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Accounting : Class XI Weightage Difficulty level of questions

S.No. 1. 2. 3.
S. No.

Estimated Difficulty Easy Average Difficult

Level 20% 60% 20%

Percentage

Name of unit PART A: Financial Accounting -I

Marks to questions 1 3 4 6 8

Total Questions Marks

1. 2. 3. 4. 5. 6. 7. 8.

Introduction to Accounting Theory base of Accounting Recording of transaction Ledger, Trial Balance & B.R.S. Depreciation, Provisions & Reserve Accounting for Bills of Exchange Rectifications of Errors Financial Statements of sole prop. Total PART B: Financial Accounting -II

1 1 1 1 2

1 1 2 1 1 1 1 1 1

2 2 3 2 3 1 2 3 18

5 7 9 9 8 8 7 12 65

9.

Financial Statement of N.P.O.

1 1 1

1 1 1

3 2

10 5 10 25 90

10. Accounts from incomplete records 11. Computers in Accounting Total Grand Total 9

3 08

26

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SAMPLE QUESTION PAPER Accounts Class XI

Time 3 Hours General Instructions: (i) This paper consists of two parts: A and B. Both parts are compulsory. Number of question is 26 (ii) Other all parts of a particular question at one place. Part A: Financial Accounting 1. What is a cash transaction ? 2. When should revenue be recognised ? 3. What is imprest system of petty cash Book ? 4. What is Provision ? 5. State any one important purposefor which reserves are created. 6. Give two examples of Capital Expenditure. 7. Prepare a bank reconciliation statement from the following:1 1 1 1 1 1 3 Maximum Marks: 100

On 31st December 2009 I had an overdraft of Rs. 750 as shown by my passbook. I had issued cheques amounting to Rs. 250 of which Rs. 200 worth only seen to have been presented for payment. Cheques amounting to Rs. 100 had been paid in by me on 30th December but of these only Rs. 75 were credited in the passbook. I also find that a cheque for Rs. 10 which I had debited to bank account in my books has been omitted to be banked. There is a debit of Rs. 25 in my passbook for interest. An entry of Rs.30 of a payment by a customer direct into the bank appears in the passbook. My pass book also shows a credit of Rs.60 to my account for interest on investments directly collected by my bankers. 8. What is suspense Account ? When is it opened ? 3 9. On April 1,2010 the balance of Provision for Doubtful Debts Accounts was ` 3,000. Bad Debts amounted to ` 2,000 during the year. Debtors stood at ` 1,30,000 on March 31, 2011, Make a provision for doubtful debts @5%. During
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2011-12 Bad debts are `2,200. Debtors stood at `7,600 on March 31, 2012 and provision @5% is to be make for doubtful debts. Prepare Bad Debts account for the year 2010-11 and 2011-12. 3 10. Mention the names of any two fixed assets and any two current assets. 4

11. On the basis of following transactions of Nishtha, develop Accounting equation. 4

`

(a) Business started with cash (b) Purchased goods from Hina (c) Sold goods to Megha (Costing (d) Purchased Furniture (e) Cash paid to Hina in full settlement (f) Cash received from Megha (g) Rent paid (h) Cash withdrew for personal use 12. (a) Explain cash book as a subsidiary book and a principal book. (b) Explain the imprest system of petty cash book. 13. What are the different types of errors ? Explain 14. Explain the following concepts 1. Money measurement concept 2. Business entity concept 3. Matching concept

1,75,000 50,000

17,500)

20,000 10,000 48,500 20,000 1,000 3,000 2 2 4 6

15. State any six reasons when the Cash book balance will be higher than the pass book balance. 16. The following balances appears in the books of Hans stores. 2010 April Machinery Account Provision for depreciation account
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2,75,000 1,25,000

On April 2010 Hans stores decided to sell a machine for 29,500 which was purchased for ` 55,000 on April 1, 2006. You are required to prepare Machinery Account and Provision for Depreciation Account for the year 2010-11 assuming that the Hans stores charges depreciation @10% per annum on straight line method. 7. A purchased goods for Rs.15,000 from B on March 1, 2,011 and gives him two bills one for Rs.10,000 at two months and the other for Rs.5000 at four months. A meets the first bill at maturity but on June25,2011 he is declared insolvent and a dividend of 60 paisa in a rupee is paid from his property on August 20,2011. Give journal entries in the books of B and prepare As Account in Bs Ledger. 8 OR On July 1,2011 Amita draws a bill on Ramlakhan for Rs. 10,000 payable after three months for goods solds of the same amount. Amita gets the bill discounted with her bank on August 4,2007 at a discount of 9% p.a.. On due date bank returned the bill as dishonoured with nothing charges of Rs.50. Ramlakhan paid Rs.2,050 in cash and requested to draw another bill on him for the balance amount for 2 month with interest @ 12% p.a., Which Amita did. Before due date Ramlakhan became insolvent and his estate paid 40% as dirst and final instalment. Give Journal entries in the books of Amita. 18. Sunita started business on April 1,2010. The followingTrial Balance was draw up from her books at the end of the year :Name of Account Drawings Plant & Mixture Purchases Carriage Inward Wages Return Inward Debit ` Name of Account Credit ` 40,000 1,60,000 12,000 9,000

4,500 Capital 8,000 Sales 1,16,000 Creditors 2,000 Bills payable 8,000 4,000
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Salaries Printing Advertisement Trade charges Rent Debtors Bills receivable Investments Discount Cash at Bank Cash in hand

10,000 800 1,200 600 1,400 25,000 5,000 15,000 500 16,000 3,000 2,21,000 2,21,000

The value of stock as at March 31,2011 was 26,000 You are required to prepare her Trading and Profit & Loss Account for the year ended March 31,2011 and a Balance sheet as on that date after the following facts into account:Plant & Mixtures are to be depreciated by 10% p.a. Accrued interest on investment amounted to ` 750 OR From the following trial balance of Ramneek & Company, prepare Trading and Profit & Loss account for Account for the year ended on March 31,2011 and a Balance Sheet as on that date:Name of Account Debit Balance Credit balance
` `

Purchase Sales Discount Capital Wages

21,750 35,000 1,300 13,000 6,500

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Cremitors Salaries Travelling Expenses Commission Carriage Inwards Administrative Exp. Trade Expenses Interest Building Furniture Debtors Cash

2,100 2,000 400 425 275 105 600 250 5,000 200 4,250 7,045 50,100 50,000

Stock on March 31,2011 was 6,000 Depreciate building by 20% create a provision of bad debts @10% on debtors and outstanding wages amounted to `475. Part B: Financial Accounting -II 19. Why the Profit and Loss Account is not prepared in not for profit organisations ? Give any one reason. 20. What is meant by Accounts from Incomplete records ? 1 21. Explain any one feature of computer. 22. Distinguish between Receipts and payments Account and cash book. (Any three points) 23. What is database system ? 24. Radha started her business on January 1,2010 with capital of 1,10,000. On July 1,2010 she borrowed 80,000 from her friend on interest @ 12% p.a. (which is not yet paid). On December 31,2010 her position was as under:
`

Cash in hand Stock Debtors Creditors Drawings during the year Ascertain her profit or loss for the year 2010.
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18,000 86,000 1,27,200 13,500 36,000 4

25. The following is the receipts and payments account of Harekrishna Club for the year ending Dec.31,2010 Receipts To balance b/d To Subscriptions 2009500 2010- 15000 2011 1000
`

P ayments

5,000 By Affiliation free By furniture (July 2010) By Sports Expenses By Sundry Expenses 16,500 By Balance c/d 12,000 200

1,000 3,000 2,500 15,200 14,000

To life Membership free To Sale of scrap To Interest on sports Fund Investment

2,000 35,700 35,700

The club has 1600 members each paying annual subscription of Subscription of 450 are still in arrears for 2009.

10

On January 1,2010, the clubs assets and liabilities included: Furniture ` 2000 ; Sports Fund and 10% sports Fund Investment `30,000 each. Depreciation on Furniture @20% p.a. and prepare Income and Expenditure Account for the year ended on December 31,2010. 26. What is meant by computer ? Describe in brief the basic components of a computer.

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SAMPLE QUESTION PAPER

Accountancy XI Time allowed: 3Hrs General Instructions:(i) This paper consists of two parts A and B both are compulsory. (ii) Attempt all parts of a particular question at a place. Part A:- Financial Accounting -I 1. What is meant by purchases? 2. Briefly explain the term Accounting standards 1 1 Max marks:-90

3. Give any one transaction that increases one asset and decreases the other asset. 1 4. Write any one distinction between provisions and reserves. 5. What do you mean by Direct expenses? 6. Write any one advantage of maintaining secret reserves. 7. On which side of the trial balance, the following ledger balances will appear : (a) Machinery (e) Carriage inwards (b) Drawings (c) Bank loan (d) Commission received 3 1 1 1

(f) Carriage outwords.

8. What do you mean by one-sided errors ? Explain with the help of two examples. 3 9. Write the treatment of following items while preparing final accounts:(a) Outstanding Expenses (b) Accrued Income 3

10. Name any four users of accounting information. Why do they need accounting information ? 4 11. Pass journal for the following transactions :
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(i) Purchased furniture for Rs 25000/- and paid Rs. 200/- for its carriage. (ii) Goods worth Rs1500/- and cash Rs500/- were given as charity. (iii) Wages due to labourers Rs5000/(iv) Received cash Rs2000/- from Tushar for bad- debts written off last year 4 12. Enter the following transactions in a cash book with bank column:2010 Jan 1 Jan 1 Jan 3 Jan 4 Jan 5 Jan 6 Jan 15 Jan 17 Jan 20 Jan 21 Cash in hand Bank overdraft Sold goods to Ram Sold goods for cash Received a chaque from Ram Cash deposited into bank Paid salary by cheque Received a cheque from Yogesh Paid to Mohan Rs.1485 in full settlement of Yogeshs cheque returned dishonoured. Rs. 100000 5000 10000 5000 10000 20000 8000 9000 1500 4

13. Rectify the following errors assuming that suspense A/c was opened:(a) Repairs on machinery Rs 1000 debited to machinery account by Rs 10000 (b) Balance of sales returns book of Rs 350 was not included in the accounts. (c) Sales Book was overcast by Rs 1000/ (d) Discount allowed to Mahesh Rs 180 has not been posted to discount allowed A/c 14. Explain the following:A. Going concern concept B. Materiality principle C. Conservatism principle 15. Prepare a bank reconciliation statement Mr.Iendulakan as on 31st Dec. 2010:-

(i) Credit balance as per pass book Rs 20,000 (ii) The payment of cheques for Rs 550- was recorded twice in the pass book.
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(iii) Withdrawal column of the pass book under cost by Rs 200. (iv) A cheque of Rs 200 has been debited in the bank column of cash book but not sent to bank at all. (v) A cheque of Rs 300 debited to bank account of the pass book has been omitted to record in cash book. (vi) Rs500 in respect of dishonoured cheque were entered in the pass book but not in the cash book. 6 16. Machinery A/c of the Kamal Ltd is showing a balance of Rs 145,800 on Jan 1, 2010 the company bought this machinery on Jan 1, 2007 and providing depreciation @ 10% on diminishing balance method. You are required to calculate the original cost of the machinery and difference between the book values if company would have adopted straight line method for providing depreciation @10%p.a.. 17. Lucky sold goods of Rs 15000 to Nikki taking a bill at three months dated July 2007. On 4 th August the bill was returned by the bankers dishonoured noting charge being Rs 50 Nikki paid Rs 5000 and gave Lucky another bill at three months for the balance at 16% interest. But before maturity She was declered insolvent and her receiver paid 50 paise in a rupee to her creditors Pass the entries in Luckys journal recording the above transactions. 18. From the following trial balance of m/s Nasir Brothers as on 31st Dec,2010, prepare trading and profit and loss A/c and balance sheet:Name of accounts Capital Purchases and sales Stock (1.1.2010) Return outward Carriage inward Wages
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Dr. (Rs)

Cr. (Rs) 40,000

41,300 21,000

77,500

800 600 2000

Power Machinery Furniture Rent Salary Insurance 10% Bank loan Debtors & creditors Cash in hand Drawings Adjustment:1. Closing stock Rs32,000 2. Wages outstanding Rs. 1200

3000 25,000 7000 11,000 7500 1800 12500 10,300 750 9000 140250 140250 9450

3. Bad debts Rs 300 and provision for bad and doubtful debts @ 5% on debtors. 4. Rent is paid for 11 months. 5. Provide depreciation a machinery @ 10% p.a. 6. Loan from the bank was taken on July 1. 2010. Part B - Financial Accounting II 19. Give two main sources of income for not for profit organisations. 20. Can a limited company maintain its accounts under single entry system ? 21. What is the use of data base management ? (a) Details Prizes Distributed Prize fund Donatian for prizes fund Amount(Rs) 400,000 200,000 300,000 1 1 1 8

22. Show the following information in financial statement of not for profit organisation:-

(b) What will be the effect if amount spent on prizes distributed goes up by Rs 150,000 other things remaining the same.
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23. Write any three limitations of compuerrised accounting system. 24. Sonam started a bussiness on 1 Jan 2009. with a capital of Rs 900,000. During the year she withdrew Rs 160,000 for personal use and assets and liabilities as at 31 Dec., 2001 was as under. Rs. Cash in hand Bills receivable Debtors Machinery Creditors Bills payable 200,000 10,000 90,000 15,00,000 250000 50,000 4

25. Following is the Receipt and payment A/c of Mumbai sports club for the year ending 31-12-09 : Receipts Balance b/d Subscriptions Entrance free Tournament free Sale of old newspapers Legacy Amounts ` 5000 26,000 2500 1300 500 18500 65500 Payments Salary Billiard Table office expenses Tournament Exp. Sports Equipment Balance c/d Amounts ` 7500 10000 3000 15500 2000 9500 65500

Other information:- On 31-12-09 Subscription outstanding was Rs 1000 and on 31-12-08 Subscription outstanding was Rs 1500. Salary outstanding on 31-12-09-was Rs 1000. On1.1.09 the club had building Rs. 40,000 furniture Rs . 9,000, 12% investment Rs. 15,000 and sports equipments Rs. 15,000. Depreciation charged on furniture and sports equipments including purchases was 10%. Prepare Income and Expenditure Account of the club for the year 31-12-09 ascertain the capital fund on 31.12.08 6 26. Explain the types of accounting softwares used in business.
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