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11th Standard Accountancy - Final Accounts of Sole Proprietors - I Model Question Paper Oct-01 , 2019

Final Accounts of Sole Proprietors - I 

11th Standard Accountancy - Final Accounts of Sole Proprietors - I Model Question Paper

Final Accounts of Sole Proprietors - I Model Question Paper

11th Standard

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 60
    7 x 1 = 7

  1. Closing stock is an item of ______.

    (a)

    Fixed asset

    (b)

    Current asset

    (c)

    Fictitious asset

    (d)

    Intangible asset

  2. Net profit of the business increases the ______.

    (a)

    Drawings

    (b)

    Receivables

    (c)

    Debts

    (d)

    Capital

  3. Balance sheet shows the ________ of the business.

    (a)

    Profitability

    (b)

    Financial position

    (c)

    Sales

    (d)

    Purchases

  4. Current assets does not include _______.

    (a)

    Cash

    (b)

    Stock

    (c)

    Furniture

    (d)

    Prepaid expenses

  5. _____________ refers to directly related cost.

    (a)

    Purchases

    (b)

    Sales

    (c)

    Cost of goods sold

    (d)

    Liabilities

  6. All the expenses incurred on the purchase of goods are ____________

    (a)

    Direct expenses

    (b)

    Indirect expenses

    (c)

    Selling expenses

    (d)

    Administration expenses

  7. ___________ is the amount paid to the owner of a mine or a patent for using owner's right.

    (a)

    Octroi

    (b)

    Dock charges

    (c)

    Royalty

    (d)

    Wages

    8. 2 x 2 = 4

  8. Assertion (A): Trading refers to buying and selling of goods with the intention of making profit.
    Reason (R): Trading account is prepared to find out the difference between the revenue from sales and cost of goods sold.
    Select the correct answer.
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
    (c) (A) is true, but (R) is false.
    (d) (A) is false, but (R) is true.
     

  9. Assertion (A): Operating profit is the profit earned from the profit earned from the normal operating activities of a business entity.
    Reason (R): Operating cost includes cost of goods sold and other indirect operating expenses such as office and administration and selling and distribution expenses.
    Select the correct answer
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
    (c) (A) is true, but (R) is false.
    (d) (A) is false, but (R) is true.

    10. 8 x 2 = 16

  10. From the following information, prepare trading account for the year ended 31.12.2016.

     Particulars   Rs
      Opening stock (1.1.2016)           10,000
      Purchases 26,100
      Sales 40,600
      Closing Stock (31.12.2016)        13,500

  11. Write a note on trading account.

  12. What are fixed assets?

  13. Name any two direct expenses and indirect expenses.

  14. What are the objectives of preparing trading account?

  15. From the following balances taken from the books of Saravanan, calculate gross profit for the year ended December 31, 2017.

     Particulars   Rs   Particulars   Rs 
      Opening stock       1,50,000   Net sales during the year       4,00,000
      Direct expenses    8,000   Net purchases during the year   1,50,000
      Closing Stock 25,000    

  16. What is Wages?

  17. Definition of Balance Sheet.

    18. 6 x 3 = 18

  18. Prepare trading account for the year ended 31st December 2017, from the following balances:

     Particulars  Rs    Particulars  RS  
      Opening stock        4,00,000   Purchases returns         1,20,000
      Purchases 20,00,000   Carriage on purchases     2,00,000
      Net sales 48,00,000   Carriage on sales  1,00,000
      Freight and octroi     65,000   Advertisement 1,20,000
      Selling expenses 1,10,000   Office rent 75,000
      Coal, gas and water     22,000   Import duty on goods purchased    7,28,000

    Closing stock is valued at Rs. 6, 00,000.

  19. Find out the amount of sales from the following information.

     Particulars    Rs 
      Opening stock         20,000
      Purchases less returns     70,000
      Direct expenses 10,000
      Closing stock 30,000
      Gross profit margin (on sales)    20%

  20. From the following information, prepare profit and loss account for the year ended 31st March 2018.

     Particulars   Rs   Particulars   Rs 
      Gross profit b/d         1,50,000   Advertisement expenses        3,800
      Carriage outward      25,500   Bad debts 8,500
      Office rent 7,000   Dividend received 9,000
      Office stationery 3,500   Discount received 4,600
      Distribution expenses     2,000   Rent received 7,000

  21. What are final accounts? What are its constituents?

  22. “Balance sheet is not an account”- Explain.

  23. What is meant by grouping and marshalling of assets and liabilities?

    24. 3 x 5 = 15

  24. From the following information, prepare trading account for the year ending 31st December 2017.

     Particulars   Rs   Particulars   Rs 
      Opening stock        50,000   Dock charges on purchases        4,000
      Cost of goods manufactured    12,000   Import duty on purchases 3,500
      Cash purchases 60,000   Wages 11,000
      Cash sales 85,000   Sales returns 3,000
      Purchases returns 2,000   Credit purchases 35,000
      Carriage inwards 4,000   Credit sales 60,000
      Freight outwards 3,000   Other direct expenses 7,000
      Coal and fuel 2,500    

  25. From the following trial balance of Sharan, prepare trading and profit and loss account for the year ending 31st December 2017 and balance sheet as on that date. The closing stock on 31st December 2017 was valued at Rs. 2,50,000.

     Debit Balances   Rs.  Credit Balances   Rs. 
      Stock (1-1-2017)        2,00,000   Sundry creditors        12,000
      Purchases 7,50,000   Purchases returns     30,000
      Carriage inwards  75,000   Sales   10,20,000
      Wages 3,65,000   Commission received    53,000
      Salaries 1,20,000   Capital 33,00,000
      Repairs 12,000    
      Rent and taxes 2,80,000    
      Cash in hand 97,000    
      Land 21,50,000    
      Drawings 1,66,000    
      Bank deposits 2,00,000    
      44,15,000   44,15,000

  26. From the following balances obtained from the books of Mr. Ganesh, prepare trading and profit and loss account.

     Particulars   Rs   Particulars   Rs 
      Stock on 01.01.2017        8,000   Bad debts     1,200
      Purchases for the year     22,000   Trade expenses    1,200
      Sales for the year 42,000   Discount allowed 600
      Expenses on purchases     2,500   Commission allowed    1,100
      Financial charges paid  3,500   Selling expenses 600
      Expenses on sale 1,000   Repairs on office vehicles   600

    Closing stock on December 31.12.2017 was Rs. 4,500.

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