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CBSE Class 11 Pre Board 2021 : Accountancy - Prelim (CBSE Gulf Sahodaya Qatar Chapter, Doha)

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PREBOARD EXAMINATION 2020-21 Class: XI (CBSE) Date . Total Marks: 80 SUBJECT - ACCOUNTANCY Time: 3 hrs. General Instructions: 1. This question paper contains two Parts A and B. 2. Both the parts are compulsory. 3. Show the necessary working notes along with answer 4. All parts of a question should be attempted at one place PART A 1 Whether the following statement is True or False: Closing Stock appearing in the trial balance is at 1 56, 000 as on 31stMarch, 2019 and the market value as on that date is 66, 000. In that case 56, 000 must be recorded as a value of closing stock in the final accounts. 2 Choose the correct answer from the options given below: What should be the rectifying entry for 3, 50,000 spent on a family trip enjoyed by Mr. Khanna and recorded them by debiting to Office Expenses A/c? a) Drawings A/c Dr. 3,50,000 To Cash A/c 3, 50,000 b) Drawings A/c Dr. 3,50,000 To Office Expenses A/c 3, 50,000 c) Office Expenses A/c Dr. 3,50,000 To Drawings A/c 3, 50,000 d) Cash A/c Dr. 3,50,000 To Office Expenses A/c 3, 50,000 1 3 What will be the rate of depreciation if the asset was purchased for 80,000 it has salvage value of 10,000 at the end of its useful life of 7 years? 1 4 Name the process of transferring entries from the journal to their respective accounts in the ledger 1 5 State any one objective for preparing the Trial Balance? 1 6 Purchase refers to the buying of a) Stationery for office use b) Assets for the factory 1 7 8 c) Goods for resale d) Investment Why are rules of debit and credit same for liability and capital? 1 Mr. Karan, accountant at M/s Das & Das follows different methods of inventory valuation every year. Which of the attributes of accounting information would be affected due to practice adopted by Mr. Karan above? Page: 1 1 9 A Gross Profit 15,000, Carriage Inwards 4,000, Rent 4,500, Drawings 6,000, Freight Outward 5,000, Repairs & Maintenance 4,800, Manufacturing Wages 5,000, Bad Debts Recovered 3,000. What is the amount of net profit/loss? 1 10 Which document is evidencing for the credit granted to the named person for the reason stated therein? 1 11 Wages paid for installation of newly purchased machinery are debited to Wages Account. Such type of error is known as ________________ 1 12 Is trial balance a statement or an account? 1 13 Choose the correct answer from the options given below: A 4 months bill drawn on 1st January, 2020 will mature for payment on 1 a) 3rd May 2020 b) 4th May 2020 c) 5th May 2020 d)10th May 2020 14 Pass the necessary Journal Entries to rectify the following errors: 1. 15,000 paid by cheque for a printer was charged to the Office Expenses Account 2. Depreciation @ 10% for Machinery costing 1,25,000 was not charged 3. Goods sold to Surinder recorded in Purchase Book 300 OR Explain the following terms: i. Capital ii. Drawings iii. Account 3 15 Explain Historical Cost Principle and Consistency Assumption of Accounting 4 16 Give journal entries for the following: 4 i. Received only 60 paise in rupee from official receiver of Mr. Vinod who owed 10,000. ii. Issued a cheque in favour of M/s. Kumar & Sons on account of purchase of goods worth 60,000 with CGST and SGST @ 6% p.a. iii. Received cash from Vinod for a bad debt written off last year 500 iv. Goods sold costing 8,000 to M/s. Mohan at an invoice price 5% above cost less 5% Trade Discount. OR Explain the Accrual Basis of Accounting Prepare Trial Balance from the following information: Prepaid Expense 5,000, Profit & Loss A/c 4 (Profit) 8,000, Outstanding Rent 2,000, Bad Debts Recovered 4,000, Interest on Investment 1,000, Due to Mohan 5,000, Bank overdraft 2,000, Discount Allowed 800, Due from Vinod 1,200, Investment 15,000, Patents 4,000, Machinery 6,000, Capital 10,000 A sold goods to B for 4,000 and drew a bill for the amount due at 3 months for the amount. B after 4 giving his acceptance returned the bill to A. A discounted it from his bank for 3,900. On due date, bill returned dishonoured and bank paid 50 as noting charges. Give journal entries in the books of A only 17 18 Page: 2 19 Enter the following transactions in the Double-Column Cash Book of M/s Roopa Stores 2019 June 1 cash in hand 800 Bank Overdraft 5700 June 7 Received cheque from Roopali 3250, discount allowed 150 June 9 deposited the above cheque into bank June 15 cheque received from Panna Lal 1200and cheque was endorsed to Kamal June 18 income tax paid by cheque 150 June 20 paid wages 500 June 30 cash sales of 2000 plus CGST and SGST @ 6% each 6 OR Explain the role of Accounting in Business 20 Overdraft shown by the Cash book of Mr. Murli is 20,000. Prepare bank reconciliation statement on dated December 2015 (i) Bank charges debited as per passbook 500. (ii) Cheques recorded in the cash book but not sent to the bank for collection 2,500. (iii) Received a payment directly from customer 4,600. (iv) Cheque issued but not presented for payment 6,980. (v) Interest credited by the bank 100. (vi) LIC paid by bank 2,500. (vii) Cheques deposited with the bank but not collected 3,500 21 On 1st April, 2015, A Ltd. purchased a machine for 2,40,000 and spent 10,000 on its erection. 8 On 1st October, 2015 an additional machinery costing 1,00,000 was purchased. On 1st October, 2017, the machine purchased on 1st April, 2015 was sold for 1,43,000 and on the same date, a new machine was purchased at cost of 2,00,000. Show the Machinery Account for the first four financial years after charging Depreciation at 5% p.a. by the Straight Line Method. OR Babu purchased on 1st April, 2017, a machine for 6,000. On 1st October, 2017, he also purchased another machine for 5,000. On 1st October, 2018, he sold the machine purchased on 1st April, 2017 for 4,000. It was decided that Depreciation @ 10% p.a. was to be written off every year under Diminishing Balance Method. Assuming the accounts were closed on 31st March every year, show the Machinery Account for the years ended 31st March, 2018 and 2019. 22 23 Part B (Financial Accounting II) Adjustments for outstanding expenses, prepaid expenses or depreciation must have two accounting treatments. True or False? Choose the correct answer from the options given below: Which of the following is not an example of indirect manufacturing expenses: 6 1 1 Page: 3 a)Depreciation on Machinery b)Repairs & Maintenance c)Insurance Premium for goods d)Raw Materials Consumed 24 Choose the correct answer from the options given below: The capital of a sole trader would change as a result of __________________. a) Credit Purchase of Raw Material b) Wages paid in cash c) Withdrew of goods for personal use d) Creditor being paid his account by cheque 1 25 State any two limitations of Manual Accounting System 1 26 What is Automation of accounting process 1 27 Complete the following statement: A prepayment of insurance premium will appear in the Balance Sheet as _____________________. 1 28 State the difference between Manual accounting system and Computer accounting system based on Recording 1 29 From the following information, compute the amount of profit: Capital at the end of the year 5,00,000, Capital in the beginning of the year 7,50,000, Drawings made during the period 3,75,000. Additional capital introduced 50,000. 3 30 Shruti maintains her books of account from Incomplete Records. Her books provide the following information: 1st April, 2015 31st March, 2016 Cash 1,200 1,600 Bills Receivable 2,400 Debtors 16,800 27,200 Stock 22,400 24,400 Investments 8,000 Furniture 7,500 8,000 Creditors 14,900 11,600 4 She withdrew 500 per month for personal expenses. She sold her Investments of 16,000 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. 31 Explain any three each benefits and limitations of Computer Accounting System 6 Page: 4 32 From the following Trial Balance of Mrs. Saadiya for the year ended 31st March 2018. Prepare Final Accounts. 8 Dr. 48,100 73,230 4,94,000 10,530 84,890 3,55,790 4,030 54,210 31,200 1,690 1,820 71,170 13,000 3,640 12,47,300 Particulars Capital Furniture and fittings Cash at Bank Land and Building Stock (Opening) Debtors and Creditors Purchase and Sales Carriage outwards Salaries General expenses 10% Loan (1-4-2017) Returns Rent Wages Interest Bills Payable Electricity Charges (Factory) Cr. 2,73,000 26,780 6,77,120 2,60,000 1,430 8,970 12,47,300 Additional Information: 1. Goods costing 5,200 were taken by Mrs. Saadiya for the personal use. 2. Salaries prepaid 2,210. 3. The debtors include Rohan who owned us 1,690 and has become insolvent and nothing is recoverable from his estate. 4. Create a provision for doubtful debts @ 5% p.a. 5. Depreciate land and building @ 10% p.a. 6. Closing stock was valued at 20,280. OR Page: 5 From the following Trail Balance of Ram Narain as at 31st March 2018, prepare Trading and Profit & Loss A/c and Balance Sheet Debit balance Credit Balance Opening Stock 15,500 Capital 60,000 Land & Building 35,000 Loan From M Ram Narian @ Machinery 50,000 9% p.a. 30,000 Furniture And Fixtures 5,000 Sundry Creditors 9,600 Purchases 1,06,000 Purchase Return 2,100 Salaries 11,000 Sales 2,07,300 Insurance Premium 2,500 Discount 1,200 Rent 3,000 Output IGST 10,000 Postage Expense 1,400 Stationery 1,300 Wages 26,000 Fright On Purchase 2,800 Carriage On Sales 4,000 Repairs 4,500 Sundry Debtors 30,000 Bad Debts 600 Cash In Hand 4,100 Cash At Bank 6,400 Sales Return 5,100 Input IGST 2,000 Input CGST 2,000 Input SGST 2,000 3,20,200 3,20,200 Adjustments: 1) A provision for doubtful debts @ 5% on sundry debtors is provided 2) Loan from M Ram Narian was taken on 1 st October, 2017. Interest has not yet been paid 3) Closing stock on 31st March, 2018 was 14,900 4) Manager is entitled to a commission of 10% of the net profit after charging such commission. ------------------- Page: 6

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