Mid Term Examination-2078
Subject: Accountancy                                 Full Mark: 75
Class: X           Time: 2hr 15mins            Pass Mark: 30

Group 'A' [1×5=5]

1.    Answer the following questions in one sentence.        

a.       Write the full form of SAFTA.

b.      What is an order cheque?

c.       How is the net profit determine?

d.      Which is the first bank of Nepal?

e.       Mention any one function of provident fund.

Group 'B' [5×7=35]

2.     Give short answer to the following questions.

a.       Explain the types of resolution.

b.      What do you mean by alphabetical filing method? Mention its advantages.

c.       Explain any five procedures of foreign trade orderly.

d.      What is report? Mention any four points to be considered while drafting it.

e.       The following balances were extracted from the books of ABC as on 31/12/2175.

Capital	50,000	Sales	70,000
Return out	500	Purchase	23,000
Drawing	10,000	Bank	11,000
Cash	27,500	Rent	5,000
Machine	15,000	Debtors	20,000
Carriage	4,000	Salary	5,000
Require: Trial Balance

f.       Prepare profit and loss ^a/_c of DEF Co. for the year ended 31/12/2074.

Gross profit	200,000		Rent	20,000
Salary	50,000		Transfer fee	2,000
Depreciation	10,000		Interest	5,000
Commission received	5,000		Stationary	4,000
Bad debts	3,000		Telephone charge	1,000

 

g.      Prepare Balance Sheet of DEF as on 31/12/2019.

Sunday creditors	5350		Bills payable	4500
Cash in hand	320		Sundry Debtors	43400
Closing stock	4580		Furniture	1800
Capital	40,000		Net profit	3250
Drawing	1,000		Receivable	2000

Group 'C'

3. Long questions:                                                                

  a.   Discuss in brief the functions of a commercial bank.      [10]

b.      Differentiate between life and non life insurance.          [10]

c.       The trial balance of Tri & Sons show the following balance as on 31 December 2017.

Purchase	60,000			Capital		13,075
Sales return	1,500			Sales		27,000
Plant and Machine	90,000			Purchase return		1,275
Opening stock	40,000			Discount received		8,000
Discount	350			Creditors		2,17,800
Bank charge	100
Debtors	45,000
Salaries	7,000
Wages	10,000
Carriage in	1,000
Carriage out	1,200
Rent	2,000
Advertisement	2,000
Cash	7,000
	2,67,150			2,67,150

Required:  i)    Trading ^a/_c

                  ii)   P/L ^a/_c

                  iii)  Balance Sheet

 

BEST OF LUCK