Sample Paper-04, Accountancy, Class 11 Commerce Notes | EduRev

Sample Papers for Class 11 Commerce

Class 11 : Sample Paper-04, Accountancy, Class 11 Commerce Notes | EduRev

The document Sample Paper-04, 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

Time : 3 Hours] [Maximum Marks : 90 General Instructions:

i. This question paper consists of two parts: A and B. Both are compulsory. Total number of question is 24.

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

Part ’A’ (Financial Accounting - I)

1. Name any two internal users of accounting information. (1)

2. Write any one limitation of accounting. (1)

3. Name the reserve that can be used in distribution of dividend. (1)

4. An old machinery was sold to Manish for K 56,000, name the books in which this entry will be recorded. (1)

5. Show an accounting equation on the basis of the following transactions: (3)

i. Started business with cash K 80,000 and goods K 70,000.

ii.   Withdraw cash for personal use K 20,000.

iii.   Bought furniture for K 15,000 on credit and paid salaries K 3,000.

6. What is meant by Accrual Basis of Accounting? Give any two advantages of Accrual basis of Accounting. (1+2=3)

7. Journalise the following transactions in the books of Saurabh: (3)

i. Paid K 12,000 for rent.

ii.   Received K 15,000 from insurance company against a claim K 20,000 for loss by fire.

iii.   Paid for installation of machinery K 17,000.

8. State whether the following accounts will indicate a debit or credit balance: (3)

i. Drawing

ii.   Advance Rent Received

iii.   Bad Debts

iv.   Sales Return

Furniture

i. Bank Overdraft

1.   State the following: (4)

i.   Depreciation

ii.   Revenue

iii.  Trade Discount

iv.  Current Assets

From the following information, prepare Bank Reconciliation Statement as on 31st March, 2016: (4)

i.

Bank overdraft as per Cash Book

1,70,000

ii.

Directly deposited to the bank by Sudhir (customer)

12,000

iii.

Cheques issued but not presented by payment

83,000

iv.

Cheques entered in Cash book but not banked

42,000

 

1. Explain any three of the following: (6)

i.   Full Disclosure Principle

ii.   Money Measurement Principle

iii.  Materiality Principle

iv.  Accounting Period Principle

2. Rectify the following errors: (6)

i.   Sold old furniture to A for K 11,500 was passed through the Sales Book.

ii.   Credit purchases of K 12,000 from Ojas omitted to be recorded in the books.

iii.  Repair made were debited to Building Account K 7,000.

iv.  Credit Sale of K 1,800 to Avikan was recorded as K 8,100.

v.   K 6,000 paid for office furniture was debited to office expense account.

vi.  A credit sale of goods of K 15,000 to Ramesh has been wrongly passed through the Purchases Book.

A firm purchased on January 1, 2015 a machinery for K 1,70,000 and spent K 30,000 on its installation. On June 30, 2016, another machinery costing K 2,00,000 was purchased. On October 31, 2016 machinery bought on January 1, 2015 was sold off for K 1,50,000 and new machinery for K 3,00,000 purchased on the same date. Depreciation is provided annualy on 31st December @ 10% p.a. on written down value method. Show machinery account of 2015 and 2016. (6)

14. i. Distinguish between a Bill of Exchange and a Promissory Note, on the following basis:

(4+4=8)

a.   Drawer

b. Acceptance

c.   Parties

d. Order and Promise

ii. Write not on the following:

a.   Dishonour of the bill

b. Endorsement of the Bill

OR

On April 15, 2016, Neeraj sold goods for K 70,000 to Parmesh and draw upon later a bill for the same amount payable after 3 months. The bill was accepted by Parmesh. Neeraj discounted the bill from bank for K 67,000 on 30th April, 2016. On maturity, the bill was dishonored. Parmesh agreed to pay K 30,000 in cash including K 2,000 interest and accepted a new bill for 3 months. The new bill was endorsed to Rajesh in full settlement of his account K 45,000. It was duly met on maturity.

Give the Journal entries in the books of Neeraj.


Part ’B’: (Financial Accounting)


15. On what basis Income and Expenditure A/c is prepared? (1)

16. Write any one advantage of Tailor-made software. (1)

17. Write any three limitations of Readymade software. (3)

18. Calculate cost of goods sold from the following: (3)

Opening Stock - K 40,000

Wages & Salaries - K 10,000 Net Purchases - K 50,000 Rent Paid - K 15,000 Net Sales - K 1,90,000 Closing Stock - K 15,000

19. Ravi who keeps his books on Single Entry System, had his capital on 31st March, 2016 K 20 and on 1st April, 2015 was K 16,700. He further informs that during the year, he withdrew for his personal expenses K 9,400. He also sold his personal investment of K 10.0 at 15% premium and brought that money into the business.

Prepare a statement of Profit or Loss. (4)

20.  Explain the accounting treatment of these items of 'Not-for profit organisation': (4)

i.   Legacy

ii.   Entrance Fees

21.  SAVERA Club decided to impart Marshal training and safety tips to all girls and woman of the city to protect them against rising crime and empowering them to protect themselves in dangerous situations. Following is the information relating to subscriptions for the year ended 31st March, 2016 of the Club:

 

Subscriptions received during 2015-16

^ 70,000

Subscription outstanding on 31st March, 2015

^ 17,000

Subscriptions received in advance on 31st March, 2015

^ 3,250

Subscriptions received in advance on 31st March, 2016

^ 4,670

Subscriptions outstanding on 31st March, 2016

^ 11,250

 
i. Identify the values highlighted above.

ii. How will you show the subscription in the Income and Expenditure A/c for the year ended on 31st March, 2016? (1+3=4)

22.  i. Write the name of any input decices.

ii.   What do you understand by M.I.S.?

iii.   Write any four differences between Manual and Computerised Accounting System.

23.  Following is the Receipts and Payments Account of Delhi health Club for the year ended 31st December, 2016:

 

 

Receipt and Payment Accounts for the year ending on 31st December, 2016

 

Dr.

 

 

Cr.

Receipt

 

Payment

 

To Balance b/d

98,000

By Furniture

21,000

To Donations for Building

4,00,000

By Vehicles

1,00,000

To Entrance fees

1,50,000

By Salaries

80,000

To Subscription

92,000

By Sundry Expenses

5,000

To Locker Rent

10,000

By Building

4,00,000

To Interest on Investment

10,000

By Investment

Purchased on April 2016 @ 20% p.a.)

80,000

To Sale of Vehicles

(Book value 90,000)

78,000

By Balance c/d

1,52,000

 

8,38,000

 

8,38,000

 

Additional Information:

i.   Donations for Building include 20% general donations.

ii.   During the year, the club has 600 members and each paying an annual subscription of ^ 200.

iii.  Outstanding Income and Expenditure Account of the club for the year ended 31st December, 2016.

24.  Prepare Trading and Profit and Loss Account and Balance Sheet from the following Trial

Balance and information as on 31st December, 2016:
 

Name of Account

Dr. (*)

Cr. (*)

Stock (1st January, 2016)

16,000

 

Sales

 

7,00,000

Purchases

3,00,000

 

Wages

40,000

 

Rent and Rates

30,000

 

Salaries

46,000

 

Insurance

15,000

 

Machinery

72,000

 

Building

11,50,000

 

Capital less Drawing

 

6,00,000

Sundry Debtors

65,000

 

Sundry Creditors

 

32,000

Furniture

36,000

 

Cash in Hand

14,400

 

Bad Debts

5,000

 

Bank

12,000

 

General Expenses

5,000

 

Secured Loan

 

4,78,000

Carriage Inwards

3,600

 

Total

18,10,000

18,10,000

 

Adjustment:

  1. Closing Stock was valued at K 15,000.
  2. Depreciation on Machinery @ 10% p.a.
  3. Make a provision @ 5% for Doubtful Debts.
  4. Provide 2V2% discount on debtors.
  5. Prepaid insurance K 1,200.
  6. Outstanding salaries K 11,800.

OR

Give Journal entries for the following adjustments in final accounts:

  1. Outstanding wages K 3,000.
  2. Rent received during the year K 24,000 (include rent of K 3,000 relates to next year).
  3. Loss by fire K 40,000 (fully insured from AVL Ltd.).
  4. K 6,000 worth furniture taken by owner for personal use.
  5. Distributed goods K 12,000 as free sample.
  6. Closing Stock as on 31st December, 2016 K 70,000 (Market value K 65,000).
  7. Insurance premium amounted K 20,000 paid in advance.
  8. Create 5% provisions for doubtful debts on Sundry debtors K 40,000.
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