No.

of pages - 14 (M)
MARKING SCHEME
MID-TERM EXAMINATION (2024-25)
CLASS : XI
SUBJECT : ACCOUNTANCY (055)
Time Allowed : 3 hours Maximum Marks : 80

1. (c) Employees 1

2. (d) (i), (ii) and (iii) 1

3. (a) Understandability 1

OR

(b) Relevance

4. (c) A-2, B-1, C-4, D-3 1

5. (c) Increase in Liability and decrease in capital 1

6. (a) Only (i) 1

OR

(a) Bank Loan

7. (b) Commission A/c Dr. 1250 1

To Commission received in advance A/c 1250

OR

(d) Journal Proper

1 XI-ACCOUNTANCY-M
8. (a) Both Assertion (A) and Reason (R) are correct and Reason (R) & the correct

explanation of Assertion (A). 1

9. (c) Cash memo 1

10. (c) Computer Software 1

11. (b) Amount receivable 1

OR

(b) Transfer Voucher

12. (c) Rs. 31,360 1

13. (b) Dr. Cash A/c and Cr Bad Debts Recovered A/c by Rs. 500 1

14. (b) Only Statement II is true 1

15. (c) Cash Book 1

16. (c) Credit side of Sales A/c 1

17. (a) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct

explanation of Assertion (A) 1

18. (b) Only (ii) 1

OR

(b) Voucher

2 XI-ACCOUNTANCY-M
19. (a) Personal A/c 1

OR

(b) Accrued Interest

20. (c) Credit purchases 1

OR

(a) Whenever a bank statement is received

21. Advantages of accounting : 1x3=3

(i) Provide useful information to the management

(ii) Provide information about the financial position

(iii) It helps owners to compare results

(or any other correct points with explanation)

OR
Book keeping Accounting

i. Objective is to maintain systematic records of Objective is to ascertain

financial transactions and events results and to communicate
it to interested parties

ii. Job is routine nature Job is dynamic in nature

iii. Primary stage. It is the basis of accounting Secondary stage. It begins

where bookkeeping ends.

(Or any other correct points)

3 XI-ACCOUNTANCY-M
22. (i) Debit ½x6=3

(ii) Credit

(iii) Credit

(iv) Debit

(v) Debit

(vi) Credit

OR

(i) Assets

(ii) Liabilities

(iii) Expenses

(iv) Assets

(v) Revenue

(vi) Expenses

23. (i) Drawings – amount withdrawn by the owner in cash or assets for personal use. Eg.

cash withdrawn, asset withdrawn 1½

(ii) Expense – Cost incurred by business in the process of earning revenue. Eg. salary

and wages etc. 1½

(or any other correct explanation)

4 XI-ACCOUNTANCY-M
24. Objectives of Accounting Standards - 1x3=3

(i) Promotes better understanding of financial statements

(ii) Facilitates meaningful comparison

(iii) Enhancing reliability of financial statements

(or any other correct points)

25. ½x6=3

Dr. Sahil A/c (Creditor) Cr.

Particulars Rs. Particulars Rs.

(ii) Cash paid 21,500 (i) Purchases 30,000

(iii) Discount received 500 (iv) Purchases 14,000

(v) Purchase return 4,000

Balance 18,000

44,000 44,000

26. (i) Purchase of goods for cash 1x3=3

(ii) Purchase of furniture on credit

(iii) Fresh capital introduced

(or any other correct example)

5 XI-ACCOUNTANCY-M
27. 1x4=4
S. Transactions Assets = Liabilities + Capital
No.
Cash + Stock = Furniture + Comm. + Capital
recd.in adv.

1. Started business 70000 + 0 + 30000 = 0 + 100000

2. Purchase goods for cash -30000 + 30000 + 0 = 0 + 0

New Equations 40000 + 30000 + 30000 = 0 + 100000

3. Goods sold at profit of +32000 - 24000 + 0 = 0 + 8000

33 1 3 %

New Equations 72000 + 6000 + 30000 = 0 + 108000

4. Depreciation @ 10% on 0 + 0 - 3000 = 0 - 3000

furniture

72000 + 6000 + 27000 = 0 + 105000

OR
Closing capital = Closing Assets – Closing Liabilities

= Rs. 9,00,000 – 2,00,000

= Rs. 7,00,000 2+2=4

Profit = Closing Capital + Drawing – Additional

Capital – Opening Capital

= Rs. 7,00,000 + 70,000 – 50,000 – 2,50,000 – 2,50,000

= Rs. 2,20,000

6 XI-ACCOUNTANCY-M
28. Yes, I agree that cash basis of accounting is not a better basis for depicting the correct

financial position of an enterprise.

Limitations of cash basis of accounting :

(i) It doesn’t consider the matching principle, resulting in a mismatch between

revenues and expenses.

(ii) It doesn’t provide a complete and accurate picture of assets and liabilities.

(iii) It doesn’t distinguish between capital and revenue items.

(or any other correct points) 1+3=4

29. Accounting voucher for commission received

M/s. Krishna Furniture

Voucher No. Date – April 10, 2024

Amount (Rs.)

Credit : Commission A/c 20,000

(Commission received vide cash

Receipt No. 248)

20,000

Sd/- Sd/-

Manager Accountant

7 XI-ACCOUNTANCY-M
 Accounting voucher for furniture bought by cash

M/s. Krishna Furnitures

Voucher No. Date – April 24, 2024

Amount (Rs.)

Debit: Furniture A/c 45,000

(Furniture purchased vide

Cash Memo No.470)

45,000

Sd/- Sd/-

Manager Accountant

30. (i) The concept of business entity assumes that business has a distinct and separate

entity from its owners. It means that for the purposes of accounting, the business

and its owners are to be treated as two separate entities.

(ii) The concept of money measurement states that only those transactions and

happenings in an organization which can be expressed in terms of money such as

sale of goods or payment of expenses or receipt of income, etc., are to be recorded

in the books of accounts.

8 XI-ACCOUNTANCY-M
 (iii) The concept of going concern assumes that a business firm would continue to

carry out its operations indefinitely, i.e. for a fairly long period of time and would

not be liquidated in the foreseeable future. 2x3=6

31. Journal of Suman Enterprises

Date Particulars LF Dr.(Rs.) Cr.(Rs.)

(i) Cash A/c Dr. 50,000

To Bank A/c 50,000

(Being cash withdrawn from bank)

(ii) Purchase A/c Dr. 90,000

To Cash A/c 88,200

To Discount received A/c 1,800

(Being goods of 1 lakh purchased at 10% trade

discount @ 2% cash discount)

(iii) Bank A/c Dr. 1,00,000

To Sales A/c 1,00,000

(Being goods sold against cheque)

(iv) Prepaid Rent A/c Dr. 2,000

To Rent A/c 2,000

(Being rent paid in advance)

9 XI-ACCOUNTANCY-M
 (v) Interest on Capital A/c Dr. 9,000

To Capital A/c 9,000

(Being interest on capital allowed)

(vi) Sales Promotion/Advertisement A/c Dr. 3,000

To Purchases A/c 3,000

(Being goods distributed as samples)

1x6=6

32.
Dr. Cash Book (In the books of Sohan) Cr.
Date Particulars LF Cash Bank Date Particulars LF Cash Bank
(Rs.) Rs. (Rs.) Rs.

2024 2024

1/7 To Balance b/d 15600 -- 1/7 By Balance b/d -- 7400

23/7 To Sales A/c 24000 -- 5/7 By Purchase A/c -- 18000

24/7 To Cash A/c -- 30000 11/7 By Drawing A/c 3000 --

27/7 To Bad Debt 1000 -- 17/7 By Furniture A/c -- 12000

Recovered A/c

31/7 To Balance c/d -- 7900 18/7 By Interest A/c -- 500

24/7 By Bank A/c 30000 --

31/7 By Balance c/d 7600 --

40600 37900 40600 37900

½x12=6

10 XI-ACCOUNTANCY-M
33. Sales Book

Date Particulars Invoice LF Details (Rs.) Amount (Rs.)

No.

2024

Aug. 07 Ashok Bros., Delhi 3620

25 Shirts @ Rs. 300 each 7500

20 pants @ Rs. 700 each 14000

21500

Less : Trade Discount @ 8% 1720 19780

Aug.22 Jiya Traders, Punjab 3621

10 silk shirts @ Rs. 1200 each 12000

8 T-shirts @ Rs. 200 each 1600

13600

Less : Trade Discount @ 8% 1088 12512

Aug.31 Sales A/c Cr. 32292

2+2=4

11 XI-ACCOUNTANCY-M
 Sales Return Book

Date Particulars Invoice LF Details (Rs.) Amount (Rs.)

No.

2024

Aug. 12 Ashok Bros., Delhi 968

10 Shirts @ Rs. 300 each 3000

Less : Trade Discount @ 8% 240 2760

Aug.31 Sales return A/c Dr. 2760

OR

(a)

Journal Ledger

i. Books of original entry Principle book of account

ii. Source documents are the basis for Journal is the basis for posting

recording in journal transactions in ledger

iii. All transactions are recorded in All transactions relating to a particular

chronological order account are recorded at a place to

check its net effect.

(Or any other correct points) 1x3=3

12 XI-ACCOUNTANCY-M
 (b) Contra entries : If a transaction affects both cash as well as bank balance, such

transactions recorded on both debit and credit side of the cash book and are known

as contra entries.

For eg.

(i) Cash deposited into bank 1+2=3

Bank A/c Dr. --

To Cash A/c --

(ii) Cash withdrawn from bank for office use

Cash A/c Dr. --

To Bank A/c --

34. Bank Reconciliation Statement as on 31st March, 2024

S.No. Particulars Plus (Rs.) Minus (Rs.)

i. Debit balance as per pass book -- 30750

ii. Cheques issued but not presented for payment -- 18000

iii. Cheque payment recorded twice in pass book 580 --

iv. Interest on overdraft not entered in cash book 2000 --

v. Cheque deposited but not credited 8000 --

vi. Withdrawal column is under cast - 200

Balance as per Cash Book (Cr.) 38370

48950 48950

½+1+1+1+1+1+½=6
13 XI-ACCOUNTANCY-M
 OR

(i) Minus 1x6=6

(ii) Plus

(iii) Minus

(iv) Plus

(v) Plus

(vi) Minus

14 XI-ACCOUNTANCY-M