ATOMIC ENERGY CENTRAL SCHOOL, RAWATBHATA

ANNUAL EXAMINATION: (2018-2019)

Subject: Accountancy Class – XI
Time allowed: 3 hours Maximum Marks: 90
Part A: Financial Accounting - I
1. Which system of Accounting is most widely used? (1)
2. Define Book keeping. (1)
3. Give any one example Trade Discount by specify it by journal entry. (1)
4. Give rectifying Journal entry for the following error. Sales Return Book is overcast by 5000. (1)
5. What is IFRS? (1)
6. What is Contra entry? (1)
7. Enter the following transactions in a Petty cash book:- (3)
1/4/2018 Drew for petty Cash 5000
3/4/2018 Paid for postage 300
5/4/2018 Paid Telephone bill 400
8/4/2018 Paid for cartage 140
9/4/2018 Paid for Postage 200
12/4/2018 Paid for sundries 100
24/4/2018 Paid for Stationery 300

8. Explain following accounting terminologies with examples. (3)

i) Assets ii) Expenditure iii) Inventory
12. Differentiate between Trade Discount and Cash Discount (3)

13. Mohit has following transactions. Prepare Accounting Equation: (4)

a. Business started with cash 87,500

b. Purchased goods from Rohit 25,000

c. Sold goods on credit to Manish (costing 8750) 10,000

d. Purchased furniture for office use 5,000

e. Cash paid to Rohit in full settlement 24,000

f. Cash received from Manish 10,000

13. Define GST and explain the classification of GST (4)

14. ABC Ltd. purchased on 1st April, 2016, a plant for Rs.50, 000 plus CGST and SGST @ 6% each. On 1 st
October, 2016, an additional plant was purchased costing Rs.25, 000 plus CGST and SGST @6% each.
On 1st October, 2017 and the plant purchased on 1 st April, 2016, having become obsolete, was sold for
Rs.20, 000, charging CGST and SGST @ 6% each. Depreciation is provided @10% p.a. on cost on 31st
March every year, show the Machinery, Machinery Disposal and Provision for Depreciation Accounts for
the year ended 31 st March, 2017 and 2018. (6)

15. ‘B’ owed to ‘A’ Rs.60,000 on 1st January.2017. On the same date , A drew upon B a bill for the amount
at 2 months and B returned the bill duly accepted. A got the bill discounted at his bank @15% p.a. Before the
bill was due for payment , B told A that he was not able to pay the full amount and requested A to Accept
Rs.20,000 immediately and drew upon him another bill for the remaining amount for 2 months together with
interest @18% p.a. A agreed. The second bill was duly met. Give the Journal entries in the books of both A
and B (6)
16. Rectify the following errors by passing a rectifying entry (6)
i) Wages paid to the firm’s own workmen for making certain additions to machinery amounting to Rs.2, 500
were posted to Wages Account
ii) Credit purchase of goods of Rs.3, 000 from Mohan & Co. was not recorded in the books although the
goods were taken into stock.
iii) Return of goods amounting to Rs.1000 by Mohan was entered in the Purchases Return Book.
iv) Return of goods of Rs.400 to Sohan was passed through the Sales Return Book.
v) Credit Sale of goods to Sunil amounting to Rs.10, 000 was posted to the account of Anil.

17. Draw up Bank Reconciliation Statement as on 31 st March, 2018. From the following information (8)
i) On 31st March, 2018 the Bank Pass Book of Amrita showed a balance of Rs.30,000 to her credit.
ii) Before that date, she had issued cheques amounting to Rs.16, 000 out of which cheques amounting to
Rs.6, 400 have so far been presented for payment.
iii) A cheque of Rs.4,400 deposited by her into the bank on 26th March,2018 is not yet credited in the pass
book
iv) She has also received a cheque of Rs.1000 which although recorded by her in the bank column of Cash
Book, was omitted to be deposited in the bank.
v) On 30th March, 2018 a cheque of Rs.3,140 received by her was paid into the bank but the same was
omitted to be recorded in the Cash Book.
vi) There was a credit of Rs.300 for interest on current account and a debit of Rs.50 for bank charges.
vii) Bank recorded cash deposit of Rs.50,978 as Rs.50,987. The error was rectified by the bank on 30th March,
2018.
OR

Part B: Financial Accounting - II

18. Define Trial Balance. (1)
19. Explain Deferred revenue expenditure by example (1)
20. What is MIS (1)
21. Define Computer System. (1)
22. Jayant does not keep proper records of this business. He give you the following information. (3)
Opening Capital -2, 00,000 Closing Capital - 2, 50,000
Drawings made during the year - 60,000
Capital added during the year – 75,000
Calculate profit or loss for the year.
23. Give any three Limitations of Single Entry System. (3)
24. Distinguish between Capital Receipt and Revenue Receipt on the following basis. (3)
25. Explain any four Capabilities of computer system. (4)
26. Comparison between Manual and Computerised Accounting System (4)

27. What are the advantages and Limitation of Computerised Accounting System (6)

28. Malini maintains her books of account from Incomplete Records. Her books provide the following
information:
Particulars 1 st April,2015 31st March, 2016
Cash 2,400 3,200
Bills Receivable -- 4,800
Debtors 33,600 54,400
Stock 44,800 48,800
Investments -- 16,000
Furniture 15,000 16,000
Creditors 29,800 23,200
She withdrew Rs.1000 per month for personal expenses. She sold her Investment of Rs.32, 000 at 5%
premium and introduced the amount into business. You are required to prepare a Statement of Profit or Loss
for the year ending 31st March,2016. (6)

29. From the following Trial Balance of Vijay Kumar, Prepare his Final Account for the year ended 31st
March, 2018. (8)
Trial Balance as on 31st March, 2018
Heads of Accounts Debit Credit
Balance in Balance in
Rs. Rs.
Capital -- 2.45,000
Drawing 20,000 --
General Expenses 47,400 --
Building 1,10,000 --
Machinery 93,400 --
Stock on 1st April,2017 1,62,000 --
Insurance 13,150 --
Wages 72,000 --
Debtors 62,800 --
Creditors -- 25,000
Bad Debts 5,500
Loan -- 78,800
Sales -- 6,53,600
Purchases 4,70,000 --
Motor Car 20,000 --
Provision for Doubtful -- 9,000
Debts
Commission -- 13,200
Car Expenses 18,000 --
Bills Payable -- 38,500
Cash 800 --
Bank overdraft -- 33,000
Charity 1,050 --
Total 10,96,100 10,96,100

Prepare Trading and Profit and Loss Account for the year ended 31 st March, 2018 and Balance Sheet as at that
date after giving effect to the following adjustments:
a. Stock as on 31st March, 2018 was valued at Rs.2, 30,000
b. Write off further Rs.1, 800 as Bad debts and maintain the provision for Doubtful Debts at 5%.
c. Depreciate Machinery at 10%
d. Provide Rs.7, 000 as outstanding interest on loan