CBSE Class 11 Accountancy Sample Paper Set 20

1. Answer the following questions : 

a) Define Accounting. What are the various types or branches of accounting

b) X purchased goods costing Rs. 50,000 from Y on credit for 3 months. Yasked X that if he paid the due amount within 1 months he would discount a cash discount of Rs. 5,000. Assuming X makes the payment as per terms and conditions of Y, journalise the transaction with a proper narration.

c) Find out the amount of Gross Profit from information given below Purchases twice the salesSales half of closing stock Closing stock equal to opening stock Opening stock 20,000

d) In the financial year 2009-10, a machinery was purchased costing Rs.1,00,000 and its erection charges being Rs. 25,000 and other installation expenses being 25,000. The accountant debited the erection charges and installation expenses to the general repairs account. Also he charged depreciation @10% on straight line basis without taking into account theerection charges and installation expenses. You are required to journalize the rectification entry. Show your workings clearly. 

e) X sold goods to Y for Rs. 23,400 on 1st January 2009 and drew a bill upon him. Y accepted the bill and sent it to X on the same date. X discountedthe bill with the bank. On the due date Y failed to pay the due amount to bank and hence subsequently dishonored the bill. Journalize the entries in books of Y.

2. a) On 1st January 2009, Mahi owes to Suri Rs. 4,50,000 and accepts three bills of 4,50,000 each, due on 1, 2 and 3 months respectively. The first bill is retained by suri and is duly met. The second bill was discounted (discount amounting to Rs. 5,000) and is met in due course. The third bill is also discounted (discount being Rs. 4,500) and is subsequently dishonoured, noting charges being Rs. 1,000. New Arrangements were duly made whereby Mahi pays Rs. 50,500 as cash and accepts a new bill due in two months for the balance of the amount with interest @ 10 per cent per annum. The bill is retained. On the due date the bill is dishonoured, noting charges being Rs. 800. Mahi is adjudicated insolventon 15th June 2009 and 25 paisa in a rupee could be recovered from his estate. You are required to journalise the above transactions (with narrations) in books of Mahi and Suri, showing your workings clearly.

b) Answer the following questions:

(i) Explain the basic accounting principles

(ii) What are the limitations of accounting. Briefly explain.

3. Answer any two sub-parts of the questions out of the three sub-parts of the question :

(a) Bhavana Textiles Limited, for whom the accounting year is the financial year, purchased machinery on 1st April 2009 costing Rs. 10,00,000 (excluding installation expenses of Rs. 5,00,000 and transportationexpenses of Rs. 2,00,000). It purchased machinery on 1st July, 2009 costing Rs. 20,00,000 (including 5% as installation expenses) and furthermachinery was purchased on 1st October, 2009 for Rs.5,00,000. On thisdate, one third of the machinery purchased on 1st April 2009 was sold for Rs. 5,00,000. You are required to prepare the machinery account for the year ended 31st December 2009. Show your workings clearly.

(b) Considering the following information, you are required to prepare an accounting equation :

(i) Started business with cash Rs. 1,25,000 and goods Rs. 25,000.

(ii) Bought goods from vimal for Rs. 25,000.

(iii) Bought goods on credit for Rs. 22,000.

(iv) Goods costing Rs. 50,000 sold at a profit on 20 per cent on cost.

(v) Purchased an old car for personal use Rs. 45,000

(c) Prepare a cash account (cash and bank columns only) from following