Roll No. Code: 112017-055-4 Please check that this question paper contains 24 questions and 8 printed pages. CLASS-XI ACCOUNTANCY Time Allowed: 3 Hours Maximum Marks : 90 General Instructions : 1. Question paper is divided into two parts. Part-A (50 marks) and Part-B (40 marks). 2. Both the parts are compulsory. 3. All parts of a question should be attempted at one place. 4. Give working notes, wherever necessary. 4. 25% marks would be deducted for not using the correct format and for working notes. Part-A 1. “Everything a firm owns, it also owes out to somebody”. Name the accounting concept highlighted in the above statement. @ 2. Goods costing % 20,000 are sold at a profit of 20% on cost and trade discount is allowed @ 10% and cash discount of 10% is also allowed. Full payment was received at the time of sale. Calculate the amount of cash received at the time of sales.(1) 3. Differentiate between ‘Reserve’ and ‘Provision’ on any one basis. a Utkarsh drew a bill of exchange on 10" July for 30 days. Calculate the date of maturity. @ 5. Explain the following terms : () Trade Payables (ii) Deferred Revenue Expenditure (iii) Vouchers. 3) 6. A company purchased goods for % 6,00,000 and sold 75% of such goods during the year, The market value of remaining goods was @ 1,40,000. The company valued the closing stock at cost. Is it a correct treatment. Give reasons. @) 7. The accountant of the firm found an error in the books of accounts but neither he rectified the error nor disclosed it to the management, fearing that it will risk his job. Identify any two values violated by the accountant. Also explain any two limitations of acconting. (4)8. 9. 10. (State any two advantages of accounting standards. (ii) Briefly explain the concept of IFRS. (24224) Fill in the missing information in the following journal entries S.No] Particulars LF} Dr@®| Cr @® Amt.| Amt. (@) ee eee Dr. Dr. feeseeisaseaes To Vikas 1,00,000 (Cheque received from Vikas and discount allowed at 5%) di | Dr. ‘To (Interest allowed on capital of € 20,00,000 @ 9% p.a. for 6 months) (in) -) eee Dr. 60,000 Dr. 2,000 I SECeEE 62,000 Purchased goods and paid carriage) (iv) |—__ Dr To (Goods costing € 50,000 sold at 10%; above cost) 4) On 30! June 2016 Pass Book of Raj & Sons showed a credit balance of % 5,200. Prepare Bank Reconciliation Statement from the following particulars : (i) Out of total cheques amounting to % 16,000 deposited, cheques amounting to % 9,000 were credited in June 2016. Cheques amounting to 3,000 were credited in July 2016 and the rest have not been collected so far. (ii) Payment side of cash book has been undercast by = 200. (iii) A Bill receivable for 7 6,000 discounted with bank is entered in the cash book without recording the discount charges of & 300. (iv) Amount wrongly credited by bank % 3,400. (4)iL. 12. 13. 14. Prepare two column cash book (Cash and Bank Column) from the following transaction for the month April, 2016 of Ramesh & Sons. 2016 April 1 Cash in hand % 22,000 Bank Balance (Cr.) 10,000 April 2 Received a cheque of € 8,000 from Aman April 8 Discounting a bill of @ 20,000 at 1% through bank April 10 Aman’s cheque endorsed in favour of Ajay in full settlement of his account of € 9,000 April 13 Bought goods from Mohit of € 6,000 for cash at cash discount of 24% April 15 Further capital introduced = 50,000, out of which % 40,000 deposited into Bank. April 28. Dividend of & 1,000 collected by Bank. April 30 Cashed a cheque of 2 15,000 for office use. 6) On 1* April 2013, Shyam Ltd. purchased a machinery for 7 3,00,000. On 1 August 2014 another machinery was purchased for 1,80,000. On 1° July 2015, the machinery purchased on 1** April 2013 was sold at a loss of € 40,000 and on the same date a new machinery was purchased for € 2,40,000. Depreciation was provided @ 10% p.a. on diminishing balance Method. Accounts are closed every year on 31% March. Prepare Machinery Account for three year ended 31st March 2016. 6) On March 15, 2015, Sajal sold goods for % 80,000 to Kajal and drew upon later a bill for the amount payable after three months. The bill was immediately accepted by Kajal. On April 18, 2015 the bill was discounted from his bank @ 9% p.a. On maturity the bill was dishounoured and bank paid @ 500 as noting charges. Kajal agreed to pay % 30,500 immediately and accepted a new bill for two months together with interest @ 12% p.a. The new bill was endorsed by Sajal in favour of his creditor Ravi for settling a debt of @ 51,600. The new bill was duly met by Kajal on maturity. Pass the necessary journal entries in the books of Sajal. ) The Trial Balance of Mr. Gulati did not agree and showed an excess debit = 16,300. He put the difference to a Suspense Account and discovered the following errors (i) The total of Return Inward book is overcast by % 13,000. (ii) The credit sales of € 4,300 to Priya was credited to her account as % 3,400. 31b. 16. 17. 18. 19. (iii) Cash received from Rajat % 5,000 was posted to the debit of Kamal % 6,000. (iv) Goods returned by Rajat of 9,800 was passed through Return Outward Book. Pass rectifying entries and Prepare Suspense Account. (442=6) Part-B Differentiate between Trial Balance and Balance Sheet on the basis of ‘types of accounts shown’. @ Why depreciation on fixed assets is not recorded in Receipts and Payments Account ? a From the following information calculate closing stock. z Opening Stock 20,000 Cash Sales 60,000 Credit Sales 50,000 Return Inwards 10,000 Purchases 70,000 1 Gross Profit is 885% on cost. @) Calculate the amount of medicines consumed during the year ended 31** March 2016 31" March 15, 31% March 16 z z Creditors of Medicines 30,000 2 Advance to Suppliers of Medicines - 40,000 Stock of Medicines 20,000 45,000 Amount paid for Medicines during the year ended 31*' March 2016 & 2,20,000. (3) Chetan started a business with a Capital of & 4,00,000 on 1st April 2015. At the end of the year i.e. 31° March 2016 his total assets were % 10,00,000 and external liabilities were for & 4,50,000, He futher informs you that during the year he withdrew % 50,000 for household use. During the year he sold his personal investments of % 1,00,000 at 20% profit to pay his personal debts. Calculate profit or loss for the year ended 31° March 2016 by preparing statement of profit or loss under single entry system. @20, 21. 22. 23. Show how would you deal with the following items, while preparing the financial statements of a Non-Profit Organisation as on 31% March 2016 Items z Match Fund on 31st March 2015 4,00,000 Match Expenses during the year 10,60,000 Donation for Match Fund received duing the year 2015-16 2,40,000 Sale of Match tickets during the year 3,60,000 @) “Income tax department has computerised the filling & processing of tax returns”. Identify the two values that have been added by department to the society. Also explain any two advantages of Computerised Accounting System. (242=4) Explain the meaning of ‘Ready to use software’. Also explain any two advantags and two disadvantages of such softwares. 6) From the following Trial Balance Prepare a Trading and Profit and Loss Account for the year ended 31st march 2016 and a Balance Sheet as at that date Dr. Balances =| Cr. Balances z Drawings 4,750 | Capital 75,000 Purchases 1,82,500 | Creditors 22,500 Carriage Inward 2,000 | Outstanding Expenses} 4,050 Wages 20,500 | Rent Received 1,000 Depreciation on Machinery 1,000 | Sales 2,18,550 Computer 7,500 | Provision for Doubtful Plant and Machinery 35,000 | Debts 1,000 Goodwill 9,000 | Discount Received 1,750 Furniture 3,000 Opening Stock 17,500 Debtors 13,100 Cash & Bank 17,900 Salaries 35,500 Rent and Insurance 19,500 Discount Allowed 3,500 Commission to Agent 1,600 850 3,23,850Adjustments : (a) Closing Stock was valued at ® 25,000. Goods costing % 2,500 were destroyed by fire. The Insurance company admitted a claim of % 1,500 only. (b) Depreciate furniture by 25% and computer by 30%. (©) Write off ® 1,100 as bad debts and create a provision for doubtful debts @ 5%. (d) Charge 5% Manager's commission on net profit after charging such commission. 6) OR ‘The following Tiral Balance was entracted from the books of Mr. Ganesh as at 31st Mareh, 2016 Dr. Balances = | Cr. Balances z Stock on Ist April 2015 65,000 | Capital 2,50,000 Purchases 7,10,000 | Rent Received 3,900 Wages 22,000 | Loan from Mr. Yadav ‘Trade Expenses 5,000 | @15% p.a (taken on Freight and Dock charges 8,000 | Ist June 2015 20,000 ‘Travelling Expenses 3,800 | Sales 9,50,000 Lighting and Heating of Factory] 7,200 | Discount 600 Store Consumed 2,000 | Outstanding Wages 2,000 Rent paid 16,500 | Trade Expenses due 500 Establishment Charges 18,000 | but not paid Interest on Mr Yadav's loan 1,500 | Sundry Creditors 80,000 Sundry Debtors 1,42,000 Cash 6,000 Fixed assets 3,00,000 13,07,000 Adjustments : (i) Sundry Debtors include an amount of % 2,000 due from a customer who has become insolvent and nothing is recoverable from his estate. (ii) Create a provision for Doubtful debts @ 5% on debtors. (iii) Three months lighting and heating bill due but not paid ® 3,000.24, (iv) Rent is paid for 11 months but is received for 13 months. (iv) Stock amounted to % 90,000 on 31st March 2016. Prepare Trading Profit and Loss Account for the year ended 31st March, 2016 and a Balance Sheet as at that date. The Receipts and Payaments Account for the year ending 31st March, 2015 of Royal Club is as follow : Receipts = | Payments z To Cash Balance 50,000 | By Salaries 20,000 ‘To Membership Subscription By Rent. 15,000 2013-14 10,000 By Printing & Stationery 8,000 2014-15 1,00,000 By Water and Power 15,000 2015-16 5,000 1,15,000 | By Newspapers 18,000 To Income from entertainments 2,000 | By Furniture 50,000 To Interest on Fixed Deposits 1,500 | By Repairs to old furniture] 2,000 By Refreshments 10,000 By Closing Balance 30,500 1,68,500 1,68,500 Additional Information : (a) The number of members of the club was 100 and the membership subscription was % 100 per month. (b) The rent of the club house was & 1,500 per month. (©) At the end of the year prepaid salaries were % 2,000. (d) In 2013-14, 2 50,000 were deposited in fixed deposit Account for 3 years in a bank, carrying 6% interest p.a. (e) The other assets on 1st April, 2014, were as follows : furniture % 80,000 and sprots equipment % 40,000. Depreciation is to be provided @ 10% on furniture and Sports Equipments at their closing balances. Prepare Income and Expenditure Account for the year ending 31st March, 2015 and Balance Sheet as at that date. 8) OR‘The following is the Receipts and Payment Account of Fortis Hospital, for the year ended 31st March 2015. Receipts and Payments Account Receipts = | Payments z To balance b/d 8,500 | By Payments for medicines] 33,000 ‘To Subscriptions 48,000 | By Fees to Doctors 24,000 ‘To Donations 15,000 | By Salaries 27,000 To Interest on Investments at 9% By Equipment purchased | 15,000 pa for the year 9,000 | By Charity Show expenses| 4,000 ‘To Proceeds from charity show 12,000 | By Sundry Expenses 1,200 To Grant in aid 20,000 By balance cd 8,300 1,12,500 1,12,500 Other Information : 1-4-2014 313-15 z z (a) Subscription due 500 1,000 (b) Subscription received in advance 1,000 500 (©) Stock of Medicines 10,000 15,000 (d) Amount due to Medicine Suppliers 8,000 12,000 (e) Value of Buildings 70,000 65,000 (Value of Equipments 25,000 33,000 (g) Capital fund 2,05,000 - You are required to prepare : @ (ii) Balance Sheet as at that date. Income and Expenditure Account for the year ended 31st March, 2015 and