CBSE Class 11 Accountancy Sample Paper Set 11 Solved

HALF YEARLY EXAMINATION

1. Which of the following is not a business transaction?

a) Purchase of goods for resale amounted to ₹.50,000

b) Paid salaries and wages amounted to ₹.10,000

c) Paid rent for office premises ₹.5,000

d) Purchased a LCD for personal use.

2. Match the following:

A                                                 B

1 Bank loan                           A Fictitious assets

2 Copyright                           B Current Liabilities

3 Bills Payable                       C Intangible fixed assets

4 Advertisement suspense      D Long term liabilities

3. Accounting information must be presented in such a way that only accounting people understands it. State true or false with a reason.

4. A firm has received a large order to supply goods. Will it be recorded in the books of account of the firm? Give reason.

5. Which is the last step of accounting as a process of information?

a) Recording b) Preparation of financial statements.

c) Communication of information d) Analysis and interpretation of information.

6. A person who owes money to the firm against goods sold is called a __________

7. Under which convention is sale recognized on the basis of Cash Memo or Invoice.

8. “Stock is valued at Cost or Net realizable value whichever is lower”. State whether the statement is true or false.

9. IFRS are based on:

a) Historical cost b) Fair value

c) Both historical cost and fair value d) None of these

10. Sales is recognized as revenue

a) When the contract for sale is entered into.

b) At the point of sale or performance of service.

c) After the expiry of credit period allowed to debtors.

d) After the money collected from the customers.

11. State the accounting concept/ convention involved when purchase of pen is treated as expense.

12. State one difference between Cash bases and Accrual bases of accounting on the basis of Suitability

13. Cash Memo is a source voucher for ________ purchaser of goods.

14. Accrual Bases of accounting recognizes

a) Outstanding and Prepaid expenses   b) Accrued incomes and Income received in advance

c) Both (a) and (b)                             d) None of the above

15. What is an Invoice?

16. Mohan’s bank reconciliation statement shows cheques deposited but not credited by bank of ₹.3,800 and cheques issued but not presented by suppliers of ₹.3,500. His bank balance as per Cash Book is ₹.25,000. Balance as per pass book statement is

a) ₹.25,000     b) ₹.24,700

c) ₹.25,300     d) ₹.32,300

17. Define a cheque.

18. The term amortization is used to write off __________

a) Fixed Assets         b) Intangible Assets

c) Tangible Assets     d) Wasting Assets

19. State two errors committed in Cash Book which are considered while preparing Bank Reconciliation Statement.

20. The loss on sale of an asset is debited to _______

21. Explain the following:

a) Historical cost principle

b) Materiality Principle

c)Revenue Recognition concept

OR

What do you mean by Accounting Standards? State any two objectives.

22. From the following particulars, prepare a Petty Cash Book for the month of January 2018 :

2018

Jan 1 Drew for petty cash ₹.5,000

Jan 3 Paid for postage ₹.300

Jan 5 Paid for telephone bill ₹.400 plus CGST and SGST @ 6% each.

Jan 8 Paid for cartage ₹.140

Jan 9 Paid for postage ₹.200

Jan 12 Paid for sundries ₹.100

Jan 27 Paid for stationery ₹.300 plus IGST @ 12% each

23. Explain any four Advantages of accounting.

OR

Discuss in brief the external users of Accounting information.

24. Pass the Journal entries for the following transactions:

a) Purchased goods from Vinita for ₹.1,60,000 plus IGST @ 18% at 10% trade discount and 3% cash discount. Half the amount paid at the time of purchase.

b) Ketan is declared insolvent. Received from his Official Receiver 75paise in a rupee on debt of ₹.1,50,000.

3) Depreciation of ₹.5,000 was provided on the machinery at the end of the year

4) Sold household furniture for ₹.50,000 and the proceeds were invested into business.

25. From the following transactions prepare Mr.Suryakants Ledger a/c:

2019

March 1: Owed money to Mr.Suryakant ₹.1,00,000

March 4: Bought goods from Mr.Suryakant ₹.50,000 @ 10% trade discount plus 12% IGST.

March 10 Returned goods to Mr.Suryakant ₹. 10,000 list price.

March 15 Paid to Mr. Suryakant by cheque in full settlement and discount received @ 10 %.

26. Prepare a Double Column Cash Book with Cash and Bank Column from the following information:

2019

Jan 1 Cash in hand ₹.6,000 , Bank Balance (Cr) ₹.42,000

Jan 3 Discounted a 3 month bill for ₹.60,000 at 12%p.a.

Jan 8 Cash sales ₹.50,400 including IGST @ 12%

Jan 15 Honoured our own acceptance ₹.36,000 by bank

Jan 25 Salary paid by cheque ₹.52,000 plus CGST and SGST @ 6%each.

Jan 28 Deposited into bank ₹.15,000

Jan 31 Deposited in excess of ₹.6,000 into bank

27. From the following information, prepare a Trial Balance of M/s Parul Ltd. for the year ended 31st March 2019:

Building ₹.6,00,000; Bank overdraft ₹.1,00,000; Capital ₹.7,36,000; Sales ₹.10,40,000 Machinery ₹.1,70,000; Creditors ₹.5,00,000; Furniture ₹.56,000; Debtors ₹.6,00,000 Return outwards ₹.26,000; Purchases ₹.10,00,000; Bad Debts ₹.28,000; Cash ₹.4,000; Discount received ₹.30,000; Interest received ₹.26,000, Reserve ₹. 2,00,000; Motor vehicle ₹. 2,00,000

28. Show an Accounting Equation for the following transactions:

a) Mohan commenced business with cash ₹.1,00,000 and ₹.2,00,000 by cheque; goods ₹.1,20,000; machinery ₹.2,00,000 and Loan ₹.1,00,000.

b) 1/3rd of the above goods sold at a profit of 10% on cost and half the payment is received in cash.

c) Depreciation on machinery provided 10%.

d) Rent outstanding ₹.2,000

e) Bought refrigerator for personal use ₹.5,000.

f) Accrued interest ₹.500

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