Sample Paper-04, Accountancy, Class 11 | Sample Papers for Class 11 Commerce PDF Download

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)

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 30^th 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 31^st March, 2016 of the Club:

ii. How will you show the subscription in the Income and Expenditure A/c for the year ended on 31^st 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 31^st December, 2016:

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