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ISC Accounts 11

The document provides instructions for a test in Accounts for class 11 students. It includes 3 parts with multiple questions. Part 1 has 7 questions worth 2 marks each. Part 2 has 1 question worth 12 marks about preparing a Machinery Account. Part 3 has 1 question worth 12 marks involving preparation of trading and profit & loss account and balance sheet from single entry system records. The questions test various accounting concepts like capital vs revenue expenditure, depreciation, reserves, and preparation of year-end financial statements.

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Sriyaa Sunku
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116 views2 pages

ISC Accounts 11

The document provides instructions for a test in Accounts for class 11 students. It includes 3 parts with multiple questions. Part 1 has 7 questions worth 2 marks each. Part 2 has 1 question worth 12 marks about preparing a Machinery Account. Part 3 has 1 question worth 12 marks involving preparation of trading and profit & loss account and balance sheet from single entry system records. The questions test various accounting concepts like capital vs revenue expenditure, depreciation, reserves, and preparation of year-end financial statements.

Uploaded by

Sriyaa Sunku
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BISHOP COTTON GIRLS’ SCHOOL

SECOND UNIT TEST – JANUARY 2022


ACCOUNTS

DATE : 24.01.2022 READING TIME- 2:00 PM – 2:10 PM


STD : XI WRITING TIME- 2:10 PM – 3:40 PM
MARKS : 50 UPLOADING TIME-3:40PM-4:00PM

Answer scripts to be uploaded as a single pdf file. The intended marks for
questions or parts of a question are given in brackets [ ]. All calculations should be
shown clearly. All workings, should be done on the same sheet as, and adjacent to, the
rest of the answer.

PART – I
Answer all questions
QUESTION 1 [7x2]
i) Why is the distinction between Capital and Revenue items of great importance in
the preparation of final accounts ?
ii) What do you understand by the term ‘Marshalling’ in connection with Balance
sheet? Mention the different forms of Marshalling.
iii) Give the adjustment entry and its accounting treatment in final accounts for ‘Rent
received in advance’.
iv) State the two main causes of providing depreciation.
v) Explain any two salient features of Single Entry system of Accounting.
vi) Give two examples of Specific reserves.
vii) What do you understand by deferred revenue expenditure?

PART –II
Answer the following questions: [3x12]

QUESTION 2 [12]
Avinash Constructions purchased a machine on 1.1.2019 for Rs.1,00,000 and the installation
Charges paid was Rs.20,000. On 1.7.2020, a second machine was purchased for Rs.80,000
and a third machine was purchased on 1.10.2020 for Rs.70,000. On 30.6.2021, the
first machine was sold for Rs.85,000. On 30.9.2021, the second machine was sold for
Rs.90,000. Show the Machinery Account from 1.1.2019 to 31.12.12.2021 keeping in
mind that the firm charges depreciation @ 10% p.a on fixed instalment method and
the books of accounts are closed on 31st December every year.

QUESTION 3 [12]
Mukesh keeps his books on Single Entry System. Ascertain his profit or loss for the year
ending 31st March, 2012021, and prepare a final Statement of Affairs from the following
information:
1.4.2020 31.3.2021
Sundry debtors 75,200 1,38,000
Loan from Gopal --- 40,000
Stock 88,000 1,45,600
Bills receivable 16,000 ---
Sundry creditors 48,400 32,000
Fixed assets 1,60,000 2,40,000
Cash balance 14,000 16,400
Bank balance 24,000 (Dr) 60,000 (Cr.)

Gautam sold his private car for Rs.1,00,000 out of which he invested half the amount in the
business. He also paid from the business account the rent for his house @ Rs.3,600 per month
and electricity charges @ Rs.1,000 per month and gave Rs.32,000 as a personal loan to his
brother. He withdrew from the business Rs.6,000 per month for personal use
Fixed assets are to be depreciated @ 10% . He has not paid two months salary to his
assistant @ Rs.4,800 per month and insurance premium @ Rs.2,400 p.a. was paid on
1.10.2020 for one year. Loan from Gopal was taken on 1.7.2020 on which interest was
unpaid @18% p.a.

QUESTION 4 [12]

From the following particulars, Prepare Trading, Profit & Loss Account for the year ended
31st March, 2021 and Balance Sheet as at that date.
Rs. Rs
Fixed assets 1,50,000 Bills receivable 1,650
Capital 1,25,000 Purchases 1,37,500
Bank loan 10,000 Sales 2,60,000
Cash in hand 6,400 Carriage 6,200
Commission received 500 Trade expenses 1,100
Bills payable 1,100 Insurance 1,000
Audit fees 600 Debtors 55,000
Rent received 6,500 Printing and advertisement 2,750
Wages and salaries 29,300 Opening stock 18,000
Return outwards 4,500 Cash at bank 13,400
Return inwards 7,500 Interest on loan 750
Creditors 31,050 Drawings 7,500
Adjustments:
a) Stock on 31st March, 2018 was Rs.30,000.
b) Wages and salaries Rs.5,700 are outstanding.
c) Depreciate fixed assets by 10%.
d) Rent received in advance Rs.500.
e) Prepaid insurance amounted to Rs.325.
f) Commission earned but not received Rs.200.

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