INDIAN SCHOOL AL WADI AL KABIR

SAMPLE PAPER- 2
Class: XI Sub: Accountancy M.M: 80

Q.NO Questions Marks

1 Which of the following is not a business transaction? 1
a. Bought furniture of Rs10,000 for business
b. Paid for salaries of employees Rs 5,000
c. Paid sons’ fees from her personal bank accountRs20,000
d. Paid sons’ fees from the business Rs 2,000.

2 Which is the last step of accounting as a process of information? 1

a. Recording of data in the books of accounts
b. Preparation of summaries in the form of financial statements
c. Communication of information
d. Analysis and interpretation of information

3 Which qualitative characteristics of accounting information are reflected when 1

accounting information is clearly presented?
a. Understandability
b. Relevance
c. Comparability
d. Reliability

4 Sunil deals in electronic appliances, he sold electronic goods of Rs.80,000 and 1

received Rs.30,000 by cash. He further purchased few of electronic items on credit

for Rs.40,000. What is the amount of Debtors to be recorded by Sunil in business’s
books of account?

a. Rs. 40,000
b. Rs. 70,000
c. Rs. 50,000
d. Rs. 90,000

5 Vineet sold goods worth Rs.20,000 to Prakash. Of these goods Prakash returned 1

goods of Rs.1,000 being not as per order. Name the document to be given by
Prakash while the return of goods

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 a. Debit Note
b. Credit Note
c. Invoice
d. Cash Memo

6 Which of the following is not a current asset? 1

a. Trade Receivable
b. Outstanding Rent
c. Prepaid Salary
d. Closing Stock

7 A concept that a business enterprise will not be sold or liquidated in the near future 1
is known as:
(a) Going concern
(b) Economic entity
(c) Monetary unit
(d) None of the above

8 During the life-time of an entity accounting produce financial statements in 1

accordance with which basic accounting concept:
(a) Conservation
(b) Matching
(c) Accounting period
(d) None of the above.

9 Credit purchase of furniture is recorded in the books based on ______________. 1

a. Debit Voucher
b. Credit Voucher
c. Transfer Voucher
d. Cash Voucher

10 The _______________concept requires that the same accounting method should be 1

used from one accounting period to the next.
(a) Going concern
(b) Economic entity
(c) Monetary unit
(d) Consistency

11 What does “I” in IGST stands stand for? 1

a) Internal
b) Integrated
c) Internal
d) Intra

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12 In case of Intra-state supplies, which of the following is levied on goods and 1
services?

a) CGST
b) SGST
c) Central and State GST both
d) IGST

13 1
Reserves arising from revenue receipts are known as:

a) Reserve Fund
b) Capital Reserve
c) Revenue Reserve
d) Specific Reserve

14 Which of the following is not a type of Revenue Reserve? 1

a) General Reserve
b) Specific Reserve
c) Capital Redemption Reserve
d) None of the above

15 A reserve is generally created for: 1

a) Strengthening the financial position of the organization

b) To provide for doubtful debts
c) To meet a known liability
d) To meet the requirements of company law

16 If the amount of any known liability cannot be determined with accuracy, 1

________
a) A reserve should be created
b) A provision should be created
c) A capital reserve should be created
d) A general reserve should be created

17 Mr. Khurana purchases Rs. 15,000 on credit from your firm. What will you 1
consider Mr. Khurana?
a) Debtor
b) Creditor
c) Investor
d) Proprietor

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18 1
If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The
amount of insurance premium shown in the profit and loss account will be ______.
(a) Rs. 1,300
(b) Rs. 1,000
(c) Rs. 300
(d) Rs. 700

19 1

Which of the following is recorded in the Profit and Loss account?

(a) Revenue items
(b) Capital items
(c) Revenue and capital items
(d) None of the above

20 1
If the rent of one month is still to be paid, the adjustment entry will be _______.
(a) Debit outstanding rent account and Credit rent account
(b) Debit profit and loss account and Credit rent account
(c) Debit rent account and Credit profit and loss account
(d) Debit rent account and Credit outstanding rent account

21 3
Explain the internal users of accounting information.

22 3
1. Discuss the concept-based on the premise ‘do not anticipate profits but provide
for all losses’.
2. What is matching concept? Why should a business concern follow this concept?
Discuss.
3. What is the money measurement concept?

23 4

The following is the ledger of Vina. With the details available to you, answer the
questions given below:

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 Vina’s Account

Date Particulars J.F Amount Date Particulars J Amount

.
F
2022 2022

Apr15 To Cash A/c 10,000 Apr1 By Bal b/d 10,000

Apr23 To Return 1,000

OutwardA/c Apr By
20,000
7 PurchasesA/c
Apr27 To BankA/c 8,000

30,000 30,000

1. Is Vina a Debtor or Creditor?

2. Draft Journal entries for transactions dated April 23rd and April 7th
3. On 18th April, a machine was sold to Mr. Vina for Rs. 3,000. Post this
detail in the above ledger.
4. Balance the ledger account.

24 Journalize the following transactions in the books of Rahul.: 4

(a) Rs.1,000 due from Manoj are now bad debts.

(b) Goods worth Rs.2,000 were used by the proprietor for private use.
CGST & SGST is 6% each.
(c) Charge depreciation @ 10% p.a for two month on machine costing
Rs.30,000.
(d) Provide interest on capital of Rs. 1,50,000 at 6% p.a. for 9 months.
(e) Ritesh become insolvent, who owed Rs. 2,000. A final dividend of 60 paise in a
rupee is received from his estate.

25 5

Record the following transactions during the week ending Dec 30, 2022 with a
weekly imprest of ₹ 500

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 2022
December ₹
24 Stationery 100
25 Bus fare 12
25 Cartage 40
26 Taxi fare 80
27 Wages to casual labour 90
29 Postage 80

26 Enter the following transactions in the Purchase Book, Sales Book, Purchase 5
Returns Book and Sales Returns Book of Abhishek and Co. for the month of
January, 2022.
2022 Jan.
1 Purchased goods from Raj Traders Rs 16,400 at 10% trade discount.
3 Preeti enterprises invoiced goods to us Rs 17,250.
6 Sold goods to Vinita Stores Rs 19,000 at 5% trade discount.
9 Mitesh Associates invoiced goods to us Rs 17,000 at 2% trade discount.
12 Returned goods to Raj traders Rs 1,650 (Net).
15 Vinita Traders returned goods to us as they were damaged in transit Rs 4,000
(Gross).
18 Returned goods to Preeti Rs 2,550
23 Placed an order with Novel Stores for goods worth Rs 29,000.
25 Novel Stores supplied goods worth Rs 19,000 only
26 Returned goods to Novel Stores as they were not as per specification Rs 2,550.
28 Sold goods to Deepika Rs 24,000 at 8% trade discount.
30 Deepika returned goods of Rs 4,000 (Gross)
27 Prepare double column cash book from the following transactions for the year 8
December 2022:
01 Cash in hand 17,500 Cash at bank 5,000
03 Purchased goods for cash 3,000 plus IGST @12%.
05 Received cheque from Jasmeet 10,000
08 Sold goods for cash 7,000 and deposited half of it into bank.
10 Jasmeet’s cheque deposited into bank
12 Purchased goods and paid by cheque 20,000
15 Paid establishment expenses through bank 1,000
18 Sold goods 5,000 and received an invoice from supplier.
20 Deposited into bank 10,000
24 Paid trade expenses 500
27 Received commission by cheque 6,000
29 Paid Rent 4,480 including CGST and SGST @6% each.
30 Withdrew cash for personal use 1,200
31 Salary outstanding 6,000.

28 On March 31, 2022 the bank column of the cash book of Agrawal Traders showed 8
a credit balance of Rs 1,18,100 (Overdraft).

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 On examining of the cash book and the bank statement, it was found that :

1. Cheques received and recorded in the cash book but not sent to the bank of
collection Rs 12,400.

2. Payment received from a customer directly by the bank RS 27,300 but no

entry was made in the cash book.

3. Cheques issued for Rs 1,75,200 not presented for payment.

4. Interest of Rs 8,800 charged by the bank was not entered in the cash book.

5. Rs. 40 for bank charges were recorded two times in the Cash Book and bank
expenses of Rs. 35 were not at all recorded in the Cash Book.

6. Bank received Rs. 200 as interest on debentures on behalf of Agarwal

Traders.

7. On 27th March, cheques amounting to Rs. 5,360 were sent to bank, but out of
these one cheque of Rs 920 was credited on 2nd April and one cheque of Rs.
180 was returned by the bank as dishonoured on 4th April.

Prepare bank reconciliation statement.

28 On April 01, 2021, following balances appeared in the books of M/s Kanishka 8
Traders:

Furniture account Rs 50,000,

Provision for depreciation on furniture Rs 22,000.

On October 01, 2021 a part of furniture purchased for Rupees 20,000 in April
01, 2017 was sold for Rs 5,000. On the same date a new furniture costing Rs
25,000 was purchased. The depreciation was provided @ 10% p.a. on original
cost of the asset.

Prepare furniture account and provision for depreciation account for the year
ending March 31, 2022.

30 Prepare a Trading and Profit and Loss Account and a Balance Sheet from the 12
following
Account Title Amount Account Title Amount

Opening stock 35,000 Sales 2,50,000

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 Purchases 1,25,000 Purchase return 6,000
Return inwards 25,000 Creditors 10,000
Postage and Telegram 600 Bills payable 20,000
Salary 12,300 Discount 1,000
Wages 3,000 Provision for bad debts 4,500
Rent and Rates 1,000 Interest received 5,400
Packing and Transport 500 Capital 75,000
General expense 400
Insurance 4,000
Debtors 50,000
Cash in hand 20,000
Cash at bank 40,000
Machinery 20,000
Lighting and Heating 5,000
Discount 3,500
Bad debts 3,500
Investment 23,100
3,71,900 3,71,900
Adjustments
1. Depreciation charged on machinery @ 5% p.a.
2. Further bad debts Rs 1,500, make a provision on debtors @ 6% and discount
reserve on debtors @ 5%.
3. Wages prepaid Rs 1,000.
4. Interest on investment @ 5% p.a.
5. Closing stock 10,000.

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