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CBSE Sample Papers Class 11 Accountancy 2023-24

We at myCBSEguide provide CBSE Class 11 Sample Papers of Accountancy for the year 2024 with
solutions in PDF format for free download. This CBSE model question paper follows NCERT
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Class 11 – Accountancy Sample Paper – 01 (2023-24)

Maximum Marks: 80
Time Allowed: : 3 hours

General Instructions:

1. This question paper contains 34 questions. All questions are compulsory.

2. This question paper is divided into two parts, Part A and B.
3. Question 1 to 17 and 27 to 29 carries 1 mark each.
4. Questions 18 to 20 and 30 to 32 carries 3 marks each.
5. Questions from 21 to 23 carries 4 marks each.
6. Questions from 24 to 26, 33 and 34 carries 6 marks each.

Class 11 Accountancy Sample Paper Part A

1. The vouchers which are prepared for transactions not involving cash, i.e. non-cash
transactions, are known as ________ vouchers.
a) Token
b) Credit
c) Transfer
d) Unilateral
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2. Assertion (A): Statements prepared through management account are helpful in

decision making process.
Reason (R): The information provided by management accounts is financial and
non-financial as well.

a) Both A and R are true and R is the correct explanation of A.

b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false.
d) A is false but R is true.
3. Goodwill account is a:
a) Nominal Account
b) Real Account
c) None of these
d) Personal Account
4. What shall be the amount of Capital if Cash is ₹ 5,000; Furniture ₹ 12,000; Stock ₹
30,000 and Creditors ₹ 6,000?
a) ₹ 41,000
b) 43,000
c) ₹ 53,000
d) ₹ 47,000
OR

Purchase of machine by cash means:

a) increase in asset and decrease in the asset

b) none of these
c) the decrease in asset and increase in capital
d) increase in asset and decrease in liability
5. Source of documents are
a) Cash Memo
b) Both Cash Memo and Invoice
c) Neither Cash Memo Nor Invoice
d) Invoice

6. Income statement include

a) Profit and loss account only
b) Trial Balance only
c) Balance sheet only
d) Statement
Free of profit and
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OR

Which of the following is not a limitation of accounting?

a) Evidence in Legal Matters

b) Based on accounting conventions
c) Incomplete Information
d) Omission of Qualitative Informations
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7. Which of the following correctly differentiates between provision and reserves?
i. A provision is a charge against profit whereas reserve is an appropriation of
profit.
ii. Provision is made for a known liability or expense the amount of which is not
certain whereas reserve is created for strengthening the financial position of the
business.
iii. Provision is deducted before calculating taxable profits whereas a reserve is
created from profit after tax and therefore it has no effect on taxable profit.
iv. All of these
a) Option (ii)
b) Option (i)
c) Option (iii)
d) Option (iv)
8. Rule of Debit and Credit for Impersonal account is
a) Dr. the receiver and Cr the giver
b) Dr. what goes out and Cr what comes in
c) Dr. all expenses and Cr all gains & Dr. what goes out and Cr what comes in
d) Dr. all expenses and Cr all gains
OR

When a total of the debit side of an account exceeds the total of its credit side, the
account is said to have ________.

a) Debit Balance
b) None of these
c) Debit as well as credit balance
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Question No. 9 to 10 are based on the given text. Read the text carefully and answer
the questions:A business purchased goods for ₹ 2,00,000 and sold 75% of such goods
during accounting year ended 31st March 2020. The market value of remaining goods
was ₹ 43,000. Accountant valued closing stod at cost. According to him,
i. Owner of the business is treated as creditor to the extent of his capital;
ii. All expenses incurred to earn revenue or a particular period should be charged against
that revenue to determine the net income:
Financial statements are prepared on 31st March every year.
1. A business purchased goods for ₹ 200,000 and sold 75% of such goods during the
accounting year ended 31st March, 2020. The market value of the remaining goody
was ₹ 43,000 Accountant valued closing stock it cost: Identify the concept violated in
the above situation.
a) Matching
b) Conservatism
c) Business entity
d) Accounting period
2. Under which concept owner of the business is treated as creditor to the extent of his
capital.
a) Conservatism
b) Business entity
c) Matching
d) Accounting period
3. Match the following. Options are

a. General reserve i. reserve are created for specific purpose

b. Specific reserve ii. reserve may or may not involve any receipts of cash

c. Capital reserve iii. created in business for rainy day

a) a – (ii), b – (iii), c – (ii)

b) a – (iii), b – (i), c – (ii)
c) a – (iii), b – (ii), c – (i)
d) a – (ii), b – (i), c – (iii)
4. Which of the following is not a fixed asset?
a) Computers
b) Furniture
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d) Cash in hand
5. Return of goods purchased on credit to the suppliers will be entered in ____ Book.
a) Purchase
b) Sales
c) Sales Return
d) Purchase Return
6. When goods are returned to supplier assets and ________ are ________ by same amount.
a) liabilities, increased
b) assets, decreased
c) liabilities, decreased
d) assets, increased
7. Which of the following is not a fixed asset?
i. Balance with bank
ii. Plant and Machinery
iii. Building
iv. Goodwill
a) B only
b) C only
c) A only
d) D only
OR

Out of the following assets, which one is not an intangible asset?

a) Patents
b) Trade Mark
c) Machinery
d) Goodwill
8. Goods sold for Cash Rs 25,000 plus 12% IGST. Sales A/c will be credited by:
a) Rs 28,000
b) Rs 22,000
c) Rs 25,000
d) None of these
9. How secret reserve can be created
a) All of these
b) By charging capital expenditure to revenue
c) Under valuating stock
d) By making excessive provisions
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10. When an account is said to have a debit balance and credit balance?
OR

Pass Journal entry for purchase of goods by Amrit, Delhi from Add Gel Pens, Delhi for ₹
15,000 less Trade Discount 10% and Cash Discount 3%. CGST and SGST is levied @ 6%
each. Assume payment is made at the time of purchase.

11. Why is the consistency principle important?

OR

What is meant by Accounting Standard? State any two benefits of it.

12. Distinguish between debtors and creditors.

13. Following balances were extracted from the books of Ravinder Associates as at 31st
March, 2017:

(₹) (₹)

Sundry Debtors 4,10,000 Stock (April 1, 2016) 2,30,000

Sundry Creditors 80,000 Premises 12,00,000

Rent and Taxes 48,000 Fixtures & Fittings 3,10,000

Purchases 34,00,000 Bad Debts written off 8,000

Rent received from sub-let of part of

Sales 56,00,000 30,000
premises

Trade Expenses 12,000 Loan from Mukul 1,50,000

Returns
80,000 Interest on Mukul’s Loan 15,000
Outwards

Returns Inwards 1,20,000 Drawings 40,000

Expenses 4,000 Cash in hand 75,000

Motor Vehicles 6,50,000 Stock on 31st March, 2017

Electricity 25,000 (not adjusted) 3,80,000

You are required to prepare the trial balance treating the difference as his capital.
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14. Record the following transactions in a cash book with cash and bank columns:

2017 ₹

Jan. 1 Bank overdraft 12,000

Cash in hand 2,300

Jan. 7 Cheque received from Ram ₹ 4,000 and discount allowed ₹ 200

Jan. 8 Deposited the above cheque into Bank 4,000

Jan. 12 Banked 200

Jan. 15 Received a money order from Gopal 500

Jan. 16 Money is withdrawn from Bank for office use 300

Jan. 18 Bank Charges 20

Jan. 20 Interest on bank overdraft 1,000

15. From the following particulars ascertain the balance that would appear in the Bank Pass
Book of A at 31st December 2013:
i. The bank overdraft as per Cash Book on 31st December 2013 ₹ 63,400.
ii. Interest on overdraft for 6 months ending 31st December 2013, ₹ 1,600 is entered in
the Pass Book.
iii. Bank charges of ₹ 300 for the above period are debited in the Pass Book.
iv. Cheques issued but not cashed prior to 31st December 2013 amounted to ₹ 11,680.
v. Cheques paid into bank but not cleared before 31st December 2013 were for ₹ 21,700.
vi. Interest on investments collected by the bank is credited in the Pass Book ₹ 12,000.
OR

On 31st March 2018, the Bank Pass Book of Naresh & Co. showed an overdraft of
Rs.10,700. From the following particulars prepare Bank Reconciliation Statement

i. Cheques issued before 31-03-2018 but presented for payment after that date
amounted to Rs.900.
ii. Cheques paid into the Bank but not collected and credited until 31-03- 2018
amounted to Rs.2,200.
iii. Interest on overdraft amounting to Rs.1,200 did not appear in the Cash Book.

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iv. Rs.5,000 being interest on investments collected by the Bank and credited in the Pass
Book were not shown in the Cash Book.
v. Bank charges of Rs.50 were not entered in the Cash Book.
vi. Rs.800 in respect of dishonoured cheque were entered in the Pass Book but not in the
Cash Book.
16. On the basis of the narrations, fill in the missing values:
Journal Entries

Amount Amount
Date Particulars L.F.
(Rs) Cr. (Rs)

________ Dr. ________

________ ________

(i)
To ________ ________

(Being the bank draft of Rs 10,000 issued

to Suman, bank charges Rs 100)

________ Dr. 10,000

(ii) To ________ 10,000

(Being the cheque of Ranjan dishonoured)

________ Dr. ________

To ________ ________

(iii)
To ________ ________

(Being the purchase of goods of Rs 30,000;

received cash discount @ 2%)

________ Dr. ________

________ ________

(iv)
To ________ ________

(Being the sale of goods of Rs 30,000

allowed cash discount @ 3% )
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________ Dr. ________

To ________ ________
(v)

(Being the goods costing Rs 15,000 lost in

the fire)

________ Dr. ________

________ ________

(vi)
To ________ 10,000

(Being the rent paid, 1

4
th of the premises
used for residence)

________ Dr. ________

To ________ ________

To ________ ________

(vii) To ________ ________

(Being the machinery (cost Rs 2,00,000)

recorded, adjusting advance (Rs 20,000),
old machine (Rs 10,000 cost) and balance
by payment by cheque)

________ Dr. 20,000

To ________ 20,000
(viii)

(Being a computer out of stock used for

office purposes)

________ Dr. ________

To ________ ________
(ix)

(Being the computer (stock) costing Rs

15,000 taken for domestic use)

(x) ________ Dr. ________

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________ ________

To ________ ________

To ________ ________

(Being the salaries (Rs 40,000) and rent (Rs

15,000) outstanding)

OR

Journalise the following transactions:

2017 Amount (₹)

Dec.01 Hema started business with cash 1,00,000

Dec.02 Open a bank account with SBI 30,000

Dec.04 Purchased goods from Ashu 20,000

Dec.06 Sold goods to Rahul for cash 15,000

Dec.10 Bought goods from Tara for cash 40,000

Dec.13 Sold goods to Suman 20,000

Dec.16 Received cheque from Suman 19,500

Discount allowed 500

Dec.20 Cheque given to Ashu on account 10,000

Dec.22 Rent paid by cheque 2,000

Dec.23 Deposited into bank 16,000

Dec.25 Machine purchased from Parigya 10,000

Dec.26 Trade expenses 2,000

Dec.28 Cheque issued to Parigya 10,000

Dec.29 Paid telephone expenses by cheque 1,200

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Dec.31 Paid salary 4,500

17. Trial Balance of Rahul did not agree. Rahul put the difference to Suspense Account.
Subsequently, he located the following errors:
i. Wages paid for the installation of Machinery Rs 600 was posted to Wages A/c.
ii. Repairs to Machinery Rs 400 debited to Machinery A/c.
iii. Repairs paid for the overhauling of second-hand machinery purchased Rs 1,000 was
debited to Repairs A/c.
iv. Own business material 8,000 and wages Rs 2,000 were used for the construction of the
building. No adjustment was made in the books.
v. Furniture purchased for Rs 5,000 was posted to Purchases A/c as Rs 500.
vi. Old machinery sold to Karim at its Book value of Rs 2,000 was recorded through sales
book.
vii. Total of Sales Returns Book Rs 3,000 was not posted to the ledger.
Rectify the above errors and prepare Suspense Account to ascertain the original
difference in Trial Balance.
OR

There was a difference of Rs. 8,595 in a trial balance. It has been transferred to debit side
of suspense account. Later on following errors were discovered. Pass the rectifying entries
and prepare the suspense account.

i. Rs 283 discount received from a creditor had been duly entered in his account but not
posted to discount account.
ii. Goods bought from a merchant for Rs 770 had been posted to the credit of his
account as Rs. 7,700.
iii. Rs 6,000 owing by a customer had been omitted from the schedule of sundry debtors.
iv. An item of Rs 2,026 entered in the sales return book had been posted to the debit of
the customer who returned the goods.
18. On 1st April, 2016 a firm purchased machinery for ₹ 3,00,000. On 1st October, 2016,
additional machinery costing ₹ 1,50,000 was purchased On 1st October, 2017, the
machinery purchased on 1st April, 2016 having become obsolete, was sold for ₹ 1,35,000.
On 1st October, 2018, new machinery was purchased for ₹ 3,75,000 while the machinery
purchased on 1st October, 2016 was sold for ₹ 1,27,500 on the same day. The firm
provides depreciation on its machinery @ 10% per annum on original cost on 31st March
every year.
Show Machinery Account, Provision for Depreciation Account and Depreciation Account
for the period of three accounting years ending 31st March, 2019.
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OR

You are given following balances as on 1st April 2014:

Plant & Machinery A/c Rs 25,00,000
Provision for Depreciation A/c Rs 5,80,000
Depreciation is charged on the plant at 20% p.a. by the diminishing balance method. A
piece of machinery purchased on 1st April 2012 for Rs 5,00,000 was sold on 1st October
2014 for Rs 3,00,000.
Prepare the Plant & Machinery Account and Provision for Depreciation Account for the
Year ended 31st March 2015.
Also, prepare Machinery Disposal Account.

Class 11 Accountancy Sample Paper Part B

19. The time between the acquisition of an asset for processing and its conversion into cash
and cash equivalent is called
a) Production cycle
b) Operating cycle
c) None of these
d) Time gap
OR

_____ is the arrangement of various assets and liabilities in a particular order

a) Marshalling
b) Grouping
c) All of these
d) Balancing
20. Loss on sale of an old car is debited to:
a) Profit and Loss A/c
b) Depreciation A/c
c) None of these
d) Car A/c
21. Closing Stock, if given outside the Trial Balance is shown in:
a) Profit and Loss Account
b) Trading Account and Balance Sheet
c) Profit and Loss Account and Balance Sheet
d) Balance Sheet
OR
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Calculate provision for doubtful debt. If debtor closing balance is Rs.3,400 and provision
for the reserve of doubtful debts at 10% on sundry debtors

a) Rs.2,060
b) Rs.3,400
c) Rs.340
d) Rs.3,060
22. Distinguish between Capital Receipts and Revenue Receipts.
23. From the following information, prepare the Trading Account for the year ended 31st
March, 2017:
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and
Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory
Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.
24. Why is it necessary to create a provision for doubtful debts at the time of preparation of
final accounts?
25. Following is the Trial Balance of Shamit on 31st March, 2019. Pass closing entries and
prepare Trading and Profit and Loss Account for the year ended 31st March, 2019.
TRIAL BALANCE as on 31st March, 2019

Particulars Dr.(₹) Cr.(₹)

Capital A/c – 1,00,000

Stock A/c (1st April, 2018) 20,000 –

Cash at Bank 10,000 –

Cash In Hand 4,400 –

Machinery A/c 60,000 –

Furniture and Fittings A/c 13,600 –

Purchases A/c 1,50,000 –

Wages A/c 1,00,000 –

Power and Fuel A/c 30,000 –

Factory Lighting A/c 2,000 –

Salaries A/c 70,000 –

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Discount Allowed A/c 5,000 –

Discount Received A/c – 3,000

Advertising A/c 50,000 –

Sundry Office Expenses A/c 40,000 –

Sales A/c – 5,00,000

Sundry Debtors 85,000 –

Sundry Creditors – 37,000

Total 6,40,000 6,40,000

Value of Closing Stock as on 31st March, 2019 was ₹ 27,000

OR

From the following trial balance, prepare the trading and profit and loss account for the
year ended 31st March 2013 and the balance sheet as at that date

Debit Credit
Name of Account Amount Name of Account Amount
(Rs.) (Rs.)

Debit Balances Rent, Rates, and Taxes 800

Sundry Debtors 1,500 Salaries 2,000

Stock on 1 st April 2012 5,000 Drawings 2,000

Land and building 10,000 Purchases 10,000

Cash in hand 1,600 Office expenses 2,500

Cash at bank 400 Plant and machinery 5,700

Wages 3,000 Credit Balances

Bills Receivable 2,000 Capital 25,000

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Debit Credit
Name of Account Amount Name of Account Amount
(Rs.) (Rs.)

Interest 200 Interest 600

Bad debts 500 Sundry creditors 7,000

Repairs 300 Sales 17,000

Furniture and fixtures 1,500 Bills payable 400

Depreciation 1,000

On 31st March 2013, the stock was valued at Rs. 10,000.

26. From the following Trial Balance of Mr. Alok, prepare Trading and Profit & Loss Account
for the year ending 31st March, 2019, and a Balance Sheet as at that date:-

Dr. Balances ₹ Cr. Balances ₹

Drawings 5,275 Capital 59,700

Loan at 8% p.a. (on

Bills Receivable 4,750 10,000
1.4.2018)

Machinery 14,400 Commission Received 2,820

Debtors (including X for dishonoured

30,000 Creditors 29,815
Bill of ₹1,000)

Wages 20,485 Sales 1,78,215

Returns Inward 2,390

Purchases 1,28,295

Rent 2,810

Stock (1.4.2018) 44,840

Salaries 5,500

Travelling Expenses 945

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Insurance 200

Cash 9,750

Repairs 1,685

Interest on Loan 500

Discount Allowed 2,435

Bad-Debts 1,810

Furniture 4,480

2,80,550 2,80,550

The following adjustments are to be made :

i. Stock in the shop on 31st March, 2019 was ₹ 64,480.

ii. Half the amount of X’s Bill is irrecoverable.
iii. Create a provision of 5% on other debtors.
iv. Wages include ₹ 600 for erection of new Machinery.
v. Depreciate Machinery by 5% and Furniture by 10%.
vi. Commission includes ₹300 being Commission received in advance.
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OR

From the following trial balance extracted from the books of MMN, prepare the trading
and profit and loss account for the year ended 31st December, 2013 and the balance
sheet as at that date.

Name of Accounts Debit Balance(Rs) Credit Balance(Rs)

Capital 90,000

Drawings 6,480

Land and buiding 25,000

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Plant and machinery 14,270

Furniture and fixtures 1,250

Carriage inwards 4,370

Wages 21,470

Salaries 4,670

Provision for bad debts 2,470

Sales 91,230

Sales return 1,760

Bank charges 140

Coal, gas and water 720

Rates and taxes 840

Discount 120

Purchases 42,160

Purchases return 8,460

Bills receivable 1,270

Trade expenses 1,990

Sundry debtors 37,800

Sundry creditors 12,170

Stock (1st January, 2013) 26,420

Apprentice premium 500

Fire insurance 490

Cash at bank 13,000

Cash in hand 850

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Total 2,04,950 2,04,950

Additional Adjustments
Charge depreciation on land and building at 2 12 %, on plant and machinery account at
10% and on furniture and fixtures at 10%. Make a provision of 5% on debtors for doubtful
debts. Carry forward the following unexpired amounts.

i. Fire insurance Rs 125

ii. Rates and taxes Rs 240
iii. Apprentice premium Rs 400
iv. Closing stock Rs 29,390

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Class 11 – Accountancy Sample Paper – 01 (Solution)

Solution

Class 11 Accountancy Sample Paper Part A Solution

1. (c) Transfer
Explanation: Transfer
2. (a) Both A and R are true and R is the correct explanation of A.
Explanation: Both A and R are true and R is the correct explanation of A.
3. (b) Real Account
Explanation: Goodwill account is a Real Account, goodwill is an intangible asset and all
assets are real.
4. (a) ₹ 41,000
Explanation: Rs. (5000+12,000+30,000-6,000)=₹ 41,000

OR

(a) increase in asset and decrease in the asset

Explanation: Purchase of machine by cash means an increase in asset and decrease in the
asset. For example Machinery purchase at Rs. 10,000 so Machinery increase and Rs.
10,000 Cash decrease.

5. (b) Both Cash Memo and Invoice

Explanation: yes. Cash memo are prepared on cash sale or cash purchase and Invoices
are on credit transaction of sale and purchase.
these both are source documents, on the basis of which we record transaction.
6. (d) Statement of profit and loss
Explanation: The other name of Profit and loss account is the income statement.

OR

(a) Evidence in Legal Matters

Explanation: Evidence in Legal Matters is not part of a limitation of accounting.
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7. (d) Option (iv)

Explanation: Option (iv)
8. (c) Dr. all expenses and Cr all gains & Dr. what goes out and Cr what comes in
Explanation: Impersonal account means account other than personal.
Rule of Personal account is debit the receiver credit the giver.
So, option 3 and option 4 is other than personal means Impersonal.

OR

(a) Debit Balance

Explanation: While preparing an account if the debit side is greater than the credit side,
the difference is called “Debit Balance”. So, if Debit Side > Credit Side, it is a debit
balance.

9. (b) Conservatism
Explanation: Conservatism
10. (b) Business entity
Explanation: Business entity
11. (b) a – (iii), b – (i), c – (ii)
Explanation: General reserve is created for no specific purpose to meet any unforeseen
contingency, specific reserve is created to meet a specific expense and capital reserves are
created out of capital profits which may or may not involve cash receipt.
12. (d) Cash in hand
Explanation: Cash in hand is a current asset, not a fixed asset.
13. (d) Purchase Return
Explanation: We prepare seprate books of credit transaction for purchase, sale , purchase
return or sale return. So, when we return goods to the which are purchase on credit from
supplier it will be recorded in purchase return book.
14. (c) liabilities, decreased
Explanation: Stock (assets) will reduce due to purchase return and creditors (liabilities)
will also decrease by the same amount.
15. (c) A only
Explanation: Balance with the bank is not a fixed asset. It is current asset.

OR

(c) Machinery
Explanation: Machinery is not an intangible asset. It is tangible assets.
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16. (c) Rs 25,000

Explanation: Cash A/c … Dr. … 28,000
To Sales A/c … 25,000
To IGST A/c … 3,000
So, Sales A/c will be credited by Rs 25,000.
17. (a) All of these
Explanation: Secret Reserve :- A secret reserve is one whose existence is not disclosed in
the balance sheet. It can be created by all the methods mentioned above by suppressing
sales, by charging over depreciation etc. It is created without showing to public.
18. The difference between the sum of the two sides of an account is called the balance. This
is the most important part of an account as it shows value or position of asset, liability,
capital, income or expenses of which the account is a record. If the total of the debit side
exceeds the total of credit side then this would be represented by a debit balance and
opposite is true for a credit balance.
OR

Journal Entries
In The Books Of Amrit, Delhi

S.No. Particulars L.F. Dr. (₹) Cr. (₹)

Purchases A/c Dr. 13,500

Input CGST A/c Dr. 810

Input SGST A/c Dr. 810

To Cash A/c 14,666

To Discount Received A/c 454

(Goods purchased for cash and discount received)

Working Notes:

List Price 15,000

Less: Trade Discount @ 10% 1,500

Value of Goods 13,500

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Add: CGST @ 6% 810

Add: SGST @ 6% 810

Invoice Value 15,120

Less: Cash Discount @ 3% 454

Amount Paid 14,666

19. It is assumed that accounting policies are consistent from one period to another. The
consistency principle states that companies should use the same accounting treatment for
similar events and transactions over time. In other words, companies shouldn’t use one
accounting method today, use another tomorrow, and switch back the day after that.
Similar transactions should be accounted for using the same accounting method over
time. This creates consistency in the financial information given to creditors and investors.
The realization concept states that no revenue should be recognized unless it has been
realized. The prudence principle puts a further brake on it. It is not prudent to record
unrealized gain but it is desirable to guard against all possible losses. Conservatism can
be a useful tool in situations of uncertainty and doubt, but the abuse of this principle can
definitely lead to misleading and incorrect financial statements.

OR

An accounting standard is a common set of principles, standards and procedures that

define the basis of financial accounting policies and practices. Accounting standards
improve the transparency of financial reporting in all countries. Accounting standards are
principles that guide and standardizes the process of accounting and is notified by the
Ministry of Corporate Affairs.
The advantages are:

i. Accounting practice is standardized and hence comparison of accounts of different

companies is possible.
ii. Window dressing manipulation is not possible.

Basis of
Debtors Creditors
Difference
20.

Persons or organizations that Persons or organizations to

(i) Meaning are liable to pay money to a whom the firm is liable to pay
firm are called debtors. money are called creditors.
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They have debit balance in the They have a credit balance in the
(ii) Nature
firm’s books. firm’s books.

Amount due is received from

(iii) Settlement Payments are made to them.
them.

They are shown as assets in the They are shown as liabilities in

(iv) Treatment Balance Sheet under Current the Balance Sheet under Current
Assets. Liabilities.

21. Books of Ravinder Associates

Trial Balance
as on March 31, 2017

Name of Accounts L.F. Dr. (₹) Cr. (₹)

Sundry Debtors 4,10,000

Sundry Creditors 80,000

Rent & Taxes 48,000

Purchases 34,00,000

Sales 56,00,000

Trade Expenses 12,000

Return Outwards 80,000

Return Inwards 1,20,000

Expenses 4,000

Motor Vehicles 6,50,000

Electricity 25,000

Opening Stock (on April 01, 2004) 2,30,000

Premises 12,00,000

Fixture & Fittings 3,10,000

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Bad Debts written off 8,000

Loan from Mukul 1,50,000

Interest on Mukul’s Loan 15,000

Drawings 40,000

Cash in Hand 75,000

Rent received from Sub-let of part of Premises 30,000

Capital (Balancing Figure) 6,07,000

Total 65,47,000 65,47,000

Note: Closing Stock of Rs 3,80,000 will not appear in Trial Balance, it will be shown after
trial balance.
Balance remains in trial balance is recorded as capital according to question.
22. Cash Book

Dr. Cr.

Cash Bank Cash Bank

Date Particulars L.F. Date Particulars L.F.
(₹) (₹) (₹) (₹)

2020 2020

Jan. To Balance Jan. By Balance

2,300 12,000
1 b/d 1 b/d

To
Cheques- By Bank
8 4,000 12 C 200
in-Hand A/c
A/c

To Cash By Cash
12 C 200 16 C 300
A/c A/c

By Bank
To Gopal’s
15 500 18 Charges 20
A/c
A/c
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To Bank By Interest
16 C 300 20 1,000
A/c on O/D

To Balance By Balance
31 9,120 31 2,900
c/d c/d

3,100 13,320 3,100 13,320

Feb. To Balance Feb. By Balance

2,900 9,120
1 b/d 1 b/d

Journal Entry

Date Particulars L.F. Debit (₹) Credit (₹)

2017

Feb 8 Cheques-in-hand A/c Dr. 4,000

Discount allowed A/c Dr. 200

To Ram’s A/c
4,200
(Being cheque received from Ram)

23. Bank Reconciliation Statement

as on 31st December 2013

Amount
Particulars
(₹)

Bank Overdraft Balance as per Cash Book 63,400

Add: Interest debited in Pass Book but not yet entered in Cash Book 1,600

Add: Bank charges debited in Pass Book but not yet entered in Cash
300
Book

Add: Cheques paid in bank but not yet credited by bank 21,700

87,000

Less: Cheques issued but not yet presented in bank 11,680

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75,320

Less: Interest collected and credited by bank but not entered in Cash
12,000
Book

Bank Overdraft Balance as per Pass Book 63,320

OR

BANK RECONCILIATION STATEMENT

as on March 31, 2018

Particulars (+) (-)

Unfavourable balance as per Pass Book (Dr.) 10,700

Cheques not yet presented 900

Cheques but not yet collected 2,200

Interest on Investment 5,000

Cheques dishonoured 800

Interest on overdraft debited by bank 1,200

Bank charges debited by bank 50

Unfavourable balance as per Cash Book (Cr.) (Balancing figure) 12,350

16,600 16,600

24. Journal Entries

Amount Amount
Date Particulars L.F.
Dr (Rs) Cr. (Rs)

(i) Suman’s A/c Dr. 10,000

Bank Charges A/c Dr. 100

To Bank Account 10,100

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(Being the bank draft of Rs 10,000 issued

to Suman, bank charges Rs 100 from the
bank Account )

Ranjan’s A/c Dr. 10,000

To Bank A/c 10,000

(ii)
(Being the cheque Rs 10,000 already
received from Ranjan now made
dishonoured )

Purchases A/c Dr. 30,000

To Cash A/c (30,000 – 600) 29,400

(iii) To Discount Received A/c (30,000 × 100

2
) 600

(Being the purchase of goods of Rs 30,000;

received cash discount @ 2% from supplier
)

Cash A/c (30,000 – 900) Dr. 29,100

Discount Allowed A/c (30,000 × 3

100
) Dr. 900

(iv)
To Sales A/c 30,000

(Being the sale of goods of Rs 30,000

allowed cash discount @ 3%)

Loss by Fire A/c Dr. 15,000

To Purchases A/c 15,000

(v)

(Being the goods costing Rs 15,000 lost in

the fire)

(vi) Rent A/c (10,000 × 3

4
) Dr. 7,500

Drawings A/c(10,000 × 1

4
) Dr. 2,500

To Bank A/c 10,000

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(Being the rent paid and 1

4
th of the
premises used for residence of owner)

Machinery A/c (New Machine) Dr. 2,00,000

To Advance for Machinery A/c 20,000

To Machinery A/c (old machinery) 10,000

To Bank A/c (Balancing Figure) 1,70,000

(vii)

(Being the machinery (cost Rs 2,00,000)

recorded in books by adjusting advance
given to supplier (Rs 20,000) and old
machine (Rs 10,000 cost) and balance by
payment made by cheque)

Computer A/c Dr. 20,000

To Purchases A/c 20,000

(viii)
(Being a computer out of stock of Rs
20,000 are used for office purposes for the
company)

Drawings A/c Dr. 15,000

To Purchases A/c 15,000

(ix)
(Being the computer (stock) costing Rs
15,000 are taken for domestic use of owner
recorded in the books)

(x) Salaries A/c Dr. 40,000

Rent A/c Dr. 15,000

To Salary Outstanding A/c 40,000

To Rent Outstanding A/c 15,000

(Being the salaries (Rs 40,000) and rent (Rs

15,000) are outstanding now recorded in
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the books )

OR

Journal of Hema

Debit Credit
Date Particulars L.F.
(₹) (₹)

2017

Dec. 01 Cash A/c Dr. 1,00,000

To Capital A/c 1,00,000

(Started business with cash)

Dec. 02 Bank A/c Dr. 30,000

To Cash A/c 30,000

(Bank account opened with SBI)

Dec. 04 Purchases A/c Dr. 20,000

To Ashu 20,000

(Goods purchased from Ashu)

Dec. 06 Cash A/c Dr. 15,000

To Sales A/c 15,000

(Goods sold for cash)

Dec. 10 Purchases A/c Dr. 40,000

To Cash A/c 40,000

(Goods purchased for cash)

Dec. 13 Suman Dr. 20,000

To Sales A/c 20,000

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(Goods goods to Suman)

Dec. 16 Bank A/c Dr. 19,500

Discount Allowed A/c Dr. 500

To Suman 20,000

(Cheque received from Suman and

discount allowed)

Dec. 20 Ashu Dr. 10,000

To Bank A/c 10,000

(Cheque forwarded to Ashu)

Dec.b22 Rent A/c Dr. 2,000

To Bank A/c 2,000

(Rent paid by cheque)

Dec.b23 Bank A/c Dr. 16,000

To Cash A/c 16,000

(Cash deposited into bank)

Dec. 25 Machinery A/c Dr. 10,000

To Parigya 10,000

(Machinery purchased from Parigya)

Dec. 26 Trade Expenses A/c Dr. 2,000

To Cash A/c 2,000

(Trade expenses paid)

Dec. 28 Parigya Dr. 10,000

To Bank A/c 10,000

(Cheque
Free NCERTissued to Parigya)
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Dec. 29 Telephone Expenses A/c Dr. 1,200

To Bank A/c 1,200

(Telephone expenses paid through

cheque)

Dec. 30 Salaries A/c Dr. 4,500

To Cash A/c 4,500

(Salary paid)

Total 3,00,700 3,00,700

25. In the Books of Rahul

Journal Entries

Debit Credit
Date Particulars L.F. Amount Amount
(Rs) (Rs)

(i) Machinery Account Dr. 600

To Wages Account 600

(Being wages paid for the installation of

machinery wrongly debited to wages
account, now entry is rectified)

(ii) Repairs Account Dr. 400

To Machinery Account 400

(Being Repairs paid wrongly debited to

Machinery account now entry is
rectified)

(iii) Machinery Account Dr. 1,000

To Repairs Account 1,000

(Being Repairs for overhauling of

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wrongly debited to Repairs account, now

entry is rectified)

(iv) Building Account Dr. 10,000

To Purchases Account 8,000

To Wages Account 2,000

(Being material and wages used for the

construction of the building, not debited
to building accounts, now entry is
rectified)

(v) Furniture Account Dr. 5,000

To Purchases Account 500

To Suspense Account 4,500

(Being Furniture purchased for Rs 5,000

wrongly debited to purchases account as
Rs 500, now entry is rectified)

(vi) Sales Account Dr. 2,000

To Machinery Account 2,000

(Being Sale of Machinery wrongly

recorded in the sales book, now entry is
rectified)

(vii) Sales Return Account Dr. 3,000

To Suspense Account 3,000

(Being total of Sales Returns Book not

posted to the ledger, now entry is
rectified)

Suspense Account

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Amount Amount
Date Particulars L.F. Date Particulars L.F.
(Rs) (Rs)

To Difference as By Furniture
7,500 4,500
per Trial Balance A/c

By Sales
3,000
Returns A/c

7,500 7,500

OR

Rectifying Entries

S. Dr. Cr.
Particulars L.F.
No. (Rs.) (Rs.)

1. Suspense A/c Dr. 283

To Discount Received A/c 283

(Being Discount received Rs.283, not posted in

the books, now corrected.)

2. Supplier A/c Dr. 6930

To Suspense A/c 6930

(Being brought goods for Rs.770, wrongly posted

to supplier a/c as Rs.7700, now rectified.)

3. Debtors A/c Dr. 6,000

To Suspense A/c 6,000

(Being owing by a customer, not included in the

list of Sundry Debtors, now rectified.)

4. Suspense A/c Dr. 4,052

To Customer A/c 4,052

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S. Dr. Cr.
Particulars L.F.
No. (Rs.) (Rs.)

(Being goods of Rs.2,026 returned by customer,

wrongly debited to customer a/c now corrected.)

Suspense A/c

Particulars Rs. Particulars Rs.

To Balance b/d 8,595 By Supplier 6,930

To Discount Received 283 By Debtors 6,000

To Customer 4,052

12,930 12,930

26. MACHINERY ACCOUNT

Dr. Cr.

Date Particulars ₹ Date Particulars ₹

2016 2017

April March
To Bank A/c (Mach. I) 3,00,000 By Balance c/d 4,50,000
1 31

Oct. To Bank A/c (Mach.

1,50,000
1 II)

4,50,000 4,50,000

2017 2017

April By Bank A/c (Mach. I)

To Balance b/d 4,50,000 Oct. 1 1,35,000
1 (Sale)

By Provision for
Oct. 1 45,000
Depreciation A/c

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By Loss on Sale of
Machinery A/c
Oct. 1 1,20,000
(Profit and Loss A/c)
(WN 3)

2018

March
By Balance c/d 1,50,000
31

4,50,000 4,50,000

2018 2018

April By Bank A/c (Mach. II)

To Balance b/d 1,50,000 Oct. 1 1,27,500
1 (Sale)

Oct. To Bank A/c (Mach. By Provision for

3,75,000 Oct. 1 30,000
1 III) (Sale) Depreciation A/c

2019

To Gain on Sale of
Oct. Machinery A/c March
7,500 By Balance c/d 3,75,000
1 (Profit and Loss A/c) 31
(WN 3)

5,32,500 5,32,500

PROVISION FOR DEPRECIATION ACCOUNT

Dr. Cr.

Date Particulars ₹ Date Particulars ₹

2017 2017

March March
To Balance c/d 37,500 By Depreciation A/c 37,500
31 31

2017 2017

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To machinery A/c
Oct. 1 45,000 April 1 By Balance b/d 37,500
(Mach. I)

By Depreciation A/c
(₹ 30,000 + ₹ 15,000) Oct. 1 15,000
(Mach. I)

2018 2018

March March
To Balance c/d 22,500 By Depreciation A/c 15,000
31 31

67,500 67,500

2018 2018

To Machinery A/c
Oct. 1 30,000 April 1 By Balance b/d 22,500
(Mach.II)

(₹ 7,500 + ₹ 15,000 By Depreciation A/c

Oct. 1 7,500
+ ₹ 7,500) (Mach. II)

2019 2019

March March
To Balance c/d 18,750 By Depreciation A/c 18,750
31 31

48,750 48,750

2019

April 1 By Balance b/d 18,750

DEPRECIATION ACCOUNT

Dr. Cr.

Date Particulars ₹ Date Particulars ₹

2017 2017

March To Provision for March By Profit and Loss

37,500 37,500
31 Depreciation A/c 31 A/c

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2017 2018

To Provision for March By Profit and Loss

Oct. 1 15,000 30,000
Depreciation A/c 31 A/c

2018

March To Provision for

15,000
31 Depreciation A/c

30,000 30,000

2018 2019

To Provision for March By Profit and Loss

Oct. 1 7,500 26,250
Depreciation A/c 31 A/c

2019

March To Provision for

18,750
31 Depreciation A/c

26,750 26,750

Working Notes:

Calculation of Accumulated Depreciation on Machine I: ₹

i.

Depreciation for 2016 – 17 30,000

Depreciation for 2017 – 18 (Sold on 1st October, 2018) 15,000

Accumulated Depreciation 45,000

Calculation of Depreciation on Machine II: ₹

ii.

Depreciation for 2016 – 17 (Purchased on 1st October, 2016) 7,500

Depreciation for 2017 – 18 15,000

Depreciation for 2018 – 19 (Sold on 1st October, 2018) 7,500

Accumulated Depreciation
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Calculation of Gain/(Loss) on Sale of Machine I: Machine I ₹ Machine II ₹

iii.

Cost of Machinery 3,00,000 1,50,000

Less: Accumulated Depreciation (till the date of sale) 45,000 30,000

Book Value on Date of Sale (A) 2,55,000 1,20,000

Sales Proceeds (B) 1,35,000 1,27,500

Gain/(Loss) on sale (B – A) 1,20,000 7,500

iv. Depreciation under the straight-line method is calculated on original cost of asset
after reducing salvage value. Each year same amount of depreciation is charged. When
provision for depreciation account is prepared depreciation is charged through
provision for depreciation account and not asset account.
OR

Machinery Account

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2014 By Machinery
To Balance 2014
April 25,00,000 Disposal 5,00,000
b/d Oct. 1
1 Account

2015
March By Balance c/d 20,00,000
31

25,00,000 25,00,000

2015 2016
To Balance
April 20,00,000 March By Balance c/d 20,00,000
b/d
1 31

20,00,000 20,00,000

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Provision for Depreciation Account
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Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

To
2013 Machinery
2014 April By Balance
March Disposal 2,12,000 5,80,000
1 b/d
31 Account
(WN1)

By
Depreciation
2014 Oct. 1 32,000
Account (WN
1)

By
2015
To Balance 2015 March Depreciation
March 7,20,000 3,20,000
b/d 31 Account (WN
1
2)

9,32,000 9,32,000

2016 April By Balance

7,20,000
1 b/d

Machinery Disposal Account

Dr. Cr.

Amount Amount
Date Particulars J.F. Date Particulars J.F.
(Rs) (Rs)

2014 To Machinery 2014 By Bank

Oct. Disposal 5,00,000 Oct. Account (Sale 3,00,000
1 Account 1 of machinery)

2014 To Profit & Loss 12,000 2014 By Provision for 2,12,000

Oct. Account (Gain Oct. Depreciation
1 1 Account
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on sale of
machinery)

5,12,000 5,12,000

Working Note:

Amount
S.No. Particular
(Rs)

Depreciation Provided on Machinery sold till 31st Oct.

1.
2014:

For 2012-2013 (5,00,000 × 20

) 1,00,000
100

For 2013-2014 (400000 × 20

100
) 80,000

For 2014-2015 (320000 × 100

20
×
6

12
) 32,000

Total Depreciation on Machinery sold 2,12,000

Calculation of Depreciation on machinery provided for

2.
2014-15:

Balance of provision for Depreciation on 1st April 2014 5,80,000

Add: Depreciation Provided on Sold Machinery 32,000

6,12,000

Less: Accumulated Depreciation on Machinery sold (WN 1) 2,12,000

Depreciation on the Remaining Machinery 4,00,000

Cost of Remaining Machinery 20,00,000

Less: Depreciation on Remaining Machinery 4,00,000

WDV of Remaining Machinery 16,00,000

Depreciation on machinery provided during 2014 – 15:

16,00,000 × 20

100
= Rs 3,20,000

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Class 11 Accountancy Sample Paper Part B Solution

27. (b) Operating cycle
Explanation: it included all the steps from purchasing the raw material and converting it
in to finished goods and then selling it.

OR

(a) Marshalling
Explanation: marshalling refers to the arrangement of assets and liabilities in particular
order. it can be done in two ways- on the basis of permanence and on the basis of
liquidity.

28. (a) Profit and Loss A/c

Explanation: Loss on sale of the car will be transferred to Profit and Loss A/c.
29. (b) Trading Account and Balance Sheet
Explanation: Closing stock will be shown in the Trading Account and Balance Sheet if
given outside the Trial balance.

OR

(c) Rs.340
Explanation: Amount of Provision for doubtful debts = 10% of 3,400 = 340

Capital Receipts Revenue Receipts

30.

Amount received from the sale of fixed assets or Money obtained from the
investments i.e., non-current assets. sale of goods or services.

Capital contributed by proprietors, partners or money Commission and fees

obtained from the issue of shares and debentures in received for services
case of the company. rendered.

31. Trading Account

for the year ended 31st March, 2017

Dr. Cr.

Amount Amount
Particulars Particulars
(₹)3 to 12
Free NCERT Solutions Class (₹)

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To Adjusted Purchases 15,00,000 By Sales 21,40,000

Less: Return
To Freight and Packing 15,000 40,000 21,00,000
Inwards

To Factory Expenses 60,000

To Gross Profit (Balancing

5,25,000
Figure)

21,00,000 21,00,000

Working Notes:
Calculation of Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock
Point of Knowledge:
Closing stock is not showing separately in the trading account as it is already subtracted
in adjusted purchases.
Packing Expenses on Sales’ and ‘Depreciation’ are indirect expenses and hence not
debited to the Trading A/c.
32. For recording business transactions, the convention of conservatism is followed which
states that provision should be made for expected profit and gains should not be
accounted for. As it is not possible to accurately know the amount of bad debts.
Therefore, in order to bring an element of certainty in the amount of bad debts from
debtors a provision for doubtful debts is created to cover the loss of possible bad debts.
A firm must be convinced with the amount of net debtors which it is going to realize by
the end of the financial year and for this purpose, provision for doubtful debts certainly
provides a helping hand.
33. JOURNAL OF SHAMIT

Date Particulars L.F. Dr.(₹) Cr.(₹)

2019

March
Trading A/c 3,02,000
31

To Stock A/c 20,000

To Purchases A/c 1,50,000

Free
To NCERT Solutions Class 3 to 12
Wages A/c 1,00,000

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To Power and Fuel A/c 30,000

To Factory Lighting A/c

(Bein the direct expenses debited to Trading 2,000
Account)

March
Sales A/c 5,00,000
31

To Trading A/c
(Bein the amount of Sales transferred to the 5,00,000
credit of the Trading Account)

March
Stock (Closing) A/c 27,000
31

To Trading A/c 27,000

(Being the value of stock on hand on 31 st

March, 2019)

March
Trading A/c 2,25,000
31

To Profit and Loss A/c

2,25,000
(Being the transfer of gross profit)

March
Profit and Loss A/c 1,65,000
31

To Discount Allowed A/c 5,000

To Salaries A/c 70,000

To Advertising A/c 50,000

To Sundry Office Expenses A/c

(Being the various indirect expenses accounts
40,000
transferred to the debit of the Profit and Loss
Account)

March
Discount Received A/c 3,000
31 Free NCERT Solutions Class 3 to 12
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To Profit and Loss A/c

(Being the credit balance of discount received 3,000
transferred to the profit and Loss Account)

March
Profit and Loss A/c 63,000
31

To Capital A/c
(Being the transfer of Net Proft to the Capital 63,000
Account)

TRADING ACCOUNT OF SHAMIT for the year ended 31st March, 2019

Dr. Cr.

Particulars ₹ Particulars ₹

To Stock 20,000 By Sales 5,00,000

To Purchases 1,50,000 By Closing Stock 27,000

To Wages 1,00,000

To Power and Fuel 30,000

To Factory Lighting 2,000

To Gross Profit c/d 2,25,000

(Transferred to Profit and Loss A/c)

5,27,000 5,27,000

PROFIT AND LOSS ACCOUNT OF SHAMIT

for the year ended 31st March, 2019

Dr. Cr.

Particulars ₹ Particulars ₹

To Salaries 70,000 By Gross Profit 2,25,000

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To Discount Allowed 5,000 By Discount Received 3,000

To Advertising 50,000

To Sundry Office Expenses 40,000

To Net Profit 63,000

(Transferred to Capital A/c)

2,28,000 2,28,000

OR

Trading & Profit and Loss A/c

Amount Amount
Particulars Particulars
(Rs) (Rs)

To Opening Stock 5,000 By Sales 17,000

To Purchase 10,000 By Closing Stock 10,000

To Wages 3,000

To Gross Profit c/d 9,000

27,000 27,000
======= ======

To Interest 200 By Gross Profit b/d 9,000

To Office Expense 2,500 By Interest 600

To Salaries 2,000

To Rent, rates and taxes 800

To Depreciation 1,000

To Repairs 300

To Bad Debts 500

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Amount Amount
Particulars Particulars
(Rs) (Rs)

To Net Profit 2,300

9,600 9,600
====== ======

Balance Sheet

Amount Amount
Liabilities Assets
(Rs) (Rs)

Capital 25,000 Debtors 1,500

Add Net Profit 2,300 Stock 10,000

Less Drawings 2,000 25,300 Plant & Machinery 5,700

Furniture & Fixture 1,500

Creditors 7,000 Bills Receivables 2,000

Bills Payable 400 Land & Building 10,000

Cash 1,600

Bank 400

32,700 32,700
======= ======

In order to arrive at the balance sheet of a business, one needs to prepare the trading
account and profit and loss account first. This account is prepared to arrive at the figure
of revenue earned or loss incurred during a period.
34. Trading Account of Mr. Alok
for the year ended March 31, 2019

Dr. Cr.

Particulars Amount Particulars Amount

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(₹) (₹)

To Opening Stock 44,840 By Sales 1,78,215

Less: Return
To Purchases 1,28,295 2,390 1,75,825
Inwards

By Closing
To Wages 20,485 64,480
Stock

Less: Erection Charges of

600 19,885
New Machinery

To Gross Profit (Balancing

47,285
Figure)

2,40,305 2,40,305

Profit and Loss Account of Mr. Alok

for the year ended March 31, 2019

Dr. Cr.

Amount Amount
Particulars Particulars
(₹) (₹)

To Depreciation: By Gross Profit 47,285

Machinery 750 By Commission 2,820

Less: Comm. Received

Furniture 448 1,198 300 2,520
in advance

To Old Bad Debts 1,810

Add: Further Bad

500
Debts

Add: New Provision 1,450 3,760

To Rent 2,810

To Interest on Loan 500

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Add: Outstanding 300 800

To Salaries 5,500

To Travelling Expenses 945

To Insurance 200

To Repairs 1,685

To Discount Allowed 2,435

To Net Profit
30,472
(Balancing Figure)

49,805 49,805

Balance Sheet of Mr. Alok

as at March 31, 2019

Amount Amount
Liabilities Assets
(₹) (₹)

Capital 59,700 Fixed Assets

Add: Net Profit 30,472 Machinery 14,400

Add: Erection
Less: Drawings 5,275 84,897 600
charges

8% Loan 10,000 Less: Depreciation 750 14,250

Current Liabilities Furniture 4,480

Creditors 29,815 Less: Depreciation 448 4,032

Outstanding Interest 300 Current Assets

Commission received
300 Closing Stock 64,480
in advance

Bills receivables 4,750

Free NCERT Solutions Class 3 to 12 Debtors 30,000

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Less: Bad Debts 500

Less: Pro. for

1,450 28,050
Doubtful Debts

Cash in Hand 9,750

1,25,312 1,25,312

Working Note:-
Calculation of Depreciation:-
Depreciation of Machinery = ₹14,400 + ₹600 × 5% = ₹ 750
Calculation of Provision for Doubtful debts:-
Provision for doubtful debts = Sundry Debtors – Further Bad debts – Amount recovered
× Rate
Provision for doubtful debts = (₹30,000 – ₹500 – ₹500) × 5%
Provision for doubtful debts = ₹1,450
When adjustments are given in trial balance all the adjustments will be taken in the
balance sheet only. Adjustments that are given after trial balance will be shown both in
trading and profit and loss account and balance sheet.
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OR

The Trading and Profit and Loss account & Balance Sheet of MMN will be prepared in the
following manner :

Trading and Profit and loss Account

for the year ended 31st December, 2013

Dr Cr

Particulars Amt(Rs) Particulars Amt(Rs)

To Opening Stock 26,420 By Sales 91,230

To purchases 42,160 Less : Sales Return (1,760) 89,470

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Less : Purchases
(8,460) 33,700 By Closing Stock 29,390
Return

To Wages 21,470

To Carriage Inwards 4,370

To Coal, Gas and

720
Water

To Gross Profit
transferred to Profit & 32,180
Loss A/c

1,18,860 1,18,860

To Salaries 4,670 By Gross Profit b/d 32,180

To Bank Charges 140 By Discount 120

By Apprentice
To Rates and Taxes 840 500
Premium(note 1)

(-)Prepaid rates & (-)Unexpired

(240) 600 (400) 100
taxes Premium

By Old Provision for

To Trade Expenses 1,990 2,470
Doubtful Debts

To Fire Insurance 490

(-)Prepaid insurance (125) 365

To Provision for
Doubtful Debts

To Depreciation on

Land and Building 625

Plant and Machinery 1,427

Furniture and fixtures 125 2,177

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To Net Profit
Transferred to Capital 23,038
A/c

34,870 34,870

Balance Sheet
as at 31st December,2013

Liabilities Amt(Rs) Assets Amt(Rs)

Sundry Creditors 12,170 Land and Building 25,000

Apprentice Premium
400 (-)Depreciation (625) 24,375
Received in Advance

Plant and
Capital 90,000 14,270
Machinery

(+)Net Profit 23,038 (-)Depreciation (1,427) 12,843

Furniture and
1,13,038 1,250
Fixtures

(-)Drawings 6,480 1,06,558 (-)Depreciation (125) 1,125

Opening Balance 10,000 Debtors 37,800

(-)Provision for
(-)Drawings 4,452 (1,890) 25,910
Doubtful Debts

5,548 Bills Receivable 1,270

(+)Net Profit
gtransferred from 37,666 43,214 Closing Stock 29,390
Profit & Loss A/c

Cash at Bank 13,000

Cash in Hand 850

Prepaid fire 125

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insurance

Prepaid Rates and

240
Taxes

1,19,128 1,19,128

Note :
1. Apprenticeship premium is a revenue income of the business. Unearned premium
means, premium received in advance. Thus, it has been deducted from the income
received. The amount of unearned premium will be shown in the liability side of Balance
sheet.

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