say BAL BHARATI PUBLIC SCHOOL. Va HALF-YEARLY EXAMINATION (2024-25) CLASS - XI SUBJECT- ACCOUNTANCY SET -B TIME: 3 Hours Maximum Marks: 80 General instruction: i) This question paper contains 34 questions. All questions are compulsory ii) Marks are indicated against each question. iii) Question number 1 to 20 are multiple choice questions. Each question carries 1 mark iv) Question number 21 to 26 are short answer type questions. Each question carries 3 marks Vv) Question number 27 to 29 are long answer type - | questions. Each question carries 4 marks vi) Question number 30 to 34 are long answer type - Il questions. Each question carries 6 marks vii) There is no overall choice. However, an internal choice has been provided in few questions in each of these parts S.No. Questions Marks A | A Ledger is a: 1 A) Book of Original Entry B) Book of Final Entry C) Subsidiary Book D) Cash Book OR Purchases Book is a part of: A) The Journal B) The Ledger C)The Trading Account D) The Balance Sheet HX | Which of the following is an advantage of Accounting? 1 A) Shows the present value of business B) Window dressing C) Shows the effect of price level changes D) Replacement of memory | Wages paid for the installation of a new machinery will be debited to: 1 A) Wages Account B) Repairs Account Page 1| 10 © scanned with OKEN ScannerC) Machinery Account: D) Capital Account OR Paid to Vishakha %14,000 in full settlement of 215,000. Posting of 21,000 will be made to the: A) Debit side of Discount A/c B) Credit side of Discount A/c C) Debit side of Cash A/c D) Credit side of Vishakha’s A/c A’ | Current assets do not include: A) Stock B) Short term investment C) Prepaid expenses D) Unearned income 5” | Cash received from Kajal 36,000 after allowing her discount @10%. - | Amount debited to discount account will be: ° A) 33, 600° : B) 4,000 . C) 84,400 D) 40,000 lace fa nn & | Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented? A) Relevance B) Reliability C) Understandabitity D) Comparability y D) Repair expenses Last step of Accounting process is; A) Provide information to various parties who are interested in business enterprise B) Record transactions in the books C).To make summary in the form of financial statements D) To classify the transactions under separate heads in the Ledger OR Which of the following is Revenue Expenditure? A) Purchase of investments B) Building construction expenses C) Expenses on purchase of machinery In a business, ‘Purchases’ refers to: A) Purchase of an article to be used in office B) Purchase of goods for resale « C) Purchase of an asset to be used in factory D) All of the above OR Current liabilities include; A) Debentures B) Long term Loans C) Bills Payable D) Capital On the basis of the given two statements, identify the correct option out of the following: Assertion (A): Accounting may be influenced by personal bias Reason(R): In some situations, choice has to be made from alternative Page 2| 10 © scanned with OKEN Scanneraccounting policies, A) B ae (A) and (R) are correct but (R) is not the correct explanation of 8) Both (A) and (R) are correct and (R) is the correct explanation of (A) :) (A) is correct but (R) is incorrect D) (A) is incorrect but (R) is correct 46 | When goods are sold on credit, the seller prepares: A) Cash Memo B) Invoice C) Accounting Voucher D) Transfer Voucher A1 | Objective of preparing Trial Balance is: A) To ascertain the profit or loss of business B) To ascertain the financial position of business C) To provide a conclusive proof of the accuracy of the books of accounts D) To ascertain the arithmetical accuracy of accounts AX | Example of Personal Account is: A) Sales Account B) Goodwill A/c C) Accrued Interest Account D) Interest Account Find the correct statement: A) Decrease in income is credited B) Increase in expenses is credited C) Increase in revenue is debited D) Increase in capital is credited As per Cost Concept, an asset is recorded in the books: 1 A) At market value |B) At going concern ©) At the price at which it was acquired D) At liquidation value 44” | Ghanshyam is a furniture dealer. Which one of the following will not be 1 recorded in his books? A) Purchase of Timber for 50,000 B) Sofa set worth %40,000 taken to his home C) Sale of household furniture 75,000 D) Dining table of 230,000 given to his friend as gift OR If the debit as well as credit aspects of a transaction are recorded in the cash book, it is called, A) Contra Entry- B) Compound Entry C) Opening Entry D) Adjustment Entry “48/ | Mohan started business on 1% April, 2023 with capital of %7,50,000 and a | 1 loan of %2,00,000 taken from Punjab National Bank. During the year, he had introduced additional capital of %1,25,000 and had withdrawn %40,000 for personal purposes. On 31% March, 2024, his assets were Page 3| 10 © scanned with OKEN Scanner%15,00,000. Find out his profit/loss incurred during the year 2023-24. A) 85,50,000 B) %4,65,000 C) %13,00,000 D) 4,25,000 Cash discount may be: ‘A) Received at the time of prompt payment B) Allowed at the time of bulk sale of goods C) Received at the time of bulk purchase of goods D) Received both at the time of prompt payment and bulk purchase of goods ‘Everything a firm owns, it also owes out to somebody. This is explained by the ____ concept of Accounting A) Going Concern B) Dual Aspect C) Money Measurement D) Accounting Period Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing 330,000 each at 240,000 each. Out of this, %5,00,000 were received in cash and the balance-is not yet received. State the amount of revenue A) 85,00,000 B) 8,00,000 C) %3,00,000 D) %6,00,000 On the basis of the given two statements, identify the correct option out of the following: Assertion (A): Revenue is matched with expenses incurred to earn the revenue under Matching Concept of Accounting. Reason(R): If revenue is recognised as earned, its related costs, whether paid or not should also be recognised. A) Both (A) and (R) are correct but (R) is not the correct explanation of (A) B) Both (A) and (R) are correct and (R) is the correct explanation of (A) C) (A) is correct but (R) is incorrect D) (A) is incorrect but (R) is correct Due to which of the following , window dressing is prohibited: : A) Convention of Consistency B) Accounting Period Concept €) Convention of Full Disclosure D) Money Measurement Concept |@) What are Accounting vouchers? b) State the utility of Cash Memo. @) Why are Cash Vouchers prepared? During the accounting period 2022-23, Mayank had total sales of %6,00,000, out of which 2/3 is for cash and balance on a credit for two months. The total expenses were %2,80,000 out of which 70,000 are still outstanding. He also paid £10,000 (apart from the 2,80,000 given previously) for expenses related to 2023-24. Calculate his income as per ‘Cash basis’ of accounting for the accounting period 2022-23 Page 4] 10 © scanned with OKEN ScannerIn the financial ae credit sales we year 2022-23, Aman’s cash sales were 6,00,000 and Were Bans (ere 1/38 of cash sales. The total expenses paid by him 330.000 ae eau of which $20,000 pertained to 2023-24. Expenses of ‘AeePuRI Gee to be paid. Determine Aman’s income as per asis of accounting for the accounting period 2022-23 Journalise the following transactions in the books of Jagdish Mishra of aye (U.P.) assuming CGST @6% and SGST@ 6% , LEST 12% March 5 Purchased goods for ¥2,50,000 from Virender of Patna (Bihar) March 12 Sold goods costing %60,000 at 50% profit on cost to Pratap Sinha of Ranchi (Jharkhand) March 18 Sold goods at Varanasi (U.P.) costing %2,25,000 at 33 % % profit on cost less trade discount 10% against cheque which was deposited into bank Record the following transactions for the month of June 2023 in appropriate Subsidiary Books: 2023 7 June Received a cheque from Riya 23,250; discount allowed %150 9. June Deposited the above cheque in bank 15 June Received cheque from Suresh 31,200 20 June Riya’s cheque returned dishonoured 30 June Suresh’s cheque was endorsed to Kamal The following balances appeared in the books of Anil on 1/4/2024 z Cash 4,000 Bank 10,000 Stock 27,000 Creditors 12,000 Bills Receivable 23,500 Boiler and Machinery 30,000 Patents 15,500 Bills Payable 40,000 a) Pass the opening entry. b) Identify the subsidiary book in which the given entry should be passed “Defective goods sold to Babita on credit worth Rs. 4,000 were returned by her.” State the first three steps in the process of Accounting OR How is the accounting information useful to: 'a) Owners b) Banks and financial institutions -c) Government Page 5| 10 © scanned with OKEN Scanner27 | Ina business, provision for doubtful debts is created @5% on debtors. | 4 every year. Identify and explain the accounting principles followed in this process. OR On 25 March, 2023, a fire broke out in the premises of Kamal Ltd. and destroyed a part of its plant and machinery. On account of this, a sharp decline in production for the next six months is expected. The company did not disclose this fact in its annual report for the year ended 31% March, 2023. a) Identify and discuss the Accounting Principle being violated in this case. b) Explain the Accounting principle which is an exception to the Principle identified above 28 | What are Accounting Standards? Discuss its advantages | 4 2% | On the basis of following information, 4 Prepare the Ledger Account of Guru Ji: Date Transaction . 4/4/2024 Goods Purchased from Guru Ji 80,000 10/4/2024 Cash Paid to Guru Ji 332,000 15/04/2024 |. Additional goods purchased from Guruji for 40,000 18/04/2024 Goods costing 74,000 were returned on account of being defective 25/4/2024 Guru Ji offered a cash discount of 2000 on prompt . The offer was accepted. Bank transfer by How will you classify Guru ji’s Account as per Traditional Classification of Accounts? © scanned with OKEN ScannerFollowing are the transaction: ‘onics store, Bela er teen onan of the proprietor of $5 electr Date Transactions 2024 Purchased from M/s Sandy Traders June 10 | 30 Refrigerators @ %30,000 per unit 20 Microwave oven @ %2,800 per unit Trade discount @ 10% June 12 Purchased from M/s Goldy Electronics for HP Laptop @ 60,000 June 15 | Sold to Rasika Enterprises : + | 5 Fully Automatic Washing Machines @ %32,000 per © [unit 10 Food Processors @ %4,000 per unit Trade Discount 5% Jane 20] Purchased from Nalini via Cash memo no. 765 23 ceiling fans @ ¥2000 per unit June 24 Purchased from Deepak Traders, a 25 Smart TVs 54 inches @ 35,000 per TV Trade discount 10% June 28 Sold to M/s Bharat Computers 40 LED Monitors for 85,000 5 mouse @ %500 per unit Based on the above information, answer the questions that follow: 2) Prepare Purchase book and Sales Book for the month of June 2024. ¢ document will be prepared by the proprietor of SS b) Which sourc Electronics if goods sold on June 28 are returned? yr office use Use Accounting equation to show the effect of the following transactions of Mohit: Particulars z Business started with cash 1,75,000 50,000 Purchased goods from Rohit Sold goods to Manish for cash costing (17,500) for | 20,000 48,500 Cash paid to Rohit in full settlement Rent paid in advance 1,000 Income tax paid 3,000 Page 7|10 © scanned with OKEN Scanneron i ven below: Pass the journal entries for the transactions given be a) A motor car was purchased for %80,000. Repair charges on it amounted to $5,000. Entre payment was made by cheque |” b) Ashok, a debtor for $8,400 became insolvent. Received from official estate 70 paisa in a rupee ¢) Goods worth 83,000 were used by proprietor for his personal purposes d) Provide depreciation on computers costing €1,50,000 @20% p.a. e) Rent paid by cheque 730,000. One third of the premises is occupied by the proprietor for his residence. f) The proprietor sold his personal car worth %75,000 and brought the money into business ‘Mahesh, a dealer in sustainable stationery items, started his business in the year 2023. Given below is an extract of his journal. Complete the OR Journal entries from the information given below: In the books of Mahesh Journal Date Particulars Dr.(%) | Cr. (®) a) Dr. To + (Seed pencils of %3,000, selling Price 73500 distributed as free samples to school children to encourage sales) 3,000 3,000 b) Cash A/C Dr. To —- - (Mohan , a customer whose debt of 31,000 was written off in the year 2021, paid %500 against the same, now recorded) c) Or. To ( Cash received from Ram on behalf of Shyam) 7,000 7,000 4) To Bank A/c ( Life insurance premium € 8700, Fire insurance premium of office premises 10,000 and income tax 4,000 paid by Mahesh via cheque) | Page 8 | 10 © scanned with OKEN ScannerDr. 50,000 : 40,000 To - 10,000 ( Salary paid %40,000 and due _|810,000) a Dr. To Interest A/c (Mahesh bought bonds in X Ltd. in the year 2022 to generate passive income for business. Interest due but not received on the same is 5,000) 38 | Neha, the Senior Accounting Executive, in JK Garments, has instructed Radha, her new intern, to observe the classification of business transactions from book of original entry to the ledger. In order to test Radha’s working knowledge of accounting, she was asked to analyse the given transactions of “ Manik” and “Ramya” Manik, their regular customer, placed order for goods of list price of %2,00,000 on 5** March, 2024 with a term of trade discount of 10%. On 7 March, 2024, invoice was prepared and goods were sent to his godown. He returned goods of list price %4,000 on 10! March, 2024, A partial payment of %1,00,000 was received from him on 15** March, 2024 via cheque which was deposited immediately into the bank. On 16 March, 2024, furniture worth $60,000 was purchased from Ramya for office use with conditions of 5% cash discount on payment within 10 days. 60% amount was paid on 24%" March 2024. On the basis of above passage, answer the following questions: (a) Name the accounting term used to denote “Book of original entry”. (b) Prepare the ledger Accounts of “Ramya” and “Manik” in the books of JK Garments and Balance them as on 31st March, 2024, (c) Determine what their closing Balance indicates. : Page 9/10 © scanned with OKEN ScannerBt Enter the following transactions in two-column cash book (with cash 6 and bank column)of Ms Sudha Date Particulars ®) 2024 Bank Overdraft 42,000 Aprit1 | Cash in hand 23,000 April | Purchased goods for cash 45,000 April13 | Cheque paid to Seema 2,500 Discount received 50 April 17 | Money withdrawn from bank for office | 3,400 use April 28 | Fees of children paid by cheque 5,000 April 29 Bank charges 1,000 April 30 Paid into Bank the entire balance after retaining %2,000 at office Page 10 | 10 © scanned with OKEN Scanner