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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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Nov 24, 2024 Last updated |
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