \ Sundry Debtors %,10,000__,, | Stock (April 7, 2016) 2,30,000_ | ‘Sundry Creditors 80,000 Premises — © 72,00,000 Rent and Taxes 48,000 Fixtures & Fittings ¢ | 3,10,000 Purchases 34,00,000 | Bad Debis written of — pj [8,000 Rent received from sub-let Sales 56,00,000 30,000 of part of premises “ u os eaen _| 5 OULAINICU WILT cams[Trade Expenses” —Teeantrem Mukul“ { Returns Outwards Inforest on Mukul's Loan 7 Retums Inwards 720,000 tC. Expenses 4,000 Cashin hand — C - Coes 550,000 Stock on Sist March, 2017 E 7[Elestricity 25,000 (not adjusted) ‘You are required fo prepare the tal balance treating the difference as his capital 133 | Determine the GST fabilty for the month of April, 2022 of Mls Goel Agencies from the | following details: Tnput GST (Or) utput GST (Cr) Gate] casT@ | sates | SST | cost@ | sost @ 60,000 35,000 35,000 | 40,000 50,000 50,000 @.34 | Enter the following transactions in the Cash Book with Cash and Bank columns: 6 Date _ [Amount \ 2023 3 June 1 | Cash in hand 18,000 Bank overdraft 5,700 7 _ | Received a cheque from Bharti 3,250 _ | Deposited the above cheque into bank 42. | Paid to Bhavana by cheque 2,425 45. | Bharti’s cheque returned dishonoured 20 | Withdrew from bank for office use 250 95 | Cheque received from Panna Lal endorsed in favour of) 1,200 Kamal on 28" June 30 | Income Tax paid by cheque 150 30 | Bank Charges 25 30 _ | Deposited into bank after retaining £1100 in cash