Subject: Accountancy

Date: 18/08/2022 Marks: 40

Class : XI Time: 90 minutes

General Instructions:

• The question paper consists of MCQs, Very Short Questions, Short Questions and Long Questions.

• The marks alloted to each question is given in brackets ()

Q1. Choose the correct option for the below mentioned questions. (1X8= 08)
1) Which of the following is not a business transaction?
A) Brought furniture of Rs. 10,000 for business B) Paid for salaries of employees Rs. 5,000
C) Paid son's fees from personal bank Rs.2,000 D) Paid daughter's fees from Business Rs.5,000
2) Which is the last step of accounting as a process of information?
A) Recording of Data in the Books of Accounts B) Analysis and interpretation of information
C) Preparation of summaries in the forms of financial statements
D) Communication of information
3) When information about two different enterprise have been prepared presented in a similar manner
the information exhibits the characteristics of
A) Verifiability B) Relevance C) Reliability D) None of Above
4) A concept that a business enterprise will not be sold of liquidated in the near future is known as:
A) Going concern B) Economic entity C) Monetary Unit D) None of Above
5) Journal is a book of in accounting
A) all non-cash transactions B) Secondary entry
C) Origin of Book D) All cash transactions
6) Debit means.........
A) An increase in assets B) A decrease in assets
C) An increase in liability D) An increase in capital
7) If a firm borrows a sum of money, there will be
A) An increase in assets B) A decrease in assets
C) An increase in liability D) A decrease in capital
8) The process of recording a business transaction in the journal is called
A) Costing B) Balancing C) Posting D) Journalising
Q - 2 Answer in 3-5 lines. Each question carries 3 Marks. (3X4 = 12)
1) On which side will the increase in the following accounts be recorded? Also,state the nature of the
account:
(i) Furniture A/c (ii) Mohan (proprietor) (iii) Salary A/c
(v) Sales A/c (vi) Interest Paid A/c (vii) Sohan (Creditor)
2) What is accounting? Define its objectives.
3) Explain given terms. i) Capital ii) Assets iii) Revenue
4) Write Golden rules of Accounting.
Q - 3 Answer in 8-10 lines. Each question carries 4 Marks. (4X3 = 12)
1) Classify the following into assets, liabilities, capital, revenue, and expenses:
(i) Plant and Machinery (ii) Bank Loan (iii) Sales (iv) Rent
(v) Discount Received (vi) Carriage Inwards (vii) Carriage outwards (viii) Purchases
(ix) Bills Payable (x) Wages (xi) Advance Income (xii) Accrued Income
2) Define the Accounting. Explain the importance and Limitations of Accounting.
3) Analyse the following transactions by using the “Traditional Approach” of Debit/Credit
S.No. Transactions Amount (Rs.)
1 Ram Started business with cash 1,00,000
2 He purchased goods for cash 10,000
3 Sold goods to ram 15,000

Q - 4 Long questions. Each question carries 8 Marks. (8X1= 8)

Pass necessary Journal entries relating to Mr. X for the month of January 2015.
Jan. 1 Started business with Rs. 20,000 and furniture Rs. 4,000.
Jan. 1 Bought shop fitting Rs. 4,000 and a car Rs. 6,000 and payment made in cash.
Jan. 2 Paid into Bank Rs. 8,000.
Jan. 3 Paid rent Rs. 2,000 by cheque.
Jan. 10 Purchased on credit goods for Rs. 5,000 from Mr. Khatana.
Jan. 10 Cash Sales Rs.10,000.
Jan. 12 Paid wages Rs.500 and Commission Rs.200 by cash.
Jan. 15 Sold good to shyam Rs.15000.
Jan. 20 Bank charges Rs.500.
Jan. 21 Withdrew cash for personal use Rs.5,000.
Jan. 23 Bought goods for cash Rs.14,000.
Jan. 25 Paid to Mr.Khatana by cash Rs.4800 in full settlement of his account.
Jan. 28 Received cash from shyam Rs.14500 in full settlement of his account.
Jan. 31 Salary outstanding for the month Rs.5,000.
Jan. 31 Paid insurance charges for whole year in advance Rs.12,000.