Class- 11 Accountancy Sample Paper Time allowed: 3 hours Maximum Marks: 80

(1)

SET - 2

Class- 11 Accountancy Sample Paper 2020-2021

Time allowed: 3 hours Maximum Marks: 80

General Instructions:

● Question nos. 1 to 9 and 18 to 26 are very short answer type questions carrying 1 mark each. ● Question nos. 10 and 27 are short answer type–I questions carrying 3 marks each.

● Question nos. 11 to 13 and 28 are short answer type–II questions carrying 4 marks each. ● Question nos. 14, 15 and 29, 30 are long answer types–I questions carrying 6 marks each. ● Question nos. 16 and 17 are long answer type–II questions carrying 8 marks each.

Part A - Financial Accounting I

1. Name any two external users of accounting information. 1 Answer: Two external users of accounting information are government and investors.

2. Define inventory or stock. 1

Answer: It is the article which is held by an enterprise for the purpose of sale in the ordinary course of business or for the purpose of using it in the production of goods meant for sale.

3. If total assets of a business are ₹1,50,000 and capital of a business is ₹80,000, find out the total liabilities

of a business. 1

Answer: Total Liabilities = Total Assets - Capital = ₹1,50,000 - ₹80,000 = ₹70,000

4. Explain a going concern concept. 1

Answer: According to this concept, it is assumed that the business firm would continue its operations for a fairly long period of time and would not be liquidated in the near future. All the transactions are

recorded in the books on the assumption that it is a continuing enterprise.

5. A credit purchase of ₹500 is written as ₹50. Pass the rectifying entry. 1 Answer: Purchases A/c Dr. 450

To Creditors A/c 450

6. Pass the journal entry for ‘goods lost by fire for ₹1,500’. 1 Answer: Lost by Fire A/c Dr. 1,500

To Purchases A/c 1,500

7. Can trial balance disclose compensating errors? 1 Answer: No, compensating errors are not disclosed by trial balance.

(2)

8. When do we pass contra entry? 1

Answer: We pass a contra entry, when both cash and bank columns of the cash book are affected by any transaction.

9. A bill of exchange is drawn on 8th_{September, 2019 for 3 months. Its due date will be:}₁

(a) 10th_December

(b) 6th_December

(c) 11th_December

(d) 12th_December

Answer: 11th_December

10. Prepare purchase return book for the following transactions: 3

Date Details

May 1 May 15 May 23 May 29

Return goods to M/s Jainam Traders ₹15,000 Goods returned to Sanchi Pvt. Ltd. ₹28,000

Goods returned to M/s Naman Traders for list price ₹15,000 less 20% trade discount.

Return outwards to M/s Nisha Traders ₹3,000. Or

Samar sold goods to Rahim for ₹60,000 on credit on December 1, 2019. Half of the payment was made immediately and for the remaining half Samar drew a bill of exchange upon Rahim for 3 months. Rahim accepted the bill and returned it to Samar. Bill was dishonoured on maturity and noting charges paid ₹100. Record the necessary journal entries in the books of Rahim.

3

Answer:

Purchase Return Book

Date Debit Note Name of the Supplier L.F. Amount

(₹) May 1 May 15 May 23 May 29 M/s Jainam Traders Sanchi Pvt. Ltd. M/s Naman Traders 15,000 Less: Trade Discount at 20% (3,000) M/s Nisha Traders

15,000 28,000 12,000 3,000 May 31 Purchase Return A/c Cr.

(Transferred to purchase return account)

58,000

(3)

In the books of Rahim Journal

Date Particulars L.F. Debit

(₹) Credit (₹) 2019 Dec 1 Dec 1 March 4 Purchases A/c Dr. To Samar’s A/c

(Goods purchased on credit)

Samar’s A/c Dr. To Cash A/c

To Bills Payable A/c (Cash paid and bill accepted)

Bills Payable A/c Dr. Noting Charges A/c Dr. To Samar’s A/c

(Bill dishonoured and noting charges paid)

60,000 60,000 30,000 100 60,000 30,000 30,000 30,100

11. Record the following transactions in the petty cash book. 4

Date Particulars Amount

(₹) 2020 Nov. 1 Nov. 5 Nov. 7 Nov. 10 Nov. 15 Nov. 27

Received petty cash Paid for Repairs Refreshment Expense

Paid for Stationery ₹3,000 plus CGST and SGST at 10% each. Postage Charges

Telephone Charges for ₹1,500 plus CGST and SGST at 5% each. 8,000 200 500 150 Or

Pass the necessary journal entries for the following transactions and prepare ledger accounts: 4

(a) Mr. Rhean started business with cash ₹1,00,000, stock ₹36,000. (b) Sold goods to Vinay for ₹80,000.

(4)

Answer:

Petty Cash Book Amo

unt Recei

ved

Date Particulars Amount Paid Analysis of Payment Postage Telephone Charges Miscellane ous Input CGST Input SGST 8,000 2020 Nov 1 Nov 5 Nov 7 Nov 10 Nov 10 Nov 10 Nov 15 Nov 27 Nov 27 Nov 27 Cash Received Repairs Refreshments Stationery Input CGST Input SGST Postage Telephone Charges Input CGST Input SGST 200 500 3,000 300 300 150 1,500 75 75 150 1,500 200 500 3,000 300 75 300 75 Nov. 30 Balance c/d 6,100 1,900 150 1,500 3,700 375 375 1,900 6,100 Dec. 1 Dec. 1 Balance b/d Cash Received Or Journal

Date Particulars L.F. Debit (₹) Credit (₹)

a. b. c. Cash A/c Dr. Stock A/c Dr. To Capital A/c

(Business started with cash and stock) Vinay’s A/c Dr. To Sales A/c

(Goods sold to Vinay on credit)

Cash A/c Dr. Discount Allowed A/c Dr. To Sales A/c

(Goods sold for cash and allowed cash discount)

1,00,000 36,000 80,000 9,000 1,000 1,36,000 80,000 10,000

(5)

Ledger A/cs Cash A/c Date Particulars J.F Amount

(₹)

Date Particulars J.F Amount (₹) Capital A/c Sales A/c 1,00,000 9,000 Capital A/c

Date Particulars J.F Amount

(₹)

Date Particulars J.F Amount (₹) Cash A/c Stock A/c 1,00,000 36,000 Stock A/c

(₹)

Date Particulars J.F Amount (₹)

Capital A/c 36,000

Vinay’s A/c

(₹)

Sales A/c 80,000

Sales A/c Date Particulars J.F Amount

(₹)

Vinay’s A/c

Cash A/c

Discount Allowed A/c

80,000 9,000 1,000 Discount Allowed A/c

(₹)

(6)

12. Rectify the following errors. 4

(a) Credit sales to Reyansh for ₹50,000 were recorded in the purchase book. However, Reyansh’s account was correctly debited.

(b) Credit purchases from Rohan of ₹1,600 were not posted. (c) Credit sales to Divya for ₹2,000 were posted to Karan.

(d) Credit purchases from Viha for ₹1,000 were not recorded in the purchase book. Answer:

Journal

Date Particulars L.F. Debit (₹) Credit

(₹) (a) (b) (c) (d) Suspense A/c Dr. To Purchases A/c To Sales A/c

(Credit sales wrongly recorded in purchase book, now rectified)

Suspense A/c Dr. To Rohan’s A/c

(Credit purchases from Rohan were not posted., now rectified)

Divya’s A/c Dr. To Karan’s A/c

(Goods sold to Divya wrongly posted to Karan’s account, now rectified)

Purchases A/c Dr. To Viha’s A/c

(Credit purchases from Viha were not recorded, now rectified) 1,00,000 1,600 2,000 1,000 50,000 50,000 1,600 2,000 1,000

13. Prepare a bank reconciliation statement as on 31st_{March, 2020. On this day the passbook of Mr. Khanna}

showed a balance of ₹18,000. 4

a. Cheque of ₹1,550 directly deposited by a customer.

b. Commission received for ₹1,800 directly deposited into bank account.

c. Cheques of ₹5,400 were issued, out of which cheque for ₹1,400 were not presented for payment. d. There was a debit in passbook of ₹8,540 in respect of cheque dishonoured.

(7)

Answer: Bank Reconciliation Statement as on 31st March, 2020

Particulars Amount

(₹) Balance as per Pass Book

Less: Cheque directly deposited by a customer

Commission received directly deposited into bank account Cheque issued but not presented for payment

Add: Cheque dishonoured recorded only in passbook Balance as per Cash Book

18,000 (1,550) (1,800) (1,400) 13,250 8,540 21,790 14. Enter the following transactions in the double column cash book of Swayam. 6

Date Transactions Amount

(₹) 2020 July 1 July 3 July 7 July 8 July 15 July 21 July 25 July 30

Cash in hand ₹50,000 and cash at bank ₹80,000

Riya who owed Swayam ₹20,000 became bankrupt and paid only 60 paise in a rupee.

Cheque received from Anju and deposited on the same day into bank Withdrew from bank for personal use

Received a payment on account of loan of ₹37,500 and deposited ₹22,500 out of it into the bank.

An amount of ₹13,300 due from Rahul written off as bad debts in the previous year, now recovered.

Cheque received from Priyansh of ₹16,000 in full settlement of ₹20,000. Cheque received on July 25 was banked.

10,500 12,000

(8)

Answer:

In the books of Swayam

Dr. Cash Book Cr.

Date Particulars L.F. Cash Bank Date Particulars L.F. Cash Bank

2020 July 1 July 3 July 7 July 8 July 15 July 21 July 25 July 30 Balance b/d Riya’s A/c Anju’s A/c Bank A/c Loan A/c Bad Debts Recovered A/c Priyansh A/c Cash A/c C C 50,000 12,000 - 12,000 22,500 13,300 16,000 - 1,25,800 80,000 - 10,500 - 15,000 - - 16,000 1,21,500 2020 July 8 July 30 July 31 Cash A/c Bank A/c Balance c/d C C - 16,000 1,09,800 1,25,800 12,000 - 1,09,500 1,21,500

15. Nia Ltd. purchased furniture for ₹5,00,000. The depreciation is charged at 10% p.a as per straight line method. Calculate the profit or loss on the sale of the furniture in each of the following cases:

6

Case Date of Purchase Accounting Year Ending Date of Sale Sale Proceeds 1 1st_{June, 2018} ₃₁st_December ₃₁st_{March, 2019} _{Rs. 3,50,000}

2 1st_December,

2018

31st_March ₁st_{October., 2019} _{Rs. 4,60,000}

Answer:

Case 1 Amount (₹)

Cost of Machinery as on 1st_{June, 2018}

Less: Depreciation upto 31st_{March, 2019}

01.06.2018 to 31.12.2018 [(Rs. 5,00,000 x 10%) x 7/12] 29,167 01.01.2019 to 31.03.2019 [(Rs. 5,00,000 x 10%) x 3/12] 12,500 Book value as on 31st_{March, 2019}

Less: Sale Proceeds (Profit)/Loss on Sale 5,00,000 (41,667) 4,58,333 (3,50,000) 1,08,333

(9)

Case 2 Amount (₹) Cost of Machinery as on 1st_{December, 2018}

Less: Depreciation upto 1st_{October, 2019}

01.12.2018 to 31.03.2019 [(Rs. 5,00,000 x 10%) x 4/12] 16,667 01.04.2019 to 01.10.2019 [(Rs. 5,00,000 x 10%) x 6/12] 25,000 Book value as on 1st_{October, 2019}

Less: Sale Proceeds (Profit)/Loss on Sale 5,00,000 (41,667) 4,58,333 (4,60,000) 1,667

16. On April 1, 2018, Priya Ltd. purchased machinery for ₹10,00,000. On October 1, 2020, the machinery was sold for ₹8,20,000. The company has adopted the method of providing 10% depreciation on the original cost of the machinery. Prepare machinery account, accumulated depreciation account, and machinery disposal account. 8

Answer:

Dr. Machinery A/c Cr.

Date Particulars Amount (₹)

(₹) 2018 April 1 2019 April 1 2020 April 1 Bank A/c Balance b/d Balance b/d 10,00,000 10,00,000 10,00,000 10,00,000 10,00,000 10,00,000 2019 March 31 2020 March 31 2020 October 1 Balance c/d Balance c/d Machinery Disposal A/c 10,00,000 10,00,000 10,00,000 10,00,000 10,00,000 10,00,000

(10)

Dr. Accumulated Depreciation A/c Cr.

(₹)

(₹) 2019 March 31 2020 March 31 2020 October 1 Balance c/d Balance c/d Machinery Disposal A/c 1,00,000 1,00,000 1,00,000 2,00,000 2,50,000 2,50,000 2019 March 31 2020 April 1 March 31 2020 April 1 October 1 Depreciation A/c Balance b/d Depreciation A/c Balance b/d Depreciation A/c (WN) 1,00,000 1,00,000 1,00,000 1,00,000 2,00,000 2,00,000 50,000 2,50,000

Dr. Machinery Disposal A/c Cr.

(₹)

(₹) 2020

October 1 October 1

Machinery A/c Profit and Loss A/c

10,00,000 70,000 10,70,000 2020 October 1 October 1 Accumulated Depreciation A/c Bank A/c 2,50,000 8,20,000 10,70,000 Working Note:

Depreciation for year 2020 will be provide only for 6 months Depreciation = Rs. 10,00,000 x 10% x 6/12 = Rs. 50,000

17. Abha sold goods worth ₹38,000 to Nia on 2nd_{April, 2018.}_₹_{8,000 was paid by Nia immediately and for}

the balance, she accepted the bills of exchange drawn upon her by Abha payable after 4 months. Abha discounted the bill immediately with her bank at 10% discounting charges. On the due date, Nia dishonoured the bill and the bank paid Rs. 60 as noting charges.

(11)

Answer:

In the Books of Abha Journal Entries

2018 April 2 April 2 April 2 July 5 Nia’s A/c Dr. To Sales A/c

(Goods sold to Nia)

Cash A/c Dr. Bills Receivable A/c Dr. To Nia’s A/c

(Cash received and acceptance for the bill received)

Bank A/c Dr. Discounting Charges A/c Dr. To Bills Receivable A/c

(Nia's acceptance is discounted with the bank at 10% p.a.)

Nia’s A/c Dr. To Bank A/c

(Bill dishonoured and noting charges paid)

38,000 8,000 30,000 29,000 1,000 30,060 38,000 38,000 30,000 30,060

In the Books of Nia Journal Entries

2018 April 2 April 2 July 5 Purchases A/c Dr. To Abha’s A/c

(Goods purchased from Abha)

Abha’s A/c Dr. To Bills Payable A/c

To Cash A/c

(Cash received and acceptance for the bill received)

Bills Payable A/c Dr. Noting Charges A/c Dr. To Abha’s A/c

(Bills dishonoured and noting charges due)

38,000 38,000 30,000 60 38,000 30,000 8,000 30,060

(12)

Part B - Financial Accounting II

18. Closing stock is valued at: 1

a. Cost Price b. Market Price

c. Net Realisable Value

d. At Cost or Net realisable whichever is Less Answer: At Cost or Net realisable whichever is Less

19. Which characteristic of a computer system is shown in the statement 'Ability to perform various tasks,

simple as well as complex? 1

Answer:

Versatility is a characteristic of a computer system shown in the statement 'Ability to perform various tasks, simple as well as complex..

20. Calculate the value of closing capital from the following information: 1

Profit = ₹80,000, drawings = ₹15,000, additional capital introduced = ₹50,000, opening capital = ₹75,000.

a. ₹1,90,000 b. ₹70,000 c. ₹60,000 d. ₹2,05,000

Answer: Closing Capital = Opening Capital + Additional Capital + Profit - Drawings = ₹75,000 + ₹50,000 + ₹80,000 - ₹15,000

= ₹1,90,000

21. Loan from friend is shown on the _________ side of the ____________. 1 Answer: Capital and Liabilities, Assets

22. What is the accounting treatment of revenue in advance? 1 Answer: Accounting treatment of revenue in advance is:

In trading and profit and loss account = Deducted from actual revenue In balance sheet = Shown in capital and liabilities side

23. Opening capital in incomplete records is ascertained through _________. 1 Answer: Opening statement of affairs

24. Mention all the stages of automation. 1

Answer: Planning, selection of accounting software, selection of accounting hardware, chart of accounts, grouping of accounts, and generation of reports.

25. There are the people who design data processing systems. Name them. Answer:

(13)

26. Which of the following is regarded as apt to show the purchase of a fixed asset? 1 (a) Income & Expenditure account

(b) Balance Sheet (c) Bank Statement (d) Profit & Loss Account Answer:

Balance sheet is regarded as apt to show the purchase of a fixed asset.

27. From the following, calculate the amount of bills accepted during the year. 3

Particulars

Amount (₹)

Balance at the beginning 4,20,000

Balance at the end 6,40,000

Bills payable dishonoured during the year 1,00,000 Bills payable honoured during the year 1,60,000 Answer:

Dr. Bills Payable A/c Cr.

(₹)

(₹) Creditors (dishonoured)

Cash/Bank (bal. fig.) Balance c/d 1,00,000 1,60,000 6,40,000 Balance b/d Creditors (bill accepted) 4,20,000 4,80,000 9,00,000 9,00,000

28. Write down the limitations of the Computerised Accounting System. 4 Answer:

Following are the limitations of the Computerised Accounting System.

i. System failure- Due to some hardware failure, the danger of a machine crashing can lead to subsequent work interruption.This is more so when there is no back-up.

ii. Cost of training- New versions of hardware and software are to be implemented in order to ensure effective and efficient use of the computerized accounting system.Owing to the special training involved , the expense of training staff is incurred.

(14)

iii. Staff opposition- Because of the implementation of computerised accounting system, employees feel worried that they may lose jobs and show less interest in work related to computers.

iv. Disruption- The existing accounting process and other works are interrupted when a computerised system is introduced. This leads to some changes in the working environment.

29. Calculate the closing capital and profit or loss made during the year from the following details given

below. 6

Particulars In the Beginning (₹)

At the end (₹) Bills payable Creditors Loan Bills receivable Cash Stock 12,000 14,000 - 50,000 15,000 8,000 78,000 - 80,000 90,000 40,000 60,000 Answer:

Statement of Affairs (Opening) Liabilities Amount (₹) Assets Amount (₹) Bills payable Creditors Capital (Balancing Figure) 12,000 14,000 47,000 Bills receivable Cash Stock 50,000 15,000 8,000 73,000 73,000

Statement of Affairs (Closing) Liabilities Amount (₹) Assets Amount (₹) Bills payable Loan Capital (Balancing Figure) 78,000 80,000 32,000 Bills Receivable Cash Stock 90,000 40,000 60,000 1,90,000 1,90,000

(15)

Statement of Profit or Loss

Particulars Amount

(₹) Capital at the end of the year

Less: Capital at the beginning of the year Profit/(Loss) during the year

32,000 (47,000)

(15,000)

Class- 11 Accountancy Sample Paper Time allowed: 3 hours Maximum Marks: 80

30.

Prepare trading and profit or loss account and balance sheet from the following balances relating

to the year ended 31st March, 2019.

Account title

Debit

Credit

Opening Stock

Purchases and Sales

Lighting

Cash in Hand

Salary

Rent

Building

Machinery

Debtors and Creditors

Purchases return

Sales return

Capital

Drawings

Commission received

Wages

Investment

Manufacturing Expenses

Dock and Clearing charges

40,000

2,60,000

4,000

22,000

18,000

-

6,50,000

4,80,000

32,000

-

6,200

-

10,200

-

7,000

69,000

5,600

8,100

-

3,90,000

-

-

-

9,000

-

-

50,000

12,100

-

11,45,000

-

6,000

-

-

-

-

16,12,100

16,12,100

Additional information:

i. The stock on 31st March, 2019 was valued at

12,000

ii. Interest on Capital @5% and Drawings @ 10%

iii. Unexpired Rent

500

iv. Building is depreciated @ 10%

v. Interest on Investment @ 6%

vi. Charge 10% depreciation on Machinery

Dr. for the year ended 31st March, 2019 Cr.

Particulars

Amount

(

)

Particulars

Amount

(