Roll No.

_________________ Code : 11–201718AC–A

Please check that this question

paper contains 24 questions
and 12 printed pages.

CLASS–XI
SUBJECT–ACCOUNTANCY
Time allowed : 3 Hrs. M.Marks : 90

General Instructions :
1. Question paper is divided into two parts, Part A (50 marks) and Part B
(40 marks).

2. Both parts are compulsory.

3. All parts of the question should be attempted at one place.

4. Write down the question number clearly before attempting the question.

5. 25% marks of the marks allotted to the question would be deducted for
not using the correct format, narrations and working notes.
6. Nothing should be written on the question paper.
7. All 8 marks questions have internal choice.

Part-A

1. ‘Rohan Garments’ runs a garment manufacturing unit in Noida. During

the year ended 31st March, 2017 the revenue earned by selling goods
was ` 5,00,000 and expenses incurred were ` 3,50,000. They also sold
investments costing ` 3,00,000 held by the business for ` 4,00,000.
Calculate ‘Gain’ from the given information. (1)

2. What are ‘Representatives Personal Accounts’ ? Give two examples. (1)

3. The following balances existed in the books of Shyam traders as on

31st March, 2017 :

Acc. 1
 Particulars Debit balance Credit balance
` `

Cash in hand 1,00,000

Debtors 40,000

Furniture 20,000

Plant and Machinery 70,000

Stock 90,000

Creditors 55,000

Bank loan 30,000

Pass the opening entry on 1st April,2017. (1)

4. Find out the due date of a Bill of Exchange drawn on 21st July, 2017
for 60 days assuming that an emergency holiday was declared on 22nd
September, 2017. (1)

5. State the Accounting Principle/Accounting Assumption/Modified Principle

involved in the following situations :

(a) Revenue is generally recorded at the point of sale.

(b) It is assumed that the business will not be liquidated in the near
foreseeable future.

(c) The cash withdrawn by the owner to meet personal expenses in the
books of business are to be treated as ‘Drawings’. (3)

6. (a) An ice-cream vendor sold his old Deep-Freezer for ` 10,000. He

recorded this transaction in Sales account. Is he correct in doing
so ? Give reason to support your answer.

(b) What is the motive behind allowing Cash-discount to customers ?

(2+1=3)

Acc. 2
7. Record the following transactions in the Cash Book with Cash and Bank
Columns in the books of Suresh. Also prepare Journal Proper if required.

Date Transaction
1/4/17 Cash in hand ` 30,000 and at bank 50,000
1/4/17 Goods sold and received a cheque ` 15,000
3/4/17 Deposited the above cheque in bank
4/4/17 Discounted a Bill of Exchange @ 2% with bank ` 10,000
5/4/17 Paid Life Insurance premium ` 1,000 by cheque
7/4/17 Deposited ` 10,000 in bank (4)

8. Briefly explain any 2 assumptions in IFRS. Give any two values of

adopting IFRS. (4)

9. (a) What is meant by ‘Stock’ ? What are its main components in case
of manufacturing concern ?
(b) How does Accounting help in the management of business ? (2+2=4)

10. Rectify the following entries assuming that the narrations in each case
is correct :

Date Particulars L.F. Debt Credit

Amt. (`) Amt. (`)
2017
Apr. 1 Purchases A/c Dr. 40,000
Cartage A/c Dr. 2,000
42,000
To Cash A/c
(Machinery purchased for cash and cartage
paid in cash)
Apr. 3 Cash A/c Dr. 1,400
To Sales A/c 1,200
To Newspaper A/c 200
(Sale of old chairs ` 1,200 and old newspapers
for ` 200)
Contd.
Acc. 3
 Apr. 5 Cash A/c Dr. 5,000
To Rakesh 5,000
(Amount received from Rakesh which were
written off as bad in previous year)
Apr. 8 Charity A/c Dr. 2,000
To Sales A/c 2,000
(Goods costing ` 2,000 distributed as charity)

(4)

11. Pass necessary Journal entries to rectify the following errors :

(1) Credit purchases from Vinay for ` 2,100 were recorded in Sales
book.
(2) An item of ` 400 related to prepaid insurance was omitted to be
brought forward from previous year books.
(3) The total of Return inward book had been added ` 700 short.
(4) An old plant sold for ` 4,000 has been entered in Sales account.
(5) Credit purchases from Shyam for ` 1,700 were recorded in Purchase
book.
(6) Discount received ` 400 from a creditor has been duly entered in his
account but not posted to discount received account. (6)

12. Prepare a bank reconciliation statement as on 31st January, 2017 from

the following information of Sanjeev :
(1) The bank balance as per cash book showed a balance of ` 20,100
(credit)
(2) The bank paid fire insurance premium of ` 550 which was not
recorded in cash book.
(3) Sanjeev issued cheques of ` 25,000 during January but cheques of
` 6,500 were presented in February.
(4) Interest and Dividend collected by bank ` 740 and ` 300
(5) Cheques of ` 8,700 were sent to bank for collection but only ` 7,000
were credited by bank in January.
(6) A customer deposited ` 620 in the bank without informing Sanjeev.
(6)

Acc. 4
13. On 1st January 2017 Kirti sold goods to Divesh for ` 18,000 and
immediately drew two bills of ` 8,000 and ` 10,000 payable after 3 and
5 months respectively which were accepted by Divesh and returned to
Kirti. On the same date Kirti endorsed the Ist bill to Sameer in full
settlement of his debt of ` 8,200. On 4th February the 2nd bill is
discounted with the bank @ 12% p.a. The 1st bill is met on due date but
the 2nd bill is dishonoured and bank pays ` 250 as noting charges.
Divesh immediately pays ` 4,250 in cash and accepts a new two months
bill for the balance amount and interest @ 18% p.a. On the due date this
new bill was duly honoured.
Pass necessary entries in the books of Kirti only. (6)

14. Fill in the missing information in the plant A/c given below. Depreciation
was provided @ 20% on ‘Reducing balance method’ on 31st March each
year.

Date Particulars Amt. Date Particulars Amt.

1.4.15 To Bank A/c _______ 31.3.16 By _______ _______

31.3.16 By _______ _______
_______ _______

1.4.16 To _______ _______ 31.3.17 By _______ _______

31.3.17 By _______ _______
_______ _______

1.4.17 To _______ _______ 31.3.18 By _______ _______

31.3.18 By _______ _______
_______ _______

1.4.18 To Balance b/d 4,09,600 31.12.18 By Bank A/c 2,60,000

31.12.18 By _______ _______

31.12.18 By _______ _______

_______ _______

(6)

Acc. 5
 Part-B
15. Show the liabilities side of the balance sheet (prepared on the basis of
liquidity) of a sole proprietor. (1)

16. State the basis of accounting on which ‘Income and Expenditure account’
is prepared by a ‘Not for profit organisation’. (1)

17. The following balances appeared in the Trial Balance of M/s Aggarwal
Shoes :

Particulars Debit Credit

balance (`) balance (`)
Sundry debtors 6,10,000
Bad debts 10,000
Provision for doubtful debts 30,000

The proprietor decided to record the following adjustments :

1. Further bad debts ` 10,000
2. Maintain a provision for doubtful debts @ 10%
Pass necessary journal entries to record the adjustments. (3)

18. Shreya started a business of Suits and Sarees with a capital of 3,00,000
on 1st April, 2016. Her financial position on 31st March, 2017 was as
follows :
Particulars 31st March, 2017
`
Cash in hand 50,000
Debtors 40,000
Furniture 60,000
Machinery 50,000
Stock 2,00,000
Creditors 50,000

Acc. 6
 During the year she withdrew ` 10,000 per month for household expenses.
She sold her personal investment worth ` 1,50,000 at a premium of 20%
and brought the money in the business.
Calculate the profit earned during the year by preparing a Statement of
Profit of Loss. (3)

19. On the basis of the following information given by Treasurer of

‘Aarogyam’, a Charitable dispensary for old and disabled people, calculate
the amount of medicines consumed during the year ended 31st March,
2017. Also identify the values displayed by the dispensary.

Particulars 1st April, 2016 31st March, 2017

(`) (`)

Stock of Medicines 8,000 6,000

Creditors for Medicines 9,000 11,000

Medicines purchased during the year ` 47,000. (2+1=3)

20. (a) What is meant by ‘Endowment Fund’ ?

(b) Differentiate between ‘Profit and Loss A/c’ and ‘Income and
Expenditure A/c’ on the basis of ‘Objective’ and ‘Balance’. (1+2=3)

21. ‘Computerised Accounting is much better than Manual Accounting’.

Justify this statement. (4)

22. Nitin runs a publishing house. His son Vineet completed his MBA and
started helping his father in the business. Nitin always maintained his
financial records manually. Vineet wanted to introduce computers in the
accounts department. He was looking for an appropriate software in the
market. What considerations (any 4) should he make while sourcing the
accounting software ? What values will computerised accounting add
to his business ? (4+2=6)

Acc. 7
23. From the following Trial Balance of Sh. Prabhu Dayal and Sons prepare
the Trading and Profit & Loss account for the year ended 31st March
2017 and Balance Sheet as at 31st March, 2017 :
Particulars Debit Amt. Credit Amt.
(`) (`)
Purchases and Sales 2,75,000 5,20,000
Returns 15,000 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
Bills Receivable and Bills Payable 3,300 2,200
Printing and advertising 5,500
Commission 1,000
Stock (1st April, 2016) 36,000
Cash in hand 12,800
Cash at bank 26,800
Bank loan 20,000
Interest on bank loan 1,500
Capital 2,50,000
Life Insurance premium 15,000
Fixed assets 3,00,000
8,77,300 8,77,300
Adjustments :
(a) Stock at the end was valued at cost ` 60,000. (Market value ` 75,000)

Acc. 8
 (b) Depreciated fixed assets @ 10%. p.a.
(c) Accrued commission ` 400
(d) Rent is ` 1,000 p.m.
(e) Allow interest on capital @ 8% p.a.
(f) Manager is to be allowed a commission @ 10% of Net Profit after
charging such commission. (8)
OR
The following is the Trial Balance of Rahul as on 31st March 2017.
Prepare the Trading and Profit & Loss Account for the year ended 31st
March 2017 and Balance Sheet as at 31st March 2017 : (8)
Particulars Debit Amt. Credit Amt.
(`) (`)
Wages 7,000
Capital 40,000
Building 30,000
Furniture 5,000
Computer 4,000
Returns 2,000 1,000
Opening Stock 10,000
Purchases and Sales 36,000 60,000
Bad debts 400
Carriage 2,000
Repairs 1,500
10% Bank Loan 6,000
Interest on bank loan 300
Commission 2,300
Insurance and taxes 2,400
Computer expenses 2,600
Salaries 6,600
Cash in hand 1,800
Debtors and Creditors 12,200 14,500

1,23,800 1,23,800

Acc. 9
 Adjustments :
(a) Stock as at 31st March 2017 was ` 14,200.
(b) Salaries for the month of March, 2017 was outstanding.
(c) Commission include ` 150 for work to be done next year.
(d) Write off ` 200 as further bad debts and maintain a bad and doubtful
debt provision @ 5% on Debtors.
(e) Depreciate furniture by 5% and computers to be revalued at ` 3,600.
(f) Manager is to be allowed a commission @ 5% of Net Profits after
charging such commission.

24. Following is the ‘Receipts and Payments’ A/c of Gyan Deep Literacy
Club for the year ended 31st March 2017 :

Receipts and Payment A/c

for the year ended 31st March 2017

Receipts Amt. Payments Amt.

(`) (`)

To balance b/d 19,750 By Salaries 3,000

To Subscription : By Newspaper 2,050
2015-16 1,200 By Electricity Bill 1,200
2016-17 26,500 By 9% Fixed Deposit (1.7.16) 20,000
2017-18 500 28,200 By Books 10,600
To sale of old newspaper 1,250 By Rent 6,800
To Grant 10,000 By Furniture 10,500
To Furniture (Book value ` 7,000) 5,500 By Balance c/d 11,000
To Interest on fixed deposit 450
65,150 65,150

Adjustments :

1. Subscription outstanding as on 31/3/2016 were ` 2,000 and on 31/

3/2017 were ` 2,500.
Acc. 10
 2. On 31/3/17, Salary outstanding was ` 600 and rent outstanding was
` 1,200.
3. The club owned furniture ` 15,000 and Books ` 7,000 in the beginning
of the year.

Prepare ‘Income and Expenditure’ A/c and Balance Sheet as at 31st

March 2017 (8)

OR

From the following Receipt and Payment account of Good Health Sports
Club, prepare ‘Income and Expenditure’ A/c and Balance Sheet as at
31st March 2017 : (8)

Receipts and Payment A/c

for the year ended 31st March 2017

Receipts Amt. Payments Amt.

(`) (`)

To balance b/d 15,000 By Furniture 18,000

To Subscription : By Equipment 10,000
2015-16 18,000 By Salaries 72,000
2016-17 60,000 By General Expenses 18,000
2017-18 12,000 90,000 By Electric charges 12,000
To sale of old newspaper 10,800 By Newspaper 33,800
To Profit from entertainment 44,000 By Postage 3,000
To Furniture (Book value ` 6,000) 4,000 By Stationery 40,000
To Locker rent 84,000 By Audit Fees 8,000
By Balance c/d 33,000
2,47,800 2,47,800

Acc. 11
 Balance Sheet
as at 31st March, 2016

Liabilities Amt. Assets Amt.

` `

Outstanding salary 6,000 Cash in hand 15,000

Capital fund 6,94,000 Outstanding subscription 18,000

Equipment 30,000

Furniture 37,000

Land and Building 6,00,000

7,00,000 7,00,000

Adjustments :

1. The club had 500 members each paying an annual subscription of

` 150.

2. On 31st March 2017, salary outstanding was ` 1,200 and salaries

paid included ` 6,000 for 2015-16.

3. Provide 5% depreciation on Land and Building.

❒❒❒

Acc. 12