PODAR INTERNATIONAL SCHOOL ICSE,ISC NERUL

TERM-1 EXAMINATION (ACCOUNTS)

A.Y 2024-2025
DATE: 23.09.2024 MAXIMUM
MARKS:80 MARKS
GRADE :XI B
DURATION:3 HOURS

General Instructions:
1.Paper has two parts -Part-I and Part-II.
2.Intended marks of the questions are mentioned in []
3.Show your workings clearly

Q1) PART-1 (Answer all the Questions) [20]

(i) Give one Difference between Revenue reserve and Capital reserve. Give examples [2]
for both.

(ii) Which of the following statements is not appropriate in relation to "Provision"? [2]

(a) Provision is a charge against profit

(b) Provision is created for known liability

(c) Provision is created for strengthening the financial position of the business.

(d) Creation of provision satisfies the principle of conservatism

(iii) Distinction between an expenditure whose benefit will be for a long period and [2]
whose benefit for a short period of say up to one year, is made under which of the
following.

(a) Accounting Entity

(b) Going concern Entity

(c) Money Measuring Entity

(d) Accounting Period

(iv) Fill in the following assuming GST rate is 12%: [3]

 Purchases A/c...Dr. ..........

Input IGST A/c...Dr. 30,000

To Shyam A/c ....................

(Being goods purchased from Shyam)

(v) X Ltd of Bilaspur, an owner of a shopping mall received rent on 1st April, 2020 from [2]
20 tenants @ ₹ 15,000 per month for 18 months for the year ended 31st March,
2021. As per the revenue recognition concept of accounting, Rent an income to be
realized by ₹______.

(a) 1,80,000

(b) 2,70,000

(c) 36,00,000

(d) 54,00,000

(vi) ABC Ltd has Net Sales ₹6,00,000. Gross Profit 25% on cost. [3]

Calculate cost of Goods sold.

(vii) Gain on Forfeiture of shares is an example of which type of Reserve? [2]

(viii) The Manager is entitled to a commission of 5% on profit after charging such [2]
commission. The profit before charging such commission is ₹ 10500.Hence the
Manager’s commission will be__________

(ix) Sales A/c is closed by transferring it to _______________ A/c [2]

PART-B (ATTEMPT ANY FIVE)

Q2) (A)From the following information of Walter Ltd., you are required to prepare: [8]
(i) Machinery account for the two years ending 31st March,2024.
(ii) Depreciation Account for the year ending 31st March,2024. The
company charges depreciation @ 20 % per annum by SLM Method

Date Transactions

01.04.2022 Purchased machineries for ₹60,000

01.10.2022 Purchased a second-hand machinery for ₹1,08,000

Spent ₹12,000 on its repairs to make it serviceable.

 01.04.2023 Spent ₹1,200 on repairs of the machinery purchased

on 01.04.2022.

30.09.2023 Sold one of the machines costing ₹20,000, out of the

lot purchased on 01.04.2022, for ₹13,000 and

purchased a new machine for ₹28,000

(B) From the following information, you are required to calculate [2]
Gross Profit and Gross Purchases

Particulars ₹
Net Sales 2,00,000
Opening Stock 32,000
Purchases returns 12,000
Wages 3,000
Closing Stock 14,000
Rent 1,000
Gross profit is 25% on cost

Q3) (A) You are required to pass journal entries for the following transactions in the [4]
books of Rajiv:

(i) Purchased goods for ₹ 15,000 from Vinay at a trade discount of 10%. The
purchase is subject to a levy of CGST and SGST @ 9% each. 40% of the
amount is paid immediately by cheque.

(ii) Goods of the value of ₹ 2,000 are distributed from the stock as free
samples. These goods had been purchased paying CGST and SGST @ 9%
each

(B) Journalise the following transactions in the books of Dixit & Sons: [8]

March 2 Sold goods to Dilip of the list price of ₹62,000 for ₹60,000.

March 16 Purchased goods costing ₹2,00,000 from Hari & Co. Paid 75%
immediately by cheque to avail 4% discount.

March 20 Sold goods to Vishal Traders costing ₹40,000 at 25% profit,

allowing 10% trade discount and 10% cash discount. Received 80% payment
 immediately by cheque.

March 26 Sold goods to Brij & Co. costing₹50,000 at 40% profit, allowing
10% trade discount and 5% cash discount. Brij & Co. paid the full amount by
cheque and availed cash discount.

Q4) From the following particulars: [12]

(i) Compile a Triple-column Cash Book for January, 2024.

(ii) Prepare (a) Discount Allowed Account (b) Discount Received Account.

Jan 1 Cash in hand ₹5,200; Bank Balance (Cr) ₹500

2 Paid into bank out of office cash ₹300.

3 Cash sales ₹1,000, deposited into bank.

5 Drew cheque for private use ₹300; paid rent of residential house

by cash ₹1,200

8 Discounted a bill of exchange ₹3,000 with the bank @1%.

9 Received a cheque of ₹440 from Pearl Bros, in full settlement of

their account of ₹470

10 Paid Mittal and Sons cheque for ₹975, receiving discount ₹25.

11 Received a cheque from Bashir & Co., value ₹290, in settlement of

their account of ₹300.

12 Paid into the bank the two cheques received from Pearl Bros. and

Bashir & Co.

14 Pearl Bros. cheque returned by the bank dishonoured.

31 Interest and bank charges for the month ₹30.

31 Deposited into bank any cash in excess of ₹800.

Q5) A) You are required to pass necessary journal entries for the following [3]
transactions:

1) Received Commission ₹ 5,000 out of which Rs 1,000 was received in advance.

2) Received a cheque of ₹ 9500 in full settlement of an amount due from a debtor.

 Discount allowed was @ 5%

B) From the following particulars taken from the books of Vipul Textiles, [9]

you are required to prepare in their books for the month of March,2024:

(i) Return Inwards Book

(ii) Return Inwards Account

(iii) M/s Purab Cloth House Account

(iv) M/s Paschim Cloth House Account

2024

15/3/2024 Returns from M/s Purab Cloth House, 20 pieces of printed shirts @₹300
each sold at a trade discount of 10%, being defective.

23/3/2024 Returns from M/s Paschim Cloth House, 100 pieces of plain shirts @₹50
each sold at a trade discount of 10%, being not up to specification.

Vipul Textiles had sold 200 pieces of printed shirts to M/s Purab Cloth House in
February, 2023.M/s Paschim Cloth House had been sold 500 pieces of plain shirts
on 4th March,2024.

Both of them cleared their accounts on 31st March, 2024.

Q6) Following was the financial position of M/S Bhaskar & Co as on 1st April 2023 :- [12]

Cash in Hand ₹ 30,000; Bank Overdraft ₹ 20,000; Prepaid Rent ₹ 5,000; Furniture₹
8,000; Stock ₹ 50,000; Debtors -Manohar Rs 8,000; Shyam ₹ 12,000; Creditors- Pari
₹ 4,000; Suhani ₹ 5,000.

Following transactions took place during April 2023

2 Transferred ₹ 1,00,000 from savings account into current account of business.

3 Purchased goods for cash ₹ 10,000.

8 Received a cheque from Shyam for 3,860, discount

 allowed ₹ 140.Cheque deposited into the bank on the same day.

10 Sold entire furniture for ₹ 6,850.

13 Shyam’s cheque was returned dishonoured. Bank levied charges ₹ 100.

14 Bought goods from Trishita for ₹ 2,00,000 @ 5% cash discount and 10% trade
discount. Half of the amount paid by cheque at the time of purchase.

16 Returned 20% of the above goods to Trishita as they were defective.

18 Sold goods to Shyam of the list price ₹ 10,000 at a trade discount of 15%.
Carriage paid ₹ 500. This amount was to be recovered from Shyam.

20 Goods used in making furniture (Sale Price ₹ 18,000; Cost ₹ 16,500)

22 Paid advertising expenses ₹ 1,000; Wages ₹ 5,000. Sold old newspapers for ₹ 90.

You are required to :

1) Pass journal entries in the books of M/S Bhaskar & Co for the month of

April 2023.

2) Prepare Ledger accounts for:

a. Trishita’s account

b. Purchase account

Q7) A] Record the following in analytical petty cash book drawn with suitable columns [4]
and then balance the same for the month of May 2023

May 2023

1st Received from chief cashier Rs.2710 cash to make up the imprest amount of
Rs.3000/-

1st paid for carriage Rs.150/- and stationery Rs.200/-

15th Paid for snacks during a meeting with customers Rs.250/-

17th Bought wrapping papers Rs.45/-; paid for taxi fare of manager from station to
office Rs.130/-

25th Paid Elite stationers Rs. 35/-for stationery bought on credit last month.

B] Prepare purchase book and Sales book in the books of Darshan Traders 2023 [8]

March 2023
 1st Sold to Chandra light house:-

50 Tube lights @ 60/- each less 20%TD

20 heaters @Rs.120/- each less 25% TD

5th Purchased from charat Ram electric company :-

25 table fans @ Rs.600/- each

20 ceiling fans @ Rs 800/- each

10th Choudhary and Sons purchased from us :-

80 dozen bulbs @Rs.90- per dozen

12th Purchased from Ramlal and Sons one Typewriter for Rs.6000/- on credit for
office use.

16th Sri Ram and Sons sold to us :-

10 electric Irons @ Rs.180/- each less 10% TD

20th Chandra Light House returned: 5 Tubelights sold on 1st March

22nd Sold goods to Jai Bhagwan and Co. for cash Rs.10,000/-

25th Sent a debit note to Sri Ram and sons for 2 electric Irons purchased on 16th
March.

27th Received a debit note for Rs.2700/- from Jai Bhagwan and co. and refunded
cash to him for goods returned by them.

A) The following balances are extracted from the books of Mr. Rakesh on
31.3.23 You are required to prepare a trial balance after taking into
Q8) [8]
consideration the transactions given below that remained unrecorded.
 1.Unrecorded credit purchases of goods costing Rs 10000/-

2.Salary Rs 5000 paid to one office peon from savings A/c of Mr. Rakesh.

B) Journalise the following transactions for the month of January 2024: [4]

Jan.1 Invested in shares of Tata Cotton Mills Ltd. and paid for the same in Cash

Rs.2,000.

2 Placed on order with Mr. S for goods to be received a month later Rs. 1,500.

3 Invoiced goods to Mr. Lalit worth Rs. 1,000 and allowed a T.D of 2%

Q9) Q9) You are required to Pass the necessary journal entries and prepare Bank [12]
A/c , D.lal A/c and Purchase A/c

(i) He started business contributing Rs 10,000 in cash, Rs 5,00,000 in cheque and a

building valued at Rs 5,00,000

(ii) Purchased goods from D.lal Kanpur for Rs 2,00,000.

(iii)Sold goods on credit to Ramesh Kolkata for Rs 2,00,000

(iv)Received Rs 1,84,800 by cheque from Ramesh in full settlement of his account.

(v)Paid Rs 1,74,000 to D.lal in full settlement of the amount due to him.

(vi)A new machine of Rs 2,40,000 was purchased from machine tools ltd Delhi in
exchange of an old machine valued at Rs 50,000. He gave a cheque of Rs 1,00,000
 from his savings account and balance from the firm's account.

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