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Accounts
ACCOUNTANCY 
QUESTION PAPER

Time : 3 Hours  Maximum Marks : 90
Minimum Marks : 75
SECTION – A
(Reading) (20 Marks)

Q.1. What do you mean by Expense?

1
Q.2. What is meant by Pay-In-Slip?

1
Q.3. What is meant by Reserve?

1
Q.4. What are the Fictitious Assets?

1
Q.5. Write any three limitations of accounting?

3
Q.6. Give Journal entries for the following: 3
(i) Received only 60 paise in rupee from official receiver of Mr.Vinod who owed Rs.10,000.
(ii) Paid Rs.7,300 to Vinod in full settlement of his account of Rs.7,500.
(iii) Received cash from Vinod for a bad debt written off last year Rs.500.

Q.7. XYZ Ltd have capital of Rs 40000 as on 1.4.2016. During the year owner withdrew money for private use Rs 5000 and introduce Rs 20000 as fresh capital as on 1.10.2016. There assets as on 31.3.2017 amounting Rs 55000 and owed Rs 5000 of Mr. Raman till yet. Calculate the profit/loss as on 31.3.2017?

3
Q.8. Why Cash Book is known as Primary Book as well as Subsidary Book?

3
Q.9. Explain Historical cost principle and Consistency Assumption of accounting.

4
Q.10. Prepare Trial Balance from the following information: 4
Prepaid Expense Rs.5,000, Profit & Loss A/c (Profit) Rs.8,000, Outstanding Rent Rs.2,000, Bad Debts Recovered Rs.4,000, Interest on Investment Rs.1,000, Due to Mohan Rs.5,000, Bank overdraft Rs.2,000, Discount Allowed Rs.800, Due from Vinod Rs.1,200, Investment Rs.15,000, Patents Rs.4,000, MachineryRs.6,000, Capital Rs.10,000.

Q.11. X sold goods to Y for Rs.4,000 and drew a bill for the amount due. Y after giving his acceptance returned the bill to X. X discounted it form his bank for Rs.3,900. On due date, bill returned dishonoured and bank paid Rs.50 as noting charges. After one week Y paid the full amount of the bill including the noting charges. Give journal entries in the books of X & Y?

4
Q.12. Prepare Double column Cash Book of Vinod from the following transactions: 4
April 1 Cash in hand Amount
Cash at Bank(Overdraft) 800
April 2 Received a cheque from Raman 2000
April 3 Deposited the above cheque in the bank 3000
April 4 Sold goods to Ravi and received cheque
April 5 Raman’s cheque returned dishonoured 5000
April 6 Ravi’s cheque endorsed to Kamal
April 7 Sales Tax Paid by Cheque 500
April 8 Paid Salary 400

Q.13.

Rohit has the following transactions. Show accounting equation for the same:

4
(i) Started business with cash Rs.30,000; Stock Rs.12,000; Machinery Rs.20,000; Furniture Rs.10,000.
(ii) 1/3rd of the above goods sold at a profit of 10% on cost and half of the payment is received in cash.
(iii) Cash withdrawn for personal use Rs.2,000.
(iv) Interest on drawings charged @ 5%.

Q.14. Prepare a Bank Reconciliation Statement on 31 December 2009 for the following when credit balance as per bank column of cash book is Rs.1,800: 6
(1) Cheques issued, but not presented for payment Rs.360.
(2) Cheque deposited but not collected by the bank.Rs.770
(3) Interest on overdraft charged by the bank Rs.30
(4) A customer directly deposited in bank Rs.500.

Q.15. A2Z Ltd., purchased a Plant on 1st April, 2015 for Rs.15,000. It purchased another plant on 1st October, 2015 costing Rs.20,000 and on 1st July, 2016 costing Rs.30,000. On 1st January, 2007 the Plant purchased on 1st April, 2015 became useless and was sold for Rs.2,000. Show Plant Account charging 10% p.a. depreciation by fixed instalment method for four years. The plant purchased on 1st October, 2015 was sold for Rs.8,000 on 1st January, 2017. Accounts of the company are closed on 31st December each year. Prepare Plant A/c Till year ending 31st December 2017?

8
PART – B
Financial Accounting - II

Q.16. How will you deal with the Prepaid Rent appearing in the Trial Balance of a sole Proprietor in Final Accounts?

1
Q.17. How Double Entry System is better than Single Entry System?

1
Q.18. Calculate the missing figure: 3
Capital at the end 36,000
Drawings 8,000
Loss during the year 2,000
Capital in the beginning 40,000
Capital introduced during the year ?

Q.19.

Show the following information in the Balance Sheet of the Cosmos Club as at 31st March, 2007.

4
Particulars Debit Credit
Tournament Fund --- 3,00,000
Tournament Fund Investment 3,00,000 ---
Income from Tournament fund investment --- 36,000
Tournament Expenses 24,000 ---
Additional Information:
Interest accrued on Tournament fund investment Rs.12,000.

Q.20. Rajan maintains his account on Single Entry System. Calculate his profit on 31st March, 2013 from the following information: 6
Particulars 1 April 2012 31 March 2013
Cash in hand 6,000 2,000
Bank Balance 18,000 14,000
Furniture 8,000 8,000
Stock 4,000 12,000
Creditors 16,000 12,000
Debtors 2,000 16,000
During the year his drawings were Rs.4,000 and additional capital invested Rs.8,000

Q.21. How will you treat the following while preparing final accounts: 5
Debtors 80,000
Bad Debts 2,000
Provision for doubtful debts 5,000
Adjustments:
Bad Debts Rs.500 and Provision on debtors @ 5%.

Q.22. Differentiate between Cash Basis Accounting & Accrual Basis Accounting:

6
Q.23. How will you treat the following items of Receipt and Payment A/c as on 31st March 2017. 6
Receipts Amount Payments Amount
By Salaries:
2005 20,000
2006 2,80,000
2007 18,000
Additional Information:
(i) Salaries outstanding on 31st December, 2005 Rs.25,000
(ii) Salaries outstanding on 31st December, 2006 Rs.45,000
(iii) Salaries paid in advance on 31st December, 2005 Rs.10,000

Q.24. From the following Trial Balance of M/s.Vinod and Sons as on 31st March 2012, prepare Trading and Profit & Loss Account and Balance Sheet. 8

Adjustments:

(i) Stock in hand at the end.14,000.
(ii) Write off Rs.600 as bad debts.
(iii) Create 5% provision for bad and doubtful debts.
(iv) Depreciate furniture and fixtures at 5% p.a. and Plant & Machinery at 20% p.a.
(v) Insurance prepaid was Rs.100.
(vi) A fire occurred in the godown and stock of the value of Rs.5,000 was destroyed. It was insured and the insurance company admitted full claim.

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