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Discount Earned Is Transferred To Credit Side of Account. When Specific Date Is Not Given, in That Case Interest On Drawing Is Charged For

The document outlines the final exam for XI Commerce at P.E.M. High School & Junior College, covering various accounting topics and practical problems. It includes multiple-choice questions, one-word answers, and practical exercises such as journal entries, subsidiary books, bank reconciliation, and depreciation calculations. The exam is structured to assess students' understanding of accounting principles and their application in real-world scenarios.

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Santosh Sahu
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45 views3 pages

Discount Earned Is Transferred To Credit Side of Account. When Specific Date Is Not Given, in That Case Interest On Drawing Is Charged For

The document outlines the final exam for XI Commerce at P.E.M. High School & Junior College, covering various accounting topics and practical problems. It includes multiple-choice questions, one-word answers, and practical exercises such as journal entries, subsidiary books, bank reconciliation, and depreciation calculations. The exam is structured to assess students' understanding of accounting principles and their application in real-world scenarios.

Uploaded by

Santosh Sahu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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P.E.M.

HIGH SCHOOL & JUNIOR COLLEGE, PHENEGAON


XI COMMERCE FINAL EXAM -2023
Date: 03-04-23 Subject: BK Total Marks-80 Duration:2 Hr 30 Mins
Q.I.A.Choose the correct option & rewrite the statement : (5 Marks)
1. Discount earned is transferred to credit side of ……… account.
a) Current A/c b) Profit & Loss c) Trading d) Capital
2.When specific date is not given, in that case interest on drawing is charged for ……
month.
a) Four b) Six c) Eight d) Nine
3. Depreciation is charged only on ..........assets.
a) Fixed b) Current c) Non-performing. d) Fictitious.
4. The balance of depreciation account is transferred to .................... .
a) Manufacturing A/c b) Trading A/c c) Profit & Loss A/c d) Balance sheet
5. Bank gives overdraft facility to __________ account holder.
a) savings b) recurring c) current d) fixed.

Q.I.B.Give one word or term for the following sentence : (5 Marks)


1.Debit balance in Pass Book.
2.A bank account which the businessman prefer to open.
3. The tax imposed by Central Government on Goods and Services.
4.The Assets which cannot be seen, touched or felt.
5. Incomplete system of recording business transactions.

Q.I.C.Answer in one sentence : (5 Marks)


1. State the rule of Nominal Account.
2.What is GST ?
3.Which discount is not recorded in the books of account ?
4.What is ‘Trial Balance’?
5.Which sales are recorded in Sales Book ?

Q.II.Practical Problems :
1) Journalise the following transactions in the books of Sankalp General Stores
2019 (10 Marks)
July 1 Started business with Cash ₹1,00,000, Stock of Goods worth ₹50,000,
and CComputer₹50,000.
4 Purchased goods from Karina on credit ₹10,000 at 5% trade discount.
10 Sold goods to PPriyanka₹20,000 at 10% trade discount.
13 Paid into State Bank of India ₹50,000.
15 Goods worth ₹2,000 lost by theft.
18 Paid for Rent ₹4,000.
20 Received Cash of ₹17,500 from Priyanka in full settlement of her account.
25 Paid for Stationery purchased ₹8,000.

2) Subsidiary Book (10 Marks)


a. Mr. Akash gives you the following information and asks you to prepare Purchase Book, Sales Book, Purchase
Returns Book and Sales Return Book for the month of January 2018.
2018 Jan
01 Purchased goods on credit from Dhanal Traders for ₹15,000 and sold the same to Kunal Traders at a profit of 25%
on cost.
05 Placed an order with Sunetra for goods of ₹10,000 less 5% Trade discount.
08 Purchased goods of ₹20,000 at 10% Trade Discount from Saurabha Traders.
13 Sold goods to Vinayak Stores ₹78,000 at 5% Trade Discount.
15 Vinayak Stores returned goods to us ₹200.
18 Sunetra executed our order placed on 5th Jan, 2018.
20 Sold goods to Vishnu Traders ₹21,000 less 5% Trade Discount.
22 Returned goods to Sunetra ₹1,000 (Gross),
28 Kunal Traders returned goods to us ₹500.
30 Returned goods to Sourabh Traders ₹1,500.
OR
b. From the following information prepare Columnar Petty Cash Book kept on imprest
system in the books of Manisha Books Stall, Beed.
2018 April Amt (in ₹)
01 Opening petty cash balance 200
02 Received a bearer cheque to make up the imprest amount 1,200
03 Gave a tips to peon 40
04 Purchased stationery 150
05 Paid Taxi Fare 35
06 Purchased Stamp pad 140
07 Paid Cartage 40
08 Paid Bus Fare 30
11 Paid to sweeper 50
13 Purchased a Box of pencils 40
14 Paid Mobile charges 35
15 Gave to Sohan on account 250
19 Paid for Refreshment to staff 150
20 Paid Railway Fare 30
21 Paid Carriage 65

3) Prepare Bank Reconciliation statement from the following information as on 31 st March, 2019. (10 Marks)
Balance as per Cash Book ₹10,000.
Cheque of ₹2,000 issued but not presented to Bank for payment.
Our debtor directly deposited ` 3,500 to our Bank account by NEFT, not recorded in the Cash Book.
Bank paid electricity bill on our behalf ` 450 and charged Bank charges ₹ 100.
Paid ₹1,500 to ABC & company, our supplier by business debit card but recorded in Cash Book as ₹150.
Bank credited interest on Investment ₹500.
Cheque of ₹885 issued and presented to Bank but wrongly entered in the Pass Book as ₹ 865.

4) Depreciation : (10 Marks)


a. Mahesh Traders Solapur purchased Furniture on 1st April 2014 for ₹ 20,000. In the same year On 1st Oct additional
Furniture was purchased for ₹10,000 On 1st Oct 2015, the Furniture purchased on 1st April 2014 was sold for ₹15,000
and on the Same day a new Furniture was purchased for ₹20,000. The firm charged depreciation at 10 % p.a. on
Reducing Balance Method.
Prepare Furniture Account and Depreciation Account for the year ending 31st March 2015, 2016 and 2017.
OR
b. On 1st Jan 2017 ‘Sai Industries Nagpur, purchased a Machine costing ` 1,65,000 and spent ₹15,000 for its
installation charges. The estimated life of the Machine is to be 10 years and the scrap value at the end of its life would
be ` 30,000. On 1st Oct 2018 the entire Machine was sold for ` 1,50,000.
Show Machinery Account, Depreciation Account for the years 2016-17, 2017-18 and 2018-19, assuming that the
accounts are closed on 31st March every year.
5) Mr. Morya keeps his books on Single Entry System and gives the following information: (10 Marks)
Additional information:
1.Mr. Morya withdrew from business account ₹6,000 for personal use.
2.He introduced Additional Capital of ₹30,000.
3.Depreciation is to be charged at 10% p.a. on Furniture and Machinery.
Prepare: 1) Opening and Closing Statement of Affairs
2) Statement of Profit or Loss for the year ended 31.3.2018

6) From the following Trial Balance of Omkar you are required to prepare Trading Account and Profit and Loss
Account for the year ending on 31st March 2018 and Balance Sheet as on that date. (15 Marks)
Trial Balance as on 31st March, 2018

Adjustments :
Closing Stock valued at ₹ 42,000.
Write off ₹1,200 Bad Debts and create a provision for bad & doubtful debts at 2% on debtors.
Outstanding expenses – Legal Expenses ₹750 and Wages ₹225
Charge depreciation on Office Euipments 2.5% and Machinery 5%.
Prepaid – Insurance ₹ 900

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