sample paper of accountancy class11

SAMPLE PAPER OF ACCOUNTANCY 

CLASS XI

SET-IV

Q. NO.	QUESTION	MARKS
PART A : FINANCIAL ACCOUNTING-I
1.	If accounting information is based on facts and it is verifiable by documents it has the quality of ………… Relevance Reliability Understandability Compatibility	1
2.	Which of the following is revenue expenditure? (A)   Repair expenses (B)  Building construction expenses (C)  Expenses on purchase of machinery (D)  Purchase of investments	1
3.	Concept of …………………. requires that the same accounting methods should be used from one accounting period to the next.	1
4.	In accrual basis of accounting, all incomes are recorded whether received or not received in cash. (True/ false)	1
5.	What are accounting standards?	1
6.	What is double entry system of bookkeeping?	1
7.	Which account should be debited, if wages are paid for installation of a machine?	1
8.	Cashbook is both a subsidiary book and ledger account.(true/false)	1
9.	The main object of charging depreciation is: Ascertaining true profit or loss Ascertaining true financial position Ascertaining true cost of production All of the above	1
10.	Give two examples of specific reserves.	1
11.	On 29 August 2020, Mohan draws a bill on Pankaj for one month, the due date will be  2 October 2020  29 September 2020  3 October 2020  1 October 2020	1
12.	Interest received from Manoj will be debited to Manoj’s account. (True/false)	1
13.	What is bank reconciliation statement?	1
14.	“Accounting is not free from limitations”. Discuss any three limitations of accounting. Or Explain any three qualitative characteristics of accounting information.	3
15.	Explain the meaning of the following terms: Full disclosure Consistency Materiality Conservatism	4
16.	Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Also prepare a Balance Sheet:− 1. Started business with Cash ₹ 1,20,000. 2. Purchased a typewriter for Cash for ₹ 8,000 for office use. 3. Purchased goods for ₹ 50,000 for cash. 4. Purchased goods for ₹ 40,000 on credit. 5. Goods costing ₹ 60,000 sold for ₹ 80,000 on credit. 6. Paid for Rent ₹ 1,500 and for salaries ₹ 2,000. 7. Received ₹ 800 for Commission. 8. Withdrew for private use ₹ 5,000 in cash. Or Pass entries in the books of Mr. Roopani of Gujarat assuming CGST @ 9% and SGST@ 9%. (i)    Purchased goods for ₹ 2,00,000 from Suryakant of Jaipur (Rajasthan) on Credit. (ii)   Sold goods for ₹ 1,50,000 to Mr. Pawar of Mumbai (Maharashtra) and the cheque received was sent to bank. (iii)   Sold goods for ₹ 2,50,000 within the state on credit. (iv) Paid insurance premium of 20,000 by cheque.	4
17.	On 30th June, 2014, the bank column of Mohan Kapoor's Cash Book showed a debit balance of ₹ 12,000. On checking the Cash Book with bank statement  the following differences were seen 1. Cheques paid into Bank ₹ 8,000, but out of these only cheques of ₹  6,500 were cleared and credited by the Bankers upto 30th June. 2. Cheques of ₹ 9,200 were issued but out of these only cheques of ₹ 7,000 were presented for payment upto 30th June. 3. The receipt column of the Cash Book has been undercast by ₹ 200. 4. The Pass Book shows a credit of ₹ 330 as interest on investments collected by bankers and debit of ₹ 60 for bank charges. 5. On 29th June a Customer deposited ₹ 3,000 direct in the bank account but it was entered only in the Pass Book. Prepare a Bank Reconciliation Statement.	4
18.	Rectify the following errors by means of Journal entries: A cheque of ₹ 5,000 received from Ashish was dishonoured and was debited to Discount Account.  Purchase of ₹ 540 from Ramneek was written in Sales day book, but was correctly posted to correct side of Ramneek’s Account.  Salary paid to Miss Yugakshi ₹ 1,000 was debited to her personal account as ₹ 900.  Furniture costing ₹ 500, purchased from Jyoti, was wrongly entered in Purchase book as ₹ 450.	4
19.	Prepare Two Column Cash Book from the following transactions and balance the book on 31st Jan., 2014:- 2014   Jan. 1 Cash in hand ₹ 50,000; Bank overdraft ₹ 1,90,000. Jan. 2 Purchased goods from Rajesh Kumar of the list price of ₹ 50,000 at 5% trade discount and payment made by cheque. Jan. 6 Goods sold for ₹ 80,000 and payment received by cheque. Cheque deposited into Bank on same day. Jan. 10 Goods purchased for cash ₹ 19,800. Jan. 15 Furniture sold for ₹ 1,77,000 and payment received by cheque & cheque deposited into Bank on same day. Jan. 18 Salaries paid ₹ 4,500. Jan. 21 Settled the amount due to Ram ₹ 2,000 by paying cash ₹ 1,910. Jan. 22 Cash received from Jai ₹ 14,780 in full settlement of his account of ₹ 15,000. Jan. 23 Paid Life Insurance premium ₹ 1,500. Jan. 31 Deposited with bank the entire balance after retaining ₹ 7,000 cash in hand.	6
20.	On Feb 01, 2016, John purchased goods for Rs.15,000 from Jimmi. He immediately made a payment of Rs.5,000 by cheque and for the balance accepted the bill of exchange drawn upon him by Jimmi. The bill of exchange was payable after 40 days. Five days before the maturity of the bill, Jimmi sent the same to his bank for collection. The bank duly presented the bill to John on the due date who met the bill. The bank informed the same to Jimmi.  Pass the necessary entries in the books of Jimmi and also prepare John's account in the books of Jimmi.	6
21.	A firm purchased on 1st April, 2009, a second-hand Machinery for ₹ 36,000 and spent ₹ 4,000 on its installation. On 1st Oct. in the same year another Machinery costing ₹ 20,000 was purchased. On 1st Oct., 2011, the Machinery bought on 1st April, 2009 was sold off for ₹ 12,000 and on the same date a fresh Machine was purchased for ₹ 64,000. Depreciation is provided annually on 31st March, @ 10% p.a. on the Written Down Value Method.  Show the Machine A/c from 1st April, 2009 to 31st March, 2013. Or A company purchased on 1st April, 2009, a machinery for ₹ 80,000. On 1st October, 2010, it purchased another machine for ₹ 50,000 and on 1st October, 2011, it sold off the first machine purchased in 2009 for ₹ 23,000. Depreciation was provided on the machinery at the rate of 20% p.a. on the original cost annually. Give the Machinery Account for four years commencing from 1st April, 2009. Accounts are closed on 31st March every year.	8
PART B : FINANCIAL ACCOUNTING-II
22.	What is meant by grouping and marshalling of balance sheet?	1
23.	If the manager is entitled to a commission of 5% on profits before deducting his commission, he will get a commission of ₹……… on a profit of ₹8400. 400 442 420 430	1
24.	Name the two main accounts maintained in accounts from incomplete records.	1
25.	Give two distinctions between hardware and software.	1
26.	Give the names of two languages used by a computer.	1
27.	Give any one advantage of Tally.	1
28.	Which of the following two digits are used in binary system? 0,1 1,2 2,0 3,0	1
29.	Calculate gross profit and cost of goods sold from the following information: Net sales ₹9,00,000 Gross profit is 20% on cost Or From the following information, prepare the trading account for the year ended 31st March, 2020 Adjusted purchases Rs.15,00,000 sales Rs.21,40,000, return inwards Rs.40,000, freight and packing Rs.15,000, packing expenses on sales Rs.20,000, depreciation Rs.36,000, factory expenses Rs.60,000, closing stock Rs.1,20,000.	3
30.	Explain any four advantages of computerised accounting system in brief. Or Explain the role of computer in accounting.	4
31.	Kumar maintains his accounts on single entry system. Following information is available: Particulars 31-12-2019 31-12-2020 Cash in hand Bills receivable Sundry debtors Stock Investment Sundry creditors Bills Payable  2500 4600 19400 23000 ——- 15500 ——- 2700 5200 22600 26400 16000 18400 4500 During the year, he withdrew Rs.500 per month for household expenses. He sold his personal investments of Rs.8000 at a premium of 5% and brought the money into business. You are required to prepare a statement of profit or loss for the year 2020.	6
32.	Following is the trial balance as on 31 March 2016. Prepare trading and profit and loss account and balance sheet: Particulars Debit ₹ Credit ₹ Stock 1 April 2019 Sales Purchases Productive wages Salaries Stores consumed Carriage Rent and rates Insurance Machinery Building Capital Less drawings Sundry debtors Sundry creditors Secured loan Furniture General expenses Cash in hand Bad debts Bank  8000 1,26,000 56,500 16,000 6050 3050 5200 1320 52,000 67,000 44,000 3350 2600 1930 1020 6580 2,20,000 1,45,600 20,000 15,000 Total: 4,00,600 4,00,600 Additional information: Stock on 31 March 2020 is Rs.20,600 Depreciation on machinery at the rate 10% per annum Make a provision at the rate 5% for doubtful debts Provide 2 1/2% for discount on sundry debtors Rent and rates include security deposit of Rs.400 Insurance prepaid Rs.120.                                               Or From the following trial balance and other information prepare trading and profit and loss account for the year ended 31 March 2020 and balance sheet as at that date Heads of accounts Debit₹ Credit ₹ Sundry debtors Stock 1 April 2019 Cash in hand Cash and bank Plant and machinery Sundry creditors Trade expenses Sales Salaries Carriage out words Rent Bills payable Purchases Discounts Premises Capital 1 April 2019 32,000 22,000       35 1545 17,500 1075 2225 400 900 1,18,870 1100 34,500 10,650 1,34,500 7,500 79,500 Total 2,32,150 2,32,150  Additional information: Stock on 31 March 2020 was Rs.12,450 Rent was unpaid to the extent of Rs.85 and Rs.150 were outstanding for trade expenses Rs.400 are to be written off as bad debt out of the above debtors and 5% is to be provided for doubtful debts Depreciate plant and machinery 10% and premises by 2% Manager is entitled to commission of 5% on net profit after charging his commission.	8