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XI/Accountancy 1
BLOOM PUBLIC SCHOOL
SAMPLE PAPER (2016-17)
Accountancy (Q + KEY) Class-XI
TIME: 3 Hours
M.M: 90
Q.1 Ashok Purchase goods for from Delhi Traders for Rs 2,00,000.As per terms, if Ashok
made full payment within 21 days, He will get cash discount at 2.5%.Ashok paid
1,50,000 within stipulated time. How much discount he will get.
A) he will not get any discount because he has not paid full amount.
(1)
Q.2 Accounting records transactions and events that can be measured in money terms. Is
this in your opinion , a limitation or an advantage
Ans There are other important events which have far reaching effect on business but
they are not recorded as they can’t be measured in money for example Loss of
production due to machine breakdown
(1)
Q.3 What is Imprest System of Accounting?
Ans Imprest means to provide some money for expenses in advance. It is convenient to
entrust a definite sum of money to the petty cashier in the beginning of a period and to
reimburse him for payments made at the end of the period. Thus, he will have again the fixed
amount in the beginning of the period. Such a system is known as the ‘Imprest system of
petty cash.’ With the introduction of this system small expenses of regular type are
maintained separately, and it is easy to analyse and control them better.
(1)
Q.4 Name the category of Account That is not balanced.
Ans-: Nominal accounts are not balanced. They are totaled and transferred to Profit
and Loss account at the end of accounting year
(1)
Q.5 How does matching principal apply to Depreciation?
A) According to matching principle all costs which are incurred in an accounting
year should be charged against the revenue of that period. Hence depreciation of
current year is charges against the current year's revenue .Full cost of assets is not
treated as an expense in the year of its purchase itself rather it us spread over its
useful life
(1)
Q.6 What is the Process of Accounting
Ans Financial Transaction, Recording, Classifying, Summarising, Analysis
and Communication
(1)
Q.7 Identify the concept of accounting being violated and the underlying value being ignored in (3)
XI/Accountancy 2
the following cases:
a. A company purchased goods for 5,00,000 and sold 80% of such goods during the
year. The market value of remaining goods was 90,000. The company valued the
closing stock at cost.
b. A customer of X Ltd. has discontinued his business. He used to purchase 30% of the
total goods produced by X Ltd. He has not informed X Ltd. about this closure of the
business.
Q.8 How Expense and Expenditure different from each other?
A) Expense is cost incurred in producing and selling the goods and services.(Amount
paid for rent, salary etc)
B) Expenditure is any disbursement of cash or transfer of property or incurring a
liability for the purpose of acquiring assets , goods or services is called expenditure.
It means any type of payment for the receipt of a benefit is termed as expenditure
(3)
Q.9 Following accounts are being maintained in the books of Shri Ajit. Classify them as
Personal, Real or Nominal accounts.
a) Carriage inwards d) Bank Overdraft
b) Accrued Income e) Outstanding Rent Account
c) Haryana Education Board f) Commission Received Account
ans
a) Carriage inwards(N) d) Bank Overdraft(p)
b) Accrued Income (p) e) Outstanding Rent Account(P)
c) Haryana Education Board (P) f) Commission Received(N)
(3)
Q.10 Differentiate between Cash book and cash Account
Cash Account
Cash Book
1. Cash account is a Ledger account.
2. Posting is done in Cash account from the
Journal.
It is a separate book maintained for recording
Cash transactions.
It is a Book of original entry i.e. transactions
are first entered in the cashbook and then
transferred to other ledger accounts.
3. It records one aspect of a transaction. It records both the aspects of a transaction.
(3)
Q.11 Explain the concept of Journal proper.What type of entries appear in a Journal Proper
Ans)
(3)
XI/Accountancy 3
Journal Proper is a book maintained to record transactions, which do not find place in special
journals.
Following transactions are recorded in Journal Proper in case, when a firm maintained all
specific journals:
1. Opening entry at the beginning of the period;
2. All adjustment entries such as prepaid, outstanding, accrued and advance, expenses and
incomes;
3. Rectification entries to rectify the errors in recording transactions;
4. Transfer entries to transfer the closing balances; and
5. All other entries which have not entered in any of the other books.
Q.12 How will you show following Transaction in Cash Book-:
Dec 5 Received cheque from Rehaan Rs 18,000 allowed him discount Rs1000
Dec 12 Cheque Received from Rehaan deposited in Bank.
Dec 19 Received a cheque for Rs 15,000 from John, which was endorsed to Sophia on 27th
Dec.
Ans-:
Journal Proper
Cheques in hand
Discount allowed
To Rehaan
18000
1000
19000
In cash book
Dec 19 Cheques in Hand
To John
Dec 27 Sophia
To Cheques in hand
15,000
15,000
15,000
15,000
(3)
XI/Accountancy 4
Q.13 Give the journal entries corresponding to the narration given below:
Journal in the books of ………
Date Particulars L.
F
Amount
(Dr)
Amount(Cr)
April 3 Cash a/c ………. Dr
……………………………………
Dr
To …………………
(Horse which was bought for Rs
15,000 died and its carcass sold for
Rs 1,000)
Cash a/c Dr
Profit & Loss/c Dr
To Live Stock
April
16
………. Dr
……………………………………
Dr
To Cash a/c
(Paid landlord Rs 12,000 for rent.
Two third of building is occupied
by proprietor for personal use)
Rent a/c Dr
Drawings a/c Dr
To cash
April
30
…………………………………….
Dr
……………………………………
Dr
To Bank a/c
(Paid by cheque Rs 6,000 as fire
(4)
XI/Accountancy 5
insurance premium for a period of
12 months starting 1st July 2010,
Financial year closes on 31st March
every year)
Insurance 4500
Prepaid Insurance 1500
To Bank 6000
April
22
………………………..………. Dr
To …………………
To Cash
(Gave as charity Cash Rs 5000 and
Goods Rs 2000)
Charity 7,000
To Purchases 2,000
To Cash 5,000
Q.1 4
A)Give an example for each of the following type of transactions:
(1) Increase in one asset, decrease in another asset.
(2) Increase in assets, increase in owner’s capital.
(3) Decrease in assets, decrease in liabilities.
(4) Decrease in assets, decrease in owner’s capital.
B) Briefly explain Accounting Equation. Do you think a Transaction can break an
Accounting Equation.
(Ans) (1) Purchase of furniture for cash.
(2) Fresh capital introduced by the proprietor.
(3) Payment made to creditors.
(4) Cash withdrawn for personal use by the Proprietor.
(B) Ans-: Mathematical Equation which shows that the assets and liabilities of a firm are
equal i.e
Assets = Liabilities +Capital
No a Transaction can change the accounting equation but cannot break it
Q.15 The following transactions took place at M/s Nandi Ram Tailoring Shop, prepare vouchers :
2004
March 1
Bought tailoring materials for cash vide memo No. 338
7,200
(4)
XI/Accountancy 6
March 28 Wages Paid for the month of February, 2004, wide wage sheet No.
39
5,000
Ans-:
Q.16 Vijay,a consultant during the financial year 2014-15 earned Rs 4,00,000. Out of which he
received Rs 3,50,000.He incurred an expense of Rs 1,70,000 out of which Rs 40,000 are
outstanding .He also received consultancy fee relating to previous year Rs 45,000 and also
paid Rs 20,000 expenses of last year.
You are require to determine the income for the year if
1)He follows cash basis of accounting
2)He follows accrual basis of accounting
Ans-: 2,45,000 ,2,30,000
(4)
Q.17 1. Cash handed over to petty cashier Rs 10,000
2. Sold goods to Ajay for Rs 50,000 allowing 5% Cash Discount and10% Trade
Discount. Half of the amount was received by cheque within specified time.
3. An old Machine with the book value of Rs 80,000 is exchanged for a new machine
of Rs 2,40,000.The old machine is valued at Rs 50,000 for exchange purpose by
Machine tools ltd.
ANS
1) Petty Cash a/c
To cash a/c
10,000
10,000
1) Ajay
Bank
Discount allowed
To Sales
22500
21375
1125
45000
2) Machine (New) a/c dr
P&L a/c
To machine(Old)
To Machine tools
2,40,000
30,000
80,000
1,90,000
(3)
XI/Accountancy 7
.
Q.18 Draft Trial Balance-:
Carriage Inward 12458 Stock on 1st April 225000
Sales 235000 Loan from UTI Bank 300000
Return Inward 3350 Carriage Outward 42162
Return Outward 12167 Discount Allowed 1830
Investment @10% 200000 Discount Received 10033
Interest on Investment 20000 Drawings 10033
Interest on Loan 10000 Purchases 100000
Sundry Creditors 30500 Bad Debts 5100
Solution
Dr Cr
Carriage Inward 12458
Carriage Outward 42162 Loan from UTI Bank 300000
Return Inward 3350 Sales 235000
Discount Allowed 1830 Return Outward 12167
Investment @10% 200000 Discount Received 10033
Purchases 100000 Sundry Creditors 30500
Interest on Loan 10000 Interest on Investment 20000
Drawings 10033 Bad Debts 5100
Stock on 1st April 225000
6,12,800 6,12,800
(6)
XI/Accountancy 8
Q.19 Write up the Purchases and Sales Books from the following transactions and post their totals
to the ledger.
Date Details
1998
April 1
Purchased goods from Ram Prasad, Bombay
100 meters silk @ Rs. 4.50 per metre
75 meters velvet @ Rs. 8.00 per meter
April 10 Sold goods to Sita Ram, Ahmedabad
60 metres silk @ Rs. 5 per meter
50 metres @ Rs. 8.25 per meter
April 12
Sold to Radhey Sham, Delhi
30 metres silk @ Rs. 5.25 per meter
20 metres velvet @ Rs. 8.50 per meter.
April 18
Roop narain & sons purchased from us
10 meters silk @ Rs. 6 per meter
5 meters velvet @ Rs. 8.75 per meter
April 20 Purchased goods from Hari Ram & sons, Delhi
50 pieces prints @ Rs. 13 per piece
80 pieces calico @ Rs. 6.50 per piece
April 22 Purchased from Man Mohan Lal, Varanasi
Shirting cloth Rs. 1,000
Sarees Rs. 6,000
April 23
Sold to Brij Mohan & Sons, Mathura
Shirting cloth Rs. 700
Sarees Rs. 2,500
April 28 Shri Ram & Bros Hapur Sold to us
Long cloth 10 piece @ Rs. 102 per piece
Dhoties 100 pairs @ Rs. 25 per pair
Ans) 19
PURCHASES BOOK
Date Particulars Details Total Rs.
1998
April 1 Ram Prasad, Bombay 100 meters silk @ Rs. 4.50 per metre
75 meters velvet @ Rs. 8.00 per meter
450
600 1050
April 20 Hari Ram & sons, Delhi
XI/Accountancy 9
50 pieces prints @ Rs. 13 per piece
80 pieces calico @ Rs. 6.50 per piece
650
520
1,170
April 22 Man Mohan Lal, Varanasi Shirting cloth Rs. 1,000
Sarees Rs. 6,000
1,000
6,000
7,000
April 28 Shri Ram & Bros Hapur Long cloth 10 piece @ Rs. 102 per piece
Dhoties 100 pairs @ Rs. 25 per pair
1,020
2,500
3,520
April 30 Purchases a/c ...............................Dr 12,740
Dr. PURCHASES ACCOUNT Cr.
Date Particulars Amount Date Particulars Amount
1998
April 30
To amount as per
purchase book
12,740
SALES BOOK
Date Particulars Details Total Rs.
1998
April 10 Sita Ram, Ahmedabad 60 metres silk @ Rs. 5 per meter
50 metres @ Rs. 8.25 per meter
300
412.50 712.50
April 12 Radhey Sham, Delhi 30 metres silk @ Rs. 5.25 per meter
20 metres velvet @ Rs. 8.50 per meter.
157.50
170 327.50
April 18 Roop narain & sons 10 meters silk @ Rs. 6 per meter
5 meters velvet @ Rs. 8.75 per meter
60
43.75 103.75
April 23 Brij Mohan & Sons, Mathura Shirting cloth Rs. 700
Sarees Rs. 2,500
700
2,500
3,200
April 30 Sales a/c ..............Cr.
4,343.75
Dr. SALES ACCOUNT Cr.
Date Particulars Amount Date Particulars Amount
XI/Accountancy 10
12,740 1998
April
30
By amount as per
sales book
4,343.75
Ans 20) Q20. From the following particulars, prepare a Petty Cash Book for the month of
April, 2016
Date(2016) Particular INR
APRIL 1 Drew for Petty Cash 2,000
APRIL 3 Paid for postage 300
APRIL 5 Paid for telephone 40
APRIL 8 Paid for cartage 140
APRIL 9 Paid for postage 200
APRIL 12 Paid for sundries 100
APRIL 27 Paid for taxi fare 240
If the imprest amount is ` 2000,show what amount the Petty Cashier would be entitled to
draw in the beginning of the next month.
ANSWER KEY 20
Petty cash Book
Amt.
Received
Cash book
Folio
Date2016 Particular Voucher no. Amt Paid
2,000 April 1 To Bank a/c
April 3 By Postage
a/c
300
April 5 By
Telephone
a/c
40
April 8 By Cartage
a/c
140
April 9 By Postage
a/c
200
April 12 By Sundry
Expenses a/c
100
April 27 By
Travelling
Exp. a/c
240
April 30 By Balance
c/d
980
2000 2000
980 May 01 To balance
b/d
1020 May 01 To Bank a/c
XI/Accountancy 11
Q.21
Journalise the following transactions:
Date
April 2 Wood used to make office Furniture Rs 20000
April 9 Goods sold to Sunil costing Rs 2,60,000 for cash at a profit of 20% on cost
April 17 Goods worth Rs. 8,000 were destroyed by fire and it was fully insured.
April 8 Salaries outstanding for previous month was paid Rs 7000
April 28 Purchased goods from Neelam for Rs 2,000 and supplied these to Kashis for Rs
2400.Kashish returned goods worth Rs 240, which in turn were returned to Neelam
April 29 Bank charges for its services Rs 2000
April 22 Bought Shares in Colgate ltd for Rs 50,000 and brokerage paid @2%.Allpayments
made by cheque
Ans
Particulars Dr Cr
April 2 Furniture
To Purchases
20000
20000
April 8 Outstanding Salary
To Cash a/c
7000
7000
April 9 Cash
To Sales
3,12,000
3,12,000
April 17 Loss by fire to purchases A/c Dr.
To purchases A/c
Insurance Co. Dr.
To loss by fire
8,000
8,000
8,000
8,000
April 22 Investment
To Bank
51,000
51,000
April 28 a) Purchase
To Neelam
b) Kashish
To Sales
c) Sales Return
To Kashish
d) Neelam
To Purchase Return
2000
2400
240
200
2000
2400
240
200
April 29 Bank charges a/c Dr
To Bank a/c
51,000
51,000
(6)
Q.22 Post the above Journal entries in Ledgers of Cash, Bank, Purchase and Sale (6)
Q.23 Prepare Bank Reconciliation Statement of Dheeraj as on 31st March from the following
information-:
(8)
XI/Accountancy 12
(a) Debit balance as per Pass Book Rs 25,500
(b) Bank collected a cheque of Rs 2500 on behalf of Dheeraj but wrongly credited to
Dheeraj’s Account.
(c) Withdrawal column of Cash Book was under cast by Rs 100
(d) Cheque of Rs 3572 deposited into bank was recorded as Rs 3,752 in Pass Book.
(e) A cheque of Rs 5,000 collected from Megha was debited in the Pass Book.
(f) Pass Book shows a credit for a cheque amounting Rs 1500 deposited by Dhiraj.
(g) Cheque of Rs 2,300 issued to Divya was recorded twice in the Pass Book.
(h) A cheque of Rs 1,000 was taken in the Cash column.
Solution-:
Bank Reconciliation Statement of Dheeraj as on 31st March
Debit balance as per Pass Book
25,500
Cheque of Rs 2500 on behalf of Dheeraj but wrongly
credited to Dheeraj’s Account.
2,500
Withdrawal column of Cash Book was under cast by Rs 100
100
Cheque of Rs 3572 deposited into bank was recorded as Rs
3,752 in Pass Book
180
cheque of Rs 5,000 collected from Megha was debited in the
Pass Book
10,000
Pass Book shows a credit for a cheque amounting Rs 1500
deposited by Dhiraj.
1500
Cheque of Rs 2,300 issued to Divya was recorded twice in
the Pass Book.
2300
cheque of Rs 1,000 was taken in the Cash column
1000
Credit balance as per Cash Book
18280
30,680 30,680
XI/Accountancy 13
Q 24 Key