First term Examination-Model Paper

Session 2024-2025
Class-XI
Subject-Accounts
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Maximum Marks: 80
Time Allowed: Three Hours
Reading Time: Additional 15 Minutes

Instructions to Candidates

➢ You are allowed an additional 15 minutes for only reading the paper.

➢ You must NOT start writing during reading time.

➢ The question paper has 17 printed pages.

➢ The Question Paper is divided into two sections and has 14 questions in all.

➢ Section A is compulsory and has ten questions.

➢ You are required to attempt all questions from Section B .

➢ Section B have four questions each.

➢ Internal choices have been provided in five questions in Section A and in one questions in
Section B.

➢ While attempting Multiple Choice Questions in Sections A, and B, you are required to
write only ONE option as the answer.

➢ The intended marks for questions or parts of questions are given in the brackets [].

➢ All calculations should be shown clearly.

➢ All workings, including rough work, should be done on the same page as, and adjacent to,
the rest of the answer.

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 SECTION A (60 MARKS)
Answer all questions
Question 1
(i) Goods costing Rs 20,000 is sold at a profit of 20% on cost and trade discount is
allowed @10% and cash discount of @10% is also allowed. Half the payment was
received at the time of sale. What is the amount of cash received at the time of sale?
(a) Rs 9,720
(b) Rs 10,800
(c) Rs 11,880
(d) Rs 10,820 [1]
(ii) Rent of proprietor’s house paid from account on cash will : [1]
(a) Decrease the profit
(b) Increase the profit
(c) Reduce the capital of business
(d) Reduce the cash as well as capital of the business
(iii) Which of the following best describes the “Depreciation”? [1]
(a) Valuation of fixed asset at the end of the year
(b) Verification of assets
(c) Allocation of cost of fixed assets over its useful life
(d) Decreasing the market value of asset
(iv) Net Profit before the following adjustments is Rs 1,80,000/-. Outstanding
salary is Rs 10,000/-, Prepaid insurance is Rs 13,000/-. Calculate profit after
adjustments. [1]
(v) If the Machinery Account has a balance of Rs 40,000/- and the Accumulated
Depreciation Account has a balance of Rs 18,500/-, the book value of
Machinery will be? [1]
(vi) st th
Rent paid on 1 October,2021 for one year upto 30 September,2022 was Rs
2,400.Rent paid on 1st October,2022 for the year upto 30th September,2023 was Rs
3,200. Rent shown in the Profit and Loss Account for the year ended on 31st
December,2022,would be:- [1]
(vii) Read the following statements: Assertion and Reason. Choose one of the
correct alternatives given below:

Assertion (A) – Input CGST and Input SGST means CGST and SGST paid

on Intra state supply of goods and/or services and/or both and allowed to be

set off Against Output CGST and Output SGST.

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 Reason (R) – CGST and SGST paid, if not allowed to be set off against

Output CGST and SGST is cost.

Alternatives:

a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct
explanation of Assertion (A)
b) Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct
explanation of Assertion (A)
c)Assertion (A) is true but Reason (R) is False
d) Assertion (A) is False but Reason (R) is True. [1]

(viii) State any one objective of Accounting Standards. [1]

(ix) Input IGST is Rs 20,000, Output IGST is Rs 15,000, Input CGST is Rs

15,000 , Output CGST is Rs 12,000, and Input SGST is Rs 15,000, Output

SGST is Rs 12,000. Pass the journal entry for setting – off Input IGST.[1]

(x) Insurance premium of Rs 12,000 paid for one year on 1st August 2019,

unexpired insurance premium is on 31st March 2020 will be? [1]

Question 2

Pass Journal Entries for the following transactions:- [3]

2022 Particulars

March 4 Bought goods from Mohan of the list price of Rs 10,000 at 15%
trade discount.

March 11 Settled the account of Mohan by paying cash, under a discount of

4 %.

March 22 Sold goods for cash of the list price of Rs 20,000 at 10% trade
discount and 3% cash discount.

OR

Record the following transactions in the Journal of Mr Suresh:- [3]

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 (a) Distributed goods from stock as free samples to the value of Rs 3,500 as part of an
advertisement campaign.

(b) Bought goods from Vaani worth Rs 1,00,000 at 20% trade discount and 5 % cash
discount. Half of the amount paid by cheque at the time of purchase.

(c) Sold goods to Anushka for Rs 1,00,000 on terms 10% trade discount and 5% cash
discount if the payment is received within fifteen days. 80% payment is received
after 10 days by cheque.

Question 3

From the following details prepare Bimal’s Account and balance it. What does the closing
balance indicate? [3]

2020 Particulars Rs

April 1 Opening Balance (Cr) 16.500

April 6 Purchased goods from Bimal 45,000

April 7 Returned goods to Bimal 5,000

April 15 Issued a cheque to Bimal 30,000

April 16 Discount allowed by Bimal 500

CGST and SGST are levied @ 9% each.

OR

Shrey has the following transactions with Aarav for the month of March 2020:- [3]

2020 Particulars

March 1 Balance due from Aarav Rs 30,000.

March 4 Sold goods to Aarav Rs 50,000.

March 6 Goods returned by him Rs 6,000.

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 March 10 Rebate allowed to him Rs 4,000 for poor quality of goods.

March 15 Cheque received from him in settlement of his account less Rs 1,200
cash discount. Cheque is deposited into bank.

March 22 Bank intimates that the cheque of Aarav is returned dishonored.

Question 4

16 Prepare a Petty Cash Book on the Imprest System from the following particulars:- [3]
2020 Particulars
July 1 Received Rs 10,000 from the Cashier.
July 3 Purchased Stationery Rs 800.
July 6 Paid for wages Rs 500, for charity Rs 300.
July 7 Purchased soap Rs 200,Paid for Newspaper bill Rs 700.
July 9 Paid taxi fare Rs 800,Cartage Rs 200.
July 12 Paid postal expenses Rs 600.
July 14 Paid auto fare Rs 380, Paid for courier services Rs 70.
July 25 Speed Post Charges Rs 400, Wages Rs 600.
July 26 Paid Cartage Rs 450.
July 27 Refreshment Expenses Rs 800, Photo stating charges Rs 400.

Question 5

From the following information of M/s Narain & Co., Delhi, a trader in stationery,
prepare the Purchase Book for the month of February ,2024:- [3]

2024 Purchase from M/s. Brown & Co., Kolkata

February 1 5 gross pencils @ Rs 1,200 per gross

10 dozen pens @ Rs 120 per dozen

2 dozen registers @ Rs 500 per dozen

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 Trade Discount @ 10%

2024 Purchased for cash from the Stationery Mart:-

February 2 10 dozen exercise books @ Rs 300 per dozen

2024 Purchased Computer printer for office use from M/s Office Goods
Co. for Rs 20,000/-
February 3

2024 Purchased from The Paper Co., Delhi:

February 4 8 reams of white paper @ Rs 500 per ream

10 reams of ruled paper @ Rs 600 per ream

Trade Discount @ 10%

2024 Purchased 80 Reynolds Pens @ Rs 5 each from M/s Verma Bros.,

Delhi.
February 5

Charge CGST and SGST which are levied @ 9% each.

Question 6

The following Trial Balance contains a number of errors. You are required to prepare a
corrected Trial Balance after incorporation the adjustments given below:- [6]

R. Yadav & Sons

Trial Balance for the year ending 31.03.2018

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 Particulars Amount (Dr) Amount (Cr)
Rs Rs

Cash 15,000

Fixed Assets 3,50,000

Purchases and Sales 2,80,000 1,20,000

Return Inwards 3,000

Return Outwards 4,100

Wages 7,500

Selling Expenses 2,000

Debtors and Creditors 24,000 55,000

Capital 2,80,000

Proprietor’s withdrawals 8,000

Carriage Inwards 2,200

Carriage Outwards 1,500

Administrative Expenses 22,900

Adjustments:-

(i) Purchases and Sales balances have been erroneously interchanged whilst recording them
in the trial balance.

(ii) A similar error has been made in respect of the balances of Debtors and Creditors.

(iii) A credit purchase of Rs 2,000 has not been entered in the books by mistake.

(iv) A credit sale of Rs 5,000 has also been left unrecorded.

(v) The schedule of Debtors was undercast by Rs 1,000.

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Question 7

Record the following transactions in the Journal of Mr Suresh:- [6]

(a) Distributed goods from stock as free samples to the value of Rs 3,500 as part of an
advertisement campaign.

(b) Bought goods from Vaani worth Rs 1,00,000 at 20% trade discount and 5 % cash
discount. Half of the amount paid by cheque at the time of purchase.

(c) Sold goods to Anushka for Rs 1,00,000 on terms 10% trade discount and 5% cash
discount if the payment is received within fifteen days. 80% payment is received
after 10 days by cheque.

OR

Journalise the following transactions:- [6]

(a) Purchased goods for Rs 15,000 from Vijay at a trade discount of 10%. The purchase is
subject to a levy of CGST and SGST @ 9% each. 40% of the amount is paid immediately by
cheque.

(b) Purchased goods from Jagannath of Rs 2,00,000 less 10% trade discount plus IGST @
18%. Paid 60 % of the amount by cheque immediately and availed 2% Cash Discount.

(c) Sold goods to Aman for Rs 2,50,000 less 10% trade discount plus IGST @ 18%. Received
70 % of the amount by cheque immediately and allowed 2% cash discount.

Question 8

Enter the following transactions in the Triple Column Cash Book of Mr Mohan:- [6]

2023 Particulars Amount Rs

January 1 Cash in hand 2,200

January 1 Cash at Bank 50,000

January 3 Purchased goods for Rs 75,000; Trade Discount 20%;

Payment made by cheque

January 4 Sold goods for Rs 40,000; Trade Discount 15%; Payment

received by cheque

January 5 Received a cheque from Naresh 1,000

January 8 Cheque received from Naresh endorsed to Suresh in full

settlement of his account of Rs 1,050
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 January 10 Paid Life Insurance premium of Mr Mohan 100

January 13 Received a cheque from Pawan in full settlement of his 700

account of Rs 750

January 16 Pawan’s cheque returned dishonoured by bank -----

January 20 Deposited into Bank, balance of cash in excess of Rs 250

Question 9

Trial Balance of Palash Nandi as on 31st March,2019 is as under:-

Particulars L.F Dr Rs Cr Rs

Plant and Machinery 20,000

Buildings 20,000

Furniture and Fixture 14,000

Sundry Debtors 1,06,300

Cash in hand 3,000

Cash at bank 52,000

Bad debts 900

Travelling expenses 5,000

Goods returned 8,000 4,000

Purchases 72,000

Sales 1,28,000

Wages 18,000

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 Staff salaries 18,000

Office Rent 3,000

Insurance 2,400

Commission 1,200

Interest on loans 6,000

General office expenses 2,400

Publicity expenses 6,200

Sundry creditors 1,16,000

Sundry loans 50,000

Opening stock 56,000

Palash Nandi— Capital 1/4/18 1,64,400

—- Drawings 44,000

Input CGST 6,000

Input SGST 6,000

Output CGST 4,000

Output SGST 4,000

4,70,400 4,70,400

Notes:-

(1) Closing Stock was valued at Rs 88,000.

(2) Rent paid during the year was for 10 months.
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 (3) Insurance paid during the year was for 18 months.
(4) Wages outstanding were Rs 600.
(5) Bonus declared but not paid amounted to Rs 1,800.
(6) Total bad debts to be written off during the year were Rs 1,200.
(7) Depreciation to be provided as follows: -

Furniture and Fixture 10%; Plant and Machinery 10%; Buildings 2 ½ %.

(8) Calculate interest on capital at 5% per annum and interest on drawings at an average
rate of 2 % per annum.

Prepare Trading and Profit & Loss Account for the year ending 31st March,2019 and
Balance Sheet as on that date. [10]

OR

On 1/4/18 the Machinery Account in the books of a firm stood at Rs 85,000. A part
of the machinery (whose book value on 1/4/18 was Rs 12,000) was disposed of at Rs
5,800 on 30/9/18 in part exchange for a new machine costing Rs 10,400.A net invoice of
Rs 4,600 was passed through the Purchase Day Book. Rs 600 paid to workmen for
installation of the new machine was debited to wages account. The firm charges
depreciation on machinery @ 5% p.a. on diminishing balance method. Show
Machinery Account and Asset Disposal Account. [10]

Question 10
The following Trial Balance has been prepared by an incompetent person. Draw up a
correct Trial Balance:- [10]

Particulars Amount(Dr) Rs Amount (Cr)

Rs

Opening Stock 5,40,000

Closing Stock 7,15,000

Goods bought 41,40,000

Goods sold 60,00,000

Return Inwards 80,000

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 Return Outwards 62,000

Carriage Outwards 2,000

Assets 35,00,000

Fuel 15,000

Rent of premises sub-let to Ghanshyam 24,000

Loan taken 8,00,000

Interest on Loan taken 96,000

Capital 12,00,000

Income Tax 40,000

Rates 3,000

Customer’s Accounts 3,88,000

Supplier’s Accounts 3,10,000

HDFC Bank (Overdraft) 5,25,000

Interest on Bank Overdraft 54,000

Miscellaneous Income 1,000

Suspense Account (difference in books) 7,000

92,83,000 92,83,000

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 Fuel 15,000

Rent of premises sub-let to Ghanshyam 24,000

Loan taken 8,00,000

Interest on Loan taken 96,000

Capital 12,00,000

Income Tax 40,000

Rates 3,000

Customer’s Accounts 3,88,000

Supplier’s Accounts 3,10,000

HDFC Bank (Overdraft) 5,25,000

Interest on Bank Overdraft 54,000

Miscellaneous Income 1,000

Suspense Account (difference in books) 7,000

92,83,000 92,83,000

OR

From the following balances as at 31st march,2017, you are required to prepare: - [10]

(i) A Trading and Profit & Loss Account, and

(ii) A Balance Sheet.

Trial Balance as at 31st March,2017

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 Particulars L.F Dr Bal Cr Bal

Furniture and Fittings 640

Land and Building 13,750

Capital 13,500

Bad Debts 125

Provision for Doubtful Debts 200

S. Debtors and S. Creditors 3,800 5,350

Stock as on 1st April’2016 3,460

Purchases and Sales 5,475 15,450

Sales and Purchases returns 200 125

Commission 375

Cash 918

Taxes and Insurance 1,250

Depreciation on Building 982

Depreciation on Furniture 100

Salaries 3,300

Patents 2,000

5%Loan 2,000

Input IGST 5,000

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 Output IGST 4,000

41,000 41,000

The following adjustments are to be made:-

(a) Rs 500 purchases returns are included in sales.

(b) Stock in hand on 31st March,2017 at cost price was Rs 3,250 and at market price was
Rs 3,000.
(c) Insurance includes annual premium of Rs 500 which will expire on 31th June,2017.
(d) Salary for the month of March 2017 is outstanding.
(e) Increase bad debts to Rs 225.
(f) Stock costing Rs 1,000 was destroyed by fire. The insurance company admitted to a
claim of 40% of the loss.

SECTION B (20 MARKS)

Question 11

In subparts (i) and (ii) choose the correct options and in subparts (iii) to (v) answer the
questions as instructed
(i) Errors of omission permit

(a) Correct totalling of the Balance Sheet.

(b) Correct totalling of the Trial Balance.
(c) The Trial Balance to agree.
(d) None of these. [1]
(ii) Trial Balance contains the following information: -
15% Bank Loan Rs 40,000; Interest paid Rs 4,500. Interest debited to P & L A/c will be: -
(a) Rs 6,000
(b) Rs 3,000.
(c) Rs 4,500.
(d) Rs 1,500. [1]
(iii) If the manager is entitled to a commission of 5% on profits before deducting this
commission, he will get a commission of Rs on a profit of Rs 8,400. [1]

(iv)A machine was purchased on 1st April 2022 for Rs 5,00,000 and on 1st October, 2022
a new machine is added for Rs 2,00,000. Calculate the balance of machine account, if
depreciation is charged at 20% p.a. on written down value method for the year ending

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March 31, 2023. ]1]
(v)Mohan (Debtor) from whom an amount was due, declared insolvent and paid only
60 paise in a rupee. Total bad debts from him were written off Rs 7,200. What was
the amount actually due from Mohan? [1]
Question 12
Record the following transactions in the Sales Book of Ganesh Electronics, Kolkata
(West Bengal) assuming CGST @9% and SGST@9%:- [3]

2023 Particulars
Sold to Ruchika Electronics, Kolkata, Vide Invoice No.431
January 3 5 Colour T.V. Sets @Rs 20,000 each
Less: Trade Discount 20 %; Freight Charges Rs 2,000
January 10 Sold to Garima Electronics, Patna (Bihar), Vide Invoice No. 432
10 Washing Machines@ Rs 8,000 each
Less : Trade Discount 25%
January 12 Sold to Raghav & Sons, Kolkata , Vide Cash Memo No. 2510
6 Colour T.V. Sets @ Rs 18,000 each
Less Trade Discount 15%
January 16 Sold to Nitin Trading Company, Rachi (Jharkhand) Vide Invoice No.433
8 Music Systems @Rs 15,000 each
10 Colour T.V. Sets @ Rs 22,000 each
Less: Trade Discount 20%; Packing Charges Rs 8,000

Question 13
Enter the following transactions in Triple Columnar Cash Book:- [6]
2022 Particulars Amount Rs
Dec 1 Started business with cash 50,000
Dec2 Pays into Bank 29,000
Dec3 Received cheque from Raja & Co. 800
Dec3 Discount allowed 20
Dec 5 Withdrew cash from bank for private use 240
Dec 10 Purchased goods for Rs 1,00,000; Payment made by cheque
Dec 12 Sold goods for Rs 1,50,000; Trade Discount 20 %; Payment
received by cheque
Dec 14 Received cheque from Kamla 395
Dec 14 Discount allowed 15
Dec 16 Kamla’s cheque endorsed to Bala in full settlement of her
account of Rs 425
Dec 29 Paid rent by cheque 1,000
Dec 30 Deposited into bank, balance of cash in excess of 450

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 OR
Show JOURNAL ENTRIES to adjust the following input credit against available tax liability
and make the final payment:- [6]

Input Tax Credit Tax Liability

CGST Rs 10,000 Rs 28,000
SGST Rs 10,000 Rs 28,000
IGST Rs 38,800 Rs 12,000

Question 14
On 1st October,2021, Raja Transport Company purchased 2 Trucks for 10,00,000 each. On
1st July, 2023, one truck met with an accident and became non-usable. Rs 6,00,000 was
received from the insurance company. On 31st December,2023, another truck met with an
accident. It was not insured. It was sold for Rs 1,50,000. On 31st January,2024, company
purchased a new truck for Rs 12,00,000. Depreciation is provided @ 10% p.a. following
Written Down Value Method. Prepare the Truck Account for the three years ending on 31st
March,2014. [6]

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