Accountancy (Class- XI)
Guess Paper – 2011
Class – XI
Subject – Accountancy
Class – XI
Subject – Accountancy
Time Allowed : 3 Hours Maximum Marks – 100
All Questions are compulsory.
Working notes should form part of the answer.
Wherever necessary, suitable assumptions may be made by the candidates.
Marks
1. Answer the following questions : (20)
a) Define Accounting. What are the various types or branches of accounting ?
b) X purchased goods costing Rs. 50,000 from Y on credit for 3 months. Y asked X that if he paid the due amount within 1 months he would discount a cash discount of Rs. 5,000. Assuming X makes the payment as per terms and conditions of Y, journalise the transaction with a proper narration.
c) Find out the amount of Gross Profit from information given below
Purchases twice the sales
Sales half of closing stock
Closing stock equal to opening stock
Opening stock 20,000
d) In the financial year 2009-10, a machinery was purchased costing Rs. 1,00,000 and its erection charges being Rs. 25,000 and other installation expenses being 25,000. The accountant debited the erection charges and installation expenses to the general repairs account. Also he charged depreciation @10% on straight line basis without taking into account the erection charges and installation expenses. You are required to journalise the rectification entry. Show your workings clearly.
e) X sold goods to Y for Rs. 23,400 on 1st January 2009 and drew a bill upon him. Y accepted the bill and sent it to X on the same date. X discounted the bill with the bank. On the due date Y failed to pay the due amount to bank and hence subsequently dishonoured the bill. Journalise the entries in books of Y.
2. a) On 1st January 2009 , Mahinder owes to Surinder Rs. 4,50,000 and accepts (8) three bills of 1,50,000 each, due on 1, 2 and 3 months respectively. The first bill is retained by surinder and is duly met. The second bill was discounted (discount amounting to Rs. 3,000) and is met in due course. The third bill is also discounted (discount being Rs. 4,500) and is subsequently dishonoured, noting charges being Rs. 1,000.
New Arrangements were duly made whereby Mahinder pays Rs. 50,500 as cash and accepts a new bill due in two months for the balance of the amount with interest @ 15 per cent per annum. The bill is retained. On the due date the bill is dishonoured, noting charges being Rs. 800. Mahinder is adjudicated insolvent on 15th June 2009 and 25 paisa in a rupee could be recovered from his estate.
You are required to journalise the above transactions (with narrations) in books of Mahinder and Surinder, showing your workings clearly.
b) Answer the following questions: (8)
(i) Explain the basic accounting principles
(ii) What are the limitations of accounting. Briefly explain.
3. The following balances and additional information has been extracted from books of M/s Sudesh and Mallick a proprietorship firm for the year ended on 31st March 2010 : (16)
Particulars | Amount (Rs.) |
Plant and machinery Opening stock Building Honda Accord (Vehicles) Loose tools Cash at bank Sundry debtors Bills receivable Sales Travelling expenses Factory power Carriage Gas and fuel Insurance Bad debts Discount (Cr.) General expenses Salaries Printing Advertisement Furniture Bank loan Bills payable Wages Returns outwards Returns inward Sundry creditors Investments (8% Debentures in Reliance Industries Limited) Interest on investments Purchases Capital Drawings | 1,68,000 2,00,000 4,00,000 80,000 16,000 44,000 2,82,800 20,000 9,20,000 3,400 12,000 16,000 10,000 4,000 4,000 6,000 16,000 40,000 14,000 4,800 24,000 80,000 16,000 1,20,000 12,000 20,000 1,60,000 1,00,000 5,000 3,40,000 80,00,000 60,000 |
Additional Information :
(a) Stock as on 31st of March 2010 is valued at Rs. 1,80,000.
(b) Provide for depreciation at the following rates-
(i) Vehicles – 10%
(ii) Building – 10%
(iii) Furniture – 5%
(iv) Loose tools – 15%
(c) Salaries amounting to Rs.4,000 were paid in advance whereas wages amounting to Rs. 1,000 remained unpaid on 31st March, 2010 .
(d) Write off bad debts amounting to Rs. 2,000 and provide for doubtful debts @ 5% on the debtors.
(e) Insurance premium outstanding is Rs. 1,000 as on 31st March 2010 .
(f) Half of the depreciation on vehicles is to be charged on personal account of Mr. Sudesh, the proprietor.
After considering all the facts and information supplied above, you are required to:
(a) Prepare a Trial Balance of the firm as on 31st March, 2010 .
(b) Prepare a Trading and Profit and loss account for the year ended on 31st March, 2010 and ;
(c) A balance sheet as on that date.
4. Answer any two sub-parts of the questions out of the three sub-parts of the question : (16)
(a) Bhavanoor Textiles Limited, for whom the accounting year is the financial year, purchased machinery on 1st April 2009 costing Rs. 30,00,000 (excluding installation expenses of Rs. 5,00,000 and transportation expenses of Rs. 2,00,000). It purchased machinery on 1st July, 2009 costing Rs. 10,00,000 (including 5% as installation expenses) and further machinery was purchased on 1st October, 2009 for Rs.5,00,000. On this date, one third of the machinery purchased on 1st April 2009 was sold for Rs. 5,00,000. You are required to prepare the machinery account for the year ended 31st December 2009 . Show your workings clearly.
(b) Considering the following information, you are required to prepare an accounting equation :
(i) Started business with cash Rs. 1,25,000 and goods Rs. 25,000.
(ii) Bought goods from vimal for Rs. 25,000.
(iii) Bought goods on credit for Rs. 22,000.
(iv) Goods costing Rs. 50,000 sold at a profit on 20 per cent on cost.
(v) Purchased an old car for personal use Rs. 45,000
(c) Prepare a cash account (cash and bank columns only) from following information :
Date | Transactions | Amount (Rs.) |
2009 June 1 1 5 8 12 15 17 19 23 25 27 30 | Balance in hand Balance at bank Received cheque from Ashok (discount allowed by him is Rs 1,000) Paid for goods purchased in cash Deposited the cheque received from Ashok Sold goods on cash Cash purchases Paid Sahil by cheque (discount allowed by him is Rs. 800) Withdrew from bank for office use Salaries paid in cash Purchase of computer (through cheque) Reciept of commission by way of cheque from Roshan | 12,000 100,000 20,000 12,800 11,200 2,500 12,200 16,000 8,000 40,000 6,000 |
5.
(a) An accountant of a trading concern has not been able to tally the (8) trial balance. The total of the debit side exceeded by Rs. 1,27,000. To avoid delay in the preparation of financial statements, he opened a “suspense account” by posting the difference on its credit side. Later the following errors were discovered –
(i) Sales of goods of Rs. 40,000 was entered in the sales book as Rs. 4,00,000.
(ii) Sales of goods to Nathu Ram of Rs. 11,000 were posted as Rs. 1,10,000.
(iii) Sales book was overcasted by Rs. 40,000.
(iv) Purchase book was overcasted by Rs. 16,000
(v) Total of purchase book was carried over as Rs. 24,400 instead of Rs. 22,400.
(vi) Entry for purchase of machinery for Rs. 60,000 from Raheman was credited with Rs. 6,000.
You are required to pass necessary journal entries in the books of the trading concern to rectify the errors as above and prepare the suspense account.
(b) Prepare a bank reconciliation statement from the following particulars of (8) Mrs. Arundhati Shekar :
Particulars Amount (Rs.)
Overdraft as per cash book 2,40,000
Cheques received but not entered in cash book 30,000
Cheques deposited but not entered in cash book 9,000
Credit side of the bank column cast short 3,000
Expenses paid directly by the bank 15,000
Bills receivable discounted with bank, were dishonoured 1,20,000
Bank charges entered twice in cash book 300
Cheques received entered twice 15,000
Cheques dishonoured and returned by bank, no entry
has been passed 12,000
Bank charges debited by bank 360
Cheques ‘issued’ were returned 12,000
Bills receivable collected directly by bank 60,000
6. Attempt any four questions out of the five questions : (16)
(a) Prepare a purchase book from the following information :
Date Particulars
1 Purchase on credit from M/s Reliance Ltd :
100 pieces long cloth @ 200, 50 pieces shirts @ 100 each less trade discount @ 10%.
10 Purchase for cash from Arvind Mills : 100 pieces @ Rs. 100 each.
15 Purchase on credit from Bhilwara Ltd. :
200 pieces of terrycot @ Rs.100, 10 pieces of shirts @ Rs. 100 each.
25 Purchased a computer on credit from Ramlal @ Rs. 45,000 each.
(b) On 1st April 2009, S had a opening balance of Rs. 100,000 of his capital account. On 3rd June 2009, he introduced an additional capital by way of cheque amounting to Rs. 33,300. Further, on 5th September 2009, he introduced additional capital by way of cash amounting to Rs. 5,000. On 31st October 2009, he withdrew Rs.7,300 on account of his daughter’s marriage. The closing capital as on 31st March 2010, was Rs. 1,40,000 find out the net profit or loss earned by S during the financial year 2009-10 by preparing a Capital Account.
(c) What are the Golden rules of Accounting as per the traditional approach and the modern approach. Explain.
(d) The following items have been extracted from bills payable book. Post them in respective ledgers. These books are maintained by Rubi & Sons :-
July 2002
7 Accepted M. Mulla’s draft for Rs. 9,700 at two months.
10 Gave acceptance at two months for Rs. 4,200 to S Sarkar .
15 Gave acceptance for Rs. 2,100 at one month to A. Anna.
(e) Explain the following terms –
(i) Liabilites
(ii) Assets
(iii) Income
(iv) Accounts receivable
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