CLASS XI – ACCOUNTING

MODEL PAPER
2021-22

1. BOARD OF INTERMEDIATE PAPER SCHEME

2. SHAHJEE COLLEGIATE MODEL GUESS PAPER
3. ALL CHAPTERS MCQs VIDEOS
4. GRAND TEST SCHEDULE
 BOARD OF INTERMEDIATE EDUCATION, KARACHI
Scheme & the Structure for Setting work for Annual Examinations 2022

Paper setting for Annual examinations – 2022

Subject: ACCOUNTING – PAPER – I

Marks: 100 Time: 03 Hours

SECTION – ‘A’ (Multiple Choice Question’s) (40-marks)

(% of Total Marks 40%)
Q. No. 01: This section contain 40 MCQ’S each carries 1 mark

Total Time for MCQ’S 40 minutes

Total time for section ‘B and ‘C’ will be 2 Hours 20 Minutes

SECTION – ‘B’ (Short Answers Questions) (40Marks)

(% of Total Marks 40%)

This section Contain7 questions out of which 04questions required to answer. Each question carries 10
marks.

SECTION – ‘C’ (Detailed Answer Questions) (20Marks)

(% of Total Marks 20%)
This section contain 1 question divided into 3 part questions and required to answer any 2 parts.
 SHAHJEE
Sir Tauseef Shah’s

COLLEGIATE SINCE 1992

MODEL GUESS PAPER (ACCOUNTING)

Class: XI-Commerce Group 2021-22 Subject: Accounting
Time: 3 hours Total Marks: 100

General Instructions:
Section ‘A’ It consists of 40 Multiple Choice Questions (MCQs) and all of them are to be answered.
Section ‘B’ It consists of 7 Short answer questions of which 04 questions are to be answered.
Section ‘C’ It consists of 01 Descriptive answer question with three parts of which 02 parts are to be answered.

SECTION ‘A’ MULTIPLE CHOICE QUESTIONS Marks: 40

Time: 40 min
Q1: Choose the correct answer from the given options:

1. The following best describes a Trial Balance;

a. Shows the financial position of the business b. It is a special account
c. Shows all the entries in the books d. It is a list of balances of the Ledger Accounts
2. The cash or goods taken away by owner from the business for his personal use are called;
a. Capital b. Purchase c. Drawings d. Cash
3. If there is a net loss of Rs. 5,000 and Revenues are Rs. 55,000 then the expenses are;
a. 40,000 b. 50,000 c. 60,000 d. 70,000
4. This is a merchandising business;
a. Beauty parlor b. Medical store c. Motor workshop d. Estate agency
5. The amount with which the trader starts business is known as;
a. Drawings b. Purchases c. Capital d. Cash
6. A short explanation of transaction is written under each entry is called;
a. Narration b. Indentation c. Explanation d. Memorandum entry
7. Revenue which has been earned in the current year but has not been received is known as;
a. Accrued expenses b. Prepaid expenses c. Unearned revenue d. Accrued income
8. The following item is not responsible for differences between cash book balance and bank statement;
a. Interest given by bank b. Outstanding cheque
c. Direct deposit by customer d. Equipment purchased on cash
9. When the payment or receipt of cash is postponed for a future date, this transaction is said to be;
a. Sale transaction b. Cash transaction c. Credit transaction d. Purchase transaction
10. The act of recording transactions in the Journal is called;
a. Journalizing b. Posting c. Balancing d. Ledger
11. The expenses incurred but have not been actually paid till the end of the current year are known as;
a. Prepaid expenses b. Unexpired expenses c. Accrued expenses d. Unearned revenue
12. The capital amount will not be affected by;
a. Additional Investment b. Drawings c. Purchase of furniture d. Net Loss
13. A business transaction affects;
a. At least one account b. Maximum of three accounts
c. At least three accounts d. At least two accounts
14. The following is not an asset;
a. Building b. Cash balance c. Account Receivable d. Bank Overdraft
15. The purchase journal is the book of original entry used to record the;
a. Purchase of tangible asset on credit b. Purchase of merchandise on cash
c. Purchase of merchandise on credit only d. Sales of merchandise on credit
16. The following is not a merchandise of a stationary shop;
a. Note book b. Stapler c. Bicycle d. Fountain Pen
17. Accounting is often referred to as the language of the;
a. Business b. Schools c. Information Technology d. Daily life
18. If assets of a firm are Rs. 59,250 and liabilities are Rs. 28,150 then the amount of the capital will be;
a. 29,100 b. 21,100 c. 31,100 d. 31,000
 19. A bank reconciliation statement reconciles the;
a. Ledger with the journal b. Cashbook with the petty cash book
c. Bank statement with the cash book d. Control account with subsidiary ledger
20. The following is a Revenue;
a. Unearned commission b. Commission receivable c. Commission payable d. Commission earned
21. The span of time for which a business generally prepares its financial statements is termed as;
a. Accounting period b. Accounting cycle c. Accounting standards d. Manufacturing period
22. The following is not a current liability;
a. Bank Overdraft b. Mortgage payable c. Salaries payable d. Unearned Rent
23. The petty cash book is used for recording;
a. Petty payments b. Petty receipts c. All cash payments d. All cash receipts
24. The following statement is incorrect;
a. Assets – Capital= Liabilities b. Liabilities + Capital= Assets
c. Liabilities + Assets= Capital d. Assets – Liabilities= Capital
25. The transaction recorded on both sides of Cashbook is called;
a. Receipt Entry b. Contra Entry c. Payment Entry d. Compound Entry
26. A business that purchases and sells goods is called:
a. Servicing b. Trading c. None of these d. Manufacturing
27. Advertisement paid in advance is debited to the a/c. for:
a. Prepaid b. Advertisement c. Accrued d. Capital
Advertisement Expenses Advertisement Account
28. If the proprietorship is 3/5 of total assets Rs. 300,000, then the amount of liabilities is:
a. Rs. 120,000 b. Rs. 140,000 c. Rs. 160,000 d. Rs. 180,000
29. Journals are also called:
a. Ledgers b. Books of final entry c. Books of primary entry d. Financial statements
30. An entry with more than one debit or credit is called:
a. Double Entry b. Compound Entry c. Contra Entry d. Triple Entry
31. Sale is best described by:
a. Sale of merchandise b. Sale of asset c. Cash sale d. Credit sale
32. The excess of assets over capital is:
a. Income b. Expense c. Profit d. Liability
33. This account will be credited, if Mr. A started the business with cash:
a. Capital b. Cash c. Drawing d. Expense
34. This is the part of the Account receivable that is estimated to be uncollectible:
a. Bad debts b. Depreciation c. Unsold Inventory d. Credit Sales
35. This is a non-current asset:
a. Inventories b. Equipments c. Office supplies d. Accounts Receivable
36. The total liabilities of a business are Rs. 50,000, which is 2/3 of the total assets. Then the total assets will be:
a. 95,000 b. 85,000 c. 75,000 d. 65,000
37. A sequence of accounting procedures is:
a. Accounting Equation b. Accounting Cycle c. Accounting Title d. Accounting Period
38. Narration is written in:
a. in between the entries b. above the entry c. below the entry d. anywhere
39. Interest earned but not yet received is called:
a. Accrued Income b. Unearned Income c. Other Income d. None of these
40. Bank overdraft is a/an:
a. Fixed Asset b. Current Liability c. Current Asset d. Expense

Time: 2 hrs 20 min SECTION ‘B’ SHORT ANSWER QUESTIONS Marks: 40

NOTE: Attempt any four questions from this section. Each question carriers 10 marks.

Q-2 ACCOUNTING EQUATION:

For each of the following determine the underline missing items.
i. The liabilities of a business entity having assets of Rs.400, 000 and owner’s entity of Rs.180, 000.
ii. The assets of a business entity having liabilities of Rs.100, 000 and owner’s entity of Rs.200, 000.
iii. The owner’s equity of a business entity having assets of Rs.200, 000 and liabilities of Rs.70, 000.
iv. The revenues of a business entity having expenses of Rs.120, 000 and net income of Rs.30, 000.
v. The expenses of a business entity having revenue of Rs.180, 000 and net loss of Rs.16, 000.
Q-3 GENERAL JOURNAL:
On Jan, 1, 2012 Mr. Usman started business with a cash investment of Rs.25, 000 and office furniture worth Rs.35, 000;
Jan, 05 Opened a Bank account with Cash Rs.10, 000.
Jan, 07 Purchase merchandise for Rs.12, 000 from Jawaid & Sons paying Cash Rs.2, 000 & balance on Credit.
Jan, 09 Returned merchandise worth Rs.2, 500 to Jawaid & Sons.
Jan, 11 Cash Sales Rs.8, 000 of which 50% of the amount deposited into bank.
Jan, 31 Paid Salaries Rs.2, 000 by Cheque.

Required:
Record the above transactions in Standard form of General Journal.

Q-4 GENERAL LDEGER & TRIAL BALANCE:

Given: Following balances have been taken from the books of Faisal a sole trader as on December 31, 2010. Cash Rs.25, 000, Bank
Rs.15, 000, Sales Rs.27, 000, Account Receivable Rs.12, 000, Account payable Rs.25, 000, Bills payable Rs.15, 300, Merchandise
Rs.1, 35, 300, Capital Rs.120, 000.
During Jan, 2011 following transactions were completed
Jan. 05: Paid cheque to supplier Rs.10, 000.
Jan. 06: Received cheque from customer Rs.9, 500.
Jan.07: Paid cheque Rs.5, 000 and cash Rs.10, 300 against bills payable.
Jan. 27: Paid Rs.3, 000 for his son’s school fee.
Required:
i. Post the transactions to the General Ledger (‘T’ accounts).
ii. Balance the accounts and prepare a Trial Balance for the month ended March 31, 2005.

Q-5 CASH BOOK:

Mr. Shehzad uses three column cash book. On April 1, 2012, he had cash in hand Rs.40, 000 and balance at bank Rs.50, 000 (Bank
Overdraft). During the month he completed the following transactions.
April
01 Cash Sale Rs.60, 000
03 Received a cheque for Rs.15, 000 from a customer Raja, deposit into bank in full settlement of his account of
Rs.16, 000.
05 Mr. Ahsan settled his account of Rs.18, 000 after a discount of Rs.1, 000, through cheque.
09 Deposited Mr. Ahsan’s cheque into bank.
18 Paid salaries by cheque Rs.11, 000.
25 Drew cash for personal use Rs.1, 000.
30 Drew from bank for office use Rs.4, 000.
Required:
Record the above transactions in Three-column Cash Book.

Q-6 SPECIAL JOURNAL:

Pak Distributors deal in some groceries and beverages, made the following Transaction during August 2012.

August 03. Purchased 20 bags of flour at Rs. 380 each on credit from Mehran Chakki vide invoice# 2136.
August 09. Sold 8 cartons of cooking oil on credit to Khan Traders Rs. 6,4000 vide invoice# 1419.
August 16. Received invoice# 540 from Punjab Traders for the purchase of bags of rice Rs. 7,000 the amount was paid
instantly.
August 19. Issued invoice# 1431 to Baloch Kiryana Merchant for the sale of 24 jumbo cold drink bottles Rs. 2,208.
August 23. Purchased calculators, cash book and other material for record keeping on credit from Karachi book depot Rs.
2,400.
August 25. Sold flour bags on credit to Delhi Merchant Rs. 3,280 vide invoice# 1443.
August 29. Purchased 10 cartons of packed milk from Punjab Traders Rs. 8,640 vide invoice# 571.

Required: Record the above transactions in the Journal as the case may be and ignore the irrelevant transactions if any.
i. One column purchase (Page 12)
ii. One column sales journal (Page 23)

Q-7 BANK RECONCILIATION STATEMENT:

Given: A study of cash transactions related with the business bank account for April revealed the following:
1. Overdraft balance as per bank statement Rs.25, 000.
2. Balance as per cash book Rs.15, 000.
3. Un-cleared cheques Rs.35, 000.
4. Un-presented cheques Rs.5, 000.
5. Direct payment by bank for bill payable Rs.8, 000.
6. Direct deposits by customer Rs.3, 000.
7. Cheque issued by manager Rs.16, 000 recorded in counterfoil Rs.11, 000.
Required:
Prepare Bank Reconciliation statement as on April 30.

Q-8 CORRECTION OF ERRORS:

I. Purchase Return of Rs.500 was credited to Purchase A/c.
II. Drawing of Rs.1, 000 for personal use of the proprietor was debited to office expense account.
III. Sale of Office Equipment for Rs.2, 000 was credited to sales account.
IV. Rs.500 was spent on the repair of the computer was debited to computer accounts.
V. Purchase of furniture for Rs.5, 000 was wrongly debited to purchase account.

Required:
Record entries in the General Journal to correct each of the above errors.

SECTION ‘C’ DESCRIPTIVE ANSWER QUESTIONS Marks: 20

NOTE: Attempt any two parts from this section.

Q-9 FINANCIAL STATEMENT:

Following information related to ZULFIQAR & SONS as at December 31, 2008.
Balance before Adjustments Debit Credit
Rent Expense 5,000
Salaries Expense 20,000
Sales Supplies 3,000
Office Equipment 60,000
Merchandise Inventory 25,000
Cost of goods sold 170,000
Cash 40,000
Zulfi- Capital 113,000
Sales 215,000
Sales Return & Allowances 5,000
328,000 328,000
Balance Day (31- 12 - 08) data:
i. Rent Expense Rs. 3,000.
ii. Salaries expense Rs. 25,000 for the year.
iii. Sales supplies used Rs. 2,000
iv. 10% depreciation was estimated on Office Equipment.

Required: Prepare any two of the following.

i. Closing entries in General journal.
ii. Income statement for the year ended December 31, 2008.
iii. Balance sheet as on December 31, 2008.
XI-ACCOUNTING
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Accounting Equation

Cash Book

Petty Cash Book

General Journal

Special Journal

General Ledger

Financial Statement

Adjusting Entries
 GRAND TEST SCHEDULE 2021-22
XI $ XII (SCIENCE & COMMERCE)
XI - SCIENCE XII - SCIENCE DATE DAY
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