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Page 1
CBSE XI | Accountancy
Sample Paper – 3
CBSE
Class XI Accountancy
Sample Paper – 3
Solutions
Answer 1
Accounting is an Art as well as a Science.
Answer 2
A seller prepares cash memo when goods are sold against cash. Cash memo contains details of goods sold,
quantity and rate of each item.
Answer: 3
According to the Business Entity Concept, business is a separate and distinct entity from its owner. That is
why capital is treated as a liability and rules of debit and credit for liability and capital are same.
Answer 4
Posting is a process of transferring entries from Journal to the Ledger Account.
Answer 5
Objectives of Book-keeping:
i. Knowledge of Sale and Purchase of Goods: With the help of account books, a record of total sales and
purchases during a particular period can be maintained.
ii. Knowledge of Income and Expenses: The record of various incomes and expenses is kept in such a way
that the net profit or loss during a particular period can be readily ascertained.
iii. Record of Assets and Liabilities: Another objective of book-keeping is to keep records of various assets and
liabilities in such a way that the financial position of the business at the end of the accounting period may
be determined.
Answer 6
i. Suresh Dr.2,000 and Ramesh Cr.2,000
ii. Purchase Dr.300 and Suspense Cr.300.
iii. Sales Return Dr.500 and Suspense Cr.500.
Answer 7
Trade Discount Vs Cash Discount
Trade Discount Cash Discount
i. It is allowed when a certain quantity is
Purchased.
It is allowed when payment is made within
certain period.
ii. It is allowed to increase the sales. It is allowed to get prompt payment from
customer.
iii. It is deducted from the invoice itself. It is not deducted from the invoice.
iv. It is not recorded in the books of accounts
or ledger accounts.
Cash discount allowed and received both are
recorded in their ledger accounts.
Answer 8
Revenue Recognition: According to this principle income is treated as being earned on the date on which it is
realized, i.e., the date on which goods or services are transferred to the customers. Since this exchange of
goods or services may be for cash or on credit, it is not important whether cash has actually been received or
not. Verifiable Objective: This principle justifies the significance of verifiable documents supporting various
Page 2
CBSE XI | Accountancy
Sample Paper – 3
CBSE
Class XI Accountancy
Sample Paper – 3
Solutions
Answer 1
Accounting is an Art as well as a Science.
Answer 2
A seller prepares cash memo when goods are sold against cash. Cash memo contains details of goods sold,
quantity and rate of each item.
Answer: 3
According to the Business Entity Concept, business is a separate and distinct entity from its owner. That is
why capital is treated as a liability and rules of debit and credit for liability and capital are same.
Answer 4
Posting is a process of transferring entries from Journal to the Ledger Account.
Answer 5
Objectives of Book-keeping:
i. Knowledge of Sale and Purchase of Goods: With the help of account books, a record of total sales and
purchases during a particular period can be maintained.
ii. Knowledge of Income and Expenses: The record of various incomes and expenses is kept in such a way
that the net profit or loss during a particular period can be readily ascertained.
iii. Record of Assets and Liabilities: Another objective of book-keeping is to keep records of various assets and
liabilities in such a way that the financial position of the business at the end of the accounting period may
be determined.
Answer 6
i. Suresh Dr.2,000 and Ramesh Cr.2,000
ii. Purchase Dr.300 and Suspense Cr.300.
iii. Sales Return Dr.500 and Suspense Cr.500.
Answer 7
Trade Discount Vs Cash Discount
Trade Discount Cash Discount
i. It is allowed when a certain quantity is
Purchased.
It is allowed when payment is made within
certain period.
ii. It is allowed to increase the sales. It is allowed to get prompt payment from
customer.
iii. It is deducted from the invoice itself. It is not deducted from the invoice.
iv. It is not recorded in the books of accounts
or ledger accounts.
Cash discount allowed and received both are
recorded in their ledger accounts.
Answer 8
Revenue Recognition: According to this principle income is treated as being earned on the date on which it is
realized, i.e., the date on which goods or services are transferred to the customers. Since this exchange of
goods or services may be for cash or on credit, it is not important whether cash has actually been received or
not. Verifiable Objective: This principle justifies the significance of verifiable documents supporting various
CBSE XI | Accountancy
Sample Paper – 3
transactions. According to it, each transaction should be supported by Objective evidence like voucher.
Objective evidence, here, means evidence free from bias of the accountant.
Answer 9
Reserves may be created for any of the following purposes:
i. Meeting unforeseen contingency or liability.
ii. Redemption of liabilities such as redemption of debentures etc.
iii. Providing additional working capital and thus strengthening financial position of the business.
iv. Utilising internal funds for expansion of business.
v. Equalising the rates of dividends.
Answer 10
Trial Balance
Particulars Dr.
(`)
Cr.
(`)
Bank overdraft 28,000
Cash in hand 4,000
Purchase return 8,000
Sundry expenses 24,000
Sales return 16,000
Salaries 16,000
Purchases 56,000
Sales 88,000
Creditors 24,000
Debtors 16,000
Stock (opening) 20,000
Machinery 40,000
Capital 44,000
Total 1,92,000 1,92,000
Answer 11
Journal
Particulars L.F. Dr. ` Cr. `
Bills Receivable A/c Dr. 4,000
To Basu A/c 4,000
(Being acceptance received)
Bank A/c Dr. 3,760
Discount A/c Dr. 240
To Bills Receivable A/c 4,000
(Being bill discounted)
Basu A/c Dr. 4,040
To Bank A/c 4,040
(Being bill dishonoured and noting charges paid by
bank)
After 1 month
Cash A/c Dr. 4,040
To Basu A/c 4,040
(Being amount of bill received)
Page 3
CBSE XI | Accountancy
Sample Paper – 3
CBSE
Class XI Accountancy
Sample Paper – 3
Solutions
Answer 1
Accounting is an Art as well as a Science.
Answer 2
A seller prepares cash memo when goods are sold against cash. Cash memo contains details of goods sold,
quantity and rate of each item.
Answer: 3
According to the Business Entity Concept, business is a separate and distinct entity from its owner. That is
why capital is treated as a liability and rules of debit and credit for liability and capital are same.
Answer 4
Posting is a process of transferring entries from Journal to the Ledger Account.
Answer 5
Objectives of Book-keeping:
i. Knowledge of Sale and Purchase of Goods: With the help of account books, a record of total sales and
purchases during a particular period can be maintained.
ii. Knowledge of Income and Expenses: The record of various incomes and expenses is kept in such a way
that the net profit or loss during a particular period can be readily ascertained.
iii. Record of Assets and Liabilities: Another objective of book-keeping is to keep records of various assets and
liabilities in such a way that the financial position of the business at the end of the accounting period may
be determined.
Answer 6
i. Suresh Dr.2,000 and Ramesh Cr.2,000
ii. Purchase Dr.300 and Suspense Cr.300.
iii. Sales Return Dr.500 and Suspense Cr.500.
Answer 7
Trade Discount Vs Cash Discount
Trade Discount Cash Discount
i. It is allowed when a certain quantity is
Purchased.
It is allowed when payment is made within
certain period.
ii. It is allowed to increase the sales. It is allowed to get prompt payment from
customer.
iii. It is deducted from the invoice itself. It is not deducted from the invoice.
iv. It is not recorded in the books of accounts
or ledger accounts.
Cash discount allowed and received both are
recorded in their ledger accounts.
Answer 8
Revenue Recognition: According to this principle income is treated as being earned on the date on which it is
realized, i.e., the date on which goods or services are transferred to the customers. Since this exchange of
goods or services may be for cash or on credit, it is not important whether cash has actually been received or
not. Verifiable Objective: This principle justifies the significance of verifiable documents supporting various
CBSE XI | Accountancy
Sample Paper – 3
transactions. According to it, each transaction should be supported by Objective evidence like voucher.
Objective evidence, here, means evidence free from bias of the accountant.
Answer 9
Reserves may be created for any of the following purposes:
i. Meeting unforeseen contingency or liability.
ii. Redemption of liabilities such as redemption of debentures etc.
iii. Providing additional working capital and thus strengthening financial position of the business.
iv. Utilising internal funds for expansion of business.
v. Equalising the rates of dividends.
Answer 10
Trial Balance
Particulars Dr.
(`)
Cr.
(`)
Bank overdraft 28,000
Cash in hand 4,000
Purchase return 8,000
Sundry expenses 24,000
Sales return 16,000
Salaries 16,000
Purchases 56,000
Sales 88,000
Creditors 24,000
Debtors 16,000
Stock (opening) 20,000
Machinery 40,000
Capital 44,000
Total 1,92,000 1,92,000
Answer 11
Journal
Particulars L.F. Dr. ` Cr. `
Bills Receivable A/c Dr. 4,000
To Basu A/c 4,000
(Being acceptance received)
Bank A/c Dr. 3,760
Discount A/c Dr. 240
To Bills Receivable A/c 4,000
(Being bill discounted)
Basu A/c Dr. 4,040
To Bank A/c 4,040
(Being bill dishonoured and noting charges paid by
bank)
After 1 month
Cash A/c Dr. 4,040
To Basu A/c 4,040
(Being amount of bill received)
CBSE XI | Accountancy
Sample Paper – 3
Answer 12
Date Particular L.F. ` Date Particular L.F. `
Aug Aug
1 To Capital A/c 10,000 2 By Purchase A/c 6,000
7 To Sales A/c 4,000 5 By furniture A/c 1,000
10 To Commission A/c 500 15 By Ram A/c 2,000
24 To Hari A/c 4,000 28 By Stationery A/c 300
31 By Rent A/c 700
31 By Drawings A/c 2,800
31 By Balance A/c 5,700
18,500 18,500
Sep 1 To Balance b/d 5,700
Answer 13
Accounting Equation
Particulars Assets = Liabilities
Cash + Stock + Machinery Creditors + Capital
i. Commenced Business 50,000 + 30,000 + 20,000 = 0 + 1,00,000
ii. Goods purchased 0 + 10,000 + 0 = 10,000 + 0
New Equation 50,000 +40,000 +20,000 = 10,000 + 1,00,000
iii. Rent Received 5,000 + 0 + 0 = 0 + 5,000
New Equation 55,000 +40,000 +20,000 = 10,000 + 1,05,000
Sold goods 12,000 + (9,000) + 0 = 0 + 3,000
New Equation 67,000 + 31,000 + 20,000 = 10,000 + 1,08,000
Answer 14
Bank Reconciliation Statement
Particulars ` `
Balance as per passbook (overdraft) 20,000
Add: Cheque issued but not presented 25,000
45,000
Less: Insurance premium paid by the bank 500
Cheque deposited but not cleared 22,000
Interest on Overdraft 1,000 23,500
Balance as per cash book (overdraft) 21,500
Answer 15
Machinery Account
Dr. Cr.
Date Particulars J.F. ` Date Particulars J.F. `
2015 2016
July 01 To Bank A/c M I (2/3) 20,000 Mar 31 By Depreciation A/c
July 01 To Bank A/c M I (1/3) 10,000 30,000 M I (2/3)( 9 months) 1,500
2012 M I (1/3) (9 months) 750
Jan 01 To Bank A/c M II 20,000 M II (3 m) 500 2,750
Mar 31 By Balance c/d
M I (2/3) 18,500
M I (1/3) 9,250
M II 19,500 47,250
50,000 50,000
2016 2017
Apr 01 To Balance b/d
M I (2/3) 18,500
M I (1/3) 9,250
Page 4
CBSE XI | Accountancy
Sample Paper – 3
CBSE
Class XI Accountancy
Sample Paper – 3
Solutions
Answer 1
Accounting is an Art as well as a Science.
Answer 2
A seller prepares cash memo when goods are sold against cash. Cash memo contains details of goods sold,
quantity and rate of each item.
Answer: 3
According to the Business Entity Concept, business is a separate and distinct entity from its owner. That is
why capital is treated as a liability and rules of debit and credit for liability and capital are same.
Answer 4
Posting is a process of transferring entries from Journal to the Ledger Account.
Answer 5
Objectives of Book-keeping:
i. Knowledge of Sale and Purchase of Goods: With the help of account books, a record of total sales and
purchases during a particular period can be maintained.
ii. Knowledge of Income and Expenses: The record of various incomes and expenses is kept in such a way
that the net profit or loss during a particular period can be readily ascertained.
iii. Record of Assets and Liabilities: Another objective of book-keeping is to keep records of various assets and
liabilities in such a way that the financial position of the business at the end of the accounting period may
be determined.
Answer 6
i. Suresh Dr.2,000 and Ramesh Cr.2,000
ii. Purchase Dr.300 and Suspense Cr.300.
iii. Sales Return Dr.500 and Suspense Cr.500.
Answer 7
Trade Discount Vs Cash Discount
Trade Discount Cash Discount
i. It is allowed when a certain quantity is
Purchased.
It is allowed when payment is made within
certain period.
ii. It is allowed to increase the sales. It is allowed to get prompt payment from
customer.
iii. It is deducted from the invoice itself. It is not deducted from the invoice.
iv. It is not recorded in the books of accounts
or ledger accounts.
Cash discount allowed and received both are
recorded in their ledger accounts.
Answer 8
Revenue Recognition: According to this principle income is treated as being earned on the date on which it is
realized, i.e., the date on which goods or services are transferred to the customers. Since this exchange of
goods or services may be for cash or on credit, it is not important whether cash has actually been received or
not. Verifiable Objective: This principle justifies the significance of verifiable documents supporting various
CBSE XI | Accountancy
Sample Paper – 3
transactions. According to it, each transaction should be supported by Objective evidence like voucher.
Objective evidence, here, means evidence free from bias of the accountant.
Answer 9
Reserves may be created for any of the following purposes:
i. Meeting unforeseen contingency or liability.
ii. Redemption of liabilities such as redemption of debentures etc.
iii. Providing additional working capital and thus strengthening financial position of the business.
iv. Utilising internal funds for expansion of business.
v. Equalising the rates of dividends.
Answer 10
Trial Balance
Particulars Dr.
(`)
Cr.
(`)
Bank overdraft 28,000
Cash in hand 4,000
Purchase return 8,000
Sundry expenses 24,000
Sales return 16,000
Salaries 16,000
Purchases 56,000
Sales 88,000
Creditors 24,000
Debtors 16,000
Stock (opening) 20,000
Machinery 40,000
Capital 44,000
Total 1,92,000 1,92,000
Answer 11
Journal
Particulars L.F. Dr. ` Cr. `
Bills Receivable A/c Dr. 4,000
To Basu A/c 4,000
(Being acceptance received)
Bank A/c Dr. 3,760
Discount A/c Dr. 240
To Bills Receivable A/c 4,000
(Being bill discounted)
Basu A/c Dr. 4,040
To Bank A/c 4,040
(Being bill dishonoured and noting charges paid by
bank)
After 1 month
Cash A/c Dr. 4,040
To Basu A/c 4,040
(Being amount of bill received)
CBSE XI | Accountancy
Sample Paper – 3
Answer 12
Date Particular L.F. ` Date Particular L.F. `
Aug Aug
1 To Capital A/c 10,000 2 By Purchase A/c 6,000
7 To Sales A/c 4,000 5 By furniture A/c 1,000
10 To Commission A/c 500 15 By Ram A/c 2,000
24 To Hari A/c 4,000 28 By Stationery A/c 300
31 By Rent A/c 700
31 By Drawings A/c 2,800
31 By Balance A/c 5,700
18,500 18,500
Sep 1 To Balance b/d 5,700
Answer 13
Accounting Equation
Particulars Assets = Liabilities
Cash + Stock + Machinery Creditors + Capital
i. Commenced Business 50,000 + 30,000 + 20,000 = 0 + 1,00,000
ii. Goods purchased 0 + 10,000 + 0 = 10,000 + 0
New Equation 50,000 +40,000 +20,000 = 10,000 + 1,00,000
iii. Rent Received 5,000 + 0 + 0 = 0 + 5,000
New Equation 55,000 +40,000 +20,000 = 10,000 + 1,05,000
Sold goods 12,000 + (9,000) + 0 = 0 + 3,000
New Equation 67,000 + 31,000 + 20,000 = 10,000 + 1,08,000
Answer 14
Bank Reconciliation Statement
Particulars ` `
Balance as per passbook (overdraft) 20,000
Add: Cheque issued but not presented 25,000
45,000
Less: Insurance premium paid by the bank 500
Cheque deposited but not cleared 22,000
Interest on Overdraft 1,000 23,500
Balance as per cash book (overdraft) 21,500
Answer 15
Machinery Account
Dr. Cr.
Date Particulars J.F. ` Date Particulars J.F. `
2015 2016
July 01 To Bank A/c M I (2/3) 20,000 Mar 31 By Depreciation A/c
July 01 To Bank A/c M I (1/3) 10,000 30,000 M I (2/3)( 9 months) 1,500
2012 M I (1/3) (9 months) 750
Jan 01 To Bank A/c M II 20,000 M II (3 m) 500 2,750
Mar 31 By Balance c/d
M I (2/3) 18,500
M I (1/3) 9,250
M II 19,500 47,250
50,000 50,000
2016 2017
Apr 01 To Balance b/d
M I (2/3) 18,500
M I (1/3) 9,250
CBSE XI | Accountancy
Sample Paper – 3
M II 19,500 47,250 Mar 31 By Depreciation A/c
Oct 01 To Bank A/c M III 10,000 M I(2/3) 1,850
M I(1/3) 925
M II 1,950
M III 500 5,225
Mar 31 By Balance c/d
M I (2/3) 16,650
M I (1/3) 8,325
M II 17,550
M III 9,500 52,025
57,250 57,250
2016 2017
Apr 01 To Balance b/d Apr 01 By Bank A/c
M I (2/3) 16,650 M I (1/3) 3,000
M I (1/3) 8,325 Apr 0 1 By Profit & Loss A/c 5,325
M II 17,550 2018
M III 9,500 52,025 Mar 31 By Depreciation A/c
M I(2/3) 1,665
M II 1,755
M III 950 4,370
Mar 31 By Balance c/d
M I(2/3) 14,985
M II 15,795
Mar 31 M III 8,550 39,330
52,025 52,025
Working Note:
Calculation of Profit or Loss on Sale of Plant I (1/3)
Particulars `
Book Value of Plant I(1/3) as on Apr 01,2017 8,325
Less: Sale Value (3,000)
Loss on Sale 5,325
Answer 16
The amount paid to obtain a licence is a capital expenditure.
Answer 17
Hardware is important component of a computer system which can be seen or touched for example; Monitor,
CPU, Mouse and keyboard etc.
Answer 18
Closing capital = 1,40,000 + 40,000 + 40,000 – 14,000 = 2,06,000
Answer 19
Calculation of subscription
Subscription received during the year 2,65,000
Add: Subscription received in advance 12,000
2,77,000
Less: Subscriptions received in advance 31-3-2009 30,000
Subscriptions received for 2007-08 40,000 70,000
Subscription received for the year 2,07,000
Total Subscription due for the year 250 ? 1,000 = 2,50,000
Less: Subscription received for the year 2,07,000
Subscription outstanding for the year 43,000
Page 5
CBSE XI | Accountancy
Sample Paper – 3
CBSE
Class XI Accountancy
Sample Paper – 3
Solutions
Answer 1
Accounting is an Art as well as a Science.
Answer 2
A seller prepares cash memo when goods are sold against cash. Cash memo contains details of goods sold,
quantity and rate of each item.
Answer: 3
According to the Business Entity Concept, business is a separate and distinct entity from its owner. That is
why capital is treated as a liability and rules of debit and credit for liability and capital are same.
Answer 4
Posting is a process of transferring entries from Journal to the Ledger Account.
Answer 5
Objectives of Book-keeping:
i. Knowledge of Sale and Purchase of Goods: With the help of account books, a record of total sales and
purchases during a particular period can be maintained.
ii. Knowledge of Income and Expenses: The record of various incomes and expenses is kept in such a way
that the net profit or loss during a particular period can be readily ascertained.
iii. Record of Assets and Liabilities: Another objective of book-keeping is to keep records of various assets and
liabilities in such a way that the financial position of the business at the end of the accounting period may
be determined.
Answer 6
i. Suresh Dr.2,000 and Ramesh Cr.2,000
ii. Purchase Dr.300 and Suspense Cr.300.
iii. Sales Return Dr.500 and Suspense Cr.500.
Answer 7
Trade Discount Vs Cash Discount
Trade Discount Cash Discount
i. It is allowed when a certain quantity is
Purchased.
It is allowed when payment is made within
certain period.
ii. It is allowed to increase the sales. It is allowed to get prompt payment from
customer.
iii. It is deducted from the invoice itself. It is not deducted from the invoice.
iv. It is not recorded in the books of accounts
or ledger accounts.
Cash discount allowed and received both are
recorded in their ledger accounts.
Answer 8
Revenue Recognition: According to this principle income is treated as being earned on the date on which it is
realized, i.e., the date on which goods or services are transferred to the customers. Since this exchange of
goods or services may be for cash or on credit, it is not important whether cash has actually been received or
not. Verifiable Objective: This principle justifies the significance of verifiable documents supporting various
CBSE XI | Accountancy
Sample Paper – 3
transactions. According to it, each transaction should be supported by Objective evidence like voucher.
Objective evidence, here, means evidence free from bias of the accountant.
Answer 9
Reserves may be created for any of the following purposes:
i. Meeting unforeseen contingency or liability.
ii. Redemption of liabilities such as redemption of debentures etc.
iii. Providing additional working capital and thus strengthening financial position of the business.
iv. Utilising internal funds for expansion of business.
v. Equalising the rates of dividends.
Answer 10
Trial Balance
Particulars Dr.
(`)
Cr.
(`)
Bank overdraft 28,000
Cash in hand 4,000
Purchase return 8,000
Sundry expenses 24,000
Sales return 16,000
Salaries 16,000
Purchases 56,000
Sales 88,000
Creditors 24,000
Debtors 16,000
Stock (opening) 20,000
Machinery 40,000
Capital 44,000
Total 1,92,000 1,92,000
Answer 11
Journal
Particulars L.F. Dr. ` Cr. `
Bills Receivable A/c Dr. 4,000
To Basu A/c 4,000
(Being acceptance received)
Bank A/c Dr. 3,760
Discount A/c Dr. 240
To Bills Receivable A/c 4,000
(Being bill discounted)
Basu A/c Dr. 4,040
To Bank A/c 4,040
(Being bill dishonoured and noting charges paid by
bank)
After 1 month
Cash A/c Dr. 4,040
To Basu A/c 4,040
(Being amount of bill received)
CBSE XI | Accountancy
Sample Paper – 3
Answer 12
Date Particular L.F. ` Date Particular L.F. `
Aug Aug
1 To Capital A/c 10,000 2 By Purchase A/c 6,000
7 To Sales A/c 4,000 5 By furniture A/c 1,000
10 To Commission A/c 500 15 By Ram A/c 2,000
24 To Hari A/c 4,000 28 By Stationery A/c 300
31 By Rent A/c 700
31 By Drawings A/c 2,800
31 By Balance A/c 5,700
18,500 18,500
Sep 1 To Balance b/d 5,700
Answer 13
Accounting Equation
Particulars Assets = Liabilities
Cash + Stock + Machinery Creditors + Capital
i. Commenced Business 50,000 + 30,000 + 20,000 = 0 + 1,00,000
ii. Goods purchased 0 + 10,000 + 0 = 10,000 + 0
New Equation 50,000 +40,000 +20,000 = 10,000 + 1,00,000
iii. Rent Received 5,000 + 0 + 0 = 0 + 5,000
New Equation 55,000 +40,000 +20,000 = 10,000 + 1,05,000
Sold goods 12,000 + (9,000) + 0 = 0 + 3,000
New Equation 67,000 + 31,000 + 20,000 = 10,000 + 1,08,000
Answer 14
Bank Reconciliation Statement
Particulars ` `
Balance as per passbook (overdraft) 20,000
Add: Cheque issued but not presented 25,000
45,000
Less: Insurance premium paid by the bank 500
Cheque deposited but not cleared 22,000
Interest on Overdraft 1,000 23,500
Balance as per cash book (overdraft) 21,500
Answer 15
Machinery Account
Dr. Cr.
Date Particulars J.F. ` Date Particulars J.F. `
2015 2016
July 01 To Bank A/c M I (2/3) 20,000 Mar 31 By Depreciation A/c
July 01 To Bank A/c M I (1/3) 10,000 30,000 M I (2/3)( 9 months) 1,500
2012 M I (1/3) (9 months) 750
Jan 01 To Bank A/c M II 20,000 M II (3 m) 500 2,750
Mar 31 By Balance c/d
M I (2/3) 18,500
M I (1/3) 9,250
M II 19,500 47,250
50,000 50,000
2016 2017
Apr 01 To Balance b/d
M I (2/3) 18,500
M I (1/3) 9,250
CBSE XI | Accountancy
Sample Paper – 3
M II 19,500 47,250 Mar 31 By Depreciation A/c
Oct 01 To Bank A/c M III 10,000 M I(2/3) 1,850
M I(1/3) 925
M II 1,950
M III 500 5,225
Mar 31 By Balance c/d
M I (2/3) 16,650
M I (1/3) 8,325
M II 17,550
M III 9,500 52,025
57,250 57,250
2016 2017
Apr 01 To Balance b/d Apr 01 By Bank A/c
M I (2/3) 16,650 M I (1/3) 3,000
M I (1/3) 8,325 Apr 0 1 By Profit & Loss A/c 5,325
M II 17,550 2018
M III 9,500 52,025 Mar 31 By Depreciation A/c
M I(2/3) 1,665
M II 1,755
M III 950 4,370
Mar 31 By Balance c/d
M I(2/3) 14,985
M II 15,795
Mar 31 M III 8,550 39,330
52,025 52,025
Working Note:
Calculation of Profit or Loss on Sale of Plant I (1/3)
Particulars `
Book Value of Plant I(1/3) as on Apr 01,2017 8,325
Less: Sale Value (3,000)
Loss on Sale 5,325
Answer 16
The amount paid to obtain a licence is a capital expenditure.
Answer 17
Hardware is important component of a computer system which can be seen or touched for example; Monitor,
CPU, Mouse and keyboard etc.
Answer 18
Closing capital = 1,40,000 + 40,000 + 40,000 – 14,000 = 2,06,000
Answer 19
Calculation of subscription
Subscription received during the year 2,65,000
Add: Subscription received in advance 12,000
2,77,000
Less: Subscriptions received in advance 31-3-2009 30,000
Subscriptions received for 2007-08 40,000 70,000
Subscription received for the year 2,07,000
Total Subscription due for the year 250 ? 1,000 = 2,50,000
Less: Subscription received for the year 2,07,000
Subscription outstanding for the year 43,000
CBSE XI | Accountancy
Sample Paper – 3
Answer 20
Statement of Affairs (opening)
Liabilities ` Assets `
Creditors 8,000 Cash in hand 3,000
Capital (Bal.fig) 16,000 Bank Balance 9,000
Furniture 4,000
Stock 2,000
Debtors 6,000
24,000 24,000
Statement of Affairs (closing)
Liabilities ` Assets `
Creditors 6,000 Cash in hand 1,000
Capital (Bal.fig) 20,000 Bank Balance 7,000
Furniture 4,000
Stock 6,000
Debtors 8,000
26,000 26,000
Calculation of profit:
Capital at the end + Drawings – Additional capital – opening capital 20,000 + 2,000 – 4,000 – 16,000 = 2,000
Answer 21
Trading Account
Particulars
` Particulars `
To Opening Stock 56,000 By Sales* 4,10,000
To Purchase 2,48,000 (-) Sales Return 10,000 4,00,000
(-) Purchases Return 8,000 2,40,000 By Closing stock 72,000
To Carriage Inward 16,000
To Gross Profit 1,60,000
4,72,000 4,72,000
Net Sales = Cash Sales + Credit Sales
=80,000 + 3,30,000 = 4,10,000
Answer 22
Tailor-made software: Softwares which are developed after the discussion between the user and the
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Advantages of Tailor-made Softwares
i. Suitable for large business houses.
ii. Level of secrecy and authenticity is reliable.
iii. Special training and knowledge is provided to the users.
iv. Transactions are recorded properly with accuracy.
Limitations of Customised Softwares:
i. Very costly (high cost of installation and training).
ii. Only large business houses can afford, small business houses cannot afford these softwares.
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FAQs on Sample Solution Paper 3 - Accountancy, Class 11 - Sample Papers for Class 11 Commerce
| 1. What is the purpose of accountancy in Class 11? |  |
Answer: The purpose of studying accountancy in Class 11 is to develop an understanding of the basic concepts, principles, and techniques of accounting. It helps students in acquiring the necessary skills to record, classify, summarize, interpret, and communicate financial information.
| 2. What are the major topics covered in the Class 11 accountancy syllabus? | |
Answer: The major topics covered in the Class 11 accountancy syllabus include introduction to accounting, theory base of accounting, recording of transactions, preparation of financial statements, partnership accounts, and financial statement analysis.
| 3. How can I improve my understanding of accountancy concepts in Class 11? | |
Answer: To improve your understanding of accountancy concepts in Class 11, you can practice solving numerical problems, revise the theoretical concepts regularly, refer to additional study materials and reference books, seek guidance from teachers or tutors, and actively participate in class discussions.
| 4. Are there any career opportunities in accountancy after Class 11? | |
Answer: Yes, there are various career opportunities in accountancy after Class 11. Some of the popular career options include becoming a chartered accountant, financial analyst, tax consultant, auditor, financial planner, or working in the finance and accounting department of organizations.
| 5. What are the important skills required for studying accountancy in Class 11? | |
Answer: Some important skills required for studying accountancy in Class 11 include good numerical and analytical skills, attention to detail, problem-solving abilities, ability to interpret financial data, strong communication skills, and proficiency in using accounting software and tools.
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