No.
of pages - 16 (E)
MARKING SCHEME
COMMON ANNUAL SCHOOL EXAMINATION (2023-24)
CLASS : XI
SUBJECT : ACCOUNTANCY (055)
Time Allowed : 3 hours Maximum Marks : 80
1. (d) ` 45,000 1
2. (c) ` 7,20,000 1
3. (d) Communication 1
OR
(c) Historical cost concept
4. (d) Summarising 1
OR
(b) Conservatism concept
5. (a) Bad debts 1
6. (d) Trade expenses 1
7. (a) Prepaid expenses 1
8. (b) Expense A/c 1
OR
(a) Credit Note
1 XI-ACCOUNTANCY-E
9. (c) Assertion (A) is correct but Reason (R) is incorrect. 1
10. (c) Principle 1
OR
(d) Rectifying entry
11. (c) ` 1,00,000 1
12. (c) Sales return recorded in purchase return book 1
OR
(d) Journal proper
13. (d) Only statement II is correct 1
14. (a) Bank overdraft 1
15. (d) Bills receivable 1
16. (d) Premises 1
17. (d) Provision 1
OR
(c) Pay in slip
18. (d) Expense A/c 1
19. (b) Both Assertion (A) and Reason (R) are correct but Reason (R) is not the correct
explanation of Assertion (A). 1
2 XI-ACCOUNTANCY-E
20. (d) Evidence in court matters 1
OR
(b) Controlling
21. Accounting Equation
Transactions Assets = Capital + Liabilities
Cash + Furniture + Goods + Debtors = Capital + Creditors
(i) 5,00,000 + 60,000 = 5,60,000
(ii) -8,000 + 12,000 + 4,000
New equation 4,92,000 + 60,000 + 12,000 = 5,60,000 + 4,000
(iii) - 2,000 + 2,400 = + 400
New equation 4,92,000 + 60,000 + 10,000 + 2,400 = 5,60,400 + 4,000
Total Assets = 5,64,400
Capital + Liabilities = 5,64,000
3 XI-ACCOUNTANCY-E
22. Journal
Date Particulars Lf Dr. (`) Cr. (`)
(a) Advertisement expenses A/c Dr. 1,000
To Purchases A/c 1,000
(Goods distributed as sample)
(b) Prepaid Rent A/c Dr. 6,000
To Rent A/c 6,000
(Prepaid Rent)
(c) Cash/Bank A/c Dr. 800
Discount allowed A/c Dr. 100
To Customer 900
(Received from debtor)
4 XI-ACCOUNTANCY-E
23. Debtor Account
Dr. Cr.
Particulars ` Particulars `
To Sales A/c 15,000 By Sales Return A/c 2,000
By Cash A/c 6,000
By Balance c/d 7,000
15,000 15,000
OR
3 marks for correct explanation and example
24. 1. Improved logistics 1x3=3
2. Removing cascading tax effect
3. Enhanced threshold limit
(or any other correct points)
25. 1. Preparing financial statements 1x3=3
2. Decision making
3. Maintenance of business records
(or any other correct points)
5 XI-ACCOUNTANCY-E
OR
1. Scientific system
2. Complete record of transactions
3. Arithmetical Accuracy of Accounts is ensured
(or any other correct points)
26. Trial Balance as at 31.03.2023
Heads of Account LF Dr. (`) Cr. (`)
Cash 1,00,000
Bank 6,00,000
Capital 7,90,000
Adjusted purchases 5,00,000
Sales 7,30,000
Furniture 25,000
Drawings 15,000
Building 3,00,000
Debtors 4,00,000
Creditors 4,50,000
Salaries 30,000
Purchases return 2,000
Closing stock 2,000
19,72,000 19,72,000
6 XI-ACCOUNTANCY-E
27. Profit & Loss A/c for the year ended (extract)
Dr. Cr.
Particulars ` Particulars `
To Bad Debts 1500 By Provision for doubtful 4,000
debts (old)
+ Further bad debts 400
+ Provision for doubtful 7860
debts (New) 5960
2½
Balance Sheet (Extract)
Liabilities ` Assets `
Debtors 60000
(-) Bad Debts 400
59600
(-) Provision for 53,640
doubtful debts (5960)
1½
Note : Students can show net difference ` 240 (4000-3860) on the credit side of P&L
Account.
7 XI-ACCOUNTANCY-E
OR
Operating profit = Gross Profit – Operating Expenses 1
Explanation of operating expenses 1
(2 marks for example)
28. Statement of affairs as on 31.03.2019
Liabilities ` Assets `
Closing capital 2,68,000 Cash 66,000
Bank Loan 30,000 Debtors 50,000
Stock 30,000
Machinery 32,000
Building 1,20,000
2,98,000 2,98,000
2½
Closing capital = Opening capital + Additional capital – Drawings + Profit
2,68,000 = 3,00,000 – 64,000 + Profit
Profit = 268,000 – 2,36,000
= ` 32,000 1½
8 XI-ACCOUNTANCY-E
29. Double Column Cash Book
Dr. Cr.
Date Particulars LF Cash(`) Bank(`) Date Particulars LF Cash(`) Bank(`)
2023 To Balance b/d 60,000 2023 By Balance b/d 45,000
April 1 April 1
April 3 To Sales A/c 12,000 8,000 April 5 By Creditors 6,000
April 11 To Debtors 10,000 April 17 By Bank A/c C 12,000
April 17 To Cash A/c C 12,000 April 23 By Drawing 2,000
April 30 To Balance c/d 33,000 April 27 By Debtors 10,000
April 30 By Balance c/d 60,000
72,000 63,000 72,000 63,000
May 1 To Balance b/d 60,000 May 1 By Balance b/d 33,000
9 XI-ACCOUNTANCY-E
30. Machinery A/c
Dr. Cr.
Date Particulars ` Date Particulars `
01.04.17 To Bank A/c (M I) 1,50,000 31.3.18 By Depreciation 15,000
31.3.18 By Balance c/d 1,35,000
1,50,000 1,50,000
01.4.2018 To Balance b/d 1,35,000 31.3.19 By Dep. A/c
01.10.18 To Bank A/c (M II) 1,00,000 MI 15000
M II 5000 20,000
31.3.19 By Balance c/d
MI 120000
M II 95000 215000
2,35,000 2,35,000
01.04.19 To Balance b/d 01.04.19 By Bank A/c (M I 34,000
1/3rd)
MI 120000 01.04.19 By Loss on sale 6,000
M II 95,000 2,15,000 31.3.20 By Dep. A/c
MI 10000
M II 10000 20,000
31.3.20 By Balance c/d
MI 70000
M II 85000 1,55,000
2,15,000 2,15,000
6
10 XI-ACCOUNTANCY-E
OR
Dr. Furniture A/c Cr.
Date Particulars ` Date Particulars `
01.04.15 To Balance b/d 1,50,000 01.04.15 By Furniture 40,000
disposal A/c
31.3.16 By Balance c/d 1,10,000
1,50,000 1,50,000
01.04.16 To balance b/d 1,10,000
Dr. Furniture disposal A/c Cr.
Date Particulars ` Date Particulars `
01.04.15 To Furniture A/c 40,000 01.04.15 By Bank A/c 24,000
01.04.15 By Provision for 8,000
Dep. A/c
By Loss on sale 8,000
40,000 40,000
11 XI-ACCOUNTANCY-E
Dr. Provision for depreciation A/c Cr.
Date Particulars ` Date Particulars `
01.04.15 To Furniture 8,000 01.04.15 By Balance b/d 30,000
Disposal A/c
31.3.16 To Balance c/d 33,000 31.3.16 By Dep. A/c 11,000
41,000 41,000
01.04.16 By Balance b/d 33,000
31. Bank Reconciliation Statement as on 31st March, 2020
Particulars + (`) – (`)
a. Overdraft as per pass book 42,000
b. Cheque deposited but not recorded in cash book 5,000
c. Cheque issued but not presented for payment 3,000
d. Interest charged by the bank but not recorded in the 500
cash book
e. Payment side of cash book is undercast 6,000
f. Cash deposited entered twice in cash book 4,000
Overdraft as per cash book 30,500
50,000 50,000
12 XI-ACCOUNTANCY-E
32. Journal
Date Particulars Lf Dr. (`) Cr. (`)
(a) Purchase Return A/c Dr. 5,000
To Suspense A/c 5,000
(Purchases return overcastted, rectified)
(b) Sales A/c Dr. 2,000
To Suspense A/c 2,000
(Sales book overcasted, rectified)
(c) Rent A/c Dr. 8,000
To Landlord 8,000
(Rent paid debited to landlord, rectified)
(d) Sales A/c Dr. 12,000
To Machinery A/c 12,000
(Machinery sold credited to sales a/c, rectified)
(e) Suspense A/c Dr. 1,600
To Customer A/c 1,600
(Goods returned by customer, debited to his
account, rectified)
(f) Furniture A/c Dr. 20,000
To Purchases A/c 20,000
(Purchased furniture wrongly, debited to
purchases, rectified)
13 XI-ACCOUNTANCY-E
OR
(i) One sided errors are rectified by giving note
Two side errors are rectified by passing rectifying entry 2
(ii) One sided errors are rectified by passing entry through suspense a/c
Two sided errors are rectified by passing rectifying entry 2
Two marks for examples.
33.
Item Given in Trial Balance Given as Adjustment
i. Closing stock Asset side of balance sheet Credit side – Trading A/c
Asset side – Balance Sheet
ii. Depreciation Debit side : Profit & Loss A/c Debit side - P&L A/c
And less from Asset
iii. Bad debts Debit side : Profit & Loss A/c Debit side - P&L A/c
And less from debtor
iv. Accrued income Asset side : Balance Sheet Asset side : Balance Sheet and
Add in income in P&L A/c
v. Advance income Liability side : Balance Sheet Liability side : Balance Sheet
and Less from income in P&L
A/c
vi. Goods withdrawn In balance sheet less from Debit side: In Trading A/c
for personal use capital
Less: From purchases and less
from capital in balance sheet
14 XI-ACCOUNTANCY-E
34. Dr. Trading & P&L A/c for the year ended…. Cr.
Particulars ` Particulars `
To Opening Stock 1,00,000 By Sales 642000
To Purchases 300000 (-) Return 20000 6,22,000
(-) Return 10000 2,90,000 By Closing Stock 1,35,000
To Wages 40,000
To Gross Profit 3,27,000
7,57,000 7,57,000
To Dep. on machinery 2,000 By Gross Profit 3,27,000
To Salaries 60000 By Commission received A/c 24,000
(+) O/S 4000 64,000
To Rent A/c 30,000
To Bad Debts 14,000
To Office Exp. 36,000
To Net Profit 2,05,000
3,51,000 3,51,000
15 XI-ACCOUNTANCY-E
Balance Sheet as on …………….
Liabilities ` Assets `
Capital 200000 Machinery 38,000
(-) Drawings 28000 Closing stock 1,35,000
Add: Net Profit 205000 3,77,000 Debtor 4,00,000
Creditors 2,40,000 Bank Balance 48,000
O/S Salaries 4,000
6,21,000 6,21,000
16 XI-ACCOUNTANCY-E
