KLE SOCIETY’S SCIENCE & COMMERCE

COLLEGE
Plot No. 29, Sector 1, Kalamboli, Navi Mumbai -410218

Exam:Semester-1 Class: XI Com Time:08.00 am to 10.30 am Date:25/11/2024

Sub:B.K Subject Code:50 Duration:2hrs 30min. Max Marks:50

Attempt all of the following Sub-questions [15]

Q.1 A Do you agree or disagree with the following statements. State with reason. [5]
1. Cash discount is recorded in the books. Agree. It is recorded as it reflects cash balance.
2. Credit purchases of goods are entered in the Purchase Book. Agree. It is recorded in
Purchase book, where as cash purchases are recorded in Cash book.
3. The process of recording a transaction in the Journal is called Posting.
Disagree. It is called as Journalising.
4. Goodwill is a tangible asset.
Disagree. It is an intangible asset.
5. Outstanding expense is a nominal account.
Disagree. It is a personal Account.

Q.1 B Answer in one sentence only . [5]

1. Explain the term dual aspect?
It states that whenever a transaction occurs, there is a two-sided effect, one is credit, and
the other is debit for a similar amount
2. State the rule of Nominal Account.
The rule for nominal accounts is to debit all expenses and losses, and credit all incomes
and gains
3. What is a double column cash book?
It is also known as a two column cash book, consists of two columns on each side to
record cash and bank transactions.
4. What is Ledger Folio?
A ledger folio is the page number of an account in a ledger book
5. State the meaning of drawings.
Drawings are the money or assets that a business owner or partner takes out of a business
for personal use.

Q.1 C Select the most appropriate from the alternatives given below and rewrite the
sentences [5]
1. Every debit has corresponding -----------
a) Debit b) Credit c) Right hand side d) None of the above
2. Machinery Account is a. . . . . . . . . . . . accounts.
a) Real b) Personal c) Nominal d) Income
 3. Brief explanation of an entry is called ......
a) Folio b) journalising c) narration d) Posting
4. Cash accounts always show --------------- balance.
a) Debit b) Credit c) zero d) Negative
5. Sub-division of journals is known as .... book.
(a) Subsidiary (b) Purchase Return (c) Purchase (d) Journal Proper

Q.2 Give the Accounting equations for the following transactions [5]
1 Arnav started a business with a bank balance of Rs. 110000.
2. Purchased furniture on credit from S. M Furniture Mart Rs. 25000.
3. Bought goods on credit from Yuvraj Rs. 15000.
4. Paid electricity bill Rs. 3500
5. Goods destroyed by fire Rs. 1500

Liabilitie
Asset Capital
Transaction s
Arnav started a business with a bank balance
1 110000 110000
of Rs. 110000.
110000 110000

2 Purchased furniture on credit from S. M 25000 25000

Furniture Mart Rs. 25000.
135000 25000 110000
Bought goods on credit from Yuvraj Rs.
3 15000 15000
15000
150000 40000 110000
4 Paid electricity bill Rs. 3500 -3500 -3500
1,06,50
1,46,500 40000
0
5 Goods destroyed by fire Rs. 1500 -1500 -1500
Total 145000 40000 105000

Q.3 Journalise the following transactions in the books of Vijay Stores [10]
For May 2019
1 Started business with cash Rs. 50000, bank balance Rs. 100000,
Goods worth Rs. 50000
4 Purchased Goods from Mohan on credit Rs. 80000 at 10% Trade discount.
8 Paid to Dena Bank Rs. 40000
12 Goods worth Rs. 5000 distributed as free sample Rs. 5000.
17 Paid for commission Rs. 5000 to Anand.
20 Sold goods to Ramdev Rs. 30000 at 5% T.D
25 Received Rs. 28000 from Urmila in full settlement of her account by debit card.
28 Paid for advertisement Rs. 9000.
30 Paid Rent Rs.5000.
31 Purchased Laptop for Rs. 20000 @28 % GST and account paid by NEFT.
 .
Q.4 Following are transactions in the books of Innovative traders, open Cash a/c,
Commission account, Rakesh ‘s account, sale account, Purchase account and
Rent account.
2024 [10]
March
1 Cash received from Roshan Rs. 10000 for commission.
3 Intra state sale to Rakesh Rs. 3000 and GST 5%. applicable. .
7 Received full amount from Rakesh.
10 Intra state purchases from Mangesh Rs. 2000 and GST 5% applicable.
12 Paid to Mangesh.
15 Paid rent Rs. 2500.
17 Paid mobile bill Rs. 1000 out of which Rs. 700 for office use and Rs. 300 for
Personal use
Q.5 Record the following transactions in Purchase book, Sales book, Purchase Return
book, Sales Return book of Smruti Stores, Sangli. [10]
2018 May 1: Purchased goods on credit from Dhanal raders for Rs. 15000 and
sold the same to Kunal Traders.
5: Placed an order with Sunetra for goods worth Rs. 10000 less 5%
Trade Discount.
8 : Purchased goods of Rs. 20000 at 10% Trade Discount from Saurabh
Traders.
13: Sold goods to Vinayak Stores Rs. 8000 at 5% Trade Discount.
15: Vinayak Stores returned goods to us Rs. 200.
18: Sunetra executed our order placed on 5 th January 2018.
20: Sold goods to Vishnu Traders Rs. 21000 less 5% T.D.
22: Returned goods to Sunetra Rs. 1000 (Gross).
28 : Kunal Traders returned goods to us Rs. 500.
30: Returned goods to Sourabh Traders Rs. 1500.
==================== Best Of Luck ===============================