JAI ACADEMY

I – TERM EXAM 2020 – 21 TIME : 3 Hrs.

SUB – ACCOUNTANCY MM : 80
CLASS – XI

SECTION-A [1 Marks Each]

Q.1 Full-fledged GST was recommended by

(a) Raja Chellaiah committee (b) GST Council .
(c) Vijay Kelkar Task Force (d) Man Mohan Singh Commission

Q.2 The debts which are to be completed within a short period are referred to as,
(a) Current Liabilities (b) Fixed liabilities
(c) Contingent liabilities (d) All the above

Q.3 Which of these best explains fixed assets?

(a) Are bought to be used in the business
(b) Are expensive items bought for the business
(c) Are items which will not wear out quickly
(d) Are of long life and are not purchased specifically for resale

Q.4 If you want to ensure that your money will be secured if cheques sent are wasted in the post,
you should
(a) Always pay by cash
(b) Cross your Cheques „Account Payee only, Not Negotiable.‟
(c) Always get the money in person
(d) Not use the postal service in future

Q.5 Discounts received are

(a) Deducted by us when we pay our accounts (b) Deducted when we receive cash
(c) Given by us when we sell goods on credit (d) None of these

Q.6 If we take goods for own use we should

(a) Debit Drawings Account, Credit Purchases Account
(b) Debit Drawings Account: Credit Stock Account
(c) Debit Sales Account: Credit Stock Account
(d) Debit Purchases Account: Credit Drawings Account

Q.7 GST was implemented in India from

(a) 1st January 2017 (b) 1st April 2017
(c) 1st March 2017 (d) 1st July 2017

Q8. GST is a consumption of goods and service tax based on

(a) Development (b) Dividend (c) Destination (d) Duration

Q.9 What does “I” in IGST stands stand for?

(a) Internal (b) Intregrated (c) Internal (d) Intra

Q10. On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of
Rs. 250. Owners' equity at January 1st was?
(a) 750 (b) 1000 (c) 500 (d ) 250

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Q.11 The accounting equation should remain in balance because every transaction affects how
many accounts?
(a) one (b) two (c) two or more (d) all of the options

Q.12 How much types a transaction has?

(a) One (b) Two (c) Three (d) Four

Q.13 Transactions are initially recorded in the?

(a) Book of Final Entry (b) Accounting Equation
(c) T Accounts (d) Book of Original Entry

Q.14 In which order does the Journal list transactions?

(a) Chronological (b) Decreasing (c) Increasing (d) Alphabetical

Q.15 Mahesh sold goods costing Rs. 60, 000 to Dinesh at a profit of 20% of sales price less Trade
Discount @5%. The Sales A/c will be credited with
(a) Rs. 71,250 (b) Rs. 68,400 (c) Rs. 69,000 (d) None of the above

Q.16 Which of the following encourages the debtor for timely payment of due amount?
(a) trade discount (b) cash discount (c) bad debts (d) Depreciation

Q.17 Reema purchased a Machinery costing Rs.4, 50,000. In addition to amount paid for Machinery
Rs.6, 500 were also paid for wages to workmen for installation of a machine. Such installation
charges will be debited to
(a) Repairs A/c (b) Machinery A/c
(c) Wages A/c (d) Workmen Compensation A/c

Q.18 Which of the following accounts should be credited for the goods worth Rs.3, 000 withdrawn
for personal use?
(a) Sales A/c (b) Drawings A/c (c) Purchases A/c (d) Stock A/c

Q.19 Manish paid insurance premium of Rs. 13, 000 for the next year. While recording the entry in
the books of Manish, account will be debited.
(a) Insurance Premium A/c (b) Cash or Bank A/c
(c) Prepaid Insurance A/c (d) Manish‟s Capital A/c

Q.20 The credit side of a cash book is also known as:

(a) the receipt side (b) the profit side (c) the payment side (d) the loss side

Q.21 Pass Journal Entries for the following :-

1. Proprietor withdrew for his personal use cash Rs. 2,000 and goods worth Rs. 1,000.
2. Goods for Rs. 5,000 were given away as Charity.
3. Goods worth Rs. 2,500 were distributed as free samples.
4. Goods worth Rs. 5,000 and cash Rs. 2,000 were stolen by an employee.
5. Goods worth Rs. 10,000 were destroyed by fire.
6. Purchased 500 shares in SBI @ Rs. 17.20.

Q.22 Rukmani Traders, Mumbai purchased 300 deluxe pens @ Rs. 180 each less Trade Discount
@ 10% from Srajan pens ltd. CGST & SGST was levied @ 6% each. later on cash discount was
allowed when payment was made in cash. Pass necessary journal entry/entries. show proper
working. (NO MARKS WILL BE AWARDED IF WORKING IS NOT SHOWN CLEARLY)

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Q.23 Prepare the accounting equation on the basis of the following
1. Started business with cash Rs 70,000.
2. Credit purchases of goods Rs 18,000.
3. Payment made to creditors in full settlement Rs 17,500.
4. Purchase of machinery for cash Rs 20,000.

Q.24 (a) Explain IFRS. State its uses.

(b) Give difference between accrual & cash basis of accounting.

Q.25 Prove that the accounting equation is satisfied in all the following transaction of Sudhir for
December 2019:

1 Started business with cash Rs 1,00,000 and goods Rs 40,000.

5 Bought goods on cash Rs 30,000 and on credit for Rs 20,000.

6 Goods costing Rs 48,000 sold at a profit of 3313%. Half the payment received in cash.

21 Purchased furniture for office use Rs 12,000 and for household use of Sudhir Rs 8,000.

Q.26 Briefly define the following terms

(a) Entity (b) Liabilities
(c) Prepaid expense (d) Deferred revenue expenditure
(e) livestock

Q.27 What is the money measurement concept? Which one factor can make it difficult to compare
the monetary values of one year with the monetary values of another year?

Q.28 From the following particulars provided by Rishi, prepare a cash book with suitable column.

. Amt (Rs.)

Mar 1 Cash in hand 85,000

Bank Balance with ICICI 2,50,000

Overdraft with (Axis) 1,75,000

Mar 3 Cash sales 70,000

Mar 5 Paid salary to staff by cheque on ICICI 1,00,000

Mar 8 Cheque received from Raj deposited with Axis 90,000

Mar 10 Cash deposited into ICICI 50,000

Mar 12 Amount transferred from ICICI to Axis by cheque 30,000

Mar 15 Cash withdrew from ICICI 80,000

Q.29 (a) What is window dressing?

(b) why cash column of cash book does not have a credit balance?
(c) sohan who owes Rs 10,000 became insolvent, only 50 paise in a rupee is received

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Q.30 Journalize the following transactions in the books of Gaurav, for June 2016 :

June 1 Gaurav started business with Rs. 10,00,000 of which 25% amount was
borrowed from wife.
June 4 Purchased goods from Aniket worth Rs. 40,000 at 20% Trade Discount
and 1/5th amount paid in cash.
June 7 Cash purchases Rs. 25,000.June 10: Sold goods to Vishakha Rs.30,000
at 30% Trade Discount and received 30% amount in cash.
June 12 Deposited cash into bank Rs. 20,000.
June 15 Uninsured goods destroyed by fire Rs. 5,500. June 19: Received
commission Rs. 3,500.
June 22 Paid to Aniket Rs. 25,500 in full settlement of A/c. June 25: Cash stolen
from cash box Rs. 1,000.
June 27 Received from Vishakha Rs. 14,500 and discount allowed Rs. 200.
June 30 Interest received Rs. 2,400 directly added in our bank account.

Q.31 Enter the following transactions in the Two Column Cash Book of Mr. Mohan:-

2019 ₹
Jan. 1 Cash in Hand 2,200
Cash in Bank 50,000
Jan. 3 Purchased goods for ₹ 75,000; Trade Discount 20%; CGST 6%,
SGST 6%; Payment made by Cheque
Jan. 4 Sold goods for ₹ 40,000; Trade Discount 15%; IGST 12%;
Payment received by Cheque
Jan. 5 Received a cheque from Naresh 1,000
Jan. 8 Cheque received from Naresh endorsed to Suresh in full
settlement of his account of ₹ 1,050
Jan. 10 Paid Life Insurance premium of Mr. Mohan 100
Jan. 13 Received a cheque from Pawan in full settlement of his account of 700
₹ 750.
Jan. 16 Pawan's cheque returned dishonoured by bank
Jan. 20 Deposited into Bank, balance of Cash in excess of ₹ 250

Q.32 Pass entries in the books of subramnium of Bengaluru (Karnataka) in the following cases
with GST @ 18%
1. Purchased goods from Karan of Chennai for ₹ 1,00,000.
2. Sold goods to Ganesh of Bengaluru for ₹ 1,50,000.
3. Sold goods to S. Nair of Kerala for ₹ 2,60,000.
4. Purchased a Machinery for ₹ 80,000 from Surya Ltd. against cheque.
5. Paid rent ₹ 30,000 by cheque.
6. Purchased goods from Ram Mohan Rai of Bengaluru for ₹ 2,00,000
7. Paid insurance premium ₹ 10,000 by cheque.
8. Received commission ₹ 20,000 by cheque which is deposited into bank.
9. Payment made of balance amount of GST.

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