DAYANAND ANGLO VEDIC PUBLIC SCHOOL, AIROLI

SUBJECT – Accountancy (055)

SAMPLEPAPER
STD – XII MARKS-80
1. Which of the following is not an internal user of accounting information?
a) Board of Directors b) Managers c) Employees d) None of
these.
OR
Which External user of accounting information is most interested in knowing the long-term
solvency position of the business.
a) Employees b) Management c) Financial Institution d)
Researchers

2. Basic function of financial accounting is

a) Record all business transactions b) Interpret financial data c) Assist the management
d) None of these
3. Goodwill is a /an
a. Tangible Asset b)Intangible Asset c) current asset d) Fictitious
Asset
4. Trade Discount allowed
a. Is shown separately in the books of accounts
b. Is not shown separately in the books of accounts
c. Can be shown either separately or deducted from the purchase cost
d. None of
these.
5. Sale is recognised as revenue:
a) When the contract for sale is entered into
b) At the point of sale or performance of service
c) After the expiry of the credit period allowed to debtors.
d) After the money is collected from the
customers,
6. Ind-AS are
a) Rule based accounting standards
b) Principle based accounting standards
c) Partially rule based and partially Principle based
d) None of
these.
OR
IFRS are based on
a) Historical cost b)Fairvalue c)Both (a) and (b) d) none of these
7. X Ltd. follows written down value method of depreciating machinery year after year
due to; A)Comparability b) Convenience c) Consistency d) All of these
8. Decrease in one liability may lead to;
a) Decrease in an asset b)Increase in another liability c) Either a) or b) d) None
 of these
9. X commenced business on 1st April, 2022 with a capital of Rs. 6,00,000. On 31st March
2023 his assets were worth Rs. 8,00,000 and liabilities Rs. 50,000. Find out his closing
capital.
a) Rs. 75,000 b) Rs. 2,00,000 c) Rs. 5,50,000 d) None of
these
10. Accounting voucher is prepared from:

a) Source voucher b)Journal entry c)Both a) & b) d) None of

these
11. If a seller receives back goods sold, he will prepare:
a) Credit note b) debit note c) Both a) and b) d) None of
these
OR
If a purchaser of goods, returns them, he will prepare:
a) Credit note b) debit note c) Both a) and b) d) None of

these
12. Transfer vouchers are prepared to record:
a) Cash transactions b) Non- cash transactions c) (a) & (b) d) None of these
13. Which of the following accounts will be credited on giving cash donation:
a) Cash A/c b) Donation A/c c) sales A/c d)

Stock A/c
OR
Bad debts earlier written off and now received are credited to:
a)Bad debts A/c b) Bad debts recovered A/c c) Miscellaneous income A/c d) Debtors
A/c
13. Asha purchased 1,000 gel Roller Pens @Rs. 50 each less 20% Trade discount and 3% cash
discount if the payment is made within 30 days and the balance amount after 30 days.
Purchases A/c will be debited and discount received A/c credited respectively with:
a) Rs. 40,000, Nil, b) Rs. 40,000, Rs. 300 c) Rs. 40,000, Rs. 1,200 d) Rs. 40,000, Rs. 900

14. Posting of transactions means:

a) Entering transactions in journal
b) Entering transactions in ledger
c) Entering transactions in trial balance
d) Entering transactions in financial statements
15. When goods are lost by fire, then loss of goods by fire account is debited with:
a) Cost of goods sold
 b) Cost of goods sold plus gross profit
c) Cost of goods sold less gross profit
d) Cost of goods purchased

16. Simple petty cash book is like:

a) Cash book
b) Statement
c) Journal
d) None of
these
OR
Contra entries on the debit side of cash book are posted to:
a) Debit of bank a/c in ledger
b) Debit of cash a/c in ledger
c) Credit of cash a/c in ledger
d) Not posted in the
ledger
17. Balance in the petty cash book is:
a) An expense
b) A profit
c) An asset
d) Incom
e
18. X received a cheque of Rs. 10,000 from Y in full settlement of dues of Rs. 10,500.
The cheque was dishonored. The reversal of discount allowed by X will be recorded
in :
a) Cash book
b) Journal proper
c) Ledger directly
d) None of these

19. folio column is prepared in the sales book

a) Journal
b) Ledger
c) Both a) & b)
d) None of
these OR

Post dated cheque received from a customer is recorded in

a) Journal
b) Cash book
c) Bank column of cash book
d) Journal
proper
20. X limited Sold its Furniture for Rs. 8000. (Book value Rs14000) The resultant value is
a) profit of 6000

b) Gain 6000

c) loss 6000

d) None of these
21. Journalise the following transactions in the books of Rajaram

1. Received Rs 19,000 from Shyam on his a/c for Rs 20,000

2. Received Rs 19,000 from Bharat in settlement of his a/c for Rs 20,000
3. Paid Rs 9,000 to Mohan on his a/c for Rs 10,000
4. Paid Rs 9,000 to Sohan in settlement of his a/c for Rs 10,000
5. Goods costing Rs 3,000 distributed as samples (sales price Rs 4,000)
6. Paid income tax Rs 20,000 by cheque
7. Paid Life Insurance premium Rs 5,000 by cheque
8. Goods destroyed by fire (sales price Rs 5,000; cost Rs 4,000) 3
OR
Journalise the following:
1. Cash withdrawn by the proprietor for personal use Rs 2,000
2. Goods purchased for Rs 5,000, were taken by the proprietor for personal use
3. Paid Rs 5,000 as life insurance of the proprietor
4. Goods uninsured of Rs 3,000 (within purchase cost) were destroyed by fire
5. Goods costing Rs 1,000 damaged by fire and insurance company accepted claim of Rs 800
& cheque received
6. Goods costing Rs 500 given as charity (sales price 600)
7. Sold household furniture for Rs 5,000 and the proceeds were invested into the business

22. Prepare simple cash book of Gopal from the following transactions:

2021

Apr 1 Gopal commenced business introducing cash Rs 2,00,000

Apr 4 Purchased the following assets for business (payment made by
cheque) : Computer - Rs 16,000
Furniture - Rs 18,500
Machinery - Rs 32,000
Apr 6 Purchased goods from Bhushan in cash Rs
40,000 Apr 8 Paid wages for installation of
machinery Rs 4,000 Apr 12 Computer repair
charges Rs 1,900
Apr 15 Paid wages Rs 15,000
Purchased postage stamps Rs 150
Paid for stationery Rs 2,700
Apr 19 Sold for cash half the goods purchased from Bhushan to Anilkrishna at a profit of
25% and allowed him trade discount of 5%

Apr 24 Payment to carpenter for repairs to personal furniture Rs 350

Apr 26 Paid for medical expenses of Mrs Gopal Rs 1,800
Apr 30 Paid for shop rent Rs 2,500 3

23. Define Accounting. Explain any two limitations of accounting. 3

24. Explain the following terms with the help of an example
a) Business transaction b) Drawings c) Gain (1*3=3)
25. Explain a) Going Concern Concept b) Revenue Recognition
Concept OR
Explain a) Accounting period Concept b) Matching Principle. 3
26. Accounting Standards have been evolved to improve the reliability and credibility of
financial statements. Accounting Standards provide the solution incase of conflict among
various groups. In light of this statement, Enumerate the Objectives of Accounting
Standards. 3

27.Vijay, a consultant during the financial year 2020-21 earned Rs 4,00,000 out of which he
received Rs 3,50,000. He incurred an expense of Rs 1,70,000 out of which, Rs 40,000 are
outstanding. He also received consultancy fees relating to previous year Rs 45,000 and paid Rs
20,000 (expenses of last year) Determine his income for the year if:

1. He follows cash basis of accounting

2. He follows accrual basis of accounting 4

28. Prepare the vouchers to be recorded in the books of M/S Computer Aids:

2021
Jan 1 Bought computer for resale for cash vide cash memo number 512 Rs 7,200
Jan 8 Salary paid for the month of December 2020 Rs 10,000
Jan 10 Sold computer for cash vide cash memo number 64 Rs 12,000
Jan 15 Withdrew cash from bank for office use vide cheque number 13456 Rs 1,200 4
OR
Prepare the vouchers to be recorded in the books of M/s Modern Furniiture, New Delhi
2021
Jan1 Bought furniture from Modern furniture for cash by cash memo
Rs.7500 jan 8 Paid cash to Mani &Sons for Purchase of two Machines
Rs.5000
Jan20 Paid for conveyance Rs.150
Jan 27 Sold old Printer for cash by cah receipt No. 314 Rs.500

29. Following balances existed in the books of M/s Anand Stores as on 1st April, 2021

Assets:
Cash Rs 60,000
Bank Rs 40,000
Stock Rs 1,50,000
Furniture Rs 43,000
Debtors Rs 1,45,000 (X - Rs 35,000; Y - Rs 50,000; Z - Rs 60,000)

Liabilities
Loan from Vikas Rs 60,000
Creditors Rs 52,500 (A - Rs 22,500; B - Rs 30,000)

Pass necessary journal entries to record the above balances and post it into the ledger. 4

30. Distinguish between Cash Basis and Accrual Basis of Accounting (any six)
OR
Distinguish between Journal and Ledger 6

31. Show the accounting equation on the basis of the following transactions:
1. Sunil started business with cash Rs 1,50,000
2. Opened a bank a/c by depositing Rs 25,000 out of cash
3. He sold his personal car for Rs 50,000 and deposited the amount in the firm’s bank a/c
4. He purchased a building & furniture for Rs 1,00,000
5. He purchased goods from Ram on credit Rs 50,000
6. He paid cartage Rs 500
7. He sold to Shyam on credit goods costing Rs 6,000 for Rs 9,000
8. Received rent Rs 1,000
9. Received security deposit from tenants Rs 1,500
10. Purchased stationery for cash Rs 100
11. Invested in shares (personal) Rs 50,000
12. Received interest in cash Rs 200
13. Introduced fresh capital Rs 25,000
14. Goods destroyed by fire Rs 500 6
32. Prepare two columnar cash book from the following transactions

2021
March 1 Cash in hand Rs.15000;Cash at Bank Rs.5000
March 3 Purchased goods for cash Rs.6720; received cash discount of
Rs.220 March 5 Deposited in the bank Rs.5000
March 7-Cash sales Rs.10,000
March10 Cash withdrawn from Bank Rs.2000
March15 Received three months post of Rs.20,000 from Rajand discounted from bank
paying discounting charges Rs.750
Maarch18 Received cheque from Deepak for Rs.5000(not banked),allowed discount
Rs.200 March 20 Cheque received from Deepak deposited in Bank
March 22 Paid to Chandra by cheque Rs.2500;received discount
Rs.100 March25 Withdrew from Bank for personal use Rs.1000
March 28 Sold goods to Ashok for Rs.10,000 .from Ashok Rs.5000 and deposited in bank,allowed
cash discount Rs.
March 30 Purchased goods from chander for Rs.20,000
March31 Received cheque from Ashok Rs.5000 and deposited in bank,allowed cash
discount Rs. 200
OR
Prepare Two column cash book of Bimal,Lucknowfrom the following transactions.
2021
June 1 Cash Balance Rs,5000;Bank Balance Rs.17,500
June 5 Cash received from sale of personal asset deposited in firm’s bank A/c
Rs.5000 June6 Cheque received as advance against sale, paid into bank Rs.50,000
June 7 Paid to Bose by Cheque Rs.12,500 Discount received
Rs.200 June 9 Paid wages in cash Rs.3000
June 20 Received a cheque from A.Mukherjee and sent it to Bank
Rs.6000 June 21 Drawn from Bank Rs.5000
June 29 Paid office salaries in cash Rs.4000
June 30 Sold goods in cash and banked the same
Rs.8000 June 30 Paid Rent by cheque Rs.1000
33. Journalise the following transactions in the books of M/s RK &Co

1.Purchased goods of list price of Rs.20,000 from Vishal at 20% Trade Discount against cheque
payment. 2.Purchased goods of list price of Rs.30,000 from Amrit at 20% Trade Discount
3. Purchased goods of list price from Naman @15% trade discount against cash

4. Purchased goods from Hari &Co of list price Rs.40,000 for Rs.35,000 against cash.
5. Goods purchased from Amrit of list price Rs.10,000 returned.
6. Sold goods to Parul of list price of Rs.40,000 @10% trade discount against cheque payment..
7. Sold goods to Aman of List price of Rs,30,000 @10% trade discount against cash
8. Sold goods to Pawan of list price of Rs.20,000 @10% trade discount.
9. Sold goods to Yamini of list price of Rs.25,000 for Rs.23,000
10. Sold goods costing Rs.10,000 at cost plus 20% less 10% trade discount to Bhupesh.
11. Sold goods purchased at list price of Rs.50,000 sold at a profit of 25% less 10% trade
discount against cjheque.
12. Aman returned goods of list price of Rs.10,000 sold to him at 10% trade discount. 6
34. Prepare Purchases and Sales book from the following transactions of Rahul, Bengaluru
2021
Jan 1 Bought from Uma dutt ,Mumbai;
1000 registers @80 each; 50 reams paper@250 per ream
Less Trade discount 25%
Jan 2 Sold to ShriDayal,Bengaluru
250 registers @85 each and 5 reams paper @Rs.300 per
ream Jan8 Bought from M/s Blue ,Delhi;
100 reams ruled paper @600 per ream less Trade Discount
15% Jan 12 Sold to Gupta &Bro,Delhi
250 registers @Rs.85 each; 50 reams ruled paper @700 per
ream Less Trade Discount 5%
Jan 18 Sold to Ramsarn das
20 copies of double entry book keeping @85
each Jan 25 Bought from Hari Ram Delhi
1000 pens @10each less Trade discount
15% Jan 31 Sold to Rishi Kumar ,Bengaluru
300 registers @90 each; 50 reams ruled paper @700 per ream;20 reams paper @300 per
ream Less Trade Discount 10%