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MERNATONA SOHOGI
GURUGRAM
School for Life
Code No. ACCXVI
Roll No.
XL-ARiNE Candidate must write the Code No. on
book.
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ANNUAL EXAMINATION (2023-24)
GRADE- XI
ACCOUNTANCY (055)
Maximum Marks: 80
Time allowed: 3 Hours
General Instructions:
1. This question paper contains 34 questions.
2. All questions are compulsory.
Part A andB.
3. This question paper is divided into two parts,each.
4. Question Ito 16 and 27 to 30 carries I mark
each.
5. Questions 17 to 20, 31and 32 carries 3 marks
6. Questions from 21,22 and 33 carries 4 marks each
7. Questions from 23 to 26 and 34 carries 6 marks each
choice has been provided in 7 questions of one mark, 2
8. There is no overall choice. However, an internal
2 questions of six marks.
questions of three marks, Iquestion of four marks and
PART -A
Financial Accounting I
a) Information in financial reports is based on
OR
and ends with
The process of accounting starts with
Amount paid or payable against purchase of goods is
a) Capital expenditure c) both a) and b).
d)none of these.
b) Revenue expenditure
1
a) Trade discount allowed
of accounts.
) Is shown separately in the books
books of accounts.
2) Is not shown separately in the deducted from purchase cost.
3) Can be shown either separately or
4) None of the above.
OR
Which of the following is not a business transaction?
I) Purchase of asseton credit.
2) Purchase of asset for cash.
3) Withdrawing of money by proprietor for personal use.
4)) Wife's car sold for Z10,000.
a) Alltransactions are recorded in the books from the point of view.
OR
b) If straight line method of depreciation is used in one year, it should also be used in the
next year, it isas per the concept.
A
concept that a business enterprise will not be sold or liquidated in the near future is known as
a) Business entity c) Dual aspect
b) Going concern. d) Historical cost
Accrual basis of accounting recognises 1
a) Outstanding and prepaid expenses.
b) Accrued incomes and un accrued incomes.
c) Both a) and b).
d) None of the above.
OR
Assertion (A): The money measurement concept states that only the money related
transactions can be recorded in the books of accounts.
Reasoning (R): The creativity of the employee that contributes to the profit in the research
department can be recorded but not under the money measurement concept.
Inthe context of the above two statements, which of the following is correct?
a) Both (A) and (R) are correct and (R) is the correct explanation of (A).
b) Both (A) and (R) are correct but (R) is not the correct explanation of (A).
c) (A) is correct but (R) is not correct.
d) (A)iswrong but (R) is correct.
Cqlculae total liability if:
yOpening capital is AÖOO. Creditors at the end is 750,000. Revenue during the period is
270,000. Expenses during the year are 6-09e:
OR
2) From the following information, calculate the assets of the business:
Capital 24,00,000; Creditors 23,00,000; Revenue earned during the year 7,50,000;
Expenses incurred during the year 2,00,000; Closing stock 2,00,000.
1) As per traditional classification of accounts, drawings account is account.
OR
Asper modern classification of accounts, salary paid in advance is account.
2
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and explain what
the same
Cpitalacont and balance
prepare
From the foliowing particlars.
indicstes.
the clesing halance
introduced 30.000
) Capital introduced 22,000
2) Further capital period 7.5o0.
3) Profit for the
made byhimn 6.500 paymetto
4) Dreings iRam makes full stipulated
As perthe Nerms the
goods from Mohan for 50,000.of 2% Ras aid E28 n00 within
Qi Ram puurchnsed he ill get CRh
discont
Mahan within I3 devs
csh discont thar Ra will get 1
received from his estate
the smurit of
time.Determine rueee was
paise in a
owed 20,.00 hecame insolven 70
Mohan, who he debined by
ill
Bad debts noonunt 6.g
B) 20 o00
only?
ill have debit balance
60
of following acouts
Whata)tvpe
Personal aooouts
c)Nominal accounts
b) Real aconuts d)All ofthese
in the
EiO.000 This tramsaction will be recoeded
Krishna sold goods for )Cash book
a) Sales hook
d) nonc of these SGST
b) Joumal proper of CGST and
an advocate 25,000.Ifapplicable rate
414 Ram paidprolessional
fee to Shyam SGST.
journal entry for payment of CGST and
is 6% cach,pass the following
Provision on the basis of the
QUS Diflerenjatt hetween Reserye.and
on profit
nvestment 2fect
Balance.
which was detected before preparation of Trial
eror as 3000
Ql6 Rectify pé following
purchase of furniture 230,000 from Ram was posted
redit 3
following
QYou aryiequired to: would follow in dealing with each of the
Se which acoounting concept you
robiems.
Explainbriefly wthat cach concept means
(15)
PROREEMS:
amount ko the company is likely to be declared insolvent. issued from
Adehtor owesan all been
purchased pencils of 250 These had
During the year, dhe company end of the year. (5)
Stock and were stitlin use at the
incurred
following information, determine the profit earned or loss
QI8 From je of accounting is followed. and
ahen (1.5)
17 Nhencash basis accounting is followed (1.5)
4Acorual tasis of
Amount
Particulars 5.00.000
Cash sales
2.00.000
Credit sales
S,000
Outstanding salary 2.500
Insurance paid in advance
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Income received (excluding 5,000
income received in advance)
Income received in advance 1.000
Accrued income but not 3,000
received
Cash purchases 2,75,000
Credit purchases 1,25,000
Salary paid 55,000
Insurance expenses paid 10,000
(including prepaid.)
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1) Prepaçe the accounting equation on the basis of the following:
Purchased a building from Sohan for Z12,00,000 paid by taking a loan from
SBIfor 10,00,000 and 2,00,000 by cheque.
b paid interest on loan 20,000 and instalment of 1,00,000.
/Commission received in advance 20,000.
OR
2) Give an example for each of the following types of transactions:
a) Decrease in asset, decrease in owner's capital.
b) Decrease in liability, increase in owner's capital.
c) Increase in asset, increase in owner's capital.
3
,Q20 Pass jornalentries for the following transactions:proprietor for personal use on which CGST and
Goods costing 5,000 were taken by the
SGST @9% each was paid.
CGST and SGST @9%
2Y Sold goods to Dev for 1,00,000 less 10%rade discount plus
each. Received by cheque immediately and allowed 2% cash discount.
3)Goods costing <5,000 were lost in fire on which CGST and SGST @9% each was paid
goods were not insured.
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Balance in which there are certain
Prepare correct Trial Balance from the following Trial
mistakes:
Trial Balance
Amount? Dr. Amount Cr.
Heads ofAccounts
6,00,000
Adjusted purchases 160,000
Closingsteck 2,40,000
Debtors 1.20,000
Creditors
2,00,000
Fixed assets
240,900
Opening-steck 80,000
Expenses 8,00,000
Sales 3,60,000
Capital 14,00,000 14.00,000
TOTAL
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suspense A/c.
Q22 A) Rectify the following errors using
was posted to the debit of his account.
MrO.000 received from Mohan the debit of purchase account.
22,000being purchase return was posted todebit of discount allowed account.
the
3YDiscount received 400 was posted to in the sales book as 25.300.
was entered
Asale of 23,500 to Raman
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OR
of the Trial Balance:
B) Rectify the following errors whhch are detected before preparation
HI9 1) Sale to Mohan for 250,000 posted to his account as 5:000. balance in Ramesh's
2) Debit bance of25,000 was carried forward as a t
credit
account.
was recohled as sale toAnshul as7100.
3) Acredit sale d(?I,700to Asha Mahesh
4) Acredit sale ofd furniture to for (500 omitted to be posted.
requires you to reconcile his cash book with
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DXollowing information is of Krishna whoReconciliation Statement.
pass book balance. Prepare his Bank
Balance as per cash book (cr.) 22,800
Cheques issued but not presented for payment bank 23,440
deposited the cheque directly into without intimation for 2.260.
WAcustomer undercasted by Z500.
y Debit side of thc cash book (bank column) isentered by mistake in the cash column.
Acheque of 2200 paid to creditor has been
)
Bank charges 80 have not been entered in the cash book.
OR
2) Prepare Bank Reconciliation Statement as on 3|SMarch. 2023 from the following
infomition: Z16,500.
a) Bankoverdraft as per bank pass bookpayments 28,750
b) Cheques issued but not presented for 2000.
c) Cheques reçorded in the cash book but not sent to bank for collection
instructiÍn 1,980.
pólicy of the owner paid by the bank on starding
d) Premium on ife 2023.
e) Cheque deposited/nto bank for book 30,50B which were collected on April 2nd
200.
) Bank charges debited in the pass3,500.
g) Dividend collected by bank for
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machinery for 1,20,000 and on 30th
a) On IMApril,2020, Ashu purchased at a cost of 20,000. On 30h June,
September,202 1, it acquired additional machineryof
cost 25,000 was sold as scrap for 2500.
2022, one of the original machine which had
costing 8,000. Depreciation is to be
It was replaced on that date by new machine Accounts are closed on 31t March every
provided @15%p.a. on the written down value.
years.
year. Show Machinery Account for the first three
OR
is charged @10%
2021 for 7,00,000. Depreciation4,20,000.
1b Rampurchased a plant on 1" April,
January,2023, the plant was sold for Prepare
p.a. on the original cost. On | depreciation is charged to Plant Account.
the Plant Account and Depreciation Account if
The accounts are closed on 3| March every year.
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of Ram: (4)
Q25 a)_Pass journal entries for the following transactions
APKIL: 23 and by cheque
Ram introduced capital to start a business in cash 21,00,000
25,00,000. (.5)
Issued cheque as advance for goods 1,00,000. (.5) immediately,
Purchased goods of 2,00,000 less 25% trade discount and paid paying200
and availed cash discount of 29%. Payment was made by bank draft
as bank charges. ()
cash discount shall be
Sold goods to Mohit for 250,000 on the terms that made by
allowed @5% on payment made within 7 days and 2% on payment
30h April.23. (.5) discount. (.5)
Amount was received from Mohit after cash
5
20th
Life insurance premium paid by cheque of his wife's personal account for
2,000. (1)
b With reference to part a) Q25 prepare following accounts: (2)
HMohit's account (1)
Discount allowed account (1 )
0 On 1 January.23, Ram of Kolkata commenced business with a capital of
into following transactions: 50,000and entered 6
Pass the following transactions through proper books. (cash book (3).
book (1) and journal proper (1.5)) purchases book (.5), sales
2023, January Transactions
1st Opened a bank account and
Patehased goods for 20,000depoited 12,500
Darchased furniture for shop 5.000
Sold goods to Raman for 5,000
nd
Boaght goods from Mohan for }10,000
3rd BÍdght stationery for 1,000 ’3P
sth Kegeived cash from Raman 4.700 for full settlement of his account.
Soldgoods to Bimal for 27,500
10th Raid Cash into bank 1,000.
13th
20th
Borght an office desk from Naren for 1,500 ’
Jajd wages for 1,000
22nd Sold goods to Ramesh for 6,000
23d Rent due to landlord 1,000
PART- B
Financial Accounting -II
1)Assertion (A): Income tax paid by a sole trader is shown on the debit side of the
profit &loss account.
Reasoning (R): It will be added to capital in the Balance Sheet.
In the context of the above two statements,which of the
a) Both (A) and (R) are correct and (R) is the correct
following is correct?
explanation of (A).
b) Both (A)and (R) are correct but (R)is not the correct
c) (A) is correct but (R) is not correct.
explanation of (A).
d) Both (A) and (R)are wrong.
OR
2) Calculate the missing value in the following case:
Cost of goods sold 150,000; Gross profit is 20% of sales; Sales
Q28 If both adjusted purchases and closing stock are given in the Trial Balance, where are 1
the two accounts shown in the final accounts?
0291f bad debts are given as an adjustment, they are adjusted by debiting bad debts account
and crediting account.
O39 When closing capital is less than opening capital, it means
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a) Profit c) Loss if there is no drawings.
b) Loss d) Loss ifthere is drawings.
8,00,000:
31 I Calculate gross profit when total purchases duringthe. yearofare goods are
retury& outward 20,000; direct expenses t60,000 and 2/3rd the
sold for 6,10.000.
b5 Net sales for the year ended 3|" March. 2023 is 29,00,000. If gross pro
is 25% of cost, find gross profit and cost of goods sold.
OR
information:
2) Pass necessary journalentries from the following
Provision for doubtful debts 20,000; bad debts
Balance: Debtors 24.1.000:
Amount in Trial
26.000.
Additional information:
doubtful debts @10% on debtors.
Further bad debts 10,000: maintain the provision for
information in the 3
Prepare the Balance Sheet of Ram as on 3|" March.23 from the following
2
order of permancnce 22.
in hand 11,200: crdcitórs 232.300; debtors 23300: machinery as on 1"April.24:000 and
cash the year Z8,500. furniture as on |"April, 22,drawings
R85-A00 and depreciation provided for
1SMO0:capital 290-6000;
depreciation provided for the year 2J00; closing siock
28.000; netprofit 31,000.
4
to single entry system. Hiscapital on 31st March, 22
Vikas is keeping his accounts according 4,25.000. He further informs you that
was 2.50,000 and his capital on 3Ist March,23 was uruheron pFvate account and withdrew
during the year he gave a loan of 30,000 to-his for his personal purpose, the rent of which
p
21,000 per month for personal use. He used a flat average of 10% of rent per month were paid
@21,800 per month and clectricity charges at an
from business accountDuring the year, he sold his 79% govermment bonds ofZ50,000 at 1%
’AC
premium and brought that money into the business. ended 31 March,23.
Prepare a Statement of Profit & Loss for the year
Trading & Profit & Loss 6
From the following balances and adjustments, prepare
at that date:
Account for the year ending 3| March, 23 and Balance Sheet as
Amount Particulars Amount
Particulars
Opening stok 15,000 Commission recçived o4,500
1,09,000 Cash in hand 26,000
Purchases
Sales 1,80,000 Rent, 4,000
Wages/ 8,000 Rent outstanding 600
Power and Aectricity 12,000 Provision for doubtfulDe L.000
Salaries 11,000 debts
Bad debtS 500 Furnitureó 5,000
Income tax 5,500 (purchased on |
(Loan to Krishr 5,000 Oct..22 fop 1,000)
@10%p.a (1H Machinery 72,000
April,22) Debtors 28,000
Creditors 14,600
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Interest on loaD 300 Capial 1,00,000
to Krishna
ADSTMENTS:
AV Plosing stock at cost was 235,000. Its net realisable value (market value) was 30,000.
Fdrther bad debts 2500 and maintain aprovision for doubtful debts @5% on debtors.
3VCreate aprovision of 2% for discount on debtors.
Çommission received includes 3,000 received in advance.
\SDepreciate furniture by 10% p.a.
Salaries for the month of March,23 were outstanding.
