Question Paper 2016 (Set 4) Commerce Notes | EduRev

Accountancy Class 11

Commerce : Question Paper 2016 (Set 4) Commerce Notes | EduRev

The document Question Paper 2016 (Set 4) Commerce Notes | EduRev is a part of the Commerce Course Accountancy Class 11.
All you need of Commerce at this link: Commerce

Annual Examination – (2015-16)
Accountancy (Set 4)
Class – XI

Time: 3 Hrs. M.M. 90

General Instructions:

(i) All the questions are compulsory.
(ii) Question no. 1 to 4 and 16 to 17 are very short answer type question carrying 1 mark each.
(iii) Question no. 5 to 8 and 18 to 19 are short answer type question carrying 3 marks each.
(iv) Question no. 9 to 12 and 20 are also short answer type question carrying 4 marks each.
(v) Question no. 13 to 15 and 21 to 22 are long answer type question carrying 6 marks each.
(vi) Question no. 23 and are very long answer type question carrying 8 marks each.
(vii) All parts of the question must be attempted at one place.
(viii) Show working notes wherever necessary.

Section-A

1. Is trial balance a statement or an account?

2. To which side of the ledger accounts are the transactions in the receipt side of cash book posted?

3. What is a credit note?

4. What is the process of transferring the debit and credit items from a journal to their respective accounts, in the ledger termed as?

5. State the informational needs of
(a) Suppliers and creditors
(b) Customers
(c) Government and other regulators

6. Give the meaning of book-keeping, accounting and accountancy? Also diagrammatically explain the relationship between the three?

7. On 31st December, 2012, pass book shows a debit balance (overdraft) of Rs 1,00,000. From the following particulars, prepare a bank reconciliation statement:
(i) Cheques amounting of Rs 80,000 drawn on 25th December, of which cheques of Rs 30,000 were cashed within 31st December.
(ii) Cheques paid in for collection amounted to Rs 5,00,000 but cheques of Rs 2,28,000 were credited on 2nd January, 2013.
(iii) Items unticked in the pass book are
(a) Incidental charges Rs 250
(b) Dividend collected by bank on our behalf Rs 3,500
(iv) A cheque for Rs 6,000 debited in the cash book omitted to be banked.
(v) A cheque of Rs 7,500 banked and credited, but omitted to be recorded in the cash book.

8. Briefly discuss any three purposes served by accounting standards?

9. Journalise the following transactions
(i) Received Rs 9,750 from Sonu in full settlement of his account for Rs 10,000.
(ii) Purchased goods amounting to Rs 2,00,000 out of which goods of Rs 1,80,000 were purchased on credit from Vishal.
(iii) Received first and final dividend of 60 paise in the rupee from the official receiver of Kanishk who owed Rs 10,000.
(iv) Received from a salesman for goods (worth Rs 3,000) sold by him after deducting commission Rs 150.

10. Give journal entries to rectify the following errors
(i) Rs 20,000 paid for furniture purchased has been debited to purchases account.
(ii) Rs 30,000 paid to Raja for salary were debited to his personal account.
(iii) Rs 5,000 paid for proprietor's medical bill were debited to 'sundry expenses account'.
(iv) Typewriter purchased for Rs 75,000 has been wrongly passed through the purchases book.
(v) An office table purchased for Rs 50,000 has been passed through invoice book.
(vi) An amount of Rs 12,000 spent on annual white-washing was debited to building account.
(vii) Rs 8,000 paid for rent wrongly debited to landlord's account.

11. A book-keeper extracted the following trial balance as on 31st March, 2013

Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev

12. Show the effect of the following transactions on the accounting equation

Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev

13. XYZ Ltd purchased a machinery on 1st May, 2011 for Rs 6,00,000 on 1st July, 2012, it purchased another machine for Rs 2,00,000. On 31st March, 2013, it sold off the first machine purchased in 2011 for Rs 3,85,000 and on the same date purchased a new machinery for Rs 5,00,000.
Depreciation is provided at 20% per annum on the original cost each year. Accounts are closed each year on 31st December. Show the machinery account for 3 years.

14. On 1st January, 2013, X drew a bill on Y for Rs 50,000 payable after 3 months. Y accepted the bill and returned it to X. After 10 days X endorsed the bill to his creditor, Z. On the due date, the bill was dishonoured and Z paid Rs 1,000 as noting charges. Record the transactions in the journals of X, Y and Z.

15. Briefly explain the following
(i) Objectivity concept
(ii) Dual aspect concept
(iii) Matching principle


Section – B
Financial Accounting – II


16. Name the software, which creates and control a connection between a computer and a server.

17. All the revenue items relating to current period are shown in income and expenditure account Why?

18. Give any three advantages, a computerised accounting system offers as compared to manual accounting.

19. Give any three points of distinction between capital expenditure and revenue expenditure.

20. On 1st January, 2013 Ram started business with a capital of Rs 50,00,000. He kept his books on single entry basis. Soon after, he purchased furniture for Rs 4,00,000 and purchased goods for Rs 30,00,000.
During the year he borrowed Rs 10,00,000 from his brother and introduced further capital of his own amounting to Rs 8.00,000. On 31st December, 2013 there were sundry debtors amounting to Rs 22,00,000 and creditors amounted to Rs 14,00,000. Stock was valued at Rs 45,00,000. Cash in hand Rs 1,54,000 and bank overdraft Rs 4,00,000.
During the year, withdrew Rs 20,000 per week for his family expenses. You are informed that included in sundry debtors is an irrecoverable amount of Rs 50,000. He also took goods from the business for his personal use amounting to Rs 4,000. You are required to calculate his profit or loss during the year.

21. The main limitations of computerised accounting system emerges out of the environment in which it is made to operate. In the light of this statement give any six such limitations.

22. On the basis of the following information, calculate the amount to be debited to stationery account in the income and expenditure account for the year ended 31st March, 2013.

Question Paper 2016 (Set 4) Commerce Notes | EduRev

Note: Also, show the above items in the income and expenditure account for the year ended 31st March, 2013 and in the balance sheet as at that date.
(ii) Distinguish between income and expenditure account on the basis of nature of items therein.

23. (i) A summary of receipts and payments of Medical Aid Society for the year ended 31st March, 2013 is given below

Receipt and Payments Account
For the year ended, 31st March, 2013

Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev

Donations are to be capitalised.
 Additional Information:

Question Paper 2016 (Set 4) Commerce Notes | EduRev

You are required to prepare the income and expenditure account for the year ended 31st March, 2010.
(ii) Income and expenditure account is the profit and loss account of a non-trading concern. Explain briefly.

Or

Following is the receipt and payment account of Symphony Club for the year ended 31st March, 2015

Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev

Additional Information:
(i) Subscriptions outstanding as on 31st March, 2014 were Rs 4,000 and on 31st March, 2015 Rs 5,000.
(ii) On 31st March, 2015 salary outstanding was Rs 1,200 and rent outstanding was Rs 2,400.
(iii) The Club owned furniture Rs 30,000 and books Rs 14,000 on 1st April, 2014.

Prepare income and expenditure account of the club for the year ended 31st March, 2015 and ascertain capital fund on 31st March, 2014.

Also prepare a balance sheet as on 31st March 2015.

24. From the following trial balance of Tina, prepare a trading and profit and loss account for the year ended on 31st March, 2013 and a balance sheet as on that date.

Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev

Adjustments:
(i) Carry forward the following unexpired amounts Fire insurance Rs 5,000 Rates and taxes Rs 12,000 Apprentice premium Rs 15,000
(ii) Wages include Rs 50,000 spent on installation of a new machine on 1st April, 2012.
(iii) Depreciation is to be charged on plant and machinery @ 10% and furniture @ 20%. Loose took are revalued @ Rs 1,20,000.
(iv) Make a provision of Rs 40,000 for doubtful debts on debtors.
(v) Accrued income Rs 23,000 Or Ramesh started business on 1st April, 2014 with a capital of Rs 60,000. The following trial balance was drawn up from his books at the end of the year.

Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev Question Paper 2016 (Set 4) Commerce Notes | EduRev

The value of stock as at 31st March, 2015 was Rs 52,000. You are required to prepare his trading and profit and loss account for the year ended 31st March, 2015 and a balance sheet as on the date after taking the following facts into account.
(i) Interest on capital is to be provided at 6% per annum.
(ii) An additional capital of Rs 20,000 was introduced by Vishnu on 1st October, 2014.
(iii) Plant and fixtures are to be depreciated by 10% per annum.
(iv) Salaries outstanding on 31st March, 2015 amounted to Rs 100.
(v) Accrued interest on investment amounted to Rs 1,500.
(vi) Rs 1,000 are bad debts and provision for doubtful debts is to be created at 5% on the balance of debtors.

Offer running on EduRev: Apply code STAYHOME200 to get INR 200 off on our premium plan EduRev Infinity!

Related Searches

Important questions

,

mock tests for examination

,

study material

,

Sample Paper

,

pdf

,

Summary

,

Question Paper 2016 (Set 4) Commerce Notes | EduRev

,

Exam

,

MCQs

,

Semester Notes

,

Objective type Questions

,

Question Paper 2016 (Set 4) Commerce Notes | EduRev

,

ppt

,

Extra Questions

,

past year papers

,

shortcuts and tricks

,

Question Paper 2016 (Set 4) Commerce Notes | EduRev

,

Free

,

Previous Year Questions with Solutions

,

practice quizzes

,

Viva Questions

,

video lectures

;