Class-XI CBSE. Time : 3 hrs. Financial Accounting MM-90

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1 Class-XI CBSE Time : 3 hrs. Financial Accounting MM-90 General Instructions (i) This question paper contains two parts A and B (ii) All question in both the parts are compulsory (iii) All parts of the question should be attempted at one place (iv) Marks for each question are indicated against each question. (v) Answers should be brief and to the point. Section-A 1. When is the closing stock shown in the trial balance? (1) 2. What is the meaning of ledger? (1) 3. Which is the last step of accounting as a process of Information? (1) 4. Create an accounting Equation on the basis of following information: (3) (1) Started business with cash ` 8,00,000 and goods ` 2,00,000 (2) Cash deposited in bank ` 5,00,000 (3) Bought goods for cash ` 80,000 (4) Salary paid by cheque ` 10, Explain the error of principle? (3) 6. Distinguish between book keeping and accounting (3) 7. Explain the following (4) (a) Business entity concept (b) Going concern concept 8. The following trial balance has been prepared by an inexperienced accountant redraft it in a correct form: (4) Capital Drawing Opening stock Purchases Sales Wages Electricity Machinery Carriage outwards Returns inward Particulars LF Dr. Cr. 8,950 3,725 23,100 6, , ,050 39,

2 2 Question Paper Returns outward General reserve Discount Allowed Discount received Rent Building Cash Sundry creditors Sundry debtors Bank overdraft ,115 1, , ,920 55,230 55, Explain in brief the limitations of financial. Accounting (any four) (4) 10. The passbook of Mr. Randhir showed an overdraft of ` 40,950 on March 31, 2015 (6) Prepare bank reconciliation statement on March 31, 2015 (i) Out of cheques amounting to ` 8,000 drawn by Mr. Randhir on March 27, a cheque for ` 3,000 was enchased on April 15. (ii) Credited by bank with ` 3,800 for interest collected by them, but the amount is not entered in cash book. (iii) ` 10,900 paid in by Mr. Randhir in cash and by cheques on March 31, cheques amounting to ` 3,800 were collected on April, 07 (iv) A cheque of ` 780 credited in the pass book. On March 28 being dishonour is debited again in the passbook on April 01,2015. There was no entry in the cash book about the dishonour of the cheque until April, Prepare a double column cash book with following transaction (6) Date Details Amt. Dec. 01 Cash in hand 3,065 Cash at bank 6,780 Dec. 02 Cash paid to petty cashier 1,000 Dec. 03 Received cheque from Priya 3,000 Dec. 04 Cash sales 2,000 Dec. 05 Deposited into bank 1,200 Dec. 06 Priya s cheque deposited into bank Dec. 07 Purchase furniture by cheque 6,500 Dec. 10 Bank informed that Priya s cheque got dishounoured & bank charged charges 400

3 Question Paper 3 Dec. 12 Cash Sales 9, Give Journal Entries to rectify the following errors: (6) (i) ` 2,000 paid as wages for erection of new machinery, has been wrongly debited to wages account (ii) ` 12,000 paid for repair of building, but the same has been debited to building account (iii) Furniture purchased for ` 7,000 has been wrongly debited to purchase account (iv) ` 10,000 paid on account of salary to manager Ashok, wrongly debited to his personal account. (v) An amount of ` 8,000 withdrawn by proprietor for his personal use, has been debited to trading exp. A/c. (vi) ` 5,500 spent for while wasting the building has been wrongly debited to building account. 13. On 1 July, 2013 A Ltd. purchased a machinery for ` 6,00,000. On 1 July, 2015 for ` 80,000 was sold for ` 30,000. On the same date a fresh machinery was purchased for ` 1,50,000. Depreciation is provided at 20% per annum on written down value method books are closed On 31 st Dec each year. You are required to prepare (a) Machinery account, (b) Provision for Depreciation Account and Machinery Disposal Account (8) Or On 10 th January, 2015 Keshav bought goods from Ram Prasad worth ` 55,000 on credit for 3 months. Allowing a discount of ` 5,000 to Keshav on the same day, Ram Prasad drew on him a bill for the balance. Keshav duly accepted the bill and returned it to the drawer. Ram Prasad discounted it with his 24% per annum. On the due date, the bill got dishonoured. The bank has to spend ` 1,200 for noting charges. Journalise the above transaction in the books of Keshav and Ram Prasad (8) Part-B Financial Accounting II 14. What is the nature of Income and Expenditure Account (1) 15. Give some examples of Non-profit organization (1) 16. Which accounts are normally maintained in single entry system (1) 17. How will you deal the following income and expenditure account and balance sheet of a club as on 31 st December, 2015? (3) ` Subscription received during the year ,000 Subscription outstanding on ,000

4 4 Question Paper Subscription outstanding on ,500 Subscription received in advance in ,500 Subscription received in advance in , What are possible reasons for keeping incomplete records? (3) 19. Pass necessary Journal Entries for following adjustments: (3) (a) 5% is to be charged on plant and machinery standing in the books at ` 30,000 (b) Insurance unexpired is ` 400 (c) Create provision for doubtful 5% on book debts Worth ` 10, What are the advantages of AIS (Accounting Information System)? (4) 21. What are the main disadvantages of computerized Accounting? (4) Q.22. Rectify the following errors (i) An amounted of ` 200 withdrawn by the proprietor for his personal use has been debited to trade expenses account. (ii) ` 50 received from Shashi has been credited to Shekhar s account (iii) Contractor s bill of ` 2,750 for expansion of building was debited to repair account (iv) An amount of ` 80 received on account of interest was credited to commission account (v) Goods worth ` 250 returned by a customer but no entry was passed in the books of accounts. (vi) ` 175 paid on account of salary to cashier Shri A.k. Gupta stands debited to his personal account. (6) 23. From the following receipts and payments account of a social welfare society and other relevant information, prepare income and expenditure account for the year and the balance sheet as on (6) Receipt and Payments Account Receipt To balance b/d To Subscription To Entrance fees To Life Membership Fees To Interest on Investments To Sale of old newspaper 750 6, , Payments By Rent By Salary By Purchase of Furniture By Wages of Grounds men By Bats & Balls By Periodicals & Newspapers 2,000 1,200 3,000 1,800 1,

5 Question Paper 5 To Sale of sports material 300 By Balance c/d ,800 10, Subscription Due Subscription received in advance Outstanding salary Prepaid salary Investment 5,000 5,000 Building 2,000 1, From the following balance of M/s Keshav Brothers, you are required for prepare the trading and profit and loss A/c and a Balance Sheet on March, 31,2015 (8) Particulars Plant and machinery Debtors Interest Wages Salary Carriage inwards Carriage outward Return inwards Factory rent Office rent Insurance Furniture Buildings Bills receivable Cash in hand Cash at bank Commission Opening stock Purchases Bad debts Adjustments 1,30,000 50,000 2,000 1,200 2, ,000 1,450 2, ,500 2,80,000 3,000 22,500 35, ,000 2,50,000 3,500 Particulars Sales Return outwards Creditors Bills payable Provision for bad debts Capital Rent received Commission received 3,00,000 2,500 2,50,000 70,000 1,550 2,20,000 10,380 16,000 8,70,430 8,70,430

6 6 Question Paper (i) Provision for bad 5% and further bad debts ` 2,000. (ii) Rent received in advance ` 6,000 (iii) Prepaid Insurance ` 200 (iv) Depreciation on 5%, plant and 6%, 7% (v) Closing stock ` 70,000 Or Show the effect of the following information in the profit and loss A/c and Balance Sheet, being prepared on March 31, 2015 Salaries Establishment expenses Wages owing Unexpired insurance Rent Plant and machinery Land and building Particulars Debit Credit 5,000 7, ,000 50,000 80,000 Adjustments (i) Outstanding salaries amounted to ` 1,000 (ii) Prepaid rent amounted to ` 2,000 (iii) The value of plant and machinery be decreased by 10% (iv) That value of land and building be increased by 20% (v) Establishment expenses for March, 2015 are still to be paid. 250

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