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 Page 1


  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
CBSE 
Class XI Accountancy 
Sample Paper-5  
Solutions 
 
 
Answer 1 
Receipts and Payments Account prepared by Not for Profit Organisations is based upon Cash basis of 
accounting. Accordingly, non cash expenditure is not shown in Receipts and Payments Account. 
 
Answer 2 
The rules for debit and credit are same for both liabilities and capital because business and the owner both 
are considered as separate entities as per the business entity concept. 
 
Answer: 3 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. And as far as business 
of Dr. Khan is concerned, he is in a profession where he receives his fees immediately after providing the 
consultation services. Accordingly, the currently followed cash basis of accounting is good to follow. 
 
Answer 4 
Revenue is an amount earned as a result of sale of goods or rendering of services. It is sum of cash and credit 
sales. 
 
Answer 5 
It would be recorded with Rs 1,50,000 (Gross Amount less Trade Discount) 
The entry to record this sale would be: 
(i) On the date of Sale:    
 Kalyan Sports A/c Dr. 1,50,000  
 To Sales A/c   1,50,000 
 
 
   
(ii) On the date of receipt of amount 
 Cash A/c     Dr. 1,47,000  
 Discount Allowed A/c Dr. 3,000  
 To Kalyan Sports A/c   1,50,000 
 
Answer 6 
(i) Cash Memo 
(ii) Invoice 
 
Answer 7 
Statement showing computation of amount of subscriptions to be credited to Income and Expenditure 
Account: 
Particulars ` 
Subscriptions received during 2016-17 42,000 
Add: Subscriptions due for year 2016-17  400 
Less: Subscriptions for year 2015-16  600 
Less: Received in Advance for 2017-18  800 
Subscriptions for 2016-17 to be credited to the Income & Expenditure Account. 41,000 
Working Note: 
Subscription due but not received as at march 31, 2017: `1,000* 
Page 2


  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
CBSE 
Class XI Accountancy 
Sample Paper-5  
Solutions 
 
 
Answer 1 
Receipts and Payments Account prepared by Not for Profit Organisations is based upon Cash basis of 
accounting. Accordingly, non cash expenditure is not shown in Receipts and Payments Account. 
 
Answer 2 
The rules for debit and credit are same for both liabilities and capital because business and the owner both 
are considered as separate entities as per the business entity concept. 
 
Answer: 3 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. And as far as business 
of Dr. Khan is concerned, he is in a profession where he receives his fees immediately after providing the 
consultation services. Accordingly, the currently followed cash basis of accounting is good to follow. 
 
Answer 4 
Revenue is an amount earned as a result of sale of goods or rendering of services. It is sum of cash and credit 
sales. 
 
Answer 5 
It would be recorded with Rs 1,50,000 (Gross Amount less Trade Discount) 
The entry to record this sale would be: 
(i) On the date of Sale:    
 Kalyan Sports A/c Dr. 1,50,000  
 To Sales A/c   1,50,000 
 
 
   
(ii) On the date of receipt of amount 
 Cash A/c     Dr. 1,47,000  
 Discount Allowed A/c Dr. 3,000  
 To Kalyan Sports A/c   1,50,000 
 
Answer 6 
(i) Cash Memo 
(ii) Invoice 
 
Answer 7 
Statement showing computation of amount of subscriptions to be credited to Income and Expenditure 
Account: 
Particulars ` 
Subscriptions received during 2016-17 42,000 
Add: Subscriptions due for year 2016-17  400 
Less: Subscriptions for year 2015-16  600 
Less: Received in Advance for 2017-18  800 
Subscriptions for 2016-17 to be credited to the Income & Expenditure Account. 41,000 
Working Note: 
Subscription due but not received as at march 31, 2017: `1,000* 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
*includes subscriptions due not received for year 2015-16, i.e. `600 [1,200 (Due) – 600 (Received in 2015-
16)]. 
Therefore, subscriptions due for year 2016-17 amounted to `400 (1,000 – 600). 
 
Answer 8 
Amount to be recorded in Income & Expenditure A/c: 
Particulars Amount (`) 
Amount paid for stationery  37,000 
Add: stock (31.03.16) 8,400 
Less : stock(31.03.17) 5,000 
Add: advance (31.03.16) 6,000 
Less : advance(31.03.17) 5,600 
Less : outstanding(31.03.16) 9,000 
Add : outstanding(31.03.17) 3,600 
Amount to be recorded  in Income & Expenditure A/c 35,400 
 
Answer 9 
Name of Accounts Consequence of decrease Nature of Account 
(i) Adi (Proprietor) Debit Capital 
(ii) Fright A/c Credit Expense 
(iii) Cartage A/c Credit Expense 
(iv) Salary Outstanding A/c Debit Liability 
(v) Jay (Supplier) Debit Liability 
(vi) Karan (Customer) Credit Asset 
 
Answer 10 
 Gross Profit Net Profit 
1. It dose not include any income from other 
sources. 
It may include any income from other 
sources. 
2. Gross Profit = Sales – Cost Goods Sold  Net Profit = Gross Profit – All other Incomes – 
Indirect Expenses and Losses 
 
Answer 11 
In the books of Ajay 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Bank A/c  Dr.  48,000  
 Discount Allowed A/c  Dr.  2,000  
 ----To Vijay A/c     50,000 
 (Being the cheque received from Vijay and allowed discount)     
      
2. Purchased A/c Dr.  30,000  
 ----To Bank A/c    29,100 
 ----To Discount Received A/c (30,000 ?3%)    900 
 (Being the goods purchased against cheque and discount 
availed.) 
    
      
3. Cash A/c Dr.  20,370  
 Discount Allowed A/c (21,000 ? 3%) Dr.  630  
 -----To Sales A/c    21,000 
 (Being the goods sold against cash allowing 3% discount.)     
Page 3


  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
CBSE 
Class XI Accountancy 
Sample Paper-5  
Solutions 
 
 
Answer 1 
Receipts and Payments Account prepared by Not for Profit Organisations is based upon Cash basis of 
accounting. Accordingly, non cash expenditure is not shown in Receipts and Payments Account. 
 
Answer 2 
The rules for debit and credit are same for both liabilities and capital because business and the owner both 
are considered as separate entities as per the business entity concept. 
 
Answer: 3 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. And as far as business 
of Dr. Khan is concerned, he is in a profession where he receives his fees immediately after providing the 
consultation services. Accordingly, the currently followed cash basis of accounting is good to follow. 
 
Answer 4 
Revenue is an amount earned as a result of sale of goods or rendering of services. It is sum of cash and credit 
sales. 
 
Answer 5 
It would be recorded with Rs 1,50,000 (Gross Amount less Trade Discount) 
The entry to record this sale would be: 
(i) On the date of Sale:    
 Kalyan Sports A/c Dr. 1,50,000  
 To Sales A/c   1,50,000 
 
 
   
(ii) On the date of receipt of amount 
 Cash A/c     Dr. 1,47,000  
 Discount Allowed A/c Dr. 3,000  
 To Kalyan Sports A/c   1,50,000 
 
Answer 6 
(i) Cash Memo 
(ii) Invoice 
 
Answer 7 
Statement showing computation of amount of subscriptions to be credited to Income and Expenditure 
Account: 
Particulars ` 
Subscriptions received during 2016-17 42,000 
Add: Subscriptions due for year 2016-17  400 
Less: Subscriptions for year 2015-16  600 
Less: Received in Advance for 2017-18  800 
Subscriptions for 2016-17 to be credited to the Income & Expenditure Account. 41,000 
Working Note: 
Subscription due but not received as at march 31, 2017: `1,000* 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
*includes subscriptions due not received for year 2015-16, i.e. `600 [1,200 (Due) – 600 (Received in 2015-
16)]. 
Therefore, subscriptions due for year 2016-17 amounted to `400 (1,000 – 600). 
 
Answer 8 
Amount to be recorded in Income & Expenditure A/c: 
Particulars Amount (`) 
Amount paid for stationery  37,000 
Add: stock (31.03.16) 8,400 
Less : stock(31.03.17) 5,000 
Add: advance (31.03.16) 6,000 
Less : advance(31.03.17) 5,600 
Less : outstanding(31.03.16) 9,000 
Add : outstanding(31.03.17) 3,600 
Amount to be recorded  in Income & Expenditure A/c 35,400 
 
Answer 9 
Name of Accounts Consequence of decrease Nature of Account 
(i) Adi (Proprietor) Debit Capital 
(ii) Fright A/c Credit Expense 
(iii) Cartage A/c Credit Expense 
(iv) Salary Outstanding A/c Debit Liability 
(v) Jay (Supplier) Debit Liability 
(vi) Karan (Customer) Credit Asset 
 
Answer 10 
 Gross Profit Net Profit 
1. It dose not include any income from other 
sources. 
It may include any income from other 
sources. 
2. Gross Profit = Sales – Cost Goods Sold  Net Profit = Gross Profit – All other Incomes – 
Indirect Expenses and Losses 
 
Answer 11 
In the books of Ajay 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Bank A/c  Dr.  48,000  
 Discount Allowed A/c  Dr.  2,000  
 ----To Vijay A/c     50,000 
 (Being the cheque received from Vijay and allowed discount)     
      
2. Purchased A/c Dr.  30,000  
 ----To Bank A/c    29,100 
 ----To Discount Received A/c (30,000 ?3%)    900 
 (Being the goods purchased against cheque and discount 
availed.) 
    
      
3. Cash A/c Dr.  20,370  
 Discount Allowed A/c (21,000 ? 3%) Dr.  630  
 -----To Sales A/c    21,000 
 (Being the goods sold against cash allowing 3% discount.)     
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
Answer 12 
Calculation of the amount of Depreciation 
? ?
? ?
cost of machinery Scrap Value
Depreciation Amount
No. of years of expected useful life
6,60,000 40,000 20,000
                                             
10
                                             
?
?
??
?
? 68,000
 
Calculation of the Rate of Depreciation 
? ?
Amount of Depriciation
Depreciation Rate 100
Cost of Machinery
68,000
                                     100
7,00,000
                                      9.71%
??
??
?
 
 
Answer 13 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
(i) Ramesh’s  A/c Dr.  500  
 ----To Sales A/c     500 
 (Being a credit sale omitted to be recorded, now recorded)     
      
(ii) Suresh’s A/c Dr.  500  
 ----To Furniture A/c    500 
 (Being a credit sale of furniture omitted to be posted, now 
posted) 
    
      
(iii) Drawings A/c Dr.  1,000  
 ----To Purchases A/c    1,000 
 (Being goods taken away by the proprietor omitted to be 
recorded, now recorded) 
    
      
(iv) Advertisement A/c Dr.  2,000  
 ----To Purchases A/c    2,000 
 (Being goods distributed as free samples omitted to be 
recorded, now recorded) 
    
 
Answer 14 
Trading Account 
For the year ended March 31,2017 
Dr.    Cr. 
Particulars  ` Particulars  ` 
To Purchases (Adjusted) 4,40,000 By Sales  5,64,000 
To Freight and Carriage Inwards 5,400    
To Wages  5,000    
To Gross Profit c/d (Bal. Fig.) 1,13,600    
 5,64,000   5,64,000 
Note :  
1. Freight and Carriage Outwards are not a Direct Expense. Thus, it is not recorded in the trading Account. 
Page 4


  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
CBSE 
Class XI Accountancy 
Sample Paper-5  
Solutions 
 
 
Answer 1 
Receipts and Payments Account prepared by Not for Profit Organisations is based upon Cash basis of 
accounting. Accordingly, non cash expenditure is not shown in Receipts and Payments Account. 
 
Answer 2 
The rules for debit and credit are same for both liabilities and capital because business and the owner both 
are considered as separate entities as per the business entity concept. 
 
Answer: 3 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. And as far as business 
of Dr. Khan is concerned, he is in a profession where he receives his fees immediately after providing the 
consultation services. Accordingly, the currently followed cash basis of accounting is good to follow. 
 
Answer 4 
Revenue is an amount earned as a result of sale of goods or rendering of services. It is sum of cash and credit 
sales. 
 
Answer 5 
It would be recorded with Rs 1,50,000 (Gross Amount less Trade Discount) 
The entry to record this sale would be: 
(i) On the date of Sale:    
 Kalyan Sports A/c Dr. 1,50,000  
 To Sales A/c   1,50,000 
 
 
   
(ii) On the date of receipt of amount 
 Cash A/c     Dr. 1,47,000  
 Discount Allowed A/c Dr. 3,000  
 To Kalyan Sports A/c   1,50,000 
 
Answer 6 
(i) Cash Memo 
(ii) Invoice 
 
Answer 7 
Statement showing computation of amount of subscriptions to be credited to Income and Expenditure 
Account: 
Particulars ` 
Subscriptions received during 2016-17 42,000 
Add: Subscriptions due for year 2016-17  400 
Less: Subscriptions for year 2015-16  600 
Less: Received in Advance for 2017-18  800 
Subscriptions for 2016-17 to be credited to the Income & Expenditure Account. 41,000 
Working Note: 
Subscription due but not received as at march 31, 2017: `1,000* 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
*includes subscriptions due not received for year 2015-16, i.e. `600 [1,200 (Due) – 600 (Received in 2015-
16)]. 
Therefore, subscriptions due for year 2016-17 amounted to `400 (1,000 – 600). 
 
Answer 8 
Amount to be recorded in Income & Expenditure A/c: 
Particulars Amount (`) 
Amount paid for stationery  37,000 
Add: stock (31.03.16) 8,400 
Less : stock(31.03.17) 5,000 
Add: advance (31.03.16) 6,000 
Less : advance(31.03.17) 5,600 
Less : outstanding(31.03.16) 9,000 
Add : outstanding(31.03.17) 3,600 
Amount to be recorded  in Income & Expenditure A/c 35,400 
 
Answer 9 
Name of Accounts Consequence of decrease Nature of Account 
(i) Adi (Proprietor) Debit Capital 
(ii) Fright A/c Credit Expense 
(iii) Cartage A/c Credit Expense 
(iv) Salary Outstanding A/c Debit Liability 
(v) Jay (Supplier) Debit Liability 
(vi) Karan (Customer) Credit Asset 
 
Answer 10 
 Gross Profit Net Profit 
1. It dose not include any income from other 
sources. 
It may include any income from other 
sources. 
2. Gross Profit = Sales – Cost Goods Sold  Net Profit = Gross Profit – All other Incomes – 
Indirect Expenses and Losses 
 
Answer 11 
In the books of Ajay 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Bank A/c  Dr.  48,000  
 Discount Allowed A/c  Dr.  2,000  
 ----To Vijay A/c     50,000 
 (Being the cheque received from Vijay and allowed discount)     
      
2. Purchased A/c Dr.  30,000  
 ----To Bank A/c    29,100 
 ----To Discount Received A/c (30,000 ?3%)    900 
 (Being the goods purchased against cheque and discount 
availed.) 
    
      
3. Cash A/c Dr.  20,370  
 Discount Allowed A/c (21,000 ? 3%) Dr.  630  
 -----To Sales A/c    21,000 
 (Being the goods sold against cash allowing 3% discount.)     
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
Answer 12 
Calculation of the amount of Depreciation 
? ?
? ?
cost of machinery Scrap Value
Depreciation Amount
No. of years of expected useful life
6,60,000 40,000 20,000
                                             
10
                                             
?
?
??
?
? 68,000
 
Calculation of the Rate of Depreciation 
? ?
Amount of Depriciation
Depreciation Rate 100
Cost of Machinery
68,000
                                     100
7,00,000
                                      9.71%
??
??
?
 
 
Answer 13 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
(i) Ramesh’s  A/c Dr.  500  
 ----To Sales A/c     500 
 (Being a credit sale omitted to be recorded, now recorded)     
      
(ii) Suresh’s A/c Dr.  500  
 ----To Furniture A/c    500 
 (Being a credit sale of furniture omitted to be posted, now 
posted) 
    
      
(iii) Drawings A/c Dr.  1,000  
 ----To Purchases A/c    1,000 
 (Being goods taken away by the proprietor omitted to be 
recorded, now recorded) 
    
      
(iv) Advertisement A/c Dr.  2,000  
 ----To Purchases A/c    2,000 
 (Being goods distributed as free samples omitted to be 
recorded, now recorded) 
    
 
Answer 14 
Trading Account 
For the year ended March 31,2017 
Dr.    Cr. 
Particulars  ` Particulars  ` 
To Purchases (Adjusted) 4,40,000 By Sales  5,64,000 
To Freight and Carriage Inwards 5,400    
To Wages  5,000    
To Gross Profit c/d (Bal. Fig.) 1,13,600    
 5,64,000   5,64,000 
Note :  
1. Freight and Carriage Outwards are not a Direct Expense. Thus, it is not recorded in the trading Account. 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
2. Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock 
Therefore, Closing Stock (`45,600) is not considered while preparing Trading Account. 
 
Answer 15 
Corrected Trial Balance 
Trial Balance 
Debit Balances ` Credit Balances ` 
Opening Stock 10,260 Creditors 8,400 
Returns Inwards 900 Rent Received 900 
Salaries 3,600 Bills Payable 6,000 
Bank 13,500 Capital 16,560 
Carriage Inward 1,800 Return Outwards 4,800 
Discount Allowed 600 Discount Received 1,200 
Purchases 30,000 Sales 42,000 
Debtors 4,500   
Carriage Outwards 1,500   
Machinery 5,400   
Trade Expenses 1,800   
Building 6,000   
 79,860  79,860 
 
Answer 16 
Statement of Affairs 
as on 31.03.16 
Liabilities 
Amount 
(`) 
Assets 
Amount 
(`) 
Loan from friend 20,000 Cash  24,000 
Creditors 16,000 Bank  50,000 
Capital (Balancing Figure) 98,000 Debtors  36,000 
  Furniture  16,000 
  Stock  8,000 
 1,34,000  1,34,000 
    
 
Statement of Affairs 
as on 31.03.17 
Liabilities 
Amount 
(`) 
Assets 
Amount 
(`) 
  Cash  5,000 
Creditors 10,000 Bank  9,600 
Loan  15,000 Debtors  34,200 
Capital (Balancing Figure) 56,080 Furniture  17,280 
  Stock  15,000 
 81,080  81,080 
    
 
Statement of Profit or Loss 
for the half year ended 31.03.17 
Particulars 
Amount 
(`) 
Capital at the end of the year  56,080 
  Add: Drawings made during the year  9,600 
  Less: Additional capital introduced during the year - 
Adjusted capital at the end of the year 65,680 
  Less: Capital in the beginning of the year 98,000 
       Net Loss  32,320 
Page 5


  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
CBSE 
Class XI Accountancy 
Sample Paper-5  
Solutions 
 
 
Answer 1 
Receipts and Payments Account prepared by Not for Profit Organisations is based upon Cash basis of 
accounting. Accordingly, non cash expenditure is not shown in Receipts and Payments Account. 
 
Answer 2 
The rules for debit and credit are same for both liabilities and capital because business and the owner both 
are considered as separate entities as per the business entity concept. 
 
Answer: 3 
Cash Basis of Accounting records a transaction based upon inflow and outflow of cash. And as far as business 
of Dr. Khan is concerned, he is in a profession where he receives his fees immediately after providing the 
consultation services. Accordingly, the currently followed cash basis of accounting is good to follow. 
 
Answer 4 
Revenue is an amount earned as a result of sale of goods or rendering of services. It is sum of cash and credit 
sales. 
 
Answer 5 
It would be recorded with Rs 1,50,000 (Gross Amount less Trade Discount) 
The entry to record this sale would be: 
(i) On the date of Sale:    
 Kalyan Sports A/c Dr. 1,50,000  
 To Sales A/c   1,50,000 
 
 
   
(ii) On the date of receipt of amount 
 Cash A/c     Dr. 1,47,000  
 Discount Allowed A/c Dr. 3,000  
 To Kalyan Sports A/c   1,50,000 
 
Answer 6 
(i) Cash Memo 
(ii) Invoice 
 
Answer 7 
Statement showing computation of amount of subscriptions to be credited to Income and Expenditure 
Account: 
Particulars ` 
Subscriptions received during 2016-17 42,000 
Add: Subscriptions due for year 2016-17  400 
Less: Subscriptions for year 2015-16  600 
Less: Received in Advance for 2017-18  800 
Subscriptions for 2016-17 to be credited to the Income & Expenditure Account. 41,000 
Working Note: 
Subscription due but not received as at march 31, 2017: `1,000* 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
*includes subscriptions due not received for year 2015-16, i.e. `600 [1,200 (Due) – 600 (Received in 2015-
16)]. 
Therefore, subscriptions due for year 2016-17 amounted to `400 (1,000 – 600). 
 
Answer 8 
Amount to be recorded in Income & Expenditure A/c: 
Particulars Amount (`) 
Amount paid for stationery  37,000 
Add: stock (31.03.16) 8,400 
Less : stock(31.03.17) 5,000 
Add: advance (31.03.16) 6,000 
Less : advance(31.03.17) 5,600 
Less : outstanding(31.03.16) 9,000 
Add : outstanding(31.03.17) 3,600 
Amount to be recorded  in Income & Expenditure A/c 35,400 
 
Answer 9 
Name of Accounts Consequence of decrease Nature of Account 
(i) Adi (Proprietor) Debit Capital 
(ii) Fright A/c Credit Expense 
(iii) Cartage A/c Credit Expense 
(iv) Salary Outstanding A/c Debit Liability 
(v) Jay (Supplier) Debit Liability 
(vi) Karan (Customer) Credit Asset 
 
Answer 10 
 Gross Profit Net Profit 
1. It dose not include any income from other 
sources. 
It may include any income from other 
sources. 
2. Gross Profit = Sales – Cost Goods Sold  Net Profit = Gross Profit – All other Incomes – 
Indirect Expenses and Losses 
 
Answer 11 
In the books of Ajay 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
1. Bank A/c  Dr.  48,000  
 Discount Allowed A/c  Dr.  2,000  
 ----To Vijay A/c     50,000 
 (Being the cheque received from Vijay and allowed discount)     
      
2. Purchased A/c Dr.  30,000  
 ----To Bank A/c    29,100 
 ----To Discount Received A/c (30,000 ?3%)    900 
 (Being the goods purchased against cheque and discount 
availed.) 
    
      
3. Cash A/c Dr.  20,370  
 Discount Allowed A/c (21,000 ? 3%) Dr.  630  
 -----To Sales A/c    21,000 
 (Being the goods sold against cash allowing 3% discount.)     
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
Answer 12 
Calculation of the amount of Depreciation 
? ?
? ?
cost of machinery Scrap Value
Depreciation Amount
No. of years of expected useful life
6,60,000 40,000 20,000
                                             
10
                                             
?
?
??
?
? 68,000
 
Calculation of the Rate of Depreciation 
? ?
Amount of Depriciation
Depreciation Rate 100
Cost of Machinery
68,000
                                     100
7,00,000
                                      9.71%
??
??
?
 
 
Answer 13 
Journal 
Sr. 
No. 
Particulars L.F. 
Debit 
 (`) 
Credit 
 (`) 
      
(i) Ramesh’s  A/c Dr.  500  
 ----To Sales A/c     500 
 (Being a credit sale omitted to be recorded, now recorded)     
      
(ii) Suresh’s A/c Dr.  500  
 ----To Furniture A/c    500 
 (Being a credit sale of furniture omitted to be posted, now 
posted) 
    
      
(iii) Drawings A/c Dr.  1,000  
 ----To Purchases A/c    1,000 
 (Being goods taken away by the proprietor omitted to be 
recorded, now recorded) 
    
      
(iv) Advertisement A/c Dr.  2,000  
 ----To Purchases A/c    2,000 
 (Being goods distributed as free samples omitted to be 
recorded, now recorded) 
    
 
Answer 14 
Trading Account 
For the year ended March 31,2017 
Dr.    Cr. 
Particulars  ` Particulars  ` 
To Purchases (Adjusted) 4,40,000 By Sales  5,64,000 
To Freight and Carriage Inwards 5,400    
To Wages  5,000    
To Gross Profit c/d (Bal. Fig.) 1,13,600    
 5,64,000   5,64,000 
Note :  
1. Freight and Carriage Outwards are not a Direct Expense. Thus, it is not recorded in the trading Account. 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
2. Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock 
Therefore, Closing Stock (`45,600) is not considered while preparing Trading Account. 
 
Answer 15 
Corrected Trial Balance 
Trial Balance 
Debit Balances ` Credit Balances ` 
Opening Stock 10,260 Creditors 8,400 
Returns Inwards 900 Rent Received 900 
Salaries 3,600 Bills Payable 6,000 
Bank 13,500 Capital 16,560 
Carriage Inward 1,800 Return Outwards 4,800 
Discount Allowed 600 Discount Received 1,200 
Purchases 30,000 Sales 42,000 
Debtors 4,500   
Carriage Outwards 1,500   
Machinery 5,400   
Trade Expenses 1,800   
Building 6,000   
 79,860  79,860 
 
Answer 16 
Statement of Affairs 
as on 31.03.16 
Liabilities 
Amount 
(`) 
Assets 
Amount 
(`) 
Loan from friend 20,000 Cash  24,000 
Creditors 16,000 Bank  50,000 
Capital (Balancing Figure) 98,000 Debtors  36,000 
  Furniture  16,000 
  Stock  8,000 
 1,34,000  1,34,000 
    
 
Statement of Affairs 
as on 31.03.17 
Liabilities 
Amount 
(`) 
Assets 
Amount 
(`) 
  Cash  5,000 
Creditors 10,000 Bank  9,600 
Loan  15,000 Debtors  34,200 
Capital (Balancing Figure) 56,080 Furniture  17,280 
  Stock  15,000 
 81,080  81,080 
    
 
Statement of Profit or Loss 
for the half year ended 31.03.17 
Particulars 
Amount 
(`) 
Capital at the end of the year  56,080 
  Add: Drawings made during the year  9,600 
  Less: Additional capital introduced during the year - 
Adjusted capital at the end of the year 65,680 
  Less: Capital in the beginning of the year 98,000 
       Net Loss  32,320 
  
 
CBSE XI  |  Accountancy 
Sample Paper-5 
 
     
Answer 17 
Money measurement Concept: It states that in accountancy only those transactions would be recorded which 
have some monetary value. If a transaction has kept importance but cannot be expressed in terms of money, 
it cannot be recorded at all. For instance if manager of a company fell ill and due to his illness company 
suffered a loss, then  his illness being an important factor will not be recorded because it cannot be expressed 
in terms of money but loss would be recorded. 
Honesty and respect for law are the values considered by a businessman while following Money 
measurement Concept. 
 
Answer 18 
In the books of Rushi 
Journal 
Date Particulars L.F. 
Debit 
(`) 
Credit 
(`) 
April 1      
 Bills receivable A/c Dr.   4,000  
 ----To Shashi A/c    4,000 
 (Being acceptance received from Shashi  for mutual 
accommodation) 
    
      
April 1 Bank A/c Dr.   3,920  
 Discount A/c (4,000 ?6% ?4/12) Dr.  80  
 ----To Bills receivable A/c    4,000 
 (Being bill discounted for `3,920)     
      
April 1 Shashi  A/c Dr.  2,000  
 ----To Cash A/c    1,960 
 ----To Discount A/c    40 
 (Being 50% of proceeds remitted to Shashi  )     
      
Aug 1 Shashi A/c Dr.   7,000  
 ----To Bills payable A/c    7,000 
 (Being acceptance given to Shashi  , being unable to remit 
the due amount) 
    
      
 Bank  A/c Dr.  1,300  
 Discount A/c [40 ? (2,000 + 1,300)/660] Dr.  200  
 ----To Shashi A/c     1,500 
 (Being amount received from Shashi  and discount 
amount credited to him)  
    
      
 Bills payable A/c Dr.   7,000  
 ----To Shashi A/c    7,000 
 (Being acceptance to Shashi  dishonoured because of 
insolvency) 
    
      
 Shashi A/c Dr.   3,500  
 ----To Bank A/c (3,500 ?0.25)    875 
 ----To Deficiency A/c    2,625 
 (Being amount paid @25 paise in a rupee and balance 
credited to deficiency account as being unable to pay) 
    
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FAQs on Sample Solution Paper 5 - 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 recording and reporting financial transactions for external stakeholders, such as investors and creditors, while management accounting provides information for internal decision-making and planning purposes.
2. How does the accounting equation relate to the balance sheet?
Ans. The accounting equation, Assets = Liabilities + Equity, is the foundation of double-entry bookkeeping and provides the basis for preparing the balance sheet. The balance sheet presents a snapshot of a company's financial position by listing its assets, liabilities, and equity at a specific point in time.
3. What are the types of financial statements prepared by accountants?
Ans. Accountants prepare four main types of financial statements: the income statement, balance sheet, statement of cash flows, and statement of changes in equity. These statements provide information about a company's financial performance, position, cash flows, and changes in equity over a specific period.
4. What is the purpose of an audit in accounting?
Ans. An audit in accounting is conducted to provide an independent and objective examination of a company's financial statements. It helps to ensure that the financial information presented is accurate, reliable, and in compliance with applicable accounting standards and regulations.
5. What are the key principles of Generally Accepted Accounting Principles (GAAP)?
Ans. The key principles of GAAP include the principle of relevance, reliability, comparability, and consistency. These principles guide accountants in recording, reporting, and presenting financial information in a consistent and meaningful manner for users of financial statements.
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