DOWNLOADED FROM WWW.STUDIESTODAY.

COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

NLCS/SA-II11-12/XI/Accountancy/120

Page 1-6

SUMMATIVE ASSESSMENT-II, 2012
Subject : ACCOUNTANCY Time : 3 hrs.
Instructions : * * * All the questions are compulsory. Marks are indicated against each question. Work should be neat & clean. SECTION-A

Class : XIth Com.

M.M. : 70

2. 3. 4.

Name any one branch of 'Accounting'. What is meant by 'Accounting Standards' ?

co m

1.

Define 'Accounting'.

1 1 1

Which Accounting principle describes that'' all prospective losses should be taken into consideration but all the future profits should be ignored while preparing financial statement of a business ? 1

5.

Name the Accounting principle which states that only monetary transactions should

(i) 9. 10. 11.

Liabilities

w

8.

Explain following briefly : (ii) Creditors

w

7.

Name any two 'Accounting Softwares'.

w .s

6.

What is meant by 'Computerised Accounting System ?

tu

be recorded in book of accounts.

di es

to da

y.

1 1 1 3

State three objectives of preparing 'Trial Balance'. Explain in brief three features of a computer.

3 3

Distinguish between 'Cash Basis of Accounting and Accural Basis of Accounting (Three Points) 3
Cont......

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

NLCS/SA-II/11-12/XI/Accountancy/120

Page 2

12.

Prepare the Sales Return Book : 2011 Feb.10 Mathur & sons returned (Credit note No. 1358) 150 Osram Lamps 25 Watt @ Rs. 16 Per Lamp. (Reason : Breakage due to bad packing) Feb.20 Sharma Stores returned (Credit note No. 1359) 1 Orient fan @ Rs. 1400 (Reason : Being out of order) 3

13.

Prepare a Bank reconciliation Statement as on 31st March 2011 with given information. (a) (b) (c) (d) cr. balance as per cash book cheques sent to bank but not credited by bank cheques issued but not presented for payment 15000 3

co m

1000 1200 300

14.

(a) (b)

Give two difference between capital expenditure & Revenue expenditure. 2+3

was Rs. 350000 & non operating expenditure was Rs. 225000. Calculate net profit. 15. Enter the following transactions in the Cash Book (Single column) of M/s Sonal enterprises : 2011 March 1 March 8

March 15 Sold goods for Rs. 4800 to Y. March 20 Received commission Rs. 650 March 28 Paid to sunil on account Rs. 7150 & discount received Rs. 50 March 29 Paid salaries Rs. 550 March 31 Paid office rent Rs. 600 5
Cont......

DOWNLOADED FROM WWW.STUDIESTODAY.COM

w

Purchase goods for cash Rs. 3200

w

Cash in hand Rs. 18000

w .s

tu
DOWNLOADED FROM WWW.STUDIESTODAY.COM

di es

If operating profit of a business firm was Rs. 1800000 non operating income

to da

Interest on overdraft debited in pass book only

y.

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

NLCS/SA-II/11-12/XI/Accountancy/120

Page 3

16.

Kuldeep, a general merchant keeps his account on single entry system. He supplied you following information : 1 April 2008 Rs. Cash in hand Bank Balance Furniture Stock of goods Creditors Debtors 150 750 100 500 350 250 31 March 2009 Rs. 175 800 100 650 400 300

as additional capital in his business. Calculate :- opening capital, closing capital and profits assume that depreciation to be provided on furniture @ 10% p.a. on closing balance of furniture. 17. 5 5

Record rectification entries for the following errors : (a) (b) (c) (d) (e) The Sales return book was overcast by Rs. 200

Rs. 620 written off a depreciation on Machinery has not been posted to A bills Receivable of Rs. 500 received from chandanlal record in Bills payable book. Salary of Rs. 1250 paid to a clerk, has been debited to his personal account.

2011 Jan. 1 Jan. 3 Jan. 5 Jan. 7 Jan. 9 Started business with cash Paid cash into Bank Goods purchased from shyam Goods returned to shyam Sold goods to Mohan 50000 40000 31500 1500 22000
Cont......

DOWNLOADED FROM WWW.STUDIESTODAY.COM

w

18.

Journalise the following transactions in Journal :

w

w .s

tu

Machinery Account.

di es

A sum of Rs. 830 received from X was posted to his debit as Rs. 380

to da

y.

co m

During the year, he had withdrew Rs. 500 for his personal use & invested Rs. 250

10

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

NLCS/SA-II/11-12/XI/Accountancy/120

Page 4

Jan. 16 Cheque issued to shyam in full settlement Jan. 18 Cash received from mohan in full settlement Jan. 26 Withdrew cash from office for personal use Jan. 31 Paid office Rent 19. Prepare following ledger accounts with the help of Q.No.18 : (a) (b) (c) 20. Capital A/c Bank A/c A/c of shyam

28850 21800 1000 4000

4

A firm purchased on 1st January, 1999, a second hand machinery for Rs. 36000 & sent Rs. 4000 on its installation. 20000. On 1st July 2001, the machinery bought on 1st Jan., 1999 was sold for Rs. 12000 and a new machine purchased for Rs. 64000 on the same date. Depreciations value method. On 1st July in the same year, another machinery was purchased costing Rs.

Show machinery Account from 1999 to 2002.

to da

y.

is provided annually on 31st December every year @ 10% p.a. on written down 10

On 1st April 2000, a company purchased 4 trucks costing Rs. 100000 each. The company writes off depreciation @ 10% p.a. on original cost method on 31st March company paid Rs. 60000 for the damaged truck. On the same day, a new truck purchased for Rs. 150000. to 31st March 2003. 21. Prepare truck Account and provision for depreciation A/c from 1 April 2000

Leena sold goods to Meena on 1st March 2009 for Rs. 68000 and drew bills of exchange for the same amount, payable after 3 months. Leena discounted the same bill with bank @ 12% p.a. on due date, bill was dishonoured by Meena. Bank paid Rs. 55 as noting charges. Meena further requested Leena to draw a new bill for a month including Rs. 65 interest. Leena agreed on due date of new bill Meena met the bill. Record entries in the Books of Leena and Meena. 10
Cont......

DOWNLOADED FROM WWW.STUDIESTODAY.COM

w

w

w .s

tu

every year on 30 September 2002 one of the truck involved in an accident. Insurance

di es

OR

DOWNLOADED FROM WWW.STUDIESTODAY.COM

co m

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

NLCS/SA-II/11-12/XI/Accountancy/120

Page 5

OR X draws a bill for Rs. 30000 and Y accepts the same for mutual accommodation of both of them to the extent of 2/3 to X & 1/3 to Y. X discount bill for Rs. 28200 and remits 1/3 of the proceeds to Y. on due date, X remits his 2/3rd share to Y who fails to met the bill. Y accepts a new bill for Rs. 30000 for 1 month on due date Y met the bill. Record entries in the books of X & Y. 22. Following is the trial balance of a merchant as on 31st march 2011. Name of Accounts Sundry Debtors Stock (1.4.2010) Land & Buildings Capital Rent Cash in hand Cash at Bank Wages Sundry Creditors Bills Receivable Interest Bad Debts Repairs Sales Bills Payable Depreciation Salaries Drawings Purchases Office expenses Plant & Machinery Provision for Bad debts 540000 Dr. Balances 15000 50000 100000 Cr. Balances 20

co m

250000 6000

to da
30000 20000

40000

y.
70000 170000 40000 4000 540000
Cont......

16000

di es tu

2000 5000 3000

w

Furniture & Fixtures Rates & Taxes

w .s

15000 10000 8000 20000 20000 100000 29000 57000

DOWNLOADED FROM WWW.STUDIESTODAY.COM

w

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

DOWNLOADED FROM WWW.STUDIESTODAY.COM

NLCS/SA-II/11-12/XI/Accountancy/120

Page 6

Adjustments : (a) (b) (c) (d) (e) (f) On 31st March, 2011 the stock was valued at Rs. 100000 Write off further bad debts Rs. 2000 Create provision for doubtful debts @ 5% on debtors. Wages Rs. 10000 and salaries Rs. 5000 are out standing. Prepaid Rates & taxes Rs. 200. Rent received in advance upto the extent of Rs. 1500. Prepare trading and profit & loss A/c for the year ending on 31st March 2011 and also prepare balace sheet as on 31st March 2011. Show your workings clearly.

****************

DOWNLOADED FROM WWW.STUDIESTODAY.COM

w

w

w .s

tu

di es
DOWNLOADED FROM WWW.STUDIESTODAY.COM

to da

y.

co m

Master your semester with Scribd & The New York Times

Special offer for students: Only $4.99/month.

Master your semester with Scribd & The New York Times

Cancel anytime.