Accountancy Mid-Term Exam 2022-2023 PDF

No. of pages - 23 (M) MID-TERM EXAMINATION (2022-23) CLASS: XI SUBJECT: ACCOUNTANCY(055) Time Allowed : 3 hours Maximum Marks: 80 44: 3 1. 2. 3....

No. of pages - 23 (M) MID-TERM EXAMINATION (2022-23) CLASS: XI SUBJECT: ACCOUNTANCY(055) Time Allowed : 3 hours Maximum Marks: 80 44: 3 1. 2. 3. 4. 5. 6. 7. &. General Instructions: 1. There are 29 questions in the question paper. 2. All questions are compulsory. 3. Question nos. l to 16 carrying l mark each. 4. Question nos. 17-18 are short answer type-I questions carrying 3 marks each. 5. Question nos. 19-24 are short answer type-II questions carrying 4 marks each. 6. Question nos 25-27 are long answer type-I questions carring 6marks each. 7. Yuestion nos 28-29 are long answer ype-II guestions carrying 8 marts each. 8 Ihere is no overall choice. However, an internal choice has been pOVIdea of si in I question of three marks, 2 questions of four marks, l question marks and 2questions of eight marks. X-ACCOUNTANCY-M internalchoice has 1. () (a) (b) (c) (d) (a) process of grouping transaction or entries of onenature at one place. Recording (b) Summarising Classifying (d) Identification (1) (a) (b) (c) (d) Which of the following is recorded in the books of (a) Accounts? Quality of goods (b) Efficiency of staff (c) Behaviour of employer Donation of goods 3. (1) (a) (b) (c) (d) Who among the following is an external user ofaccounting information? (a) Management Debtor (c) Proprietor (d) Allof the above 4. (a) (b) (c) (d) Which of the following Principle States that "Provide for all anticipated ILosses and Expenses but do not account anticipated ineomes and profit?" (a) Materiality Principle Prudence Principle Matching Principle (d) Full Discloser Principle (C) 2 X1-ACCOUNTANCY-M 5. ?.(1) (a) (b) (c) (d) Which assumption of Accounting states that Transactions are recorded wihen they are entered into whether amount is exchanged or not? Accrual Assumption (b) Consistency Assumption (C) Going Concern Assumption (d) Money Measurement Concept 6. (1) (a) (b). (c) Expenses which are due but not yet paid are known as (a) Cash Expenses a t Outstanding Expenaes (c) Advance Expenses (d) Prepaid Expenses 7. 'x'# YI 1G26.000 T x ' R iu HI 4000 3? (1) (a) 724,000 (b) ? 20,000 (c) 774,000 (d) ? 26,000 What will be the Balance in X's (Debtor's) Account. If sold goods to 'x' on credit 50,000, cash receivedfrom 'x' 26,000, goods, returned to'x' is 4000? (a) ?24,000 (by 20,000 (c) 74,000 (d) 26,000 8. (1) (a) (b) hfse VA (c) (d) In 'T' shaped account of machinery, where will you show the depreciation? (a) Debit side (by Credit side (c) Both sides (d) Not shown in machinery account XI-ACCOUNTANCY-M 9. ) (a) (b) % VaU (c) (d) Debit yocher and credit (a) Cash voucher vouchers are the types of (b Non-cash voucher c) Transfer voucher 10. (d) Allof the above 20 000 far Æ 44 Tt ? (1) (a) (b) hfse yHru (c) (d) M/s. Light & Sough, Delhi bought vide cash memo No. 415, which kindelectrical goods worth ? 20,000 against cash of voucher will be (a) Aon-cash voucher prepared? (b) Credit voucher ( Debit voucher (d) Allof the above 11. (1) (a) gfae 25 000 (b) d. sfae ? 25000 Gafse 25 000 ot.. Ghfse 25.000 (c) T6<.. Saz 7 25 000 (d) t.. sfae 25000.. fse 25 000.. fse ? 25 000 M/s. Ajay opened a bank account by and credited willbe depositing cash 25,000. Accounts debited (ay Bank...Dr. 25,000 (b) Bank...Dr. 25,000 Cash...A R25,000 Capital...Cr. ? 25,000 (a) Cash...Dr. ? 25,000 (b) Capital..Dr. ? 25,000 Bank...r.?25,000 Bank.Cr.? 25,000 X-ACCOUNTANCY-M 12. () (a) (b) (c) (d} Goods costing 20,000 sold at a Trade Discount (@ 10% and 5% cash discount if paid in cash. if half of the goods were sold for cash, then which of the following is correct option? 20, (a) Sale price of goods sold on credit is ? 10,000 450 by Cash received for sale is 8,550 (c) Cash discount is 900 (d) Allof the above 13. (1) (a) (b) (c) (d) Which of the following is/are considered as fixed assets? (a) Stock by Machinery (c) Cash (d) Debtors 14. (1) (a) 710,000 (b) ? 2,750 (c) 7,250 (d) ? 12,750 Under an Imprest system of Petty Cash Book, a cashier received ? 10,000 on fortnight basis. The total expenses incurred in that period is 7,250. Find the amount that will be reimbursed to cashier. (a) ?10,000 (b) 2,750 (©) 1,250 (d) ? 12,750 N-ACCOUNTANCY-M 15. () (a) (b) (c) y 250 (d) Which of the following transaction will not be recorded in Petty Cash Book? (a) Postage ? 750 (h Conveyance charges ?150 (c) Stationery purchased ? I50 Goods purchased for cash ? 15,000 16. () (a) (b) Sale book ófa frm records (a) Good sold for cash ( Good sold on credit (c) Fixed assets sold for cash (4) Fixed assets sold on credit 17. fffe tar+ 4i ef - (3) (a) (b) (c) Explain the following terms of accounting : (a) Capital (b) Profit (c) Trade discount 18. 31 HT4, 2022 t y5 qHY et Hft 200,000 3t aat tTfrt (3) On 31" March 2022, the total Assets are R 2,00,000 and external liabilities are {10,000. During the year additional capital introduced is 25,000 and withdraw for personal use is ? 8,000. If the firm bas made a profit of ? 30,000 during the year. Calculate capital in the beginning ie. as on 1" April 2021. XI-ACCOUNTANCY-M  31/OR 1491 2021 : ot ?500 000 31 4 2022 : ufrei 750 000 fa?75, 000 From the following informations of Ms. Shyama Dass, calculate his closing capital and profit during the year. If On 1 April 2021: Capital 500,000 75 w- 7 5a On 31 March 2022: Assets750,000 Liabilities 75,000 675vi -500 ne (Ix4-475u (A) 7h HIG ?30,000 T (B) JUK HIT15 000 4 (C) JUR GR 30,000 (D) I3| HIG AIYH I 31 3000 Following are some informations regarding the business of M/s. Iqbal &Sons: (A) Sold goods for cash 30,000 (B) Firm sold goodsworth 15,000 on credit (C) Furniture purchased on credit ?30,000 (D) Fim received back the goods sold (sales return) 3,000. As per the information given above answer the following questions: (i) (a) (b) (d) XI-ACCOUNTANCY-M  Which kind of sorce docunent wilbe prepared at the tie of goods soid for 7 30,000. cash Inyoie (b) Pay-in-sBip fe) Cash memo (d) Debit note (ü) (a) (b) (c) (d) Which kind of source document will be prepared at the time of goods sold n credit? Invoice (b) Pay-in-siip Cash memo (d) Compound voucher (M) (a) (c) (d) Whichsype of voucher is prepared to record credit purchase of furniture? Transfer voucher (b) Cash voucher (c) Debit voucher (d) Credit voucher (iv) (a) (b) (c) (a) sr (b) Ifa seller received back the goods sold 3,000, he will prepare Credit note (b) Debit note (c) Both (a) and (b) (d) Cash memo 20. 8 XI-ACCoUNTANCY-M  Read the following paragraph carefully regarding the GST and attempt the questions based upon the information. ((ST stands for gods and service tax. Conpliance of Indirect taxes has become muchsimmplified under GST. Administration and control of GST has become better and moreeffective, As a result, tax cvasion is reduced to a very large extent. ST will attract foreign investment also. (IST is a comprehensive indirect tax in WhiCh almost all the indirecttaxes are mergedinto it other than taxes onpetroleum and duties on alcohol etc. () (a) (b) (c) (d) GST Stands for : Goods and Service Tax (b) General Service Tax (c) Goods Support Tax (d) All of the above (ii) Hâ. faH yR I ? (a) (b) (c) (d) Which kind of tax is GST? (a) Direct Tax (bndirect Tax (c) Promotional Tax () Wealth Tax (a) (b) Ya (c) (d) GST is levied (charged) on (a) Only goods (b) Only services (c Goods and services (d) Wealth XI-ACCOUNTANCY-M (iv).qA.â,. 6(U 5 at...... (a) (b) gf (c) Tax Evasion is due toGST: Reduced (b) Increased (c) Not effected (d) Allof thé above 21. frgI 6 ? 80,000, ifR?30,000 3tt ts ? 40 000 23 7 40,000 HA (1x4-4) Nishtha started business with cash 80,000,. furniture 30,000 and stock ? 40,000. She bought goods costing 40,000 from Disha and paid 15,000 cash. Then goods worth 30,000 sold at a profit of 10% out of which 50% in cash and balance on credit. Firm paid 22,500 in full settlement to Disha. On the basis of above information answer the following questions in the light of accounting equation. (i) What willbe the opening capitalof firm? 33m (a) 80,000 71,50,000 (c) ?110,000 (d) 770,000 (i) What willbe the selling price of goods sold on credit? 33,000 2 16,500 (b) (c) ?15,000 (d) ? 30,000 10 XI-ACCOUNTANCY-M  It* 22,500 ispaid to Disha in full setlement, then what will be the amount of discountteceived? R17,500 (b) ?7,500 (c) 2,500 (d) ?12,500 |/7,0 (iv ). (d) If there would be a-depreciation on furniture, it will (a) Decrease thé value of asset only (b) Decrease the value of capital only (cDecrease both assests and capital (d) Increase cash 22. () (ii) 34YI Distinguish between Accrual Basis of Accounting Cash Basis of Accounting. On the basis of: 6) Reliability and (i) Suitability 34GT/OR What is cash basis of Accounting? Explain with examples. (4) (i) (ii) (ii) (iv) In which Book of special purpose, you will record the following transactions? (i) Goods reurned by adebto (i) Gods sold for credit Ssl, bh (iii) Gods purchased for cash (iv) Salary outstanding 31E/OR Jow 11 XI-ACCOUNTANCY-M  2022 1 Pass the opening entry on 1" April, 2022 on the basis of the following information taken from the books of M/s. XYZ and also show the posting in any two ledger accounts one with debit balance and another with credit balance. 50,000 Ses BY YA (Cash in hand) 7Svo a0 ufi (Stock of Goods) 775,000 fafay 1R (Sundry debtors) 30,000 lt (Furniture) ?1,00,000 yfa a tr& (Land &Building) ?3,00,000 fafay ER (Sundry creditors) 50,000 24. (4) What is Petty Cash Book? Explain its any three advantages. 25. Human Resources Manager of ABC Co. takes the interview of a job aspirant for the post of Accountant. Imagine yourself a job aspirant, answer to the following questions regarding the identification of accounting concepts. () fufafad fai T? (a) (b) (d) According to which concept all assets are recordedin books at their cost price? (a) Materiality concept Historical cost concept (c) Principle of prudence (d) Matching concept 12 X-ACCOUNTANCY-M (ü) (a) (b) (c) (d) g-V8G HhqI According to which concept Assets = Liabilities +Capital? (a) Principle of prudence (b) Matching concept (c) Materiality concept Duel aspect (a) (b) (c) (d) According to which concept provision for doubtful debts is created? (a)Principle of prudence (b) Historical cost concept C Duality concept (d) Business entity concept (a) (b) (c) (d) fguetYai HYI According to which concept salary, rent, etc. are recognised on the basis of period towhich they relate and not when they are paid? a Matching concept (b) Materiality concept (c) Prudence concept (d) Duality concept () (a) (b) According to which concept all transactions must be supported by documentary evidence? (a) Duality concept (b) Going concern concept (c) Principle of conservatism Verifiable objectivity concept 13 XI-ACCOUNTANCY-M  (a) (b) (c) (d) According to which concept the business will continue for an identifinite nerio (a) Materiality concept (b) Matching concept (c) Duality concept Going concern concept 26. (6) 2022 50,000 fiar 2 45,000 18,000 fgK 10 10,000 fitaR 12 12,000 frat 17 23,000 f t 21 6,000 S,000 Record the following transactions in double column cash book of M/s. Badri Associates, Delhi : 2022 Septemberl Commenced business with cash 50,000 45,000 September 2 Opened a bank account 18,000 September 5 Bought goods on credit from Shyam 10,000 September 10 Paid Shyam by cheque September 12 Sold gods to Mohit for 30,000 on credit but he paid 12,000 some cash immediately XI-ACCOUNTANCY-M 14 September 17 Received cheque froma customer for sale and deposited into bank 23,090 September 21 Withdraw cash from bank for office use 6,00) Withdraw cash from bank for personal use 5,000 34q/OR 2022 ge 1 50,000 ffaa 10,000 y 2. 5,000 15,000 g 10 10,000 14500 geli 20 gclI` 31 Prepare a cash book with cash and bank column from the following information: 2022 July 1 Cash in hand 50,000 Bank overdraft 10,000 July 2 Paid wages in cash 5,000 July 5 Bought goods from Lenovo on credit 15,000 July 10 Withdrew from bank for personal use 10,000 July 15 Paid to Lenovo in fullsettlement 14,500 July 20 Received a cheque from Sundar for Goods sold and deposited into bank 11,000 July 31 Keeping ?10,000 in cash, balance is transferred to bank alc 15 X-ACCOUNTANCY-M  27. (Ixo 6) (A) (B) (C) (D) (E) (F) Following are the transactions in the books of M/s. Gyanchand : (A) ?20,000 paid as income tax by the proprietor (B) Bought goods costing ? 25,000 from Verma Ltd., Delhi (C) Salary ? 2,000 is outstanding (D) Goods costing ?4,500 were distributed as free samples (E) Bank charged 800 as bank charges (F) Received 1,000 earlier recorded as bad debts. On the basis of information available, answer the following questions: (i) (a) 3414h aIdl - Dr. (b) 3AT64U| GII -Dr. (c) t AAI - Dr. (d) ThG GIGI - Dr. t68 I - Cr. SAT6(U| GTI -Cr. Which of the following entry is correct in respectof transaction (A) (a) Income Tax - Dr. (by Drawings - Dr. Cash A/c - Cr. Cash Alc - Cr. (c) Capital A/c- Dr. (d) Cash A/c- Dr. Cash A/c- Cr. Drawings - Cr. X-ACCOUNTANCYM 16 (ii) (a) (b) (c) (d) Goods purchased from Mr. Verma will be Debited to Verma Ltd. (a) Debited to sales Ac (b) Credited to sales Alc Debited to purchase A/c (d) (iii) (a) (b) (d) (c) Outstanding salary is considered as Assets Expenses (a) Liability (c) Income (iv) (b) afse (a) 3114 a I i - }fe (d) (c) following is correct in respect of distribution of goods as free Which of the sample. Credit Purchase Alc Debit Purchase Alc (a) Credit Advertisement A/ (d) Debit Income A/c (v) (b) (a) (c) (d) Bank chargés ? 800 will be (a) Debited to bank charges Alc (b) Credited to bank charges Ae (c) Debited to bank Alc (d) Debited to purchase A/c 17 XI-ACCoUNTANCY-M (vi) (a) (b) zG-faz Which of the following is a correct entry in respect of bad debts recovered? (a) Debit -Cash A/c (b) Debit -Cash A/c Credit- Dab debt recover A/c Credit -Bad debts Alc (c) Debit-Cash A/c (d) All of the above Credit-Debtors Ac 28. () IHgE 36IR H Y 6 S00 (ii) ? 19 000 ¢ 4 Ë qH GqIr, 54 9 400 (ii) ? 13,000 $ 4G 2022 fiM fs TI 54 2,700 1 (iv) R? 1,100 YIHC# TeA H(hsz) fas sI (v) (8) 18 XI-ACCOUNTANCY-M  statement fiw MN iatiog From the tollowing particulars, prepare hank revon Gopalika as on 31" Manh, 020 () Debit balance as but out of of Manh the nonth Mareh, (11) Cheques for 19,00 uid into he bank in by the bank till 3" Cnaditcd these cheques for 9,400 only were 2022. tor I,000, # 202) payment in Manh choque (ii) Out of the cheques drawn for payments on April $" and a r cheque for700was pesentedso tar. for 1,500 hadnot beenpresentod credit of I,100 by bank in pass book. (iv) AWTong overdratt not cntered in cash book Bankchargedinterest s00on bank (v) cash book was under castby 1.000 paynentside of (1) Bank column of 5,000 in ank account has not been customer (vi) Directly deposited by entered in cash book has not instruction prenium paid by bank as per standing (vii) 2,000 insurance been entered in cash book. 3TeW/OR TI fun I00,000 31 4G, 2022 VH TE 4 () 3AT6fT fT W 2022 (ii) 29 H4, 2022 1 20,000 (ii) (iv) (v) 19 XI-ACCOUNTANCY-M  (vi) From the following information, prepare a bank reconciliation statement as on 31" March. 2022 : (i) Overdraft shown as per pass book on 31 March, 2022 ? 1,00,000 (ii) Cheques for? 20,000drawn on 29 March, 2022 but out of these cheques for (8,000presented for payment in April, 2022 (ii) Interest on bank overdraft not entered in cash book? 2,000 (iv) Cheque 30,000 deposited into bank in March but not collected tillApril. 2022. (v) ?20,000 insurance premiumipaid by bank as standing instruction but not entered in cash book (vi) Membership fee 8,000 paid by bank for trader but not recorded in cash book. (vii) Bank charges 1,000 charged by bank but not entered in cash book + (vii) Cash 5,000deposited into bank is recorded twice in cash book.t 29. 2022 10 fhi @ 30,000 yfd t H GA q @ 10%, 41gIR 1,000 20 X-ACCOUNTANCY-M  + 10 3,34t freg4 @12,000 fa t IE ?1000 fitar 27, 5 3AS- 13 @48 000 yÍï áÌ R (8) 4IGI 500 book of M/s. Rakesh Electronic. Record the following transactions in the purchase Delhi. 2022 September 1 Bought goods from M/s. Deepak, Delhi on credit 5 Television sets @ 20,000 each 10 Fridge @ 30,000 each Trade Discount (@ 10% and freight 1,000 September & Bought goods from M/s. Tiwari Bros., Kanpur on credit 5 wasing machine @20,000 each at 10% Trade discount September 15, Bought goods from M/s. Hindustan Traders, Delhi on credit 10 water purifier @8,000 each 10 R.O. system @ 12,000 each Cartage 1,000 21 XI-ACCOUNTANCY-M  Sadhna Electronics, Mumbai on credit September 27 Bought goods from ?48,000 each Si-phones 13 pro@ Freight ? 500 34YAVOR 344T 4 4HI1 He @1S.000 ufã KÀ 34 8 50 fT, @ 2,000 sf qR 10ai @S000 ya t IG qe @5% 3R YIS ?2.000 G20 40 pftT @1750 sfa t 3ATE 26 10 34T4HTÌ @3000 sf t ATIftT qI 15%, gIE 2000 22 XI-ACCoUNTANCM Kead the following transactions in the sales book of M/s Kwality Furniture, 2022 August 4 Sold goods to Moon Furnitures, Panipat on credit 4sofa set (@?15,000 cach 2 bed set (@20,000cach Trade discount @ 15% credit August 8 Sold gods to star furniture, Sonipat on 50chairs @ 2000 each 10 tables @ 5000 each 2000 Trade discount @ 5% and freight? Delhi on credit August 20 Sold goods to Galaxy Furniture, 40 chairs @?1750 each Trade Discount @ 10% on Credit August 26 Sold goods to Meteor Furniture, Haryana 10Almirah @ 3000 each Trade Discount @ 15% and Cartage 2000 23 XI-ACCOUNTANCY-M