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CBSE XI | Accountancy
Sample Paper – 4
CBSE
Class XI Accountancy
Sample Paper – 4
Solutions
Answer 1
Book keeping is primary stage of accounting. It is mainly concerned with identifying financial transactions
and events, measuring them in terms of money and recording them in the books of account and classifying the
recorded transactions.
Answer 2
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which
contains details about the product, quantity, agreed price of product, terms of payment, the name and address
of the seller and purchaser.
Answer: 3
Capital receipts are those which are not revenue receipts or are receipts for the purpose specified by the
donor. For example, building fund and corpus donations.
Answer 4
Cash in hand and bank balance are liquid assets which are temporary in nature and may change from time to
time.
Answer 5
Internal users of accounting information:
i. Owners: The owners of the business need accounting information to estimate the trading results of the
business, it’s financial position towards the end of accounting period and future prospects of business.
ii. Management: Management requires accounting information for planning and controlling and taking
decisions efficiently.
Management can help to improve efficiency and thereby increase profits of the enterprise.
iii. Employees: Good results of the business provide satisfaction to employees as their bread and butter
depends on these results. In those business concerns in which profit sharing schemes are introduced,
employees become very much interested in knowing how the profit has been ascertained.
Answer 6
Rectifying Journal Entries
Date Particulars L.F. Dr. ` Cr. `
Ram’s A/c Dr. 2,000
To Raman’s A/c 2,000
(Being credit sale to Ram was posted to Raman, now rectified )
Drawings A/c
Dr. 1,000
To Purchases A/c 1,000
(Being goods taken by proprietor for personal use omitted to
record, now recorded)
Sales A/c
Dr. 600
To Suspense A/c 600
(Being error of Sales Book Totalling, now rectified)
Page 2
CBSE XI | Accountancy
Sample Paper – 4
CBSE
Class XI Accountancy
Sample Paper – 4
Solutions
Answer 1
Book keeping is primary stage of accounting. It is mainly concerned with identifying financial transactions
and events, measuring them in terms of money and recording them in the books of account and classifying the
recorded transactions.
Answer 2
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which
contains details about the product, quantity, agreed price of product, terms of payment, the name and address
of the seller and purchaser.
Answer: 3
Capital receipts are those which are not revenue receipts or are receipts for the purpose specified by the
donor. For example, building fund and corpus donations.
Answer 4
Cash in hand and bank balance are liquid assets which are temporary in nature and may change from time to
time.
Answer 5
Internal users of accounting information:
i. Owners: The owners of the business need accounting information to estimate the trading results of the
business, it’s financial position towards the end of accounting period and future prospects of business.
ii. Management: Management requires accounting information for planning and controlling and taking
decisions efficiently.
Management can help to improve efficiency and thereby increase profits of the enterprise.
iii. Employees: Good results of the business provide satisfaction to employees as their bread and butter
depends on these results. In those business concerns in which profit sharing schemes are introduced,
employees become very much interested in knowing how the profit has been ascertained.
Answer 6
Rectifying Journal Entries
Date Particulars L.F. Dr. ` Cr. `
Ram’s A/c Dr. 2,000
To Raman’s A/c 2,000
(Being credit sale to Ram was posted to Raman, now rectified )
Drawings A/c
Dr. 1,000
To Purchases A/c 1,000
(Being goods taken by proprietor for personal use omitted to
record, now recorded)
Sales A/c
Dr. 600
To Suspense A/c 600
(Being error of Sales Book Totalling, now rectified)
CBSE XI | Accountancy
Sample Paper – 4
Answer 7
Three objectives of Accounting Standards:
i. Facilitates in better understanding of financial statements.
ii. Adopts and facilitates significant accounting policies
iii. Enhancing reliability of financial statements.
Answer 8
Consistency Assumption: Accounting policies and practices followed by an enterprise should be uniform and
consistent over a period of time. However, consistency does allow changes in accounting policies but it should
be disclosed.
Revenue Recognition principal of accounting: Revenue is considered as income earned on a particular date
when it is realised; say when a transaction has been entered and obligation to receive the amount has been
established.
Answer 9
Difference between Reserves and Provisions:
Reserves Provisions
i. A reserve is an appropriation of profit. i. A provision is a charge on profit.
ii. Main purpose of creating a reserve is to
strengthen the financial position and to meet
unforeseen liabilities or losses.
ii. Main purpose of provision is to meet the
known liability or contingency, if the amount
is not determined.
iii. Profit is not affected because it is debited to
the profit and loss appropriation account.
iii. Profit is reduced because debited to the
profit and loss account.
iv. It may be invested outside the business. iv. But it is not invested.
v. It is shown on the liabilities side of Balance
Sheet under the ‘Reserves and Surplus’.
v. It is shown either as a liability under the
head ‘Current Liabilities’ or as deduction
from the asset.
Answer 10
Trial Balance as on…..
Head of Accounts L.F. Dr. Balance Cr. Balance
Bank Overdraft A/c ------ 80,000
Purchase A/c 3,90,000
Outstanding Expenses A/c ----- 20,000
Sales A/c ----- 4,20,000
Rent paid in Advance A/c 30,000
Purchase Return A/c ------ 10,000
Opening Stock A/c 1,10,000 ------
Fixed Assets A/c 2,00,000 -------
Interest Received A/c 15,000
Bank Loan A/c 1,85,000
7,30,000 7,30,000
Answer 11
Vinod’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Mohan’s A/c
Dr.
60,000
To Sales’s A/c 60,000
(Being goods sold to Mohan)
Page 3
CBSE XI | Accountancy
Sample Paper – 4
CBSE
Class XI Accountancy
Sample Paper – 4
Solutions
Answer 1
Book keeping is primary stage of accounting. It is mainly concerned with identifying financial transactions
and events, measuring them in terms of money and recording them in the books of account and classifying the
recorded transactions.
Answer 2
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which
contains details about the product, quantity, agreed price of product, terms of payment, the name and address
of the seller and purchaser.
Answer: 3
Capital receipts are those which are not revenue receipts or are receipts for the purpose specified by the
donor. For example, building fund and corpus donations.
Answer 4
Cash in hand and bank balance are liquid assets which are temporary in nature and may change from time to
time.
Answer 5
Internal users of accounting information:
i. Owners: The owners of the business need accounting information to estimate the trading results of the
business, it’s financial position towards the end of accounting period and future prospects of business.
ii. Management: Management requires accounting information for planning and controlling and taking
decisions efficiently.
Management can help to improve efficiency and thereby increase profits of the enterprise.
iii. Employees: Good results of the business provide satisfaction to employees as their bread and butter
depends on these results. In those business concerns in which profit sharing schemes are introduced,
employees become very much interested in knowing how the profit has been ascertained.
Answer 6
Rectifying Journal Entries
Date Particulars L.F. Dr. ` Cr. `
Ram’s A/c Dr. 2,000
To Raman’s A/c 2,000
(Being credit sale to Ram was posted to Raman, now rectified )
Drawings A/c
Dr. 1,000
To Purchases A/c 1,000
(Being goods taken by proprietor for personal use omitted to
record, now recorded)
Sales A/c
Dr. 600
To Suspense A/c 600
(Being error of Sales Book Totalling, now rectified)
CBSE XI | Accountancy
Sample Paper – 4
Answer 7
Three objectives of Accounting Standards:
i. Facilitates in better understanding of financial statements.
ii. Adopts and facilitates significant accounting policies
iii. Enhancing reliability of financial statements.
Answer 8
Consistency Assumption: Accounting policies and practices followed by an enterprise should be uniform and
consistent over a period of time. However, consistency does allow changes in accounting policies but it should
be disclosed.
Revenue Recognition principal of accounting: Revenue is considered as income earned on a particular date
when it is realised; say when a transaction has been entered and obligation to receive the amount has been
established.
Answer 9
Difference between Reserves and Provisions:
Reserves Provisions
i. A reserve is an appropriation of profit. i. A provision is a charge on profit.
ii. Main purpose of creating a reserve is to
strengthen the financial position and to meet
unforeseen liabilities or losses.
ii. Main purpose of provision is to meet the
known liability or contingency, if the amount
is not determined.
iii. Profit is not affected because it is debited to
the profit and loss appropriation account.
iii. Profit is reduced because debited to the
profit and loss account.
iv. It may be invested outside the business. iv. But it is not invested.
v. It is shown on the liabilities side of Balance
Sheet under the ‘Reserves and Surplus’.
v. It is shown either as a liability under the
head ‘Current Liabilities’ or as deduction
from the asset.
Answer 10
Trial Balance as on…..
Head of Accounts L.F. Dr. Balance Cr. Balance
Bank Overdraft A/c ------ 80,000
Purchase A/c 3,90,000
Outstanding Expenses A/c ----- 20,000
Sales A/c ----- 4,20,000
Rent paid in Advance A/c 30,000
Purchase Return A/c ------ 10,000
Opening Stock A/c 1,10,000 ------
Fixed Assets A/c 2,00,000 -------
Interest Received A/c 15,000
Bank Loan A/c 1,85,000
7,30,000 7,30,000
Answer 11
Vinod’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Mohan’s A/c
Dr.
60,000
To Sales’s A/c 60,000
(Being goods sold to Mohan)
CBSE XI | Accountancy
Sample Paper – 4
Apr. 1 Bills Receivable A/c Dr. 60,000
To Mohan’s A/c 60,000
(Being the bill drawn on Mohan for 2 months)
Jun. 1 Bill sent for collection A/c Dr. 60,000
To Bills Receivable A/c 60,000
(Being Bills sent to bank for collection)
Jun. 1 Bank A/c Dr. 60,000
To Bill sent for collection A/c 60,000
( Being amount collected by bank)
Mohan’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Purchases A/c
Dr.
60,000
To Vinod’s A/c 60,000
(Being goods purchased from Vinod )
Apr. 1 Vinod’s A/c Dr. 60,000
To Bills Payable A/c 60,000
(Being the acceptance of bill from Vinod)
Jun. 1 Bills Payable A/c Dr. 60,000
To Cash A/c 60,000
(Being the bill met on maturity)
Answer 12
Bank Reconciliation Statement
Particulars Details
`
Amount
`
Overdraft as per Pass Book (Dr.) 50,000
Add: Direct deposit by customer 1,000
Add: Credit in pass book 600 + 200 800
Add: Bank charges 500 2,300
52,300
Less: Cheque of Mr. Ram not entered in the cash Book (2,000)
Less: Cheque received not sent to bank (6,000) (8,000)
Balance as per cash book (Cr.) 44,300
Answer 13
Purchases Book
Date Particulars L.F. Details (`) Amount (`)
2015
Apr. 3 M/s Raj Mills:
100 pieces long cloth @`80 8,000
50 pieces shirting @`100 5,000 13,000
Apr. 20 M/s Sagar Mills:
20 pieces coating @`1,000 20,000
10 pieces shirting @ `90 900 20,900
Apr. 30 Purchases A/c Dr. 33,900
Page 4
CBSE XI | Accountancy
Sample Paper – 4
CBSE
Class XI Accountancy
Sample Paper – 4
Solutions
Answer 1
Book keeping is primary stage of accounting. It is mainly concerned with identifying financial transactions
and events, measuring them in terms of money and recording them in the books of account and classifying the
recorded transactions.
Answer 2
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which
contains details about the product, quantity, agreed price of product, terms of payment, the name and address
of the seller and purchaser.
Answer: 3
Capital receipts are those which are not revenue receipts or are receipts for the purpose specified by the
donor. For example, building fund and corpus donations.
Answer 4
Cash in hand and bank balance are liquid assets which are temporary in nature and may change from time to
time.
Answer 5
Internal users of accounting information:
i. Owners: The owners of the business need accounting information to estimate the trading results of the
business, it’s financial position towards the end of accounting period and future prospects of business.
ii. Management: Management requires accounting information for planning and controlling and taking
decisions efficiently.
Management can help to improve efficiency and thereby increase profits of the enterprise.
iii. Employees: Good results of the business provide satisfaction to employees as their bread and butter
depends on these results. In those business concerns in which profit sharing schemes are introduced,
employees become very much interested in knowing how the profit has been ascertained.
Answer 6
Rectifying Journal Entries
Date Particulars L.F. Dr. ` Cr. `
Ram’s A/c Dr. 2,000
To Raman’s A/c 2,000
(Being credit sale to Ram was posted to Raman, now rectified )
Drawings A/c
Dr. 1,000
To Purchases A/c 1,000
(Being goods taken by proprietor for personal use omitted to
record, now recorded)
Sales A/c
Dr. 600
To Suspense A/c 600
(Being error of Sales Book Totalling, now rectified)
CBSE XI | Accountancy
Sample Paper – 4
Answer 7
Three objectives of Accounting Standards:
i. Facilitates in better understanding of financial statements.
ii. Adopts and facilitates significant accounting policies
iii. Enhancing reliability of financial statements.
Answer 8
Consistency Assumption: Accounting policies and practices followed by an enterprise should be uniform and
consistent over a period of time. However, consistency does allow changes in accounting policies but it should
be disclosed.
Revenue Recognition principal of accounting: Revenue is considered as income earned on a particular date
when it is realised; say when a transaction has been entered and obligation to receive the amount has been
established.
Answer 9
Difference between Reserves and Provisions:
Reserves Provisions
i. A reserve is an appropriation of profit. i. A provision is a charge on profit.
ii. Main purpose of creating a reserve is to
strengthen the financial position and to meet
unforeseen liabilities or losses.
ii. Main purpose of provision is to meet the
known liability or contingency, if the amount
is not determined.
iii. Profit is not affected because it is debited to
the profit and loss appropriation account.
iii. Profit is reduced because debited to the
profit and loss account.
iv. It may be invested outside the business. iv. But it is not invested.
v. It is shown on the liabilities side of Balance
Sheet under the ‘Reserves and Surplus’.
v. It is shown either as a liability under the
head ‘Current Liabilities’ or as deduction
from the asset.
Answer 10
Trial Balance as on…..
Head of Accounts L.F. Dr. Balance Cr. Balance
Bank Overdraft A/c ------ 80,000
Purchase A/c 3,90,000
Outstanding Expenses A/c ----- 20,000
Sales A/c ----- 4,20,000
Rent paid in Advance A/c 30,000
Purchase Return A/c ------ 10,000
Opening Stock A/c 1,10,000 ------
Fixed Assets A/c 2,00,000 -------
Interest Received A/c 15,000
Bank Loan A/c 1,85,000
7,30,000 7,30,000
Answer 11
Vinod’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Mohan’s A/c
Dr.
60,000
To Sales’s A/c 60,000
(Being goods sold to Mohan)
CBSE XI | Accountancy
Sample Paper – 4
Apr. 1 Bills Receivable A/c Dr. 60,000
To Mohan’s A/c 60,000
(Being the bill drawn on Mohan for 2 months)
Jun. 1 Bill sent for collection A/c Dr. 60,000
To Bills Receivable A/c 60,000
(Being Bills sent to bank for collection)
Jun. 1 Bank A/c Dr. 60,000
To Bill sent for collection A/c 60,000
( Being amount collected by bank)
Mohan’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Purchases A/c
Dr.
60,000
To Vinod’s A/c 60,000
(Being goods purchased from Vinod )
Apr. 1 Vinod’s A/c Dr. 60,000
To Bills Payable A/c 60,000
(Being the acceptance of bill from Vinod)
Jun. 1 Bills Payable A/c Dr. 60,000
To Cash A/c 60,000
(Being the bill met on maturity)
Answer 12
Bank Reconciliation Statement
Particulars Details
`
Amount
`
Overdraft as per Pass Book (Dr.) 50,000
Add: Direct deposit by customer 1,000
Add: Credit in pass book 600 + 200 800
Add: Bank charges 500 2,300
52,300
Less: Cheque of Mr. Ram not entered in the cash Book (2,000)
Less: Cheque received not sent to bank (6,000) (8,000)
Balance as per cash book (Cr.) 44,300
Answer 13
Purchases Book
Date Particulars L.F. Details (`) Amount (`)
2015
Apr. 3 M/s Raj Mills:
100 pieces long cloth @`80 8,000
50 pieces shirting @`100 5,000 13,000
Apr. 20 M/s Sagar Mills:
20 pieces coating @`1,000 20,000
10 pieces shirting @ `90 900 20,900
Apr. 30 Purchases A/c Dr. 33,900
CBSE XI | Accountancy
Sample Paper – 4
Purchases for cash are recorded in the cash book and the purchase of a typewriter is not recorded in the
purchases book since the firm does not trade in it.
Answer 14
In the books of Mr. Kaushal
Cash Book (Double Column)
Dr. Cr.
Date Particulars L.F. Cash
`
Bank
`
Date Particulars L.F. Cash
`
Bank
`
2015 2015
Oct 1 To Balance b/d 35,000 22,000 Oct 5
By Printing and
Stationery A/c 9,400
Oct 8 To Sales A/c 25,000 Oct 9 By Purchases A/c 28,000
Oct 10 To Cash A/c C 3,000 Oct 10 By Bank A/c C 3,000
Oct 14 To Arjun’s A/c 7,700 Oct 12 By Drawings A/c 2,500
Oct 16 To Bank A/c C 7,000 Oct 16 By Cash A/c C 7,000
Oct 18 To Sahil’s A/c 6,500 Oct 22 By Legal charges A/c 2,300
Oct 28 To Cheque in hand A/c 4,500 Oct 24 By Carriage A/c 500
(Akhil) Oct 31 By Telephone Exp. A/c 2000
Oct 31 By Balance c/d 30,600 25,400
73,500 37,200 73,500 37,200
Nov 1 To Balance b/d 30,600 25,400
Working Notes:
1. Received bearer cheque from Akhil Rs.4,500 on 21
st
October will be recorded in the Journal proper.
` `
Cheques in Hand A/c Dr. 4500
To Akhil A/c 4500
(Being the cheque received from Akhil not yet
deposited)
When the Akhil’s cheque is deposited into bank on 28Th October, it will be recorded in the debit column of
Bank.
Answer 15
Machinery A/c
Dr. Cr.
Date Particulars ` Date Particulars `
2012 2012
Jul. 1 To Bank A/c (Machine I) 3,00,000 Dec. 31 By Balance c/d 6,00,000
Nov.1 To Bank A/c (Machine II) 3,00,000
6,00,000 6,00,000
2013 2013
Jan. 1 To Balance b/d 6,00,000 Dec. 31 By Balance c/d 8,00,000
To Bank A/c 2,00,000
8,00,000 8,00,000
2014 2014
Jan. 1 By Balance b/d 8,00,000 Mar. 31 By Machinery Disposal A/c 3,00,000
Mar. 31 To Bank A/c 1,00,000 Dec. 31 By Balance c/d 6,00,000
(Second Machinery)
9,00,000 9,00,000
2015
Jan. 1 By Balance b/d 6,00,000
Page 5
CBSE XI | Accountancy
Sample Paper – 4
CBSE
Class XI Accountancy
Sample Paper – 4
Solutions
Answer 1
Book keeping is primary stage of accounting. It is mainly concerned with identifying financial transactions
and events, measuring them in terms of money and recording them in the books of account and classifying the
recorded transactions.
Answer 2
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which
contains details about the product, quantity, agreed price of product, terms of payment, the name and address
of the seller and purchaser.
Answer: 3
Capital receipts are those which are not revenue receipts or are receipts for the purpose specified by the
donor. For example, building fund and corpus donations.
Answer 4
Cash in hand and bank balance are liquid assets which are temporary in nature and may change from time to
time.
Answer 5
Internal users of accounting information:
i. Owners: The owners of the business need accounting information to estimate the trading results of the
business, it’s financial position towards the end of accounting period and future prospects of business.
ii. Management: Management requires accounting information for planning and controlling and taking
decisions efficiently.
Management can help to improve efficiency and thereby increase profits of the enterprise.
iii. Employees: Good results of the business provide satisfaction to employees as their bread and butter
depends on these results. In those business concerns in which profit sharing schemes are introduced,
employees become very much interested in knowing how the profit has been ascertained.
Answer 6
Rectifying Journal Entries
Date Particulars L.F. Dr. ` Cr. `
Ram’s A/c Dr. 2,000
To Raman’s A/c 2,000
(Being credit sale to Ram was posted to Raman, now rectified )
Drawings A/c
Dr. 1,000
To Purchases A/c 1,000
(Being goods taken by proprietor for personal use omitted to
record, now recorded)
Sales A/c
Dr. 600
To Suspense A/c 600
(Being error of Sales Book Totalling, now rectified)
CBSE XI | Accountancy
Sample Paper – 4
Answer 7
Three objectives of Accounting Standards:
i. Facilitates in better understanding of financial statements.
ii. Adopts and facilitates significant accounting policies
iii. Enhancing reliability of financial statements.
Answer 8
Consistency Assumption: Accounting policies and practices followed by an enterprise should be uniform and
consistent over a period of time. However, consistency does allow changes in accounting policies but it should
be disclosed.
Revenue Recognition principal of accounting: Revenue is considered as income earned on a particular date
when it is realised; say when a transaction has been entered and obligation to receive the amount has been
established.
Answer 9
Difference between Reserves and Provisions:
Reserves Provisions
i. A reserve is an appropriation of profit. i. A provision is a charge on profit.
ii. Main purpose of creating a reserve is to
strengthen the financial position and to meet
unforeseen liabilities or losses.
ii. Main purpose of provision is to meet the
known liability or contingency, if the amount
is not determined.
iii. Profit is not affected because it is debited to
the profit and loss appropriation account.
iii. Profit is reduced because debited to the
profit and loss account.
iv. It may be invested outside the business. iv. But it is not invested.
v. It is shown on the liabilities side of Balance
Sheet under the ‘Reserves and Surplus’.
v. It is shown either as a liability under the
head ‘Current Liabilities’ or as deduction
from the asset.
Answer 10
Trial Balance as on…..
Head of Accounts L.F. Dr. Balance Cr. Balance
Bank Overdraft A/c ------ 80,000
Purchase A/c 3,90,000
Outstanding Expenses A/c ----- 20,000
Sales A/c ----- 4,20,000
Rent paid in Advance A/c 30,000
Purchase Return A/c ------ 10,000
Opening Stock A/c 1,10,000 ------
Fixed Assets A/c 2,00,000 -------
Interest Received A/c 15,000
Bank Loan A/c 1,85,000
7,30,000 7,30,000
Answer 11
Vinod’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Mohan’s A/c
Dr.
60,000
To Sales’s A/c 60,000
(Being goods sold to Mohan)
CBSE XI | Accountancy
Sample Paper – 4
Apr. 1 Bills Receivable A/c Dr. 60,000
To Mohan’s A/c 60,000
(Being the bill drawn on Mohan for 2 months)
Jun. 1 Bill sent for collection A/c Dr. 60,000
To Bills Receivable A/c 60,000
(Being Bills sent to bank for collection)
Jun. 1 Bank A/c Dr. 60,000
To Bill sent for collection A/c 60,000
( Being amount collected by bank)
Mohan’s Journal
Date Particulars L.F. Dr. ` Cr. `
2015
Apr. 1
Purchases A/c
Dr.
60,000
To Vinod’s A/c 60,000
(Being goods purchased from Vinod )
Apr. 1 Vinod’s A/c Dr. 60,000
To Bills Payable A/c 60,000
(Being the acceptance of bill from Vinod)
Jun. 1 Bills Payable A/c Dr. 60,000
To Cash A/c 60,000
(Being the bill met on maturity)
Answer 12
Bank Reconciliation Statement
Particulars Details
`
Amount
`
Overdraft as per Pass Book (Dr.) 50,000
Add: Direct deposit by customer 1,000
Add: Credit in pass book 600 + 200 800
Add: Bank charges 500 2,300
52,300
Less: Cheque of Mr. Ram not entered in the cash Book (2,000)
Less: Cheque received not sent to bank (6,000) (8,000)
Balance as per cash book (Cr.) 44,300
Answer 13
Purchases Book
Date Particulars L.F. Details (`) Amount (`)
2015
Apr. 3 M/s Raj Mills:
100 pieces long cloth @`80 8,000
50 pieces shirting @`100 5,000 13,000
Apr. 20 M/s Sagar Mills:
20 pieces coating @`1,000 20,000
10 pieces shirting @ `90 900 20,900
Apr. 30 Purchases A/c Dr. 33,900
CBSE XI | Accountancy
Sample Paper – 4
Purchases for cash are recorded in the cash book and the purchase of a typewriter is not recorded in the
purchases book since the firm does not trade in it.
Answer 14
In the books of Mr. Kaushal
Cash Book (Double Column)
Dr. Cr.
Date Particulars L.F. Cash
`
Bank
`
Date Particulars L.F. Cash
`
Bank
`
2015 2015
Oct 1 To Balance b/d 35,000 22,000 Oct 5
By Printing and
Stationery A/c 9,400
Oct 8 To Sales A/c 25,000 Oct 9 By Purchases A/c 28,000
Oct 10 To Cash A/c C 3,000 Oct 10 By Bank A/c C 3,000
Oct 14 To Arjun’s A/c 7,700 Oct 12 By Drawings A/c 2,500
Oct 16 To Bank A/c C 7,000 Oct 16 By Cash A/c C 7,000
Oct 18 To Sahil’s A/c 6,500 Oct 22 By Legal charges A/c 2,300
Oct 28 To Cheque in hand A/c 4,500 Oct 24 By Carriage A/c 500
(Akhil) Oct 31 By Telephone Exp. A/c 2000
Oct 31 By Balance c/d 30,600 25,400
73,500 37,200 73,500 37,200
Nov 1 To Balance b/d 30,600 25,400
Working Notes:
1. Received bearer cheque from Akhil Rs.4,500 on 21
st
October will be recorded in the Journal proper.
` `
Cheques in Hand A/c Dr. 4500
To Akhil A/c 4500
(Being the cheque received from Akhil not yet
deposited)
When the Akhil’s cheque is deposited into bank on 28Th October, it will be recorded in the debit column of
Bank.
Answer 15
Machinery A/c
Dr. Cr.
Date Particulars ` Date Particulars `
2012 2012
Jul. 1 To Bank A/c (Machine I) 3,00,000 Dec. 31 By Balance c/d 6,00,000
Nov.1 To Bank A/c (Machine II) 3,00,000
6,00,000 6,00,000
2013 2013
Jan. 1 To Balance b/d 6,00,000 Dec. 31 By Balance c/d 8,00,000
To Bank A/c 2,00,000
8,00,000 8,00,000
2014 2014
Jan. 1 By Balance b/d 8,00,000 Mar. 31 By Machinery Disposal A/c 3,00,000
Mar. 31 To Bank A/c 1,00,000 Dec. 31 By Balance c/d 6,00,000
(Second Machinery)
9,00,000 9,00,000
2015
Jan. 1 By Balance b/d 6,00,000
CBSE XI | Accountancy
Sample Paper – 4
Provision for Depreciation A/c
Dr. Cr.
Date Particulars ` Date Particulars `
2012 2012
Jul. 1 To Balance c/d 20,000 Dec. 31
By Depreciation A/c
@10% machinery I-15000
@10%Machinery II-5000
20,000
20,000 20,000
2013 2013
Dec. 31 To Balance c/d 1,00,000 Jan. 1 By Balance b/d 20,000
By Depreciation A/c
@10% machinery I-30,000
@10%Machinery II-30,000
@10%Machinery III-20,000
80,000
1,00,000 1,00,000
2014 2014
Mar. 31 To Machinery Disposal A/c 52,500 Jan. 1 By Balance b/d 1,00,000
Dec. 31 To Balance c/d 1,12,500
By Depreciation A/c
@10% machinery I-7,500
@10%Machinery II-30,000
@10%Machinery III-20,000
@10% Old Machinery -7,500
65,000
1,65,000 1,65,000
Machinery Disposal A/c
Dr. Cr.
Date Particulars ` Date Particulars `
2014 2014
Mar. 31 By Provision for Depreciation 52,500
Mar. 31 To Machinery I A/c 3,00,000 By Bank A/c (Sale) 2,10,000
By profit and Loss A/c (Loss on sale) 37,500
3,00,000 3,00,000
Working Notes
i. Book value of Machine I (Mar. 31
st
2014) = 2,47,500
Cost 3,00,000 ?10/100= 30,000
For 2012 July to Dec. 201: 30,000 ?6/12= 15,000
For 2013: 30,000
For 2014; 30,000 ?3/12= 7,500
Total Depreciation till 31 March., 2014= 15,000 + 30,000 + 7,500= 52,500
Cost – Depreciation = 3,00,000 – 52,500= 2,47,500
Loss on sale of Machine I for July 1, 2012 - March 31, 2014
Book value – Sale Proceeds
2,47,500- 2,10,000= 37,500
ii. Depreciation for Machinery II
Cost 3,00,000 ?10/100= 30,000
For 2012 Nov. to Dec. 2012= 30,000 ?2/12= 5,000
For 2013: 30,000
For 2014: 30,000
Read More
FAQs on Sample Solution Paper 4 - Accountancy, Class 11 - Sample Papers for Class 11 Commerce
| 1. What is the difference between financial accounting and management accounting? |  |
Ans. Financial accounting focuses on the preparation of financial statements for external users, such as investors and creditors, while management accounting provides financial information to internal users, such as managers, to aid in decision-making.
| 2. What are the basic accounting principles that need to be followed? | |
Ans. The basic accounting principles include the accrual principle, consistency principle, going concern principle, materiality principle, and the matching principle. These principles ensure that financial statements are prepared in a consistent and reliable manner.
| 3. How does depreciation impact financial statements? | |
Ans. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It is recorded as an expense on the income statement and reduces the value of the asset on the balance sheet. Depreciation expense reduces net income and, consequently, shareholders' equity.
| 4. What is the purpose of a trial balance? | |
Ans. The purpose of a trial balance is to ensure that the total debits equal the total credits in the accounting system. It helps in identifying any errors in the recording of transactions and ensures that the financial statements are accurate.
| 5. How does the accounting equation relate to the balance sheet? | |
Ans. The accounting equation, Assets = Liabilities + Shareholders' Equity, is the foundation of the balance sheet. It shows that the total assets of a company are financed by either liabilities (debts) or shareholders' equity (ownership interest). The balance sheet presents the financial position of a company at a specific point in time.
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