Jaspal Kaur Public School

Annual Examination(2024-2025)
J Accountancy (055) -SET 1

Time allowed: 3 hours Max. Marks: 80

Date :15.2.2025 Class XI

General Instructions :
1.This question paper contains 34 questions and 6 printed pages.
2. All questions are compulsory.
3. Question Nos. 1 to 20 carry 1 mark each.
4.Question Nos. 21 to 26 carry 3 marks each.
5. Question Nos. 27 to 29 carry 4 marks each.
6.Question Nos. 30 to 34 carry 6 marks each.
7.There is no overallchoice. However, an internal choice has been provided in 2 questions of three
marks each and 1 question of 6 marks.

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1. Dividend equalization Reserve is:
(a) Specific Reserve (b) General reserve (c) Secret Reserve (d) Capital Reserve.

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2. Following infornmation is taken from the Trial Balance ofa business:
Sales: 1,00,000 ; Purchase:60,000: Wages:7,000; Closing stock was 3,000 more than the opening
stock. What was the Gross Profit?
(a) 30,000 (b) 33,000 (c) 36,000 (d) 40,000

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3.Payment made to creditors by cheque results in :
(a) Increase in current Liabilities and Decrease in current assets
(b) Increase in current assets and decrease in current liabilities
(c) Decrease in current liabilities and decrease in current assets
(d) None of these
profit
4.Assertion (A) Book keeping involves suminarizing the classified transactions in the form of
and loss account and balance sheet.
commercial or
Reason (R) Book keeping is an art of recording in books of accounts, the monetary aspect of
books of accounts.
financial transactions. It is concerned with ecord keeping maintenance of explanation of Assertion (A).
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct Assertion (A).
explanation of
(b) Both Assertion (A)and Reason (R) are true but Reason (R) is not the correct
(c) Assertion (A) is false, but Reason (R) is true.
(d) Assertion (A) is true, but Reason (R) is false.
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5. Balance in Petty Cash Book is
(b) A Profit (c) An Asset (d) Income
(a) An Expense
6. Pankaj maintains his books of account on Single Entry System. He provides the following information 1
during the ycar 2023-24.
from his books. Find out the additional capital introduced in the business
Closing Capital 2,00,000; Profit made
Opening Capital 1,30,000; Drawings during the year 50,000;
during the year 1,00,000. (d) None of these
(a) 20,000 (b) 70,000 (c) R1,80,000

(7)If seller receives back the goods sold i.e. in case of sales return, which of the following is prepared ?
Cstoae

Ya) Credit Note (b) Debit Note (c) Both (a) and (b) (d) None of these

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 credit (i) Two water purifiers (@, 2,100 cach and (ii) Five buckets (a 3130,
8.M/s ABC Supplicrs sold on sales book?
willbe the mount shOwn in
cach to M/s BCD Traders, What (c)650 (d){4,850
(a) R4,200 (b) 2,230
to
are required to maintain their accounts according
9,Under the Companics Act, allconpanics (c) Eithcr Cash or Accrual basis (d) Nonc of thesc
(a)Cash basis (b)Accrual basis

o Reserveis shoWn in:

(b) Profit&LossA/c (c) Asset side of Balance Sheet (d) Liability side of Balance
Sheet
(a)TradingA/e
{2.50,000.
11. During the financial year 2023-24, Mohan had cash sales of 5,00,000 and credit sales of
Hiscxpenses for the year werc ?1,80,000, oul of which 70,000 is still to be paid. Find out Mohan's income
for 2023-2024 following the accrual basis of accounting.
(a) &5,70,000 (b)3,90,000 (c) ¿4,30,000 (d) None of these

12. Which of the following are the objectives of accounting?

(i) To maintain systematic and complete record of financial business transactions.
(ii)To ascertain financial position of business.
(ii)To provide useful information to various interested parties of business.
(a) Only (ii) (b) Only (i) (c) (i) and (ii) (d) All of these

13. Profit on sale of fixed asset is used to create

(a) SpecificReserve (b) General Reserve (c) Capital Reserve (d) None of these

14.Large advertisement expenditure to introduce a new product is 1

(a) Capital Expenditure (b) Revenue Expenditure (c) Deferred Revenue Expenditure (d) None of these

Read the following hypothetical situation and answer question No.15 and 16.
Olly andRobin are two friends graduated from a top college of the country. After the college, they decide to
build a start up in their hometown, Bengaluru. They decided to start a subscription service of fruits in the
nearby cities. For obtaining high-quality fruits,they made S-year contracts with farmers in and around
Karmataka. They also decided to purchase machinery for cleansing and quality check of the fruits. The
business of the company started booming. Two years down the line, they had built astrong brand and
reputation. To leverage the same, the company decided to venture into other states as well with the similar
service line. They first expanded to Tamil Nadu and got great demand. While accounting, company usually
booked a nornal loss to account for spoiled fruits that they might get. Moreover, they charged depreciation
on the machinery to ensure that expenses are distributed over the years. With all these good practices, after
four more years of operations, the compary attained a unicorn status.

15. Which concept is highlighted in the fact that company made long-term contracts with the farmers?
(a) Going concern concept (b) Accrual concept (c) Consistency concept (d) Both (a) and (b)
16. Which principle is highlighted in the line, "While accounting, company usually booked a normal loss 1

to account for spoiled fruits that they might get"?

(a) Business entity principle (b) Prudence principle (c) Materiality principle (d) Full disclosure principle

17. Which of the following crrors revealed by the Trial Balance?

(a) Wrong amount entered into the book of Original entry.
(b) Wrong amount posted in the ledger account.
(c) Complete omission of an entry from the books of original entry.
(d) When accounting principle is violated while recording a transaction in the books of Account.

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I8 Out of the lollowing Asscts which one is not an Intangible Asscts?
(a)Patents (b) Investment (ci Goodwill (d) Tradenark

19. Credit mcans

(a) an incrcase in assct (b) an incrcasc in liability
(c) a decrease in liability (d) a decrcase in proprietors' cquity
20. Accrued Rent is
(a) Representative Personal A/e (b) Tangible Real Account
(c) Nominal Account (d) None of the above
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profits but provides
21. Brietly explain the accounting concept based on the premise donot anticipate
for all losses.
OR
'Capital is a liability for the business.' Explain this statement with the principle appl1ed.
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CGST@9%, SGST @9% and
22. Pass Journal Entries in the books of Raman, Delhi assuming
IGST@18% for the following transactions:
less 10% trade discount.
(a) Purchased goods from Rajiv, Chandigarh of 50,000 profit of 25% on cost less trade discount
(b) Sold goods costing 260,000 to Sudhir, Delhi at a
10%.
52,000.
(c) Payment made to Rajiv in full settlement
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23. Briefly explain the branches of accounting.
OR
accounting information?
Why are the following parties interested in
(a) Investors (b) Government
Delhi was as follows: Cash in Hand 6,000:
Cash at Bank 3
24.On l April,2024, the position of Shyam, (Debtor); Neeraj 26,000 (Debtor); Machinery 345,000:
25,600; Furniture18,000; Abdul 20,500 Pass the opening Journal entry.
Stock 29,000; Amit 6,700(Creditor); Loan 250,000.
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following information:
25. Prepare Sales Book from the
2024
June 1Sold to Ruchika electronics
5 colour TV sets @ 20 000each
@12%
Less: Trade discount 20% and IGST is charged
June 10 Sold toGarima electronics
10 washing machines @8 000 cach
2 Radio sets (@700 cach
SGST 6%
Less: trade discount 25%, CGST 6%,
June 12 Sold to Raghav & sons in cash
5 colour TVsets (@ 18000 each
6%
Less: Trade discount 10%, CGST 6%, SGST
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26.Where would you record the following transactions?
customers ( c) Machinery sold
(a) Furniturepurchased from Varun (b) Goods returned by dishonourcd () Goods sold on credit
Mohan
(d) Goods given as charity (e) Cheque received from
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transactions :
27. Develop the accounting equation frorn the following Furnitsre
60,000; Machinery 1,00,000and
(1) Suresh commenced business with cash 1,50,000; goods
50,000.
in cash.
(i1)1/3to of the above goods sold at a profit of 10% on cost and half the payment is received
(iii) Depreciation on machinery provided @10%
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 (iv)Cash withdrawn for personal use 10,000.
(v) Interest on drawings 500.

28. Prepare Two-column Cas!h Book of Vinod from the following transactions:
2024

Oct. ICash in Hand 25,000

Oct, 1Cash at Bank 75,000
Oct. 7 Bought goods against cheque 15,000
Oct. 8 Bought goods 5,000
Oct. 10 A post-dated cheque issued earlier honoured 5,000
Oct. 14 Paid Miscellancous expenses 150
Oct. 18 Ramesh who owed Rs 5,000 became bankrupt and paid us 50 paise in a rupee
Oct. 20 Received cash from Manohar 7,500
Allowed discount 250
Oct, 23 Withdrew from bank 4,000
Oct. 24 Paid to Ghanshyam & Co. 3,000
Received discount 100
Oct. 25 Withdrew from bank for personal expenses 3,000
Oct. 27 Sold goods 11,000
Oct. 28 Receivedcheque for goods sold & deposited into bank 19,000
Oct. 29 Received part paynent from Akhil of Rs 5,000 and deposited Rs 3,000 out of it into bank

29. (A)What do you mean by marshalling of assets and liabilities ? Mention the two orders in which 4

Balance Sheet can be prepared.

(B) Differentiate between capital expenditure and revenue expenditure
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30.Trial balance of M/s RathiBrothers did not agree and the accountant put the difference to suspense
account. He discovered the following errors:
(a)Sales return book overcast by 800.
(b)An amount of10,000 owed by Deepak was omitted from the list of sundry debtors.
(c) Goods returned to Charu74,000 were posted to the credit of her account.
(d) Installation charges on newmachinery purchased 500were debited to sundry expenses account.
(e) Rent paid for residential accommodation of Mohan (the proprietor) ? 1,400 was debited to Rent account
as 1.000.
trial balance.
Rectify the errors and prepare suspense account to ascertain the difference in
showing the
31. From the following particulars of Gurpreet, prepare Bank Reconciliation Statement
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balance as per Cash Book on 3| March,2024:
(i) Balance as per Pass Book on 31$ March, 2024 overdrawn 10,000.
<20,000.
(ii) Cheques drawn in the last week of March,2024 but not cleared till 3rd April,2024
(iii) Interest on bank overdraft not entered in the Cash Book 1,500.
credited till 3nd
(iv) Cheques of 720,000 deposited in the bank in March,2024 but not collected and
April,2024.
entered in the Cash
(v)100 Insurance Premium paidby the bank under a standing order has not been
Book.
of200.
(vi) A draft of 10,000favouring Atul & Co. was issued by thebank charging commission
However, in the Cash Book the cntry was passed for I0,000.

32. Bharat Stores purchased on 1 July,2020 machinery costing 230,000. It further purchased machinery 6
April 2022, one-third of
on 1 January, 2021 costing 20,000 and on Jt Oct,202lcosting 10,000. On 1
the machinery installed on 1s July.2020 became obsolete and was sold for 3,000. The company follows
financial year as accounting year. Prepare Machinery Account up to March 31,2023 if depreciation is
charged @ 10% p.a. on Written Down Value Method.
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3(a) Net profit ofafirmis 3.30.000 beforecharging commission. The manager of the firm is entitled
under the
t0 commissionof 10% on nct profit. Calculatc the commission payablc to the manager
following two altcrmative cascs:
commisS1on
(asc I. IT themanager is allowcd commission on the nct profit bcforc charging such
Case 2 lf the manager is allowed comnission on the net profit after charging such commission. Also
show its treatment in final accounts for the ycar ended 31March, 2024.
(b) Following is the extract from the Trial Balance of the firm as at 31 March,2024:
Trial Balance as at 315 March, 2024
L.F Debit() Credit(3)
Heads of Accounts
Sundry Dcbtors 80,000
Provision for doubtful debts 5.000

Bad Debts 2.000

Additional Information:
(i) Write off <500 as further bad debts.
(ii) Maintain the provision for doubtful debts (@3% on sundry debtors.
Show its accounting treatment in Final Accounts.
OR
March,2024 from the following Trial
Prepare Trading and Profit & Loss Account for the year ended 31s
Balance of Ramesh:

Heads of Accounts LF Dr.() Cr.()

Purchases 1,30,295
Sales
1,80,500
Cash-in-Hand 500
Cash at Bank 9,500
Stock on IstApril, 2023 40,000
Wages 22,525
Sales Return 2,400
Purchases Return 195

Repairs 1,675
Debtors 30,000
30.305
Creditors
Bad Debts 2.310
Discount Allowed 800
Discount Received 530
37,500
Capital
Interest on Loan 600
Salaries 8,000
800
Postage
Freight Inwards S00
Insurance 1.000
125
Charity
Rent 2,000
Machinery 16,000
20,000
12%Loan
Total 2,69,030 2,69,030

(1) Purchases includes a machine purchased on 1st October,2023 for 4,000 and wages include 2,000 paid
for its installation.
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 (2)Provide for depreciatien on Machinery (a 10%.
(3)Stock on 31" March. 2024 was worth 240,925.
(4)Salarics unpaid 3800 and rent is paid up to 30" Junc,2024.
(S) Writc off further bad dcbts 7400 and create a provision of 5% on debtors for doubtful debis.
(6)Prepaid insurance &300

34. A retailtrader had not kept properly the books of accounts but fronn the following details you are
required toprepare Statement of Profit & Loss for the year ended 31t March.2024 :
Particulars 1 April,2023(3) 31 March,2024(*)
Stock in Trade l6,700 18,500
Sundry Creditors 15,400 14,000
Sundry Dcbtors 11,200 10,500
Cash in Hand 15,300 15,200
Bank Overdraft 20,200 19,200
Fixture & Fittings 1,500 1,500
Motor Van 1,900 1,900

The drawings during the year amounted to 2,600. Depreciate Fixtures &Fittings by 10%. Write off 3300
from Motor Van. As regards debtors, it is ascertained that 500is irrecoverable.

2 ) 0 0

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