Question Paper 2016 (Set 5) Commerce Notes | EduRev

Accountancy Class 11

Commerce : Question Paper 2016 (Set 5) Commerce Notes | EduRev

The document Question Paper 2016 (Set 5) 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 5)

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. Why is the evidence provided by source documents important to accounting?

2. Why is ledger called the book of final entry.

3. When is closing stock shown in trial balance.

4. Raj, a dealer in furniture received advance against sales of tables and chairs, he treated the advance as sales. Identify the value not followed. State the correct treatment.

5. Accounting performs a number of functions. Give any three such functions.

6. From the following, prepare bank reconciliation statement on 31st March, 2013. The cheques from X Rs 25,000, Y Rs 30,000 and Z Rs 24,000 were deposited into account in March, 2013 but were credited by the bank in April, 2013. The cheques issued to W Rs 30,000, P Rs 50,000 and Q Rs 30,000 in March, 2013 were presented for payment in April, 2013. A cheque for Rs 10,000 which was received from a customer was entered in the bank column of the cash book in March, 2013 but the same was paid into bank in April, 2013.
The pass book shows a credit of Rs 25,000 for interest and a debit of Rs 5,000 for bank charges. The balance (Debit) as per the cash book was Rs 18,00,000 whereas the pass book showed a credit balance of Rs 18,41,000.

7. Give any three points of distinction between accrual and cash basis of accounting.

8. Briefly discuss the system of accounting which does not record two fold effects of transactions?

9. Show the accounting equation on the basic of the following transactions
(i) Started business with cash Rs 6,00,000 and goods Rs 3,00,000.
(ii) Purchased goods for cash Rs 4,00,000 and on credit Rs 2,50,000.
(iii) Goods costing Rs 4,80,000 sold at a profit of 33%. Three-fourth payment received in cash.
(iv) Goods costing Rs 2,00,000 sold at a loss of 5%, out of which Rs 1,20,000 received in cash.
(v) Paid rent Rs 40,000 and salary Rs 60,000.
(vi) Received cash from debtors Rs 1,50,000.
(vii) Paid telephone bill amounting to Rs 8,000.

10. Rectify the following errors
(i) Goods returned to W Rs 8,000 were recorded in sales return book.
(ii) Goods returned to W Rs 8,000 were recorded in sales return book. However, W's account was correctly debited.
(iii) Goods returned from X Rs 12,000 were recorded in purchase return book.
(iv) Goods returned from X Rs 12,000 were recorded in purchase return book. However, X's account was correctly credited.

11. Prepare returns inward and returns outward books from the following transactions

2013

 

Jul-01

Yadav Bros, Rampur, returned

 

10 pieces of shirt are being defective @ Rs 350 per piece

 

(-) Trade discount 10%

Jul-03

Returned to Titan Pvt Ltd, Delhi

 

100 pieces of watch being not up to the approved sample @ Rs 250 per piece

 

(-) Trade discount 10%

Jul-10

Galaxy Company, Almora returned 200 pieces of jeans @ Rs 650 per piece

 

(-) Trade discount 10%

Jul-21

Returned to New Trend Pvt Ltd, Kerala

 

100 pieces of Kurta @150 per pieces

 

(-) Trade discount 10%

Jul-28

Hari Bros, Mumbai returned 100 pieces of Blazer @ Rs 850 per pieces

 

12. Record the following transactions in a suitable cash book and find out the cash and bank balances

2013

 

Amt

(Rs)

Mar- 01

Cash in hand

3,80,000

Mar- 02

Paid wages

2,35,000

Mar- 03

Deposited into bank

1,80,000

Mar- 04

Cash sales

6,75,000

Mar- 05

Sold goods for cheque which was deposited in bank on the same day

4,30,000

Mar- 06

Purchased goods from Shyam on credit

2,80,000

Mar- 07

Draw from bank for personal use

80,000

Mar- 08

Paid to Shyam account, discount received Rs 8,500

2,85,000

Mar- 09

Received from Yadav, who owes Rs 1,70,000, Rs 1,85,000 only on account in

full settlement

 

 

13. A joint stock company had bought machinery for Rs 1,00,000 including a boiler worth Rs 10,000. This machinery account was for the first four years credited for depreciation on the reducing installment system at the rate of 10% per annum during the fifth year, i.e., the current year, the boiler becomes useless on account of damage to its parts.
The damaged boiler is sold for Rs 2,000 which amount is credited to the machinery account.
Prepare the machinery account for the current year, adjusting there in the cash received and the loss suffered on the damaged boiler and the depreciation of the machinery for the current year.

14. Z and Y were in need of funds temporarily. On 1st January, 2013, Z drew upon Y a bill for Rs 4,000 for 3 months. Y returned it duly accepted and Z got it discounted at 18% per annum. Half the proceeds were remitted to Y. On the due date, Z sent the required sum to Y who met the bill. Journalise the transactions in the books of both the parties.

15. (i) How does matching principle apply to depreciation?
(ii) Explain briefly the accounting period principle?

Section – B

Financial Accounting – II

16. Name the information system that provides the needed information to the managers to manage the organization effectively?

17. State the similarity between a receipt and payment account and an income and expenditure account?

18. Briefly discuss any three elements/components of a computer system?

19. Calculate the value of opening stock

 

Amt (Rs)

Cash sales

4,00,000

Sales return (out of credit sales)

50,000

Purchases return

40,000

Closing stock

3,60,000

Credit sales

16,50,000

Purchases

12,40,000

Carriage inwards

80,000

Rate of gross profit

40% on sales

 

20. Karun Nayar keeps incomplete records. The statement of affairs of his business as on 1st April, 2012 was as follows:

Liabilities

Amt (Rs)

Assets

Amt (Rs)

Creditors

86,000

Cash in hand

6,000

Capital

4,50,000

Cash at bank

20,000

 

 

Debtors

1,15,000

 

 

Stock

90,000

 

 

Furniture

60,000

 

 

Plant and machinery

2,45,000

 

5,36,000

 

5,36,000

 

His position on 31st March, 2013 was cash in hand Rs 10,000 cash at bank Rs 20,000, bills receivable Rs 40,000, debtors Rs 2,10,000, stock Rs 3,20,000, furniture Rs 80,000, plant and machinery Rs 4,00,000 and creditors Rs 1,80,000. He withdrew during the year Rs 3,00,000 out of which he spent Rs 1,80,000 for purchasing a scooter for the business. Calculate his net profit for the year after the following adjustments
(i) Depreciation furniture and scooter @ 20%.
(ii) 5% of the debtors are doubtful and Rs 8,000 are absolutely bad.
(iii) Make a provision of 5% on bills receivable also.

21. (i) A computer system possesses some characteristics which in comparison to human beings, turn out to its capabilities. Discuss any three such characteristics.
(ii) Briefly discuss management information system?

22. (i) From the following items of receipts and payments account of K & K club, prepare an income and expenditure account for the year ended 31st March, 2013.

 

 

Amt (Rs)

Salaries paid

50,000

Lighting and heating

5,000

Printing and stationary (including Rs 500 for the previous year)

3,500

Subscriptions received (including Rs 2,000 received in advance and Rs 5,000 for the previous year)

40,000

Net proceeds of refreshment room

45,000

Miscellaneous expenses

16,000

Interest paid on loan for half year

1,200

Rent and rates (including Rs 1,000 prepaid)

7,500

Locker rent received

4,500

 

Additional Information:

(i) Subscriptions in arrears on 31st March, 2013 were Rs 8,000 and half year's interest on loan was also outstanding.

(ii) Give two main sources of income of non-profit organisation?

23. (i) From the following receipts and payments account for the year ended 31st December, 2013 and additional information given, prepare the income and expenditure account of RK Club for the year ended 31st December, 2013.

Receipts and Payments Account

For the year ended 31st December, 2013​

Receipts

Amt (Rs)

Payments

Amt (Rs)

Balance b/d

 

Salary

1,65,000

Cash 8,900

 

Billiards table

1,75,000

Bank 70,000

78,900

Office expenses

41,000

Subscriptions

2,22,000

Stationary

23,000

Life membership fee

3,22,000

Tournament expenses

2,05,000

Tournament fund

2,00,000

Furniture purchased

77,000

Lockers rent

15,000

Sports equipments purchased

1,20,000

Sale of old sports material

(costing Rs 2,200)

25,000

Cash in hand 6,900

 

Interest on fixed deposit

5,00

Cash at bank 2,20,000

2,26,900

Legacy

3,75,000

Fixed deposit (on 1st October, 2008 at

10% per annum)

3,00,000

Entrance fees

90,000

 

 

 

13,32,900

 

13,32,900

  

Additional Information:

(i) Subscriptions outstanding on 1st January, 2013 were Rs 1,500 and on 31st December, 2013 were Rs 20,000. On 1st January, 2013 the club had building Rs 4,00,000, furniture Rs 1,50,000, sports equipments Rs 1,60,000. Charge depreciation on these items @ 10% including purchases during the year.
(ii) How is subscription calculated?

Or

The Treasurer Club presented the following receipts and payments account for the year ended 31 March, 2015.

Receipt and Payment Account

For the year ended 31st March, 2015

Receipt

Amt (Rs)

Payment

Amt (Rs)

To cash at bank (opening)

20,400

By purchase of balls

8,000

To subscriptions

48,000

By refreshment creditors

44,000

To sales of refreshments

61,000

By marking and repairing courts

7,600

To court hire

5,400

By construction of new court

50,000

To sales of balls

7,400

By general expenses

6,200

 

 

By cash at bank (closing)

26,400

 

1,42,000

 

142,200

Additional Information:

(i) The club's courts were valued at Rs 1,20,000 on 1st April, 2014.
(ii)

 

Particulars

1st April 2014 (Rs)

31st March 201S (Rs)

Tennis balls on hand (at cost)

800

1,800

Creditors for refreshment

8,000

6,000

Subscriptions outstanding

4,000

7,000

 

Prepare an income and expenditure account for the year ended 31st March, 2015 and show the balance sheet as on that date.

24. On 31st March, 2013 the following trial balance was extracted from the books of a merchant.

Debit balances

Credit balances

Amt (Rs)

Amt (Rs)

Drawings

3,00,000

Capital

28,00,000

Sundry debtors

20,10,000

Sundry creditors

10,40,100

Interest on loan

30,000

Loan on mortgage

9,50,000

Cash in hand

2,05,000

Provision for doubtful debts

71,000

Stock on 1st April, 2012

6,83,900

Sales

1,10,24,300

Moto vehicles

10,00,000

Purchase return

1,34,600

Cash at bank

3,55,500

Discounts

54,000

Building

12,00,000

Bills payable

2,61,400

Bad debts

52,500

Rent received

25,000

Purchases

66,45,800

 

 

Sales return

7,82,100

 

 

Carriage outwards

2,40,400

 

 

Carriage inwards

2,92,900

 

 

Salaries

9,09,700

 

 

Rates, taxes and insurance

2,89,100

 

 

Advertising

3,26,400

 

 

General expenses

3,48,900

 

 

Bills receivable

6,88,200

 

|

 

Prepare the trading and profit and loss account for the year ended 31st March, 2013 and balance sheet as at that date, after making adjustments for the following matters.
(i) Depreciate building at    and motor vehicles at 20%.
(ii) Interest on loan at 6% per annum is unpaid for 6 months.
(iii) Salaries amounted to Rs 75,000 and rates amounted to Rs 35,000 are outstanding.
(iv) Prepaid insurance amounted to Rs 15,000.
(v) Provision for doubtful debts is to be maintained at 5% on sundry debtors.
(vi) Provision for manager's commission at 10% on net profits after charging such commission.
(vii) Stock in hand on 31st March, 2013 was valued at Rs 6,25,000.

Or

Prepare trading, profit and loss account and balance sheet from the following particulars as on 31st march, 2015.

 

Name of Accounts

Debit Balances (Rs)

Credit Balances (Rs)

Cash in hand

40,000

 

Cash at bank

3,60,000

 

Purchase and sales

44,00,000

70,00,000

Return inwards

1,20,000

 

Return outwards

 

1,50,000

Carriage on purchases

88,000

 

Carriage on sales

42,000

 

Fuel and power

3,10,000

 

Stock (1st April, 2014)

7,20,000

 

Bad debts

1,24,000

 

Bad debts provision

 

50,000

Debtors and creditors

16,40,000

6,00,000

Capital

 

43,40,000

Investments

4,00,000

 

Interest on investments

 

40,000

Loan from X @ 18% per annum

 

2,00,000

Repairs

30,400

 

General expenses

2,12,000

 

Land and buildings

36,00,000

 

Wages and salaries

3,60,000

 

Miscellaneous receipts

 

2,400

Bill payable

 

1,04,000

Stationery

40,000

 

 

Additional Information

(i) Written-off Rs 40,000 as bad debts and provision for doubtful debts is to be maintained at 5% on debtors.
(ii) Loan from X was taken on 1st August, 2014. No, interest has been paid so far.
(iii) Included m general expenses is insurance premium Rs 24,000. Paid for one year ending 30th June, 2015.
(iv) 1/3 of wages and salaries is to be charged to trading account and the balance to profit and loss account.
(v) Entire stationery was used by the proprietor for own purpose.
(vi) Closing stock was valued at Rs 10,00,000.

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

Related Searches

Extra Questions

,

Important questions

,

Semester Notes

,

Sample Paper

,

Question Paper 2016 (Set 5) Commerce Notes | EduRev

,

Free

,

Objective type Questions

,

study material

,

Question Paper 2016 (Set 5) Commerce Notes | EduRev

,

MCQs

,

pdf

,

practice quizzes

,

ppt

,

Viva Questions

,

Question Paper 2016 (Set 5) Commerce Notes | EduRev

,

past year papers

,

video lectures

,

shortcuts and tricks

,

mock tests for examination

,

Exam

,

Previous Year Questions with Solutions

,

Summary

;