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Class XI - Accountancy
2. Which of the following limitations of accounting states that accounts may be manipulated to 1
conceal vital facts:
(a)Accounting is not fully exact
(b)Accounting may lead to window dressing.
(c)Accounting ignores price level changes.
(d)Accounting ignores qualitative elements.
3. Purchases refers to the buying of 1
(a)Stationery for office use
(b)Assets for the factory
(c)Goods for resale
(d)Investment
4 Recognition of cost in the same period as associated revenues is called……………………..principle. 1
13 ‘X’ commenced business on 1stJan,2018 with a capital of Rs 6,00,000.On 31st Dec.,2018 his assets 1
were worth Rs 8,00,000 and liabilities Rs1,50,000.Find out his closing capital and profits earned
during the year.
14 Prove that the accounting equation is satisfied in all the following transactions : 3
(i)PaidSalary in advance Rs 8,000.
(ii)Purchased goods for creditRs 60,000.
(iii)Paid Rent in cash Rs4,500 and Rent is
Outstanding Rs1,000.
17 Royal Motors purchased a Truckon 1stApril ,1991 for Rs 1,90,000.On 1st Oct,1992 it purchased 4
another Truck for Rs 40,000.
On 31st March ,1993 it sold off the first Truck purchased in 1991 for Rs 60,000 and on the same
date purchased a new Truck forRs 3,00,000.Depreciation is provided at 20%p.a on the
Original cost each year.Accounts are closed each year on 31st Dec.Show the Machinery Account for
three years.
18 What are the objectives of IFRS? 4
19 Enter the following transactions in a Cash Book with Cash and Bank Columns: 6
2011
Jan 1 Cash at BankRs. 25,000
Cash-in-hand Rs. 5,000
Jan 6 Bought goods for chequeRs 10,000
Jan 9 Deposited in bankRs 2,000
Jan 12 Cheque paid to MohanRs. 5,000
and Discount received Rs. 500
Jan 15 Withdrew from bankRs 2,000
Jan16 Money withdrawn from Bank for office use Rs400
Jan 17 Fees of children of the proprietor paid Rs. 500
Jan 18 Cheque received from Ram and endorsed it to Murli on 27th Jan Rs. 4,500
Jan 27 Bank Charges Rs. 200
20 Rectify the following errors 6
(i)Credit purchases from Aryan Rs 9,000 were recorded as Rs 900.
(ii)Goods returned from ShyamRs 1,000 were recorded as Rs 100
(iii)Freight paid Rs 1,000 for purchase of furniture has been debited to freight Account.
(iv)Sale of old furniture for Rs 1,500 was treated sale of goods.
(v)Goods purchased from Amit for Rs 200 recorded in Hari ‘s Account.
(vi)Sale to Sanvi for Rs 500 not recorded in books.
OR
Trial Balance of Bose did not agree. he put the difference to Suspense Account
and discovered the following errors.
(i)Credit sales to Jim Rs6,000 were recorded in the purchases book as Rs 60,000 and posted to the
debit of Jam as Rs 600.
(ii)Furniture purchased from Boon Rs 20,000 was recorded through purchases book as Rs 50,000
and posted to the debit of ZoomRs 2,000.
(iii)Goods returned to ZigRs 3,000 recorded through the sales book as Rs 300.
(iv)Cash Sales Rs 2,000 were posted to Commission Account as Rs 200
(v)The total of Sales Return Book was overcast by Rs 1,000.
(vi)A sum of Rs 375 owed by Ravi has been included in the list of Sundry Creditors.
Rectify the above errors and prepare Suspense Account to ascertain the difference in Trial
Balance.
21 On 1st January ,2014,Rock Ltd. purchased machinery for Rs 1,20,000 and on 1st April,2015 it 8
acquired additional machinery at a cost Rs 20,000.On 31st March,2016,one of the original
machine(purchased on 1st January,2014)which had a cost of Rs 5,000 was found to have become
obsolete and was sold as scrap for Rs 500.It was replaced on that date by a new machine costing
Rs 8,000.Depreciation is to be provided@10% p.a on the written down value. Accounts are closed
on 31st December, each year .Show the machinery account for the first 4 years.
OR
st
On 1 January,2005 A has drawn a bill on B for Rs 50,000 payable after 3 Months .B accepted the
bill and returned it to A.The bill was immediately endorsed to C by A in full settlement of his claim
of Rs51,000 .On the date of maturity,bill was dishonored and noting charges paid Rs 80.Pass
Journal entries to record the transactions in the books of bothA&B.
PART-B
22 Calculate Sales and Gross Profit if cost of goods sold is Rs 3,00,000 and Gross Profit 25% of cost of 1
goods sold.
23 Goods distributed as free sample.The effect of this entry will be 1
(A)It is the proprietor’s drawing.
(B)It is deducted from purchases in the Trading Account.
(C)It will be shown on the debit side of P&L Account
(D)Both (B) &(C)
24 Opening capital is ascertained by preparing : 1
(a)Balance Sheet (b)Statement of Affairs
(c)Debtors Account (d)Creditors Account
25 Give two limitations of Manual Accounting. 1
26 Give the expanded form of GAAP &DBMS. 1
32 From the following Trial Balance of Sh.Vasu .Prepare Trading and Profit &Loss Account for the year 8
ended 31st March,2012 and Balance Sheet as at that date :
Particulars Amount (Rs) Amount(Rs)
Purchases and Sales 2,75,000 5,20,000
Return Inwards 15,000
Return Outwards - 9,000
Carriage 12,400
Wages and Salaries 58,600
Trade Expenses 2,200
Rent - 13,000
Insurance 2,000
Audit Fees 1,200
Debtors and Creditors 1,10,000 62,100
B/R and B/P 3,300 2,200
Printing and Advertising 5,500
Commission - 1,000
Opening Stock 36,000
Cash in Hand 12,800
Cash at Bank 26,800
Bank Loan - 20,000
Interest on Loan 1,500
Capital 2,50,000
Drawings 15,000
Fixed Assets 3,00,000
8,77,300 8,77,300
Adjustments-
i)Stock at the end Rs 60,000.
(ii)Depreciate Fixed Assets by 10%
(iii)Commission earned but not received amounts to Rs 400
(iv)Rent received in Advance Rs 1,000.
(v)Allow 8% Interest on Capital and charge Rs 900 as interest on Drawings.
OR
From the following Trial Balance of Sh.Rohan ,prepare Trading and Profit &Loss Account for the
year ended 31st March,2012 and a Balance Sheet as at that date:
Dr Balances Rs Cr Balances Rs
Opening Stock 20,000 Sales 2,70,000
Purchases 80,000 Purchase Return 4,000
Sales Return 6,000 Discount 5,200
Carriage Inwards 3,600 Sundry Creditors 25,000
Carriage Outwards 800 B/P 1,800
Wages 42,000 Capital 75,000
Salaries 27,500
Plant &Machinery 90,000
Furniture 8,000
Sundry Debtors 52,000
B/R 2,500
Cash in Hand 6,300
Travelling Expenses 3,700
Lighting (Factory) 1,400
Rent &Taxes 7,200
General Expenses 10,500
Insurance 1,500
Drawings 18,000
3,81,000 3,81,000
Adjustments:
(i)Stock on 31st March,2012 was valued at Rs 24,000(Market Value Rs 30,000)
(ii)Wages outstanding for March,2012 amounted to Rs 3,000
(iii)Salaries Outstanding for March 2012 amounted to Rs 2,500.
(iv)Prepaid Insurance amounted to Rs 300.
(v)Provide Depreciation on Plant &Machinery at 5% and on Furniture at 20%.
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