Sample Paper-03, Accountancy, Class 11 | Sample Papers for Class 11 Commerce PDF Download

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.

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. 

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. 

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:

Ans. 

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

Company ends on 31^st 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 1^st July 2013 the machine purchased on 1^st April 2011 was sold for K 60,000.

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

Ans. 

14. A purchased goods for K 15,000 from B on 1^st 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 25^th 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 31^st 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. 

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.

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

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)

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. 

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.

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. 

Balance Sheet as at March 31, 2015​