HYACCSET1QP1115 22/11/15
Half yearly Examination. (2015-2016)
Subject: Accountancy Max. Marks : 90
Grade: XI Time : 3 Hrs
General Instructions:
Attempt all the questions
Show all the calculation neatly and clearly.
1. Which qualitative characteristic of accounting information requires the use of common unit 1
and common format of reporting?
2. Name the category of account that is not balanced. 1
3. If the total of the debit side of cash book exceeds the total on the credit side what does it 1
indicate?
4. Differentiate between Revenue Reserve and Capital Reserve on the basis of Purpose. 1
5. State any two reasons when the Cash Book is higher than the Pass Book. 1
6. Which method of depreciation assumes that an assets should be depreciated more in the earlier 1
years and less in the later years of use?
7. Net sales during the year 2014 is Rs. 2, 85,000. Gross profit is 25% on sales. Find out Gross 1
profit.
8. Mr. Amar made a mistake in debit and credit side of a transaction in profit and loss account. 1
However, he did not correct the mistake fearing that his boss will shout at him on hearing this.
Which value is not followed by Mr. Amar?
9. Prepare Shyam's Account from the following details. Balance the account. 3
2014 (Rs.)
May 1 Opening Balance (Dr.) 17200
May 12 Sold goods to him 80,000
May 14 Goods returned by him 2,000
May 16 Received cash from him 20,000
May 20 Received a cheque from him 30,000
Discount allowed to him 600
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10. What is petty cash book? How it is prepared? 3
11. Explain the advantages for drawing up the special purpose books. 3
12. From the following information, calculate cost of goods sold : 3
Stock of materials on 1.1.2014 Rs.35,000
Stock of materials on 31.12.2014 Rs.5,000
Purchases of materials Rs.62,000
Purchase Returns Rs.2,000
Wages Rs.10,000
Factory expenses Rs.3,500
Freight and Carriage Rs.4,000
13. From the following information, draw up a Trial Balance in the books of Shri Subhash Chand 3
as on 31st March,2015:
Capital 5,00,000 : Leasehold premises 6,70,000 : Loose tools 1,20,000 : Prepaid Rent 30,000
Bank Overdraft 55,000 : Stores consumed 11,20,000 : Sales 17,40,000 :
Bills payable 2,50,000 :Bills Receivable 5,10,000 : Loan to Abid (employee) 93,000.
14. The following balance appear in the books of Sameer Ltd. 3
Machinery Account on 1st April 2011 8,00,000
Provision for depreciation Account as on 1st April 2011 3,10,000
On 1st July 2011 a machinery which was purchase on 1st April 2009 for Rs. 1, 20,000 was sold
for Rs. 50,000 and on the same date another machine was purchased for Rs. 3,20,000. The firm
has been charging deprecation @15% p.a. on original cost method, closes its book on 31st
March every year. Prepare Provision for depreciation Accounts for the year ending 31st March
2012.
15. What do you mean by Accounting? Explain any three limitation of accounting. 4
16. How will you deal with the following items in Accounting Equation? 4
a) Rent due to landlord
b) Commission yet to be received
c) Payment to creditors in full settlement
d) Charge interest on Loan
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17 Maroof is selling the following items at recommended retail prices: 4
Aluminum sheet Rs.50 per meter
Rolled copper wire Rs.100 per meter
He makes the following sales;
2012
July 1 To Ahmad: 12 meters aluminum and 2 meters copper wire. 25% trade discount
July 8 To Carol: 5 meters aluminum and 5 meters copper wire. 20 % trade discount.
You are required to:
(a) Enter them up in the Sales Book
(b) Transfer the total to the sales account.
18. On 28th March, 2013, stocks worth Rs.50,000 were damaged due to fire. The stock was insured 4
and the insurance company admitted a claim of Rs.30,000 only. Give the journal entries and
show it will be treated in the Final accounts.
19. Prepare Bank reconciliation statement form the following transactions. 4
The payment of a cheque for Rs. 550 was recorded twice in the passbook. Withdrawal column
of the passbook under cast by Rs. 200. Cheque of Rs. 200 has been debited in the bank column
of the Cash Book but it was not sent to bank at all. A cheque of Rs. 300 debited to Bank
column of the pass book was not sent to the bank Rs.500 in respect of dishonoured cheque
were entered in the passbook but not in the cash book. Debit balance as per passbook is Rs.
20,000.
20. Define Provision. What is the importance of creating provision? ( any three points) 4
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21. Journalize the following transactions: 6
2015
March 1 Ganesh invested Rs. 2,00,000 in business of general stores.
March 2 Paid into Current Account Rs. 1,20,000.
March 6 Purchased goods for Rs. 1,00,000 on credit from Raghunath Brothers, paid Rs. 1,200
for carriage on these goods.
March 10 Goods damaged by fire Rs.3,000 and insurance company accepted claim of Rs.2,800
March 12 Received an order of goods for Rs.1,25,000 from Sunil.
March 13 Payment made to Raghunath Brothers by cheque after getting 10% discount for
prompt payment.
March 16 Goods withdrawn for personal use ( Cost price Rs.500, Sale price Rs.700)
22. M/s Ruchi trader started their cash book with the following balances on Dec. 01 2014: cash in 6
hand Rs.1,354 and balance in bank current account Rs.7560. He had the following transaction
in the month of December, 2014: Rs.
03 Cash sales 6,300
05 Purchased goods, paid by cheque 6,000
12 Paid trade expenses 700
15 Sales goods, received cheque(deposited same day) 20,000
18 Purchased motor car paid by cheque 15,000
20 Cheque received from Manisha(deposited same day) 10,000
25 Manisha’s cheque returned dishonoured
29 Paid into bank 4,500
31 Cash withdrawn for personal use 2,000
23. From the following particulars, prepare the bank reconciliation statement of Shri Krishan as on 6
March 31, 2015.
(a) Balance as per passbook is Rs. 40,000.
(b) Bank collected a cheque of Rs. 5000 on behalf of Shri Krishan but wrongly credited it to
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Shri Krishan’s account.
(c) Bank recorded a cash book deposit of Rs. 1,589 as Rs. 1,598.
(d) Withdrawal column of the passbook under cast by Rs. 1500.
(e) The credit balance of Rs. 1,500 as on the pass-book was recorded in the debit balance.
(f) The payment of a cheque of Rs. 350 was recorded twice in the passbook.
24. Compute Fixed Assets, Noncurrent liabilities, Current Assets and Current Liabilities from the 6
following particulars:
Trade Debtors 40,000 Furniture and fittings 22,000
Capital 48,000 Interest accrued on 2,800
investments
Leasehold Premises 12,000 Trade creditors 3,600
Bills Payables 78,000 Long term loans 35,000
Dividend 62,000 Prepaid insurance 1,400
Equalization Reserve
Goodwill 15,000 Bank overdraft 5,100
Rent due 2400 Stock 6,000
25. M/s Sahani Enterprises acquired a printing machine for Rs. 40,000 on July 01, 2011 and spent 8
Rs. 5,000 on its transport and installation. Another machine for Rs. 33,000 was purchased on
January 01, 2013. On October 1, 2013, 1/3rd of the machine purchased on July 1, 2011 was
sold for Rs.5,000. Depreciation is charged at the rate of 20% on written down value.
Prepare Printing Machine account for the years ended on March, 31, 2012, 2013, 2014.
st
26. The Trial Balance as on 31 March, 2015 is given below.
st
You are required to prepare Trading
8
and Profit and Loss Account for the year ended 31 March, 2015 and Balance Sheet as on that
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date after taking into account the given adjustments.
Particulars Amt. Particulars Amt.
(Rs.) (Rs.)
Purchases 98,000 Capital: 70,000
Patents Right 4,000
Building 1,00,000
Stock (1.04.2014) 15,000 Provident Fund 7,000
Printing and Stationery 1,750 Creditors 45,000
Sundry Debtors 35,000 10% Bank Loan taken on 12,000
Wages and Salaries 11,000 1st April 2014
Audit Fees 700 Sales 1,58,000
Sundry Expenses 3,500 Reserve for Doubtful Debts 250
Furniture 8,000 Purchase Returns 3,500
Investment 10,000
Cash 4,800
Carriage Inwards 1,300
Travelling Expenses 2,700
2,95,750 2,95,750
Adjustments:
(1) Closing stock is valued at the cost of Rs. 15,000 while its market price isRs.18,000.
(2) Write off bad debts Rs.1,000
(3) Provide reserve for bad and doubtful debts at 5% on debtors.
(4) Depreciate building at 5% and patent rights at 10%.
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