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CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
CBSE 
Class XI Accountancy 
Sample Paper – 2  
 
Part A 
 
Answer 1 
No, payment of school fees for daughter is not regarded as a business transaction. It would 
be treated as a personal expenditure. 
 
Answer 2 
Option C: Provision 
 
Answer: 3 
Option B: List of Account Balances 
 
Answer: 4 
Option B: Drawings A/c 
 
Answer: 5 
Option A: Debit and Credit Amount must be equal 
 
Answer: 6 
Option D: Livestock Account 
 
Answer 7 
Cash basis of accounting Accrual basis of accounting 
It records only cash transactions. It records both cash and credit transactions. 
It does not show true profit because it 
records partial transactions. 
It shows true profit because it records all 
transactions 
 
Answer: 8 
Option C: Stock and Liability 
  
Answer: 9 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. 
Accordingly, outstanding expenses will not be recorded under this system. 
 
 
Page 2


  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
CBSE 
Class XI Accountancy 
Sample Paper – 2  
 
Part A 
 
Answer 1 
No, payment of school fees for daughter is not regarded as a business transaction. It would 
be treated as a personal expenditure. 
 
Answer 2 
Option C: Provision 
 
Answer: 3 
Option B: List of Account Balances 
 
Answer: 4 
Option B: Drawings A/c 
 
Answer: 5 
Option A: Debit and Credit Amount must be equal 
 
Answer: 6 
Option D: Livestock Account 
 
Answer 7 
Cash basis of accounting Accrual basis of accounting 
It records only cash transactions. It records both cash and credit transactions. 
It does not show true profit because it 
records partial transactions. 
It shows true profit because it records all 
transactions 
 
Answer: 8 
Option C: Stock and Liability 
  
Answer: 9 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. 
Accordingly, outstanding expenses will not be recorded under this system. 
 
 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Answer 10 
Option A: Drawings 
 
Answer 11 
Option D: `60,000 
 
Answer 12 
Book Keeping Accounting 
It is a primary stage and regarded as 
basis for accounting 
It is secondary stage and begins where 
the book keeping ends. 
It is a routine task performed by 
junior staff. 
It is a specialised function performed by 
senior staff. 
 
Answer 13 
Option C: Signatory 
 
Answer 14 
Journal 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Machine A/c (New) Dr.  1,20,000  
 Profit & Loss A/c  Dr.  10,000  
    To Machine A/c (Old)    30,000 
    To X Ltd. A/c    1,00,000 
 (Being Old Machine exchanged)     
      
2. Rent A/c Dr.  3,000  
 Drawings A/c Dr.  3,000  
     To Cash A/c    6,000 
 (Being Rent paid)     
      
3. Cash A/c Dr.  500  
 Bad Debts A/c Dr.  500  
     To Ram A/c    1,000 
 (Being Final amount received)     
 
(OR) 
1. Stock: It is the tangible asset held by an enterprise for the purpose of sale in the 
ordinary course of business or for the purpose of using it in the production of goods 
meant for sale. Stock may include: 
Page 3


  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
CBSE 
Class XI Accountancy 
Sample Paper – 2  
 
Part A 
 
Answer 1 
No, payment of school fees for daughter is not regarded as a business transaction. It would 
be treated as a personal expenditure. 
 
Answer 2 
Option C: Provision 
 
Answer: 3 
Option B: List of Account Balances 
 
Answer: 4 
Option B: Drawings A/c 
 
Answer: 5 
Option A: Debit and Credit Amount must be equal 
 
Answer: 6 
Option D: Livestock Account 
 
Answer 7 
Cash basis of accounting Accrual basis of accounting 
It records only cash transactions. It records both cash and credit transactions. 
It does not show true profit because it 
records partial transactions. 
It shows true profit because it records all 
transactions 
 
Answer: 8 
Option C: Stock and Liability 
  
Answer: 9 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. 
Accordingly, outstanding expenses will not be recorded under this system. 
 
 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Answer 10 
Option A: Drawings 
 
Answer 11 
Option D: `60,000 
 
Answer 12 
Book Keeping Accounting 
It is a primary stage and regarded as 
basis for accounting 
It is secondary stage and begins where 
the book keeping ends. 
It is a routine task performed by 
junior staff. 
It is a specialised function performed by 
senior staff. 
 
Answer 13 
Option C: Signatory 
 
Answer 14 
Journal 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Machine A/c (New) Dr.  1,20,000  
 Profit & Loss A/c  Dr.  10,000  
    To Machine A/c (Old)    30,000 
    To X Ltd. A/c    1,00,000 
 (Being Old Machine exchanged)     
      
2. Rent A/c Dr.  3,000  
 Drawings A/c Dr.  3,000  
     To Cash A/c    6,000 
 (Being Rent paid)     
      
3. Cash A/c Dr.  500  
 Bad Debts A/c Dr.  500  
     To Ram A/c    1,000 
 (Being Final amount received)     
 
(OR) 
1. Stock: It is the tangible asset held by an enterprise for the purpose of sale in the 
ordinary course of business or for the purpose of using it in the production of goods 
meant for sale. Stock may include: 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Stock of Finished Goods. 
Work-in-Progress. 
Stock of Raw Materials. 
2. Loss: Excess of expenses of a period over its revenues. Losses lead to decrease in the 
owner’s equity. It includes both the operating losses and the money or money worth 
lost in other activities where business received no benefit, like loss by theft. 
3. Depreciation: Reduction or fall in the value of asset due to its usage or with efflux of 
time or obsolescence or accident. It is actually allocation of cost of fixed asset over its 
expected useful life. 
 
Answer 15 
Rectifying  Journal Entries 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Sales Returns  A/c Dr.  800  
    To Suspense A/c     800 
 (Rectifying entry made)     
      
2. Purchases A/c Dr.  750  
 Sales A/c Dr.  750  
     To Shyam A/c    1,500 
 (Rectifying entry made)     
      
3. Suspense A/c Dr.  9  
    To Personal A/c    9 
 (Rectifying entry made)     
      
4. Salary A/c Dr.  1,000  
     To Manager’s Personal A/c    1,000 
 (Rectifying entry made)     
 
 
Answer 16 
Statement of Affairs 
as on 31.12.2008 
Liabilities ` Assets ` 
Creditors 3,00,000 Cash  90,000 
Loan  1,00,000 Stock  5,90,000 
Interest on Loan 5000 Debtors  6,00,000 
Capital (Balancing 8,75,000   
Page 4


  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
CBSE 
Class XI Accountancy 
Sample Paper – 2  
 
Part A 
 
Answer 1 
No, payment of school fees for daughter is not regarded as a business transaction. It would 
be treated as a personal expenditure. 
 
Answer 2 
Option C: Provision 
 
Answer: 3 
Option B: List of Account Balances 
 
Answer: 4 
Option B: Drawings A/c 
 
Answer: 5 
Option A: Debit and Credit Amount must be equal 
 
Answer: 6 
Option D: Livestock Account 
 
Answer 7 
Cash basis of accounting Accrual basis of accounting 
It records only cash transactions. It records both cash and credit transactions. 
It does not show true profit because it 
records partial transactions. 
It shows true profit because it records all 
transactions 
 
Answer: 8 
Option C: Stock and Liability 
  
Answer: 9 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. 
Accordingly, outstanding expenses will not be recorded under this system. 
 
 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Answer 10 
Option A: Drawings 
 
Answer 11 
Option D: `60,000 
 
Answer 12 
Book Keeping Accounting 
It is a primary stage and regarded as 
basis for accounting 
It is secondary stage and begins where 
the book keeping ends. 
It is a routine task performed by 
junior staff. 
It is a specialised function performed by 
senior staff. 
 
Answer 13 
Option C: Signatory 
 
Answer 14 
Journal 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Machine A/c (New) Dr.  1,20,000  
 Profit & Loss A/c  Dr.  10,000  
    To Machine A/c (Old)    30,000 
    To X Ltd. A/c    1,00,000 
 (Being Old Machine exchanged)     
      
2. Rent A/c Dr.  3,000  
 Drawings A/c Dr.  3,000  
     To Cash A/c    6,000 
 (Being Rent paid)     
      
3. Cash A/c Dr.  500  
 Bad Debts A/c Dr.  500  
     To Ram A/c    1,000 
 (Being Final amount received)     
 
(OR) 
1. Stock: It is the tangible asset held by an enterprise for the purpose of sale in the 
ordinary course of business or for the purpose of using it in the production of goods 
meant for sale. Stock may include: 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Stock of Finished Goods. 
Work-in-Progress. 
Stock of Raw Materials. 
2. Loss: Excess of expenses of a period over its revenues. Losses lead to decrease in the 
owner’s equity. It includes both the operating losses and the money or money worth 
lost in other activities where business received no benefit, like loss by theft. 
3. Depreciation: Reduction or fall in the value of asset due to its usage or with efflux of 
time or obsolescence or accident. It is actually allocation of cost of fixed asset over its 
expected useful life. 
 
Answer 15 
Rectifying  Journal Entries 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Sales Returns  A/c Dr.  800  
    To Suspense A/c     800 
 (Rectifying entry made)     
      
2. Purchases A/c Dr.  750  
 Sales A/c Dr.  750  
     To Shyam A/c    1,500 
 (Rectifying entry made)     
      
3. Suspense A/c Dr.  9  
    To Personal A/c    9 
 (Rectifying entry made)     
      
4. Salary A/c Dr.  1,000  
     To Manager’s Personal A/c    1,000 
 (Rectifying entry made)     
 
 
Answer 16 
Statement of Affairs 
as on 31.12.2008 
Liabilities ` Assets ` 
Creditors 3,00,000 Cash  90,000 
Loan  1,00,000 Stock  5,90,000 
Interest on Loan 5000 Debtors  6,00,000 
Capital (Balancing 8,75,000   
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Figure) 
 12,80,000  12,80,000 
 
Statement of Profit or Loss 
for the half year ended December 31, 2008 
Particulars ` 
Capital at the end of the year  8,75,000 
  Add: Drawings made during the year  60,000 
  Less: Additional capital introduced during the year 2,00,000 
Adjusted capital at the end of the year 7,35,000 
  Less: Capital in the beginning of the year 6,00,000 
       Net Profit (Profit After Adjustment) 1,35,000 
 
(OR) 
(a) Total Assets = Capital + Liabilities + Profit (Revenue – Expenses) 
= 40,000 + 30,000 + 55,000 (75,000 – 20,000) = `1, 25,000 
(b) Accounting Vouchers: it is a written document containing an analysis of business 
transactions for accounting and recording purposes, prepared by the accountant on the 
basis of supporting vouchers and signed by another authorised person. Accounting 
vouchers are of two types: (i) Cash vouchers and (ii) Non-cash Vouchers or Transfer 
Vouchers. 
Answer 17 
Trial Balance 
Particulars Dr. 
(`) 
Cr. 
(`) 
Capital   1,00,000 
Machinery  20,000  
Purchases  2,10,000  
Drawings  16,000  
Sales   2,00,000 
Sales Returns  20,000  
Purchase Returns   30,000 
Wages  40,000  
Discount Allowed  6,000  
Bank loan   90,000 
Stock  16,000  
Roopa (Dr.) 20,000  
Cash  54,000  
Goodwill  60,000  
Page 5


  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
CBSE 
Class XI Accountancy 
Sample Paper – 2  
 
Part A 
 
Answer 1 
No, payment of school fees for daughter is not regarded as a business transaction. It would 
be treated as a personal expenditure. 
 
Answer 2 
Option C: Provision 
 
Answer: 3 
Option B: List of Account Balances 
 
Answer: 4 
Option B: Drawings A/c 
 
Answer: 5 
Option A: Debit and Credit Amount must be equal 
 
Answer: 6 
Option D: Livestock Account 
 
Answer 7 
Cash basis of accounting Accrual basis of accounting 
It records only cash transactions. It records both cash and credit transactions. 
It does not show true profit because it 
records partial transactions. 
It shows true profit because it records all 
transactions 
 
Answer: 8 
Option C: Stock and Liability 
  
Answer: 9 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. 
Accordingly, outstanding expenses will not be recorded under this system. 
 
 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Answer 10 
Option A: Drawings 
 
Answer 11 
Option D: `60,000 
 
Answer 12 
Book Keeping Accounting 
It is a primary stage and regarded as 
basis for accounting 
It is secondary stage and begins where 
the book keeping ends. 
It is a routine task performed by 
junior staff. 
It is a specialised function performed by 
senior staff. 
 
Answer 13 
Option C: Signatory 
 
Answer 14 
Journal 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Machine A/c (New) Dr.  1,20,000  
 Profit & Loss A/c  Dr.  10,000  
    To Machine A/c (Old)    30,000 
    To X Ltd. A/c    1,00,000 
 (Being Old Machine exchanged)     
      
2. Rent A/c Dr.  3,000  
 Drawings A/c Dr.  3,000  
     To Cash A/c    6,000 
 (Being Rent paid)     
      
3. Cash A/c Dr.  500  
 Bad Debts A/c Dr.  500  
     To Ram A/c    1,000 
 (Being Final amount received)     
 
(OR) 
1. Stock: It is the tangible asset held by an enterprise for the purpose of sale in the 
ordinary course of business or for the purpose of using it in the production of goods 
meant for sale. Stock may include: 
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Stock of Finished Goods. 
Work-in-Progress. 
Stock of Raw Materials. 
2. Loss: Excess of expenses of a period over its revenues. Losses lead to decrease in the 
owner’s equity. It includes both the operating losses and the money or money worth 
lost in other activities where business received no benefit, like loss by theft. 
3. Depreciation: Reduction or fall in the value of asset due to its usage or with efflux of 
time or obsolescence or accident. It is actually allocation of cost of fixed asset over its 
expected useful life. 
 
Answer 15 
Rectifying  Journal Entries 
Sr. No. Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Sales Returns  A/c Dr.  800  
    To Suspense A/c     800 
 (Rectifying entry made)     
      
2. Purchases A/c Dr.  750  
 Sales A/c Dr.  750  
     To Shyam A/c    1,500 
 (Rectifying entry made)     
      
3. Suspense A/c Dr.  9  
    To Personal A/c    9 
 (Rectifying entry made)     
      
4. Salary A/c Dr.  1,000  
     To Manager’s Personal A/c    1,000 
 (Rectifying entry made)     
 
 
Answer 16 
Statement of Affairs 
as on 31.12.2008 
Liabilities ` Assets ` 
Creditors 3,00,000 Cash  90,000 
Loan  1,00,000 Stock  5,90,000 
Interest on Loan 5000 Debtors  6,00,000 
Capital (Balancing 8,75,000   
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Figure) 
 12,80,000  12,80,000 
 
Statement of Profit or Loss 
for the half year ended December 31, 2008 
Particulars ` 
Capital at the end of the year  8,75,000 
  Add: Drawings made during the year  60,000 
  Less: Additional capital introduced during the year 2,00,000 
Adjusted capital at the end of the year 7,35,000 
  Less: Capital in the beginning of the year 6,00,000 
       Net Profit (Profit After Adjustment) 1,35,000 
 
(OR) 
(a) Total Assets = Capital + Liabilities + Profit (Revenue – Expenses) 
= 40,000 + 30,000 + 55,000 (75,000 – 20,000) = `1, 25,000 
(b) Accounting Vouchers: it is a written document containing an analysis of business 
transactions for accounting and recording purposes, prepared by the accountant on the 
basis of supporting vouchers and signed by another authorised person. Accounting 
vouchers are of two types: (i) Cash vouchers and (ii) Non-cash Vouchers or Transfer 
Vouchers. 
Answer 17 
Trial Balance 
Particulars Dr. 
(`) 
Cr. 
(`) 
Capital   1,00,000 
Machinery  20,000  
Purchases  2,10,000  
Drawings  16,000  
Sales   2,00,000 
Sales Returns  20,000  
Purchase Returns   30,000 
Wages  40,000  
Discount Allowed  6,000  
Bank loan   90,000 
Stock  16,000  
Roopa (Dr.) 20,000  
Cash  54,000  
Goodwill  60,000  
  
 
CBSE XI  |  Accountancy 
Sample Paper – 2 
 
     
Interest Received   15,000 
Bank O/D  22,000 
Nathu (Dr.) 55,000  
Ganesh (cr.)  25,000 
Reena (cr.)  35,000 
Grand Total 5,17,000 5,17,000 
   
 
Answer 18 
(a) Capital expenditure is the amount spent by business to acquire or upgrade physical 
assets. The amount spent on repairing the second hand machinery before it is put to use 
is added to the cost of asset and accordingly regarded as Capital Expenditure. 
Cost of repainting factory premises is regarded as a normal operational expenditure 
and would be treated as a Revenue Expenditure. 
(b) Specific Reserve: Reserve is an appropriation of profit. And when such appropriation is 
made for some specific purpose and such reserve can be utilized for only that purpose, 
it is termed as specific reserve. It includes reserves like Dividend Equalisation Reserve, 
created to maintain a steady rate of dividend.  
 
Answer 19 
(a) No, P is not correct in recording the land. This is because he has violated the Historical 
Cost Concept that states an asset should be recorded in the books at the price paid for.  
(b) 20×40,000 = `8,00,000. As per, Revenue Recognition Principle, revenue is considered 
to have been realised when a transaction has been entered into and the obligation to 
receive the amount has been established. 
(c) No, it is incorrect to record the above loss because only those transactions and events 
are recorded in the books of accounts if they can be measured in monetary terms. In 
this case, evidence to the effect of loss is missing on the basis of which the loss can be 
measured and recorded.  
(OR) 
Machinery Account 
Dr. Cr. 
Date Particulars ` Date Particulars ` 
Year    Year    
1. To Bank A/c 
(1,00,000+4,00,000) 
5,00,000 1. By Depreciation A/c 
 (10,000 + 40,000) 
50,000 
    By Balance c/d 
(90,000 + 3,60,000) 
4,50,000 
  5,00,000   5,00,000 
      
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FAQs on Sample Solution Paper 2 - Accountancy, Class 11 - Sample Papers for Class 11 Commerce

1. What is the purpose of accountancy in Class 11?
Ans. Accountancy in Class 11 is a subject that introduces students to the fundamental concepts and principles of accounting. It aims to develop their understanding of financial transactions, recording them in appropriate books of accounts, and preparing financial statements. The purpose of studying accountancy in Class 11 is to provide a strong foundation for further studies in commerce and finance-related fields.
2. What are the different types of accounting used in Class 11?
Ans. In Class 11 accountancy, students are introduced to various types of accounting. The two main types are financial accounting and management accounting. Financial accounting focuses on recording, summarizing, and reporting financial transactions of an organization. On the other hand, management accounting involves the generation of financial information for internal decision-making and planning purposes.
3. What are the basic principles of accounting in Class 11?
Ans. In Class 11 accountancy, students learn about the following basic principles of accounting: 1. Entity Principle: This principle states that the business entity is separate and distinct from the owner(s) of the business. 2. Money Measurement Principle: This principle states that accounting records and reports should only include transactions that can be expressed in monetary terms. 3. Going Concern Principle: This principle assumes that the business will continue to operate for the foreseeable future. 4. Cost Principle: This principle states that assets should be recorded at their historical cost. 5. Dual Aspect Principle: This principle states that every financial transaction has two aspects - a debit and a credit. 6. Accounting Period Principle: This principle divides the life of a business into shorter periods for the purpose of financial reporting.
4. What are the different types of financial statements prepared in Class 11 accountancy?
Ans. In Class 11 accountancy, students learn about three main types of financial statements. These are: 1. Income Statement: Also known as the Profit and Loss Account, it shows the revenue earned and expenses incurred during a specific period, resulting in the net profit or loss. 2. Balance Sheet: It provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and shareholders' equity. 3. Cash Flow Statement: This statement summarizes the cash inflows and outflows during a specific period, categorizing them as operating, investing, and financing activities.
5. How does accountancy contribute to decision-making in Class 11?
Ans. Accountancy plays a crucial role in decision-making in Class 11 by providing relevant financial information. It helps in evaluating the financial performance and position of a business, identifying areas of improvement, and making informed decisions. By analyzing financial statements and other accounting data, students can assess the profitability, liquidity, and solvency of a company, which aids in effective decision-making regarding investments, pricing, cost control, and resource allocation.
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