Friday, 9 April 2021

Accounting - Paper 1 - For Class ICOM - Part 1 (Commerce Group) - Model papers with solved MCQs 2020 -2021

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Accounting - Paper I
For Class XI (Commerce Group)
Model papers 2020 -2021








Time: 1 Hour 30 Min.       Max. Marks: 50

SECTION "B" (SHORT-ANSWER QUESTIONS) (30 Marks)

Note: Attempt any Three questions from this section. All questions carry equal marks.
Q.No.2: The following transactions relate to Mr. Kashif, a sole trader during March 2021:
Mar 01: Started business with cash investment of Rs.50,000.
Mar 04: Opened a bank account with Rs.10,000.
Mar 07: Purchased goods on credit from Mr. Adnan for Rs.4,000.
Mar 10: Goods returned to Mr. Adnan for Rs.500
Mar 16: Sold goods on account to Mr. Basit for Rs.6,000.
Mar 22: Received cash Rs.3,000 from Mr. Basit.
Mar 25: Withdrew cash from bank Rs.2,000 for personal use.
Required:
Make journal entries in standard form giving narration below each entry.

SOLUTION 2:
MR. KASHIF
GENERAL JOURNAL
Date Particulars P/R Debit Credit
Mar. 01 Cash
  Capital
 (To record cash invested in the business)
  50,000 


 50,000 
 Mar. 04 Bank
  Cash
  (To record the cash deposited into bank)
  10,000 


10,000 
 Mar. 07 Purchases
  Accounts payable (Mr. Adnan)
 (To record the goods purchased on account)
  4,000 


 4,000 
 Mar. 10 Accounts payable (Mr. Adnan)
  Purchase return and allowance
 (To record the goods returned to supplier)
  500 


500 
 Mar. 16 Accounts receivable (Mr. Basit)
  Sales
 (To record the sold goods on account)
  6,000 
-:-

 6,000 
 Mar. 22 Cash
  Accounts receivable (Mr. Basit)
 (To record the cash collected from customer)
  3,000 


3,000 
 Mar. 25 Drawings
  Bank
 (To record the withdrew cash from bank for personal use)
  2,000 



2,000 


Q.No.3: Take the transactions contained in question no.2 of this paper and
Required:
Setup necessary T-accounts in the general ledger and post the transactions there-in. Foot and Balance the accounts.

SOLUTION 3:
MR. KASHIF
GENERAL LEDGER


Q.No.4: Majid, a trader, uses a three column cash book. On September 1, 2020 he had cash on hand Rs.78,000 and cash at bank Rs.109,000. During September, he completed the following transactions:
Sep 01: Sold goods for cash Rs.30,000 and on account Rs.20,000.
07: Received a cheque for Rs.17,500 from Jamal in full settlement of his account of Rs.18,000.
11: Issued a cheque for Rs.14,700 to Mubeen in full settlement of their account of Rs.15,000.
18: Deposited into bank the cheque received on Sep. 7.
27: Withdrew cash from bank Rs.7,000 for personal use and Rs.5,000 for office use.
Required:
a) Prepare a three-column cash book and record the above transactions.
b) Balance the Cash Book on September 30. Bring down the balances on October 1, 2020.


SOLUTION 4
MAJID
THREE COLUMN CASH BOOK
FOR THE MONTH OF SEPTEMBER 2020



5. The following transactions were completed by Mr. Fahim during October 2020:
Oct. 02: Purchased goods on account from Mr. Salim for Rs.24,000.
Oct. 06: Purchased merchandise on credit from Mr. Rahim for Rs.16,000.
Oct. 10: Purchased Furniture on credit from Mr. Shah for Rs.12,000.
Oct. 14: Returned merchandise to Mr Salim worth Rs.4,000. Oct.
20: Defective Furniture returned to Mr. Shah worth Rs.1,000.
Oct. 24: Purchased goods from Mr. Akram for Rs.18,000.
Oct. 28: Goods returned to Mr. Rahim worth Rs.3,000.
Required:
Record the above transactions in appropriate Special Journals. Ignore the irrelevant transactions.


SOLUTION 5:
MR. FAHIM
PURCHASE JOURNAL
FOR THE MONTH OF OCTOBER 2020

Date Invoice No. Name Of Suppliers P/R Amount
October 02
October 06
October 24
 Mr. Salim
 Mr. Rahim
 Mr. Akram
 24,000 
16,000 
18,000 
October 31  Purchase       (Dr.)
   Account payable   (Cr.)
 58,000 

MR. FAHIM
PURCHASE RETURN AND ALLOWANCE JOURNAL
FOR THE MONTH OF OCTOBER 2020

Date Invoice No. Name Of Suppliers P/R Amount
October 14
October 28
 Mr. Salim
 Mr. Rahim
 4,000 
3,000 
October 31  Account payable      (Dr.)
  Purchase Return and allowance   (Cr.)
 7,000 

Q.No.6: The following data relate to Yasir and Co. on January 31, 2021:
A. Balance as per Cash Book Rs.10,550.
B. Balance as per Bank Statement Rs.13,000.
C. Cheques deposited into bank for Rs.30,000, of which bank has collected Rs.16,000.
D. Cheques issued for payment Rs.40,000, of which Rs.31,000 were paid by bank.
E. Profit credited by bank Rs.850 not recorded in the cash book.
F. Bank charges Rs.400 recorded in bank statement only.
G. Online deposit by a customer Rs.7,000 not recorded in the cash book.
Required:
Prepare a bank reconciliation statement as on Jan. 31, 2021.


SOLUTION 6:
YASIR AND CO.
BANK RECONCILIATION STATEMENT
FOR THE MONTH OF JANUARY 31, 2021

Particulars Cash Book Pass Book
 Unadjustable balance
 Add: Uncleared cheques
 Less: Outstanding cheques
 Add: Profit by bank
 Less: Bank charges
  Add: Direct deposit by customer (Accounts receivable)
10,550


850
(400)
7,000
13,000
14,000
(9,000)



 Adjustable Balance18,00018,000


SECTION "C" (DETAILED-ANSWER QUESTION)
(20 Marks)

Note: Attempt the following questions which is compulsory.
Q.No.7: The following balances taken from the pre-closing trial balance of Raza Traders as on December 31, 2020:
Cash Rs.42,000, Accounts Receivable Rs.48,000, Merchandise Inventory (01-01-20) Rs.18,000, Furniture Rs.130,000, Allowance for depreciation-furniture Rs.13,000, Accounts Payable Rs.17,000, Capital-Raza Rs.160,000, Sales Rs.210,000, Purchases Rs.106,000, Prepaid Insurance Rs.16,000, Salaries Expense 20,000, Sales returns Rs.10,000, Drawing — Raza Rs.10,000.

Supplementary data for adjustments:
1. Salaries outstanding Rs.4,000
2. Insurance unexpired Rs.10,000
3. 10% Depreciation was estimated on furniture.
4. Provide bad debts @ 2% of net sales.
5. Merchandise Inventory on Dec. 31 Rs.14,000
Required: Prepare any two of the following:
a) Adjusting Entries
b) Income Statement
c) Balance Sheet


SOLUTION 7:
RAZA TRADERS
GENERAL JOURNAL (ADJUSTING ENTRIES)
FOR THE PERIOD ENDED DECEMBER 31, 2020

Date Particulars P/R Debit Credit
1. Salaries expenses
   Salaries payable
 (To adjust the unpaid salaries)
4,000 


4,000 
2. Insurance expenses
   Prepaid insurance
 (To adjust the prepaid insurance)
6,000 


6,000 
3. Depreciation expenses (130,000 x 10%)
   Allowance for depreciation - Furniture
 (To adjust the depreciation expenses on furniture)
13,000 


13,000 
4. Bad debts expenses [(210,000 - 10,000) x 2%]
   Allowance for bad debts
 (To adjust the bad debts expenses)
4,000 


4,000 
5. Merchandise inventory
   Expense and revenue summary
 (To close the merchandise Inventory)
14,000 


14,000 

RAZA TRADERS
INCOME STATEMENT
FOR THE PERIOD ENDED DECEMBER 31, 2020


RAZA TRADERS
BALANCE SHEET
AS ON DECEMBER 31, 2020




SOURCE: Board Of Intermediate Education Karachi

2 comments:

  1. The solved paper is very helpful

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    1. Education is the key to success24 August 2021 at 13:01

      JAZAKALLAH

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