CBSE Class 11 Accountancy Sample Paper Set 09 Solved

1. ‘Closing stock is valued at lower of cost or market price.’ Which concept of accounting is applied here?

2. Define Accounting. 

3. Name the person who owes money against sale of goods to a firm. 

4. Define Accounting Standards. 

5. State any three objectives of Accounting. 

6. Accounting provides information about the profitability and financial soundness of a concern. In addition, it provides various other valuable information also. However, accounting has certain limitations. Explain any three of such limitations.

7. What do you mean by Double entry system of accounting? Explain any three advantages of it. 

8. Name and explain the externals users interested in knowing about the Accounting information. 

9. Differentiate between Book keeping and Accounting on the basis of Scope, Objective, Stage and Special skills.

10. Define the following:

a) Voucher

b) Trade Receivables

c) Liabilities

d) Capital expenditure

11. Explain the following accounting concepts

a) Business Entity Concept

b) Matching concept

c) Consistency concept

d) Going concern concept

12. Identify and explain the accounting concepts/convention involved in each of the following situations:

(1) Revenue must be recognized when it is realized and expenses are recognized when incurred.

(2) Financial statements of the firm are prepared every year on 31st March.

(3) The caliber or quality of the management team is not disclosed in the Balance sheet.

(4) Sale is recognized on the basis of Cash Memo of Invoice.

13. Prepare Ronit’s account from the following:

Jan 1: Amount owing to Ronit ₹.20,000

Jan 5: Purchased goods from Ronit ₹.40,000

Jan 10 : Payment made to Ronit by cheque ₹.14,000

Jan 14: Goods returned to Ronit ₹.4,000

Jan 20: Issued a B/P to Ronit ₹.10,000

Jan 25: Purchased goods from Ronit for Cash ₹.60,000

Jan 30: Cash paid to Ronit on account ₹.12,000

14 Prepare a Trial Balance from the following

Bad debts ₹.3,000 Sundry creditors ₹.25,000, Trade expenses ₹.2,500 ,Printing and Stationary ₹.5,000 Return outwards ₹.4,500,Rent, Rates and Taxes ₹.3,450 Capital ₹.1,97,000, Freight ₹.750 Discount received ₹.3,500,Sales return ₹.6,000 Interest received ₹.11,210, Motor car ₹.25,000 Sales ₹.1,00,000, Opening stock ₹.75,550,Furniture and Fixture ₹.15,500, Purchases ₹.75,000,Drawings ₹.13,560, Investments ₹.65,500,Cash in hand ₹.36,000, Sundry debtors ₹.14,450

15. Prepare a petty cash book from the following transactions when the monthly float is Rs.2000.

2017

16. Prepare a two column cash book

2015

Jan 1 Cash in hand ₹.3,000 , Bank Balance (Cr) ₹.21,000

Jan 3 Discounted a 3 month bill for ₹.30.000 at 12%p.a.

Jan 4 Bought goods by cheque ₹.21,000 plus CGST and SGST @ 6% each.

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

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

Jan 18 Received a cheque for goods sold ₹.18,000

Jan 20 Issued a cross cheque for ₹.60,000 to Sachin in full settlement of a debt of ₹.66,000

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

Jan 28 Deposited into bank ₹.15,000

Jan 29 Cash received from Hema ₹.27,000

Jan 30 Bank charges as per pass book ₹.300

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

17. Journalise the following transactions in the books of M/s Gabriel & Co.

a) Goods worth ₹.1000 were used by the proprietor for domestic purposes.

b) Received a final dividend of 75paise in a rupee for a debt of ₹.20000 due from Heera.

c) Allow 10% interest on capital of ₹.1,00,000.

d) Purchased goods worth ₹.1,00,000 from Veera, trade discount 10%. Paid 50% in cash at a discount of ₹.500 plus IGST @ 12%.

e) Prepaid Insurance ₹.1,500 .

f) Paid landlord ₹.3,000 for rent. One third of the premises are occupied by the proprietor for his own residence.

g) Sold household furniture for ₹.15,000 and paid the money into business.

h) Received cash from Nilesh ₹.5,800 in full and final settlement of an account of ₹.6,000.

18. Show the accounting equation and balance sheet from the following information:

a) Runawal started business with Cash ₹.4,00,000; Stock ₹.1,00,000 and loan ₹.1,50,000

b) Machinery purchased for Cash ₹.80,000.

c) Purchased goods from Rameez ₹.1,00,000.

d) Sold Goods (costing ₹.80,000) to Minara at a profit of 10% for cash ₹.56,000 and the balance on credit.

e) Interest on capital provided ₹.8,000.

f) Machinery depreciated by ₹.10,000

g) Minara becomes bankrupt (insolvent) . A first and final composition of 40 paise in a rupee is received out of a debt from official receiver.

h) Goods withdrawn for personal use ₹.20,000

19. Following were the balances of accounts appearing in the books of Anil Ltd. As on 1st January

2017

Debit balances : Cash ₹.1,00,000 , Machinery ₹.50,000 , Motor car ₹.75,000 , Sharon ₹.15,000

Credit balances : Kiran ₹.25,000 , Bank overdraft ₹.45,000

Jan 2: Deposited into bank ₹.60,000

Jan 3: Purchased goods from Kiran ₹.40,000 and trade discount 10% plus CGST and SGST @ 6% each.

Jan 4: Sold goods to Sharon ₹.78,400 including CGST and SGST @ 6 % each .

Jan 8: Paid wages ₹.1,000

Jan 12: Purchased goods for cash ₹.5,000

Jan 14: Sold goods for cash ₹.18,000

Jan 16: Returned goods to Kiran ₹.3,000 (list price)

Jan 18: Returned goods by Sharon ₹.10,000

Jan25: Purchased furniture from Kishore ₹.20,000

Jan30: Sharon became insolvent and received from his official receiver 50 paise in a rupee.

Jan 31 Paid to Kiran ₹.32,800 and discount received ₹.200.

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