cbse sample paper for class 11 accountancy science - set a

8/13/2019 CBSE Sample Paper for Class 11 Accountancy Science - Set A

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Sample Questions Paper-1

Ans. 1. Accrualbasisofaccounting gives acorrect pictureofoperatingresultsand financial position of

a firm. [1]

Ans. 2. Reservesare classified as :Capital Reserves &Revenue Reserves. [1]

Ans. 3. Vaishaliis incorrectas accordingto the conceptofRevenue Realisationan order received

should not beincluded insales figure as noobligation isestablished inthis transaction. [1]

Ans. 4. Mr.Rohan has breached the value of trust. Small investors can approach Economic Offence

cell of policedepartment and lodge a caseagainst him totrace him and hisarrest. [3]

Ans. 5. Accountingstandards may bedefined as codifiedgenerally acce1accountingprinciples. According

to Kohler, Accounting standard is a mode ofconduct imposed onaccountants bycustom, laworprofessional body.

Followingpoints highlight the need ofaccountingstandards:

(1) Accountingstandards make accountingproceduresuniversally acceptablebyremoving

the effect ofdiverse accounting practicesand policies.

(2) Accounting standards serveasguidesfor solving one or more accounting problems.

(3) Accountingstandards provide thebasisupon whichfinancialstatementsare prepared. [3]

Ans. 6. In the Books of M/s Kishore & Sons [3]

Sales Book

Date Particulars L.F. Details

( )

Amount

( )

2011

M/sGupta &Verma

30shirts @` 150

20trousers @ 300

Less :Trade Discount @10%

Sales as per invoice No dated.

4,500

6,000

9,450

7,500

20,250

10,500

1,050

7,500

M/sJain &Sons

50shirts @` 150

Sales as per invoice No dated.

M/sMathur &Jain

100shirts @ 175

10overcoats @ 500

Less :Trade Discount @10%

Sales as per invoice Nodated.

17,500

5,000

22,500

2,250

Sales A/c Cr. 37,200

Note : Sale offurniture is notentered inSales Book as the firm does not deal infurniture.

Ans. 7. Trial Balance BalanceSheet

1. Intrial balance,balancesof all theaccountsare written.

2. Trial balance isprepared fromLedger A/c

balances.

3. Trial balanceis prepared to check the

arithmetical accuracyofaccounts.

1. Inbalance sheet, balances of onlyassetsandliabilities are recorded.

2. Balancesheetisprepared frombalances

intrial balances.

3. Balance sheet is preparedto depictthe

financial position of thebusiness.

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4. All therevenueandcapitalnatureaccounts

are shown.

4. Onlycapital nature accountsare shown.

Ans. 8. Limitations of Accounting : (Any four) [4]

1. Financial accountingis not absolutely exact :Accountinginformationis notnecessarily

exact.Lot ofinformationpresented in the books ofaccountare basedonpersonal judgment.

There cannotbe absolute guarantee ofaccuracy when assumptions are basedon personal

opinion.

2. Financial accounting does not show the exact worth of business : The valuesof

most of the assetsin the books are presentedon the basisoftheir purchase price, which is

known ashistoricfigures.Their present market valuesorrealizable values are usuallyquite

different. Inother words, the books ofaccounts fail to show the exact value ofassetsorliabilities.

3. Problem of windowdressing :Balance sheet figuresare often modifiedtomake it look

better. This process conceals many weaknesses of the business. Thus the accounting

information becomesunreliable foraccurate judgment.

4. Worthless assets often shown in the balance sheet : Several worthless items can

appear in the balancesheet asasset. This willprojecta wrong picture of the business.

5. No effect of inflationary trends :Currency is not astableunit ofmeasurement ofvalue.

Inflation canmake the value ofcurrency itselfdifferent. Measurement withthis elastic tape

can giveconflicting results.

Ans. 9. BankReconciliation Statement [4]

S. No. Particulars Plus Items(+ )

Minus Items( )

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(vii)

(viii)

Debit balance as per bank columnof the Cash Book

Cheques issuedbut not yetpresented forpayment

Dividend receivednotentered in the Cash Book

Interest allowedby the Bank

Cheques deposited forcollection,but notcollected

Bankcharges

Cheque dishonoured but nointimation received

Bankpaid HouseTax

Credit balanceas per bank Pass Book

3,72,000

72,000

5,000

1,250

15,400

200

320

350

4,33,980

4,50,250 4,50,250

Ans. 10. Theadvantages ofaccounting are explained asfollows:

(i) Replacement of Memory: Itis notpossible for anyhuman being toremember allthe

transactions ofbusiness. Accountinghas replacedthe need of such sharp memory. All

financialtransactionsare recordedin asystematicmanner in the books ofaccounts so

that there is no need to rely only onmemory.

(ii) Planning: Accounting information ishelpfulinpreparing business plans. Thebasis of

post records and comparative study offinancial statements future eventsmay be

estimated.

(iii) Decision Making: The accountant helps the management in decision making byprovidingthe relevant information. Determining selling price, allowing discountand

credit facility toregular customers, etc. are few of theimportant decisions.

(iv) Controlling: Tomake effectivecontrolling actual performanceis compared withthe

desired orplanned targets.The actual datais suppliedby accountingbooks, without

that the controlling may not bepossible.

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the performance and financial positions of the business. [6]

Ans. 11. Journal Entries [6]

In the books of Neelam

(v) Provides information to interested parties:Accounting provides necessary

information tovariouspartiesorgroups likeowners, creditors, management,employees,

government, consumers, debtors.

(vi) Evidence in courts:When any matter relating tobusiness isreferred to the courtof

law, accounting recordsofbusiness transactionsare treated as satisfactory evidence.

These are used insettling the disputes betweenparties.

(vii) Assessment of tax-liability:Business concerns haveto pay sales tax, excise duty,

Income tax, etc. as per thegovernment rules. Accounting books are thebasisofconclusive

proof of tax liability of the business.

(viii) Assessing the performanceand financial position ofthe business:Anstatement

of P & Ldisclosesprofit earned(or lossincurred)during aparticular accountingperiod.

Profitis ameasurement of the performance of the business. Abalancesheetstates the

financial positionofthebusinesson aparticular data. Thus, accountinghelps inassessing

S. No. Particulars L.F. Debit

Amount(`)

Credit

Amount(`)

(i)

(ii)

(iii)

Billspayable A/c Dr.

ToDinesh

(Being billspayable toDinesh cancelled for

renewal)

2,000

90

2,090

1,500

50

1,500

15,000

20

15,020

2,000

90

2,090

1,500

50

1,500

15,020

15,020

Interest A/c Dr.

ToDinesh

(Beinginterest due toDinesh for 3months)

Dinesh Dr.

To BillsPayable A/c

(Being new billspayable issued toDinesh)

Rajan Dr.

To BillsReceivable A/c

(Being billsreceivable ofRajan cancelled forrenewal)

CashA/c Dr.

ToInterestA/c

(Being interest received fromRajan incash)

BillsReceivable A/c Dr.

ToRajan

(Being new billreceivedfromRajan)

Billspayable A/c Dr.

Noting ChargesA/c Dr.

ToGuddi

(Being billspayable toGuddi dishonoured)

Guddi Dr.

ToBankA/c

(Beingamount paid toGuddi)

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Ans. 12. Machinery A/c

Date Particulars L.F. Amount

( ) Date Particulars L.F.

Amount

( )

2008

1Apr.

2009

1Apr.

2010

1Apr.

2011

1Apr.

ToBankA/c

ToBalance b/d

ToBalance b/d

ToBalance b/d

75,000

2009

21Mar.

2010

31Mar.

2010

1Oct.

2011

31Mar.

ByBalance c/d

ByBalance c/d

By Prov. for Dep. A/c

ByBankA/c

By P & L A/c(Loss)

ByBalance c/d

75,000

75,000 75,000

75,000 75,000

75,000 75,000

75,000 2,500

7,000

500

65,000

75,000 75,000

65,000

Provision for Depreciation A/c


( )Date Particulars L.F.

Amount

( )

2009

31Mar.

2010

31Mar.

2010

1Oct.

2011

31Mar.

ToBalance c/d

ToBalance c/d

ToMachinery A/c

ToBalance c/d

7,500

2009

31Mar.

2009

1Apr.

2010

31Mar.

2010

1Apr.

1Oct.

2011

31Mar.

2011

1Apr.

ByDepreciation A/c

ByBalance b/d

ByDepreciation A/c

ByBalance b/d

ByDepreciation

ByDepreciation A/c

ByBalance b/d

75,000

75,000 75,000

15,000 75,000

75,000

15,000 15,000

2,500

19,500

15,000

500

6,500

22,000 22,000

19,500

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Ans. 13. (a) Rectification Journal Entries [6]

S. No. Particulars L.F. Amount

Dr. ( )

Amount

Cr. ( )

(i)

(ii)

(iii)

(iv)

(v)

(vi)

Commission receivedA/c Dr.

ToRent Received A/c

(Rent receivedwronglyenteredas commission

received, nowrectified)

1,000

2,500

8,000

35,000

27,500

5,000

1,000

2,500

8,000

35,000

27,500

5,000

Rent A/c Dr.

ToInterestA/c

(Rent paid, wronglydebitedtoInterest Account,nowrectified)

Commission receivedA/c Dr.

ToInterestReceivedA/c

(Interest receivedcredited wronglyto

Commission Account, nowrectified)

Drawings A/c Dr.

ToMiscellaneous ExpensesA/c

(Purchase of a motorcycle forproprietor

charged toMiscellaneous Expenses Account,

nowrectified)

Buildings A/c Dr.

ToRepairs A/c

(Expansion ofbuilding wronglydebited to

Repairs Account, nowrectified)

workers compensation A/c Dr.

To Wages A/c

(The workers compensation claim debited to

Wages Account, nowrectified)

[b] (i) The value of responsibility is missing.

(ii) Followingrectification entry should be passed. [8]


Dr. ( )

Amount

Cr. ( )

SalesReturns A/c Dr.

To Mr.Keshwari

(Being goodsreturned by Mr.Keshwari,

nowrecorded)

10,000

10,000

Or

Ans. 13. Cash Book [6]

Date

2012 Particulars L.F.

Cash

( )

Bank

( ) Date Particulars L.F.

Cash

( )

Bank

( )

Jan 1

Jan 3

ToBalance b/d

ToCash A/c C

2,00,000

1,80,000

Jan 3

Jan 3

ByBankA/c

ByBankA/c

C

C

1,80,000

6,000

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Jan 4

Jan 7

Jan 12

Jan 12

Jan 20

Jan 25

Feb1

ToKirti &Co.

ToCash A/c

ToTripathi &Co.

ToWarsi

ToSalesA/c

ToCash A/c

Tobalance b/d

C

C

6,000

4,500

1,750

6,000

4,750

10,000

Jan 10

Jan 25

Jan 27

Jan 30

Jan 31

Jan 31

Jan 31

Jan31

Jan31

ByRatan &Co.

ByBankA/c

ByJohn &Co.

BySundry Exp.

By Officerent

By Staff Salaries

ByDrawings A/c

ByCommission A/c

Bybalance c/d

C 10,000

3,750

500

12,000

3,300

2,000

3,000

2,500

3,000

1,86,950

2,12,250 2,00,750 2,12,250 2,00,750

12,000 1,86,950

* It is assumedthat the cheques received were not deposited into bankon the same day.

Part B - Financial Accounting II [40 Marks]

Ans. 14. Mr. Rohit is notfulfilling the value of punctuality. [1]

Ans. 15. Legacy is the amount received as per the will of adeceasedperson. It appearson the receipt

side of the Receiptand Payment Account and isdirectly addedtocapital fund in the balance

sheet becauseitis not ofrecurringnature. [1]

Ans. 16. A statement ofaffairs is astatement which showsassets on one side and the liabilities onthe

other, just as in case of a balancesheet. Itisprepared insingleentry system toascertainthe

amount ofcapital. [1]

Ans. 17. Statement showing Stationery expenses [3]

ParticularAmount

( )

Amount

( )

Amount paid for stationery during 2012

Add: Opening Stock ofStationery Closing

Creditor forStationery Opening

Advance paid forStationery

Less :Closing Stock ofStationery

Opening Creditor forStationery

Closing Advance paid forStationery

Amount to be shown in Income & Expenditure A/c

600

260

40

2,160

900

100

400

60

3,060

560

2,500

Ans. 18. Statement of Profit and Loss [3]

Particulars Amount(`)

Capitalatthe end of theyear

Add: Drawings made during the year

Less :Additionalcapital introduced

AdjustedCapitalLess :Capital in the beginning of the year

49,950

49,95041,650

Profit earnedduring the year 8,300

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7/14

Working Notes :

BalanceSheet as on 1-1-2011

LiabilitiesAmount

( `) Assets

Amount

( `)

SundryCreditors

BillsPayable

Capital (Balancingfigure)

9,000

1,000

41,650

Stock-in-Trade

Sundry Debtors

Billsreceivable

Furniture

Building

BankBalance

18,700

12,000

4,000

600

12,000

4,350

51,650 51,650

BalanceSheet as on 31-12-2011

LiabilitiesAmount

( `) Assets

Amount

( `)

SundryCreditors

BillsPayable

BankOverdraft

Capital (Balancingfigure)

1,500

200

3,350

49,950

Stock-in-Trade

SundryDebtors

Billsreceivable

Furniture

Building

23,400

14,000

5,000

600

12,000

55,000 55,000

Ans. 19. Yes, the valueoftransparency is the key to the preparationoffinancial statements. All

the material information should be disclosed in the financial statement as per accounting

principles. [3]

Ans. 20. Hardware :The term hardware refers to any of the physical devices,which are apartof

computersystem.

Software :Software denotesa set ofprogrammes, procedures, rules,etc.concernedwith the

operation of the data processingsystem. Thereare following sixtypes ofsoftware :

(a) Operating System : An integrated set ofspecialisedprogrammes that are meant to

managethe resourcesof acomputerand also facilitateits operationiscalledoperating

system.It creates asnecessaryinterface thatis aninteractive link, between the user and

the computer hardware.

(b) Utility Programmes :Theseare a set ofcomputer programmes,which are designed to

perform certain supporting operations; such asprogrammetoformata disk duplicate a

disk, physically reorganise stored dataand programmes.

(c) Application Software :Theseare user oriented programmes designedand developed

forperforming certain specified tasks : such aspayroll accounting, inventory accounting,

financial accounting, etc.

(d) Langauge Processors :Theseare the software,which check forlanguagesyntax and

eventually translate (orinterpret) the source programme (thatis aprogramme written in

acomputer language) into machine language (thatis the languagewhich the computer

understands).

(e) System Software :These are a set ofprogrammes which controlsuch internal functions

asreadingdatafrominput devices, transmitting processed datatooutput devices andalso

checking the system toensurethatits componentsare functioning properly.

(f) Connectivity Software : Theseare set ofprogrammes which createand controla

connectionbetweenacomputerand aserver sothat the computer is able tocommunicate

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8/14

and share the resourcesofserver and other connectedcomputers. [4]

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9/14

Ans. 21. (i) The value missingin the above case ishonesty.

(ii) Donation, ifreceived insmall amount istreatedas income but ifreceived inlargeamount,

being acapital receipt, isshown inbalancesheet inliabilities side. [VB][4]

Ans. 22. Following are the main limitations ofcomputerized accounting: [6]

(i) High Cost :Thecomputerizedaccountingsystemis a very costlysystem.It includesthe

cost ofcomputers,peripheralsand network devices.Italso includesthe cost ofsoftware

thatis to be used toautomate the system. Computerized accountingalso includesthe

cost ofmediathat has been used totake regular backupsofdata. Forexample tapedrives

and compactdisksare generally used forbackup purpose.

(ii) Problem o f Obsolescence : Obsolescence is the major problem ofcomputerized

accounting. Thehardware and software industryiscontinuously growing atarapid rate.Ithas been foundthat the size of anaveragehardware chipreduces to its halfafter every

18months, Thattoo without compromising on its processing power.Due to such high

speed developments, newhardware devices replace the older once. Thesoftware industry

is also growingatasimilar rate and newer versionsofsoftware are being introduced on

routine basis. Newer versions ofsoftware require newer hardware devices to run.

Therefore,the organizationhas tospendaconsiderableamount of money topurchase

newhardware and software.

(iii) Dependence on Computer Accountant :Computerized accountancyrequires computer

accountants to recordand analysethe transactions. Theseare the people whohave

complete knowledgeofaccountsand computers. In acomputerized accounting system,a

computer illiterate person cannotdoanything in the system.Thecompany iscompletely

dependent oncomputer accountantfor alltheir accountingneeds.In fewcompanies, themangers alsohave the knowledge ofcomputerized accounting but most of the companies

depend oncomputer accountants.

(iv) Problem of Security and Secrecy :The computers are not faithful machines. They

just obey the commands of the person who issitting infront of it.It aperson manages to

getaccessto the computer,he or she mayharm the informationstored in the computer.

Several typesofother problemslike virusorfailuresmay lead todataloss. Computer

networks alsocause security problems as the information of onecomputer can beaccessed

from the other. Very strict and careful handling of the information is neededin

computerized accounting system.

Thissecurity can beimplemented byusingseparate cabinsand lock and keymechanisms

or byusing passwordmechanisms.

(v) Training Requirements :The computerized accounting system requiresthe training

ofaccountantsas per the softwarethat has been installedtoautomate the accounting

system. Theduration and cost ofthis training varieswith the type ofaccountingsoftware.

Thecustomized accounting softwareare generally easy to use and require less training.

In most of the cases,the training isprovided by the software vendors.

Ans. 23. The following is theReceipts andPayments account of ApolloHospital for theyear ended31st

March, 2012.

Expenditure Amount Income Amount

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10/14

Topayment formedicine 33,000

Add : OpeningStock 10,000

Closingcreditors 12,000

55,000

Less :Closing Stock 15,000

Opening Creditors 8,000

To fees toDoctors

ToSalaries

32,000

24,000

27,000

BySubscription 48,000

Add : Dueat the end 1,000

Adv. in the begining 1,000

50,000

Less : Due in the beginning500

Advanceat the end 500

ByDonation

ByInterest onInvestment

49,000

15,000

9,000

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11/14

ToCharity showExpenses

ToSundry Expenses

ToDepreciationon :

Equipment 7,000

Building 5,000

ToSurplus

4,000

1,200

12,000

4,800

ByProceedfromCharity show

ByGrant inAid

12,000

20,000

1,05,000 1,05,000

Balance Sheet

As at 31st March, 2011

Liabilities Amount Assets Amount

Subscription recd. inAdvance

Amount due tomedicine suppliers

Capital found 2,05,000

Add : Surplus + 4,800

500

12,000

2,09,800

Cash inHand

Subscriptiondue

Stock ofmedicine

Equipment

Building

Investment

8,300

1,000

15,000

33,000

65,000

1,00,000

2,22,300 2,22,300

Working Notes :

Balance Sheet

As at 31st March, 2011

Liabilities Amount Assets Amount

Subscription recd inAdvance

Amount due toMedicine suppliers

Capital fund(Balancing figure)

1,000

8,000

2,05,000

Cash inhand

Subscriptiondue

Stock ofmedicines

Equipment

Building

Investment

8,500

500

10,000

25,000

70,000

1,00,000

2,14,000 2,14,000

Ans. 24. Trading and Profit &Loss Account [8]

Dr. for the year ended31stMarch, 2012 Cr.

Particulars Amount

( )Particulars

Amount

( )

ToOpening Stock

ToPurchases 10,500

Less:Returns Outward 500

ToWages

ToManufacturing Expenses

ToCarriage

ToFuel and Power

2,000

10,000

5,000

800

150

100

BySales 16,400

Less :Returns Inward 300

ByClosingStock

ByGrossLosstransferred to

Profitand Loss A/c

16,100

1,450

500

18,050 18,050

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12/14

ToGrossLoss b/d

ToRepairs 50

Add:Due forrepairs 40

ToRent

ToTradeExpenses

To BadDebts

To Dep. onPlant &Machinery

ToInterest onCapital

500

90

400

700

200

400

500

By Net Loss-transferred to

CapitalA/c 2,790

2,790 2,790

Balance Sheet

as at 31st March,2012

Liabilities Amount

( )Assets

Amount

( )

SundryCreditors

BillsPayable

OutstandingRepairs

Capital :

OpeningBalance 10,000

Add:Interest 500

Less :Net Loss 2,790

Less :Drawings 1,000

1,200

500

40

6,710

Bank

Sundry Debtors

ClosingStock

Plant &Machinery 4,000

Less :Depreciation 400

1,000

2,400

1,450

3,600

8,450 8,450

Or

Ans. Trading andProfit & Loss Account [8]

Dr. for the period ended31st March, 2012 Cr.

Particulars Amount

( )Particulars

Amount

( )

ToOpening Stock

ToPurchases 81,350

Less:Returns 1,000

To Wages 20,960

Less:Erectionofa

Cycle Shed 4,000

ToCarriage

ToFuel&Power

ToGross Profit c/d

11,520

80,350

16,960

4,080

9,460

87,430

BySales 1,97,560

Less:Returns 1,360

ByClosingStock

1,96,200

13,600

2,09,800 2,09,800

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13/14

To CarriageOutward

ToSalaries 30,000

Add:Outstanding 3,000

ToGeneral Expenses

ToInsurance 1,200

Less :Prepaid 170

6,400

33,000

6,000

1,030

ByGross Profit b/d87,430

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14/14

ToDepreciationon :

Machinery 4,000

Patents 3,000

ToProvision forDoubtfulDebts

To Net Profitt/f toCapital A/c

7,000

1,450

32,550

87,430 87,430

Balance Sheet as at 31st March, 2012

Liabilities

Amount

( ) Assets

Amount

( )

Creditors

OutstandingSalaries

Capital:

OpeningBalance 1,42,000

Add; Net Profit 32,550

1,74,550

Less:Drawings 10,490

12,600

3,000

1,64,060

Cash inhand

Cashat bank

Debtors 29,000

Less :Provision 1,450

PrepaidInsurance

ClosingStock

Building (`60,000 + `4,000)

Land

Machinery 40,000

Less:Depreciation 4,000Patents 15,000

Less:Depreciation 3,000

1,080

5,260

27,550

170

13,600

64,000

20,000

36,000

12,000

1,79,660 1,79,660

AglaSem S
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cbse sample paper for class 11 accountancy science - set a

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