CBSE Class 11 Accountancy Question Paper Set 01 Solved

CBSE Class 11 Accountancy Question Paper Set 1 Solved. Students can download the last year exams question papers using the link below. Free download of examination question papers with solutions. Last 10 year question papers should be practised to get better marks in examinations. 

1 Which basis of accounting is recognized under the Companies Act, 1956?

2 What is meant by a ‘Trial Balance’?

3 Give two examples of revenue expenditure.

4 Proprietor of a firm has taken goods for his personal use. The accountant has accounted it as sale in the books of accounts. Is he correct in his accounting?

5 Distinguish between Cash Basis of Accounting and Accrual Basis of Accounting on the basis of ‘reliability’ and ‘suitability’.

6 Total of Sales Book is posted to the credit side of the Sales Account in the General Ledger while individual account of customers is debited by the amount of their respective purchases. Is the above statement correct? Give reasons.

7  Explain any three objectives of Accounting.

8 (i) Mention any one difference between journal and ledger.

(ii) Mohan & Co. sold goods amounting to Rs.50,000 at a trade discount of 5% to GSC Co. As per the terms, if GSC Co. made full payment to Mohan & Co. within 15 days it will get Cash discount of 2%. GSC Co. paid the full amount within the stipulated time. Determine the amount of Cash discount that GSC Co. may get.

Also pass a journal entry to record this transaction in the books of Mohan & Co.

9  X started a business on 1st April, 2012 with a capital of Rs. 50,000 and a loan of Rs. 25,000 borrowed from Y. During 2012 – 13, he had introduced additional capital of Rs. 25,000 and had withdrawn Rs. 15,000 for personal use. On 31st March, 2013 his assets were Rs. 1,50,000. Calculate his closing capital as on 31st March, 2013 and profit made or loss incurred during the year 2012 – 13.

10 If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated? Name and explain it.

Also explain any other two qualitative characteristics of the accounting information.

11 Due to a major loss in the current year, the accountant of the firm has not charged depreciation on fixed tangible assets. Whether his decision not to charge depreciation is correct? What will be the impact of the decision on financial statements?

 Please click the link below to download pdf file of CBSE Class 11 Accountancy Question Paper Set 1 Solved