Sample Paper-03, Accountancy, Class 11 Commerce Notes | EduRev

Sample Papers for Class 11 Commerce

Class 11 : Sample Paper-03, Accountancy, Class 11 Commerce Notes | EduRev

The document Sample Paper-03, Accountancy, Class 11 Commerce Notes | EduRev is a part of the Class 11 Course Sample Papers for Class 11 Commerce.
All you need of Class 11 at this link: Class 11

General Instruction:

• This paper consists two parts: A and B. Both are compulsory Total number of questions is 26.

• Attempt all parts of a particular question at one place.

Part A : Financial Accounting - I

1.  Write any one objective of Accounting.

Ans.  Any one objective of Accounting.

2.  Define Accounting.

Ans.  Accounting: Accounting is the art of recording, classifying and summarising in a significant manner and in money, transactions & events which are, in past at least of a financial character and interpreting results there of.

3.  Give any one example of transaction for which Journal Proper is used.

Ans.   Correct example.

4.  What is Suspense Account?

Ans.  Suspense Account. Suspense Account is a temporary ledger account, opened for putting the difference on shorter side of the trial Balance.

Journal

Date

Particulars

C.F.

Dr.

W

Cr. (*)

 

Sales Return A/c

Dr.

 

10,000

 

 

To Suspense A/c

(Sales return books is undercast by K 10,000 now

corrected)

 

 

10,000

 

5.  Give rectifying Journal entry for the following error. Sales Return Book is undercast by K 10,000.

Ans.   Any three of the following advantages with brief explanation:

i.  Assistance to Management.

ii. Replacement of Memory

iii.  Comparative Study

iv. Settlement Taxation liability or any other

 

6.  Explain any three advantages of Accounting.

Ans. Correct explanation of any four limitation of Accounting.

7.  Explain in brief four limitations of financial Accounting.

Ans.  1.  Voucher: The documents prepared for the purpose of recording business transactions in the books of accounts are known as Vouchers.

8.  What is meant by a voucher? Prepare an imaginary specimen of a voucher.

Ans.  Correct Specimen of Voucher.

9.  Journalise the following Transactions.

a.  Goods destroyed by fire for K 4500.

b. Paid K 1500 in cash as wages on installation of machinery.

c.  Issue a cheque in favour of M/s. Parmatma Saran & Sons on accounts of purchase of goods K 7500.

d. Goods sold costing K 6000 of M/s. Kalu sons at an invoice price of 10% above cost less 5% Trade discount.

Ans. 

Journal

Date

Particulars

C.F.

Dr

W

Cr.

W

a.

Loss by Fire A/c

Dr.

 

4,500

 

 

To Purchases A/c

(Being goods destroyed by fire)

 

 

4,500

b.

Machinery A/c

Dr.

 

1,500

 

 

To Cash A/c

(Being wages paid for installation Machinery)

 

 

 

1,500

c.

Purchases A/c

Dr.

 

7,500

 

 

To Bank A/c

Being goods purchased by cheque)

 

 

7,500

d.

M/s Kalu Sons

Dr.

 

6,270

 

 

To Sales A/c

Being goods sold costing K 6,000 at on invoice price of 10%

above cost less 5% trade discount)

 

 

6,270

 
 

10. Enter the following transactions in a two column cash book:-

a.  Commenced business with cash K 50,000

b. Deposited in bank K 40,000

c.  Received cash from Mohan K 950 in full settlement of a debt of K 1000.

d. Bought goods for cash K 10,000

Ans. 

Dr.

Cash Book

Cr.

Date

Particular

J.F.

Cash

Bank

Date

Particular

J.F.

Cash

Bank

a.

To Capital A/c

 

50,000

 

b.

By Bank A/c

 

40,000

 

b.

To Cash A/c

C

 

40,000

d.

By purchases A/c

 

10,000

 

c.

To Mohan

 

950

 

c.

By Balance c/d

 

950

40,000

 

 

 

50,950

40,000

 

 

 

50,950

40,000

 

11. Explain any three of the following with examples.

i. Money Measurement Concept

ii. Principle of full Discloser

iii. Accounting Standards

iv. Principle of Dual Aspect

Ans.  (Meaning + Example) of each

 

12. Mohit has following transactions. Prepare Accounting Equation:

 

 

K

a.

Business started with cash

1,75,000

b.

Purchased goods from Rohit

50,000

c.

Sold goods on credit to Manish (costing K 17,500)

20,000

d.

Purchased furniture for office use

10,000

e.

Cash paid to Rohit in full settlement

48,000

f.

Cash received from Manish

20,000

 

Ans. 

Assets

 

Liabilities

+

Capital

Cash+Goods+Debtors+Furniture

=

Creditors

 

 

1,75,000

=

 

 

1,75,000

+50,000

=

50,000

 

 

1,75,000+50,000

 

50,000

 

1,75,000

-17,500+20,000

 

 

 

+2,500

1,75,000+32,500+20,000+10,000

 

50,000

 

1,77,500

-10,000

 

 

 

+1,500

1,65,000+32,500+20,000+10,000

 

50,000

 

1,79,000

-48,500

 

-50,000

 

 

1,16,500+32,500+20,000+10,000

+20,000 -20,000

=

 

 

1,79,000

1,36,500+32,500     +10,000

=

 

 

1,79,000

 
 

13.  On April 1, 2011 X Ltd. Purchased Machinery for K 1,00,000. The accounting year of the 

Company ends on 31st Dec. every year. Depreciation @ 10% p.a. on the initial cost is charged to P & L Account and credit to a separate account known as ‘provision for depreciation’ account. On 1st July 2013 the machine purchased on 1st April 2011 was sold for K 60,000.

You are required to prepare machinery Account and Provision for Depreciation Account upto 2013.

Ans. 

Dr.

Machinery Account

Cr.

Date

Particular

J.F.

 

Date

Particular

J.F.

 

2011

 

 

 

2011

 

 

 

Apr. 11

To Bank A/c

 

1.00.000

Dec. 31

By Balance c/d

 

1,00,000

Jan, 12

To Balance b/d

 

1,00,000

Dec. 31

By Balance c/d

 

1,00,000

2013

 

 

 

Jul. 1

By Bank A/c

 

60,000

Jan. 1

To Balance b/d

 

1,00,000

 

By Prov. for Dep. A/c

 

22,500

 

 

 

 

 

By Loss on sale

 

17,500

 

 

 

1,00,000

 

 

 

1,00,000

Dr.

Provision for Depreciation Account

Cr.

Date

Particular

J.F.

 

Date

Particular

J.F.

 

2011 Dec.

31

To Balance

c/d

 

7,500

2011 Dec.

31

By Depreciation

c/d

 

7,500

 

 

 

7,500

 

 

 

7,500

2011 Dec.

31

To Balance

c/d

 

17,500

2012 Jul . 1

By Balance b/d

 

7,500

 

 

 

 

2012 Dec.

31

By Depreciation

A/c

 

10,000

 

 

 

17,500

 

 

 

17,500

2013 Dec.

31

To Machinery

 

22,500

2012 Jun. 1

By Balance b/d

 

17,500

 

 

 

 

2013 Dec.

By Depreciation

 

5,000

 

 

 

 

31

A/c

 

 

 

 

 

22,500

 

 

 

22,500

 
 

14. A purchased goods for K 15,000 from B on 1st March, 2013 and gives him two Bills. One for K 10,000 at two months & other for K 5000 at four months. A meet the first bill at maturity but on 25th June, 2013 he is declared insolvent and 60 paise in a rupee amount was received from him on August 20, 2013. Journalise in the books B and prepare A’s A/c.

OR

Chhabra & Sons find that overdraft shown by their cash Book on 31st March 2013 is K 30,500 but the Pass Book shows a different due to the following reasons. (6)

i.  A cheque for K 6000 drawn in favour of Shyam has not been presented for payment.

ii.  A post-dated cheque for K 1000 has been debited in the Bank column of the Cashbook but it could not have been presented in Bank.

iii. Cheque totaling K 12,000 deposited with the bank have not yet been collected.

i.   A bill for Rs. 5,000 was retired by the bank under a rebate of K 120 but the full amount of the bill was credited in the bank column of the Cash Book. Prepare a Bank reconcililation statement and find out the balances as per pass book. (8)

Ans. 

Journal

Date

Particular

C.F.

Dr (*)

Cr. (^)

2013 Mar. 1

A

Dr.

 

15,000

 

 

To Sales A/c

(Being sold to A)

 

 

15,000

Mar. 4

Bills Receivable-I A/c

Dr.

 

10,000

 

 

Bills Receivable-II A/c

Dr.

 

5,000

 

 

To Cash A/c

(Being two bills received from A)

 

 

5,000

May. 4

Cash A/c

Dr.

 

10,000

 

 

To Bills Receivable-I

(Being cash received on maturity)

 

 

10,000

Jun. 25

A

Dr.

 

5,000

 

 

To Bills Receivable-II

(Cancellation of second bill)

 

 

5,000

Aug. 20

Cash

Dr.

 

3,000

 

 

Bad Debt A/c

Dr.

 

2,000

 

 

To A

(60% received from official receiver of A)

 

 

5,000

Dr.

A’s Account

Cr.

Date

particular

J.F.

 

Date

Particular

J.F.

 

2013 Mar.

14

To Sales A/c

 

15,000

2013 Mar.

1

By Bills

Receivable-I

 

10,000

 

To Bills

 

 

 

By Bill

 

 

Jun. 25

Receivable-II

 

5,000

 

Receivable-II

 

5,000

 

 

 

 

Aug. 20

By Cash A/c

 

3,000

 

 

 

 

 

By Bad Debts A/c

 

2,000

 

 

 

20,000

 

 

 

20,000


OR

Bank Reconciliation Statement as on March 31, 2013

Dr.

Cr.

Particular

(+) items

(-) items

Overdraft as per Cash Book

 

30,500

Add: Cheque issued but not presented

6,000

 

Less: Cheque recorded in cash book but not banked

 

1,000

Less: Cheque deposited but not collected

 

12,000

Add: Rebate amount not considered on retirement of bill

120

 

Overdraft as per ass book

37,380

 

 

43,500

43,500

 


Part B : Financial Accounting - II

 

15. Define Revenue Expenditure. (1)

Ans.   Revenue Expenditure

The amount incurred for maintaining the earning capacity of the business, benefit of which is direct and would be in the same accounting year itself in which such expenditure has been incurred is termed as revenue expenditure.

16. Why is profit & Loss Account not prepared in 'Not-for-Profit Institution'? (1)

Ans.   One marks for correct reason

17. Give any two examples of Not-for-Profit organisations. (1)

Ans.    ¥2 mark for each example

18. Define Computer System. (1)

Ans.  Computer system:

A computer is an electronic device which accepts input in the form of raw data, processes it and gives desired results called output.

19. Mayank does not keep proper records of this business. He give you the following information. (1)

Opening Capital - 1,00,000 Closing Capital - 1,25,000 Drawings made during the year - 30,000 Capital added during the year - 37,500 Calculate profit or loss for the year.

Ans.

 

Closing Capital

1,25,000

Add:

Drawings

30,000

 

 

1,55,000

Less:

Additional Capital

37,500

 

 

1,17,500

Less:

Opening Capital

100,000

 

Profit for the year

17,500

 
20. Give any three example of Capital Expenditure. (3)

Ans.  Three    examples    of    one    mark    each.

21. Distinguish between Income and Expenditure Account and Receipt and Payment Account on the following basis. (3)

a.  Nature

b.  Basis

c. Balance

Ans.  Difference    between    receipts    &    payments    and    income    &    expenditure    account

Basis

Receipts & Payments

Account

Income & Expenditure Account

Nature

It is a real account and

summarizes all cash

transaction of non-profit

organizations.

It is a nominal account and summarizes all

expenditures and incomes of a non-profit

organization.

Base

This account is based on

cash basis of accounting.

This account is based on accrual basis of

accounting.

Balance

It ends with the closing

balance of cash and bank

balance.

The closing balance is either surplus (if there is

an excess of income over expenditure) or deficit (if there is an excess of expenditure over

incomes)

 

22. Explain any three limitations of computer system. (4)

Ans. Any three limitations of computer of

23. Explain any two of the following (4)

a.  Capital Fund

b.  Legacy

c. Specific Fund

Ans.    a. Capital Fund: The term 'capital' is nowhere found in the case of non-profit

organizations instead capital fund, general fund or accumulated fund is appearing in the Balance Sheet. The amount of this fund is calculated by deducting the amount of liabilities from the value of assets. In this manner, we can say that the method of finding out this fund is exactly the same way as of calculating the capital of any business enterprise.

b. Legacy: Legacies represent the amount received by organization under a will on death of the contributors. The reasons may be specific or general. It is shown as receipts in the Receipts and Payments Account. It's non-recurring in nature, hence  capitalized. Legacies received for a specific purpose should be capitalized in the name of the fund for which it has been received. Legacies received for general Purpose may be added to the capital fund. However, legacies of a small amount may be treated as income.

c. Specific Fund: Specific fund is created to carrying out those specific activities for which such fund is obtained.

Explain of any two

24. From the following information and receipts and payment account, prepare an income and expenditure account of Royal 31st December, 2013. (4)

 

Receipt

 

Payments

 

To Balance b/d

1,500

By Salaries

1,900

To Subscription

 

By General Expense

800

2012

200

 

By Books purchases (1.7.2013)

800

2013

2000

 

By Electric charges

200

2014

250

2,450

By Balance c/d

3,850

To Entrance fees

650

 

 

To Donations

1,200

 

 

To Life membership fees

1,500

 

 

To Sale of newspapers

100

 

 

To Rent

150

 

 

 

7,550

 

7,550

 
i. The club has 50 members each paying an annual subscription of K 50.

ii. On 31st December, 2013 salaries o/s was K 150 & salaries paid during 2013 also included K 100 for the year 2012.

iii.    On 31st December, 2012 the club had land and building K 10,000, furniture Rs. 3,500 and books K 1,500.

iv. Provide depreciation on furniture and books @ 10% p.a.

v. Entrance fees and donations are treated as revenue items. (6)

Ans. 

Income & Expenditure Account

For the year ended on December 31, 2013

Expenditure

 

Income

 

To Salaries

1,900

 

By Subscriptions

2,500

Add: Outstanding

150

 

By Entrance Fees

650

 

2,050

 

By Donations

1,200

Less: For 2012

100

1,950

By Sale of Newspaper

100

To Depreciation on

 

 

By Rent

150

Furniture

350

 

 

 

Books

190

540

 

 

To General Expenses

800

 

 

To Electric Charges

200

 

 

To Surplus

1,110

 

 

 

4,600

 

4,600

 

25. Explain the various elements of a computer system.

Ans. Explanation of any six component of computers.

26. The following are the balances extracted from the book of Rajan on 31st March, 2013.

 

K

 

K

Rajan's Capital

30,000

Sales

1,50,000

Raajan's Drawings

5,000

Sales Return

2000

Furniture and fittings

2,600

Discount (Dr.)

1600

Bank Overdraft

4,200

Discount (Cr.)

2000

Creditors

13,800

 

 

Business Premises

20,000

Taxes & Insurance

2,000

Stock (1.4.2012)

22,000

General Expenses

4,000

Debtors

18,000

Salaries

9,000

Rent from Tenants

1,000

Commission (Dr.)

2,200

Carriage on Purchases

1,800

 

 

Purchases

1,10,000

Bad Debts

800

 

Additional Information-

i.  Stock on hand on 31st March 2013 was ^ 20,060.

ii.  Write off Depreciation: Business premises ^ 300, Furniture and fittings ^ 250.

iii.  Making a provision of 5% on Debtors for Doubtful debts.

iv. Carry forward ^ 200 for unexpired Insurance.

v.    Outstanding salary ^ 1500.

Prepare Trading and Profit & Loss A/c for the year ended March 31, 2013 and Balance sheet as on that date.

OR

From the following information relating to the business of Mr. X, who keeps books by single entry, ascertain the profit or loss of the year 2013

 

1st January 2013

31st December 2013

Machinery

16,000

16,000

Furniture

4,000

4,000

Stock

14,000

10,000

Sundry Debtors

8,000

9,000

Bank Balance

400

3,600

Sundry Creditors

10,000

7,000

 

Mr. X withdraw ^ 4,100 during the year to meet his household expenses. He introduced ^ 600 as fresh Capital. Machinery and furniture to be depreciated by 10% and 5% per annum respectively.

Ans. 

Trading and Profit & Loss Account

For the year ended on March 31, 2013

Dr.

 

Cr.

Particular

 

Particular

 

 

 

i

 

To Opening Cock

22,000

By Sales

1,50,000

 

To Purchases

1,10,000

Less: Return

2,000

1,48,000

To Carriage on Purchase

1,800

By Closing Stock

20,060

To Gross Profit

34,260

 

 

 

1.68.060

 

1,68,060

To Depreciation on

 

By Gross Profit

34,260

Business Premiss

300

 

By Rent from tenants

1,000

Furniture & Fitting

250

550

By Discount

2,000

To Bad Debts

800

 

 

 

Add: Provision

900

1,700

 

 

To Taxes & Insurance

2000

 

 

 

Less: Unexpired

200

1,800

 

 

To Salaries

9,000

 

 

 

Add: Outstanding

1,500

10,500

 

 

To Discount

1,600

 

 

To General Expenses

4,000

 

 

To Commission

2,200

 

 

To Net Profit

14,910

 

 

 

37.260

 

37,260

 

Balance Sheet as at March 31, 2015​

Sample Paper-03, Accountancy, Class 11 Commerce Notes | EduRev

Add: Net Profit   14,910

39,910

Less: Dep.

250

2,350

Bank Overdraft

4,200

Debtors

18,000

 

Creditors

13,800

Less: Provision

900

17,100

 

 

Unexpired Insurance

200

 

59,410

 

59,410

 
OR

Statement of Affairs

as at 1st January 2013

Liabilities

 

Assets

 

Sundry Creditors

10,000

Machinery

16,000

 

 

Furniture

4,000

 

 

Stock

14,000

 

 

Sundry Debtors

8,000

Capital (Balance fig.)

32,400

Bank Balance

400

 

 

 

 

 

42,400

 

42,400

Statement of Affairs

as at 31st December 2013

Liabilities

 

Assets

 

Sundry Creditors

7,000

Machinery

16,000

 

 

 

(-) Dep.

1,600

14,400

 

 

Furniture

4,000

 

 

 

(-) Dep.

200

3,800

 

 

Stock

10,000

 

 

Sundry Debtors

9,000

Capital (Balance fig.)

33,800

Bank Balance

3,600

40,800   40,800

Statement of Profit or Loss

Particulars

 

Capital at the end

33,800

(+) Drawings

4,100

 

37,900

(-) Additional Capital

600

 

37,300

(-) Opening Capital

32,400

Profit for the year

4,900

 
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