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Sample Paper of Accountancy 2014 for class 11, CBSE. Paper No.2

Sample paper – 2014

CLASS – XI

SUBJECT – ACCOUNTANCY

Time : 3  Hrs.                                                                                                                      MM : 90

General Instructions :

(i)            This question paper carries 25 questions. All questions are compulsory however internal choice is given.

(ii)           Question No. 1-8 carrying 1 mark each.

(iii)          Question No. 9-12 carrying 3 marks each.

(iv)          Question No. 13-18 carrying 4 marks each.

(v)           Question No. 19-23 carrying 6 marks each.

(vi)          Question No. 24-25 carrying 8 marks.

­­­­­Q 1 Give two examples of Intangible Assets.                                                                        (1)

Q 2 What is the owner’s equity?                                                                                            (1)

Q 3 Define a Sales Book.                                                                                                       (1)

Q 4 Give two examples of Provisions.                                                                                   (1)

Q 5 Give the formula to calculate the Annual Depreciation as per ‘Straight line Method’.  (1)

Q 6 Who are the parties to the Bill of Exchange?                                                                  (1)

Q 7 What do you understand by Days of Grace?                                                                   (1)

Q 8 What is Single Entry System?                                                                                         (1)

Q 9 (a) Explain Accrual Concept.

(b)Explain Principle of Matching Revenue with Cost.                                                   (3)

Q 10 Prepare a Double Column Cash Book with Cash and Bank Columns from the

following information:                                                                                                   (3)

 2009 Rs. 2009 Rs . Sept. 1 Cash in hand Bank Overdraft 7500 3500 Sept 15 Goods Purchased and Paid by Cheque 2000 Sept. 2 Paid Wages 200 Sept 20 Paid Rent 500 Sept. 5 Cash Sales 7000 Sept 25 Drew from bank for personal use 400 Sept. 10 Cash Deposited into Bank 404000 Sept.30 Salary Paid 1000

Q11.  From the following ledger balances prepare trial balance:                                                         (3)

Capital- Rs20,800; Rent Outstanding- Rs1,420; Amount due to Param- Rs 15,000; Drawing –Rs 2,800; Goodwill- Rs12,000; Interest Received- Rs2,000; Discount Received- Rs1,580; Amount due from Deepan- Rs26,000.

Q 12 How would you treat the following items in the case of a Not-For-Profit organization?          (3)

Tournament Fund                                                             Rs 50,000

Tournament Expenses                                                       Rs 15,000

Receipts from Tournament                                               Rs 20,000

Q 13 Explain the following terms:                                                                                                      (4)

• Revenue;
• Debtors;
• Fictitious Assets and
• Working Capital

Q 14 (a) Explain the Dual Aspect Concept.                                                                                        (4)

Q 15 Show an Accounting Equation on the basis of the following transactions:                               (4)

• Sunil started business with cash Rs 1,50,000
• He purchased a building and furniture for Rs 1,00,000
• He purchased goods from Ram on credit Rs    50,000
• He paid cartage Rs         500
• He sold to Shyam on credit goods costing Rs 6,000 for Rs      9,000
• Received rent from tenants Rs      1,000
• Received security deposit from tenants                        Rs      1,500
• Purchased stationery for cash Rs         100
• Invested in shares (personal) Rs    50,000
• Received interest in cash Rs         200
• Introduced fresh capital Rs    25,000
• Goods destroyed by fire                        Rs         500

Q 16 Prepare the trading and profit and loss account and balance sheet of Jagat Shah as at 31st March,

2011 from the following balances:                                                                                              (4)

Capital (Cr)                             Rs 3,600                      Salaries                        Rs      600

Machinery                               Rs    700                      General Expenses        Rs      200

Sales                                        Rs 8,200                      Rent                            Rs      500

Purchases                                Rs 4,000                      Purchase Return          Rs        50

Sales Return                            Rs    100                      Debtors                       Rs   3,000

Stock on 1st April, 2010          Rs 1,000                      Cash                            Rs      400

Drawing                                  Rs    400                      Carriage Outwards      Rs      200

Wages                                     Rs 1,000                      Advertising                 Rs      200

Carriage Inwards                    Rs      50                      Creditors                     Rs      500

The closing Stock was valued at Rs 2,000.

Q 17 Mr Abdul started a business on 1st January, 2008 with a capital of Rs20, 000. Finding it inadequate, he brought in fresh capital of Rs 4,000 on 1st February, 2008. On 31st   December, 2008, his assets were:                                                                                                                                         (4)

Furniture                                Rs 5,000

Stock                                     Rs 17,000

Sundry Debtors                     Rs 7,400

Cash at bank                          Rs 2,400

Cash in hand                          Rs 600

Sundry Creditors at this date totaled Rs 9,600. He found that he had withdrawn Rs 7,600 to meet his household expenses.

Ascertain the profits earned by him during the year.

Q18What is Database Management system? Write any two advantages of DBMS.                               (4)

Q19       On 31st March, 2010, Pass Book of Shri Rajender shows a debit of Rs 10,000. From the following, prepare a Bank Reconciliation Statement:                                                            (6)

• Cheque amounting to Rs 8,000 drawn on 25th March, 2010 of which cheques of Rs 5,000 were encashed on 2nd April, 2010.
• Cheques paid into the bank for collection Rs 5,000 but cheques of Rs 2,200 could only be collected in March, 2010.
• Bank charges Rs 25 and dividend of Rs 350 on investments collected by the bank could not be shown in the cash book.
• A bill of Rs 10,000 was retired by the bank under rebate of Rs 150 but the full amount was credited in the cash book.

Q 20 On 1st January, 2005 the Jaipur Golden Transport Company purchased a truck for

Rs8,00,000. On 1st July 2006 this truck was involved in an accident and was completely destroyed and Rs 6,00,000 were received by a cheque from the Insurance Company in full settlement on 1st October, 2006. On the same date (I.e.,1st July,2006) another truck was purchased by the company for Rs 10,00,000. The company writes off 20% depreciation per annum under the Written Down Value Method. Prepare the truck Account and Depreciation Account for 2005 to2007 when books are closed on 31st March every year.                                       (6)

Or

Q Distinction between Straigth Line Method and Written Down Value Method.

Q 21 On 1st January 2009, A received Rs 25,000 in cash and two bills for Rs45,000 and Rs 30,000 for 2 months each from B, duly accepted by the latter, against sale proceeds. The first bill was endosed to C in settlement of his account Rs45,500 and the second bill discounted from bank @ 12% p.a. on the date of acceptance of bills. Both the bills were dishonored on the due date. C has paid Rs 100 and the bank has paid Rs 80 as noting charges. B paid Rs 20,000 and noting charges in cash and accepted a new bill for balance at 3 months. The interest on balance @ 18% p.a. was paid in cash.

On the due date of the new bill, B became insolvent and nothing was recovered from his estate. Pass the entries in the books of the Drawer.                                                                            (6)

Or

X draws a bill for Rs 15,000 and Y accepts the same for the mutual accommodation to the extent of X 2/3 and Y 1/3. X discounts the same for Rs 14,100 and remits 1/3 rd of the proceeds to Y. Before the due date Y draws bill for Rs 21,000 on X in order to provide funds to meet the first bill. The second bill is discounted for Rs 20,400 with the help of which the first bill is met and Rs 3,600 are remitted to X. before the due date of the second bill, X becomes Bankrupt and Y receives a dividend of 50 paise in the rupee in full satisfaction.

Pass the necessary Journal entries in the books of X and Y.

Q 22 In taking out  a Trial Balance a bookkeeper finds that the debit exceeds by Rs 410. Being desirous of closing his books he places the difference to a newly opened Suspense Account. After recording the difference in the Suspense Account he discovers that:                             (6)

• A sum of Rs 830 received from X was posted to his debit as Rs 380.
• Rs 620 written off as depreciation of machinery have not been posted to the depreciation account.
• Bought goods for Rs 10,000 for certain employees of the firm but the same was debited to Purchase account. The employees were paid their salaries after deduction of the aforesaid sum and the net amount paid was posted to Salaries Account.
• A discount of Rs 210 allowed to a customer has been credited to his account as Rs 200.
• The total of the Sales Return Book has been added Rs 10 short.
• An item of Rs 680 for sale was posted as Rs 860 in the Sales Account.

Required : Pass the Journal entries for rectification of the above and show the Suspense Account.

Q 23 Write down five advantages of Computerized Accounting System over the Manual System of Accounting.                                                                                                         (6)

Q 24 The Trail Balance of a business as on 31st March, 2011 is given below                    (8)

 Debit balances Rs. Credit Balances Rs. Stock(1.4.2010) Furniture Plant and Machinery Additions to Plant and Machinery(1.10.2010) Debtors Wages Salaries Bad Debts Purchases Electricity Charges Telephone Charges General Expences Postage and telegram Return Inwards Insurance Premium Cash in hand Cash at Bank 25,000 8,000 140,000   10,000   30,000 12,000 20,000 1,000 1,20,000 1,200 2,400 3,000 1,800 900 1,500 2,500    40,000 419,300 Sales Commision Return Outwards Creditors Capital 2,27,800 500 1,000 40,000 1,50,000                             4,19,300

Prepare the Trading account and the Profit and Loss account for the year ended 31st March, 2011 and the Balance Sheet as at that date after taking into account the following adjustments:

1. Closing Stock value at Rs 7,000.
2. Outstanding liabilities for wages Rs 600 and salaries Rs 1,400.
3. Depreciation is to be provided @ 5% p.a. on all fixed assets.

OR

From the following balances extracted from the books of Sharma prepare the Trading and Profit and Loss Account for the year ended 31st March, 2011 and the Balance Sheet as that date after taking into consideration the adjustments given below:

Trial Balance

As on 31st March,2011

 Particulars Dr. Rs. Cr. Rs. Drawings and Capital———————————————————– Purchases and Sales————————————————————- Returns ————————————————————————— Sundry Debtors and Creditors————————————————- Stock(1st April.2010)———————————————————– Bad debts————————————————————————- Bills Receivable and Payable————————————————– Cash in hand——————————————————————— Office Expenses—————————————————————– Sales Van———————————————————————— Sales Van Expenses———————————————————— Discount————————————————————————- Rents and Taxes—————————————————————- Telephone Charges————————————————————- Postage and Telegram——————————————————— Furniture———————————————————————— Printing and stationery——————————————————— Commission——————————————————————– Carriage Inwards————————————————————– Salaries and Wages————————————————————- 7,500 72,100 1,300 18,200 19,800 3,000 12,000 300 6,210 15,000 1,400   10,700 1,050 950 5,000 2,750 8,400 3,200 20,500 2,09,360 50,000 95,000 2,700 35,750     23,000         2,910                 2,09,360

• Closing Stock was valued at Rs 61,700.
• Depreciate Furniture and Machinery @10% p.a. and Sales Van @20%p.a.
• Outstanding Rent amounted to Rs 900.
• Make a provion for Doubtful Debts @5% on Debtors.
• Charge one –fourth of Salaries and Wages to the Trading Accoount.
• A new machinery was purchased on credit and installed on 31st December costing Rs 15,000.Noentry for the same has yet been passed in the books.

Q 25 From the following Reciepts and Payments Account of Defence club and from the information supplied, prepare the Income and Expenditure Account for the year ended 31st December, 2009 and the Balance Sheet as at that date:                                           (8)

 Receipts Rs. Payments Rs. To Balance as at 1st January,2009 To Subscription: 2008                           2,500 2009                          10,000 2010                            2,000 To Rent Received from the use of Hall To Profit from Entertainment To Sales of Old Newspapers 3,500       14,500 7,000   4,000 1,000 30,000 By Salaries By General Expenses By Electricity Charges By Books By Newspapers By Balance (As at 31st December,2009) 14,000 3,000 2,000 5,000 4,000 1,000       30,000

• The club has 50 members each paying an annual subscription of Rs250. Subscriptions Outstanding on 31st December, 2008 were to the value of Rs 3,000.
• On 31st December, 2009 Salaries Outstanding amounted to Rs 1,000. Salaries paid on 2009 included Rs 3,000 for the year 2008.
• On 1st January, 2009, the club owned Building valued at Rs 1,00,000, furniture worth Rs 10,000 and books Rs 10,000.