Accountancy Guess Paper

Guess Paper – 2010 Class – XI Subject – Accountancy GENERAL INSTRUCTIONS: 1. This question paper contains two parts. Part 1 and Part 2 2. Attempt all questions 3. All parts of the questions should be attempted at one place | | PART-A 1. Explain the various uses of accounting information? 1 2. Name the various types of assets and liabilities? 1 3. Define accounting1 4. Explain the two concepts in the following transactions: Purchased furniture from Rajan for Rs. 5,0001 5. Explain the Going concern concept of accounting1 6. Identify the dual aspects in the following transaction: Outstanding Salary Rs. 3001 7. Explain the money measurement concept of accounting. 1 8. What are the difference between a compensating error and an error of commission? 1 9. What are the uses of a trial balance? 1 10. Explain the following terms: a. Journal b. Ledger c. Bank Reconciliation Statement3 11. Draw the format of following subsidiary books: a. Purchases day book b. Sales day book c.

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Petty cash book3 12. Journalise the following: 1-1-2009. Started business with cash Rs. 25,000 2-1-2009. Purchased furniture from Rajan Rs. 15,000 3-1-2009. Sold goods to Sukumaran Rs. 50,000 4-1-2009. purchased stationary for Rs. 300 5-1-2009. Paid Salary Rs 500. 3 13. Prepare a Trial Balance from the following Data: Cash25,000Capital 50,000 Debtors30,000Creditors30,000 B/R15,000B/P25,000 Land 20,000Overdraft30,000 Plant60,000Profit15,0003 14. Explain the various types of errors with example. 3 15. Explain the various accounting concepts4 16.

Prepare a bank reconciliation Statement from the following data: a. Balance as per Pass book Rs. 30,000 b. Cheque deposited into bank but not presented for payment Rs. 25,000 c. Cheque send for collection dishonored Rs. 15,000 d. Bank charges debited not entered in the cash book Rs. 500 e. Interest charged on deposit not entered in the cash book Rs. 400 f. Cheque issued but not presented for payment Rs. 6,5004 17. Explain a Bill of Exchange and a Promissory note and explain the various parties in a promissory note and bill of exchange4 8. Explain the following : a. Reserves b. Provisions4 19. Prepare a Double column cash book form the following data: 1-1-2007 Opening Balance: cash 25,000 bank14,000 2-1-2007 Purchased goods for cash Rs. 30,000 5-1-2007 Sold goods for cash Rs. 80,000 6-1-2007 Paid rent Rs. 500 7-1-2007 Paid salary by cheque Rs1, 500 11-1-2007 Received cheque from Rajan Rs. 11,000 12-1-2007 Paid to Somu through cheque Rs. 12,000 15-1-2007 Cheque received form Rojan dishonored Rs. 15,000 20-1-2007 Paid rent through cheque Rs. 600 1-1-2007 Received commission through cheque Rs. 4006 20. On 1st January Reshmi sold goods to Somu for Rs. 45,000. Reshmi drew and Somu accepted three bills: a. 1st Bill for Rs. 20,000 for Two months which was kept till maturity. b. 2nd Bill for Rs15,000 for one month which was discounted @5%. c. 3rd Bill was for Rs. 10,000 for three moths which were send for collection 5 days before its maturity. Make the necessary entries in the books of Reshmi and Somu. 6 21. On 1st January 2007 Ramu purchased furniture for Rs. 5, 00, 00. He spends Rs. 5,000 for its implementation. On 1st March 2007 he purchased machinery for Rs. 2, 50,000. On 1St January2007 He sold a part of machinery purchased on 1st January 2009(costing Rs. 65,000) for Rs 50,000. On 1st April 2009 he purchased machinery for Rs. 1, 00,000. Prepare machinery and depreciation account and find out the balance of machinery account as on 31st December 2010. The concern follows fixed installment method @10%. 8 PART B 22. Explain the difference between Direct and in direct expenses with example? 1 23. Explain the Data processing cycle:4 24.

Prepare Statement of affairs and find out profit form the following: |Particulars |As on 1st January |As on 31stDecember | |Cash |25,000 |50,000 | |Furniture |35,000 |50,000 | |Machinery |2,00,000 |3,00,000 | |Creditors |25,000 |40,000 | |Overdraft |15,000 |30,000 | |Debtors |25,000 |45,000 | |Bank |35,000 |20,000 | Additional Information: 1. Drawings Rs. 2,500 Per month. 2. Additional capital introduced Rs. 25,000 6 25. Prepare Trading and Profit and loss account form the following:6 |Particulars |Dr. Rs. |Cr. Rs. |Stock |25,000 |50,000 | |Purchases and sales |50,000 |1,00,000 | |Wages |1,500 | | |Commission | |300 | |Rent |400 | | |Returns |500 |1,500 | |Salaries |400 | | |Carriage inwards |250 | | |Carriage outwards |150 | | |Bad debts |200 | | 26. Explain the advantages of computerized Accounting system6 27. Prepare Balance sheet form the following:6 |Particulars |Dr. Rs. |Cr. Rs. |Outstanding Expenses | 1,800 | | |Creditors and debtors |50,000 |80,000 | |Capital | |74,500 | |Profit |16,000 | | |Cash | 900 | | |Bank | 8,000 | | |Stock |65,000 | | |Prepaid expenses | 2,400 | | |Bills receivable and Bills Payable |10,000 | 4,000 | |Machinery |40,000 | | 28. Prepare Final accounts from the following data: |Particulars |Dr. Rs. |Cr. Rs. |Capital | |30,000 | |Drawings |5,000 | | |Debtors and Creditors |20,000 |10,500 | |Loan | |9,500 | |Interest on loan |200 | | |Cash |2,000 | | |Provision for debtors | |700 | |Stock |6,800 | | |Delivery Van |10,000 | | |Bank |500 | | |Land and Buildings |12,000 | | |Bad Debts |600 | | |Purchases and Sales |56,500 |1,00,000 | |Returns |8,000 |1,500 | |Carriage outwards |5,500 | | |Advertisement |15,000 | | |Office Expenses |3,500 | | |Discount | |500 | |B/R and B/P |6,000 |2,000 | |Rent |3,400 | | |Commission | |300 | Additional Information: 1. Closing Stock is valued at Rs. 8,750 2. Provide 5% for Bad debts and 2% of Debtors and Creditors for discount. 3. Provide interest on capital @10% and Charge interest on drawings @ 5%. 4. Depreciation on delivery van is to be charged @20%. 5. Only 4/5 of advertisement is paid in advance. 12 Paper Submitted By : Sharath Email : sharathkumar. [email protected] com Phone No. : 9447125909

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