Strictly Based on the Latest Syllabus issued by CBSE Board for 2016 Examination. Accountancy. Includes Solved Paper (KVS) 2015.

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2 Stricty Based on the Latest Syabus issued by CBSE Board for 2016 Examination QUESTION BANK Chapter-Wise Soutions Accountancy Incudes Soved Paper (KVS) 2015 Pubished by : OSWAAL BOOKS Oswaa House 1/11, Sahitya Kunj, M.G. Road, AGRA Ph.: , , Fax : , emai : contact@oswaabooks.com, website :

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4 CONTENTS Syabus iv - viii Soved Paper (KVS), Part A : Financia Accounting - I 1. Introduction to Accounting Theory Base of Accounting Recording of Transactions-I Recording of Transactions-II Bank Reconciiation Statement Depreciation, Provisions and Reserves Accounting for Bis of Exchange Tria Baance and Rectification of Errors Part B : Financia Accounting - II 9. Financia Statements Fina Accounts with Adjustments Accounting from Incompete Records Accounting for Not-for-profit Organizations Appication of Computers in Accounting

5 Highights of Curricuum Document for March 2016 Exam Circuar No. Acad.-18/2015 Curricuum (Printed in 2014) Unit 2: Accountancy process and Specia Accounting Treatment Unit 5: Computers in Accounting Scope Suggested Question Paper Design One Paper Theory: 90 Marks 3 Hours Units Periods Marks Part A Financia Accounting -I Unit 1: Theoretica Framework Unit 2: Accounting Process Part B Financia Accounting -II Unit 3. Financia Statements of Soe Proprietorship from Compete and Incompete Records Unit 4. Financia Statements of Not -for-profit Organizations Unit 5 Computers in Accounting Part C Project Work Part A : FINANCIAL ACCOUNTING - I 50 Marks Unit 1: Theoretica Frame Work 25 Periods Units/Topics Introduction to Accounting 11 Periods Accounting- concept, objectives, advantages and imitations, types of accounting information; users of accounting information and their needs. Basic accounting terms: business transaction, account, capita, drawings, iabiities (noncurrent and current); assets (non-current and current) fixed assets (tangibe and intangibe assets), receipts (capita and revenue), expenditure (capita, revenue and deferred), expense, income, profits, gains and osses, purchases, purchases returns, saes, saes returns, goods, stock, inventory, trade receivabes (debtors and bis receivabe), trade payabes (creditors and bis payabe), cost, vouchers, discount - trade and cash. Theory Base of Accounting 14 Periods Fundamenta accounting assumptions: going concern, consistency and accrua. Accounting principes: accounting entity, money measurement, accounting period, fu discosure, materiaity, prudence, cost concept, matching concept and dua aspect. Accounting Standards and IFRS (Internationa Financia Reporting Standards): concept and Objectives Curricuum fina for the examination to be hed in March 2016 Supporting Vouchers, Debit Note and Credit Note added under Origin of Transactions. In pace of tay, any appropriate accounting software may be used to hep students earn basic accounting operations on computer. - Sight changes in % weightings to different earning eves. - 1 mark questions wi have very short answer questions ony. - A 8 marks questions wi have interna choice. - Category 5 wi incude evauation skis ony. SYLLABUS Learning Outcomes After going through this unit, the student wi be abe to: describe the meaning, significance, objectives, advantages and imitations of accounting in the modem economic environment with varied types of business and non-business economic entities. identify / recognise the individua(s) and entities that use accounting information for serving their needs of decision making. expain the various terms used in accounting and differentiate between different reated terms ike current and non-current, capita and revenue. give exampes of terms ike business transaction, iabiities, assets, receipts, expenditure and purchases. expain that saes/purchases incude both cash and credit saes/purchases reating to the accounting year. differentiate among income, profits and gains. state the meaning of fundamenta accounting assumptions and their reevance in accounting. describe the meaning of accounting principes and the situation in which a principe is appied during the accounting process. expain the meaning and objectives of accounting standards. (iv)

6 Doube entry system of accounting. Bases of accounting - cash basis and accrua basis. Unit 2 : Accounting Process Units/Topics Recording of Transactions 23 Periods Accounting equation: anaysis of transactions using accounting equation. Rues of debit and credit: for assets, iabiities, capita, revenue and expenses. Origin of transactions- source documents/ supporting vouchers (invoice, cash memo, pay in sip, cheque), debit note, credit note, preparation of accounting vouchers - cash (debit and credit) and non cash (transfer). Books of origina entry: format and recording - Journa. Cash book: simpe cash book, cash book with discount coumn and cash book with bank and discount coumns, petty cash book. Other books: purchases book, saes book, purchases returns book, saes returns book and journa proper. Preparation of Bank Reconciiation Statement, Ledger and Tria Baance 23 Periods Bank reconciiation statement-concept, cacuating bank baance at an accounting date: need and preparation. Corrected cash book baance. Ledger - format, posting from journa, cash book and other specia purpose books, baancing of accounts. Tria baance: objectives and preparation {Scope: Tria baance with baance method ony) Depreciation, Provisions and Reserves. 16 Periods Depreciation: concept, need and factors affecting depreciation; methods of computation of depreciation: straight ine method, written down vaue method (excuding change in method) Accounting treatment of depreciation: by charging to asset account, by creating provision for depreciation/ accumuated depreciation account, treatment of disposa of asset. Provisions and reserves: concept, objectives and difference between provisions and reserves; types of reserves- revenue reserve, capita reserve, genera reserve and specific reserves. Accounting for Bis of Exchange. 16 Periods Bis of exchange and promissory note: definition, features, parties, specimen and distinction. Important terms : term of bi, due date, days of grace, date of maturity, discounting of bi, appreciate that various accounting standards deveoped nationay and gobay are in practice for bringing parity in the accounting treatment of different items. acknowedge the fact that recording of accounting transactions foows doube entry system. expain the bases of recording accounting transaction and to appreciate that accrua basis is a better basis for depicting the correct financia position of an enterprise. (v) Learning Outcomes 95 Periods After going through this unit, the student wi be abe to: expain the concept of accounting equation and appreciate that every transaction affects either both the sides of the equation or a positive effect on one item and a negative effect on another item on the same side of accounting equation. expain the effect of a transaction (increase or decrease) on the concerned assets, iabiities, capita, revenue and expenses. appreciate that on the basis of sourcedocuments, accounting vouchers are prepared for recording transaction in the books of accounts. deveop the understanding of recording of transactions in journa. expain the purpose of maintaining a Cash Book and deveop the ski of preparing the format of different types of cash books and the method of recording cash transactions in Cash book. describe the method of recording transactions other than cash transactions as per their nature in different subsidiary books according to their nature. appreciate that at times bank baance as indicated by cash book is different from the bank baance as shown by the pass book / bank statement and to reconcie both the baances, bank reconciiation statement is prepared. deveop understanding of preparing bank reconciiation statement. appreciate that for ascertaining the position of individua accounts, transactions are posted from subsidiary books and journa proper into the concerned accounts in the edger and deveop the ski of edger posting. state the need and objectives of preparing tria baance and deveop the ski of preparing tria baance. expain the necessity of providing depreciation and deveop the ski of using different methods for computing depreciation. understand the accounting treatment of providing depreciation directy to the concerned asset account or by creating provision for depreciation account. appreciate the method of asset disposa through the concerned asset account or by preparing asset disposa account.

7 appreciate the need for creating reserves and aso making provisions for events which may beong to the current year but may happen in next year. appreciate the difference between reserve and reserve fund. acquire the knowedge of using bis of exchange and promissory notes for financing business transactions; understand the meaning and distinctive features of these instruments and deveop the skis of their preparation. state the meaning of different terms used in bis of exchange and their impication in accounting. expain the method of recording of bi transactions. appreciate that errors may be committed during the process of accounting. understand the meaning of different types of errors and their effect on tria baance. deveop the ski of identification and ocation of errors and their rectification and preparation of suspense account. Part B : FINANCIAL ACCOUNTING - II 40 Marks Unit 3: Financia Statements of Soe Proprietorship: From Compete and Incompate Records 40 Periods Units/Topics Financia statements: objective and importance. Trading and profit and oss account: gross profit, operating profit and net profit. Baance sheet: need, grouping, marshaing of assets and iabiities. Adjustments in preparation of financia statements : with respect to cosing stock outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtfu debts, provision for discount on debtors, abnorma oss, goods taken for persona use, goods distributed as free sampes and manager.s commission. Preparation of Trading and Profit and Loss account and Baance Sheet of soe proprietorship. Incompete records: uses and imitations. Ascertainment of profit/oss by statement of affairs method. Unit 4: Financia Statements of Not-for-Profit Organizations endorsement of bi, bi sent for coection, dishonor of bi, noting of bi, retirement and renewa of a bi. Accounting treatment of bi transactions. Rectification of Errors 17 Periods Errors: types-errors of omission, commisssion, principes, and compensating; their effect on Tria Baance. Detection and rectification of errors; preparation of suspense account. Units/Topics Not-for-profit organizations: concept. Receipts and Payments Account: features and preparation. Income and Expenditure Account: features, preparation of income and expenditure account and baance sheet from the given receipts and payments account with additiona information. Scope: (i)adjustments in a question shoud not exceed 3 or 4 in number and restricted to subscriptions, After going through this unit, the student wi be abe to: describe the meaning of financia statements and the purpose they serve. state the meaning of gross profit, operating profit and net profit and deveop the ski of preparing trading and profit and oss account. expain the need for preparing baance sheet. understand the technique of marshaing of assets and iabiities. appreciate that there may be certain items other than those shown in tria baance which may need adjustments whie preparing financia statements. deveop the knowedge and understanding to do adjustments for items and their presentation in financia statements ike depreciation, cosing stock, provisions etc. deveop the understanding of preparation of trading and profit and oss account and baance sheet. state the meaning of incompete records and their uses and imitations. deveop the ski of computation of profit / oss using the statement of affairs method. (vi) Learning Outcomes Learning Outcomes 30 Periods After going through this unit, the student wi be abe to: State the meaning of a Not-for-profit organisation and its distinction from a profit making entity. describe the meaning of receipts and payments account, its features and deveop the understanding that ony cash transactions concerning current, past & future periods whether of revenue or capita nature are

8 consumption of consumabes and sae of assets/ od materia. (ii) Entrance/ admission fees and genera donations are to be treated as revenue receipts. (iii) Trading Account of incidenta activities is not to be prepared. Unit 5: Computers in Accounting Units/Topics Introduction to computer and accounting information system {AIS}: Introduction to computers (eements, capabiities, imitations of computer system), Introduction to operating software, utiity software and appication software. Introduction to accounting information system (AIS) as a part of MIS. Automation of accounting process: meaning Stages in automation: (a) Accounting process in a computerised environment; comparison between manua accounting process and computerised accounting process, (b) Sourcing of accounting software; kinds of software: readymade software; customised software and taior-made software; generic considerations before sourcing accounting software (c) creation of account groups and hierarchy (d) generation of reports - tria baance, profit and oss account and baance sheet. Scope : (i) The scope of the unit is to understand accounting as an information system for the generation of accounting information and preparation of accounting reports. (ii) It is presumed that the working knowedge of any appropriate accounting software wi be given to the students to hep them earn basic accounting operations on computers. For this, the teachers may refer to Chapter 4 of Cass XII NCERT textbook on Computerized Accounting System. Part C: Project Work (Any One) (vii) recorded in receipts and payments account. deveop the ski of preparing receipts and payments account. expain the meaning of income and expenditure account and its features. deveop the understanding of preparing income and expenditure account and baance sheet of a notfor profit organisation with the hep of given receipts and payments account and additiona information. Learning Outcomes 20 Periods After going through this unit, the student wi be abe to: State the meaning of a component of a computer, capabiities and imitations. state the meaning of accounting information system. appreciate the need for use of computers in accounting eading to automation of accounting process for designing accounting reports and MIS. Deveop the technique of data exchange with other information systems. deveop the understanding of comparing the manua and computerized accounting process and appreciate the advantages and imitations of automation. deveop the knowedge of different styes of computerized accounting. expain the understanding of database system and its reated concepts in context of accounting system. describe the meaning of eectronic spreadsheet and deveop the understanding of using the spreadsheet. deveop the ski of preparing graphs, charts and diagrams using eectronic spreadsheet. 10 Marks 30 Periods 1. Coection of source documents, preparation of vouchers, recording of transactions with the hep of vouchers. 2. Preparation of Bank Reconciiation Statement with the given cash book and the pass book with twenty to twenty-five transactions. 3. Comprehensive project starting with journa entries regarding any soe proprietorship business, posting them to the edger and preparation of Tria baance. The students wi then prepare Trading and Profit and Loss Account and Baance Sheet on the basis of the prepared tria baance. Expenses, incomes and profit (oss), assets and iabiities are to be depicted using pie chart / bar diagram. Note: The Board has introduced Learning Outcomes in the syabus to motivate students to constanty expore a eves of earning. However these are ony indicative. These do not in any way restrict the scope of questions being asked in the examinations. The examination questions wi be stricty based on the prescribed question paper design and syabus.

9 One Paper Suggested Question Paper Design Accountancy (Code No. 055) Cass XI ( ) March 2016 Examination Theory: 80 Marks Duration: 3 hrs. S. Typoogy of Questions No. Very Short Answer 1 Mark Short Answer I 3 Marks Short Answer II 4 Marks Long Answer I 6 Marks Long Answer II 8 Marks Marks % Remembering - (Knowedge based simpe reca questions, 1 to know specific facts, terms, % concepts, principes, or theories; identify, define, or recite, information) Understanding - (Comprehension - to be famiiar 2 with meaning and to understand conceptuay, interpret, compare, contrast, expain, paraphrase, or interpret information) TOTAL % Appication - (Use abstract information in concrete situation, 3 to appy knowedge to new % situations; Use given content to interpret a situation, provide an exampe, or sove a probem) High Order Thinking Skis - (Anaysis & Synthesis- Cassify, compare, contrast, or 4 differentiate between different % pieces of information; Organize and/or integrate unique pieces of information from a variety of sources) 5 Evauation - (Appraise, judge, and/or justify the vaue or worth of a decision or outcome, % or to predict outcomes based on vaues) 90 6x1=6 6x3=18 5x4=20 5x6=30 2x8=16 (24) 100% 100% Note: Scheme of options: A questions carrying 8 marks wi have interna choice. (viii)

10 KENDRIYA VIDHYALAYA SANGTHAN SESSION ENDING EXAMINATION SUBJECT : ACCOUNTANCY CLASS XI (SOLVED PAPER) Duration : 3 Hrs. M.M. : 90 Genera Instructions : (i) A questions are compusory (ii) Marks are indicated against each other (iii) Give working Note wherever necessary 1. Write any two exampes of Current Assets Cosing stock is vaued ower than the market price which concept of accounting is appied here? 1 3. What is the nature of Income and Expenditure Account? 1 4. Where is specific donation received shown to the fina account of a not for profir organization? 1 5. What is Capita fund? 1 6. Name any two Accounting Softwares Define the term Grouping and Marshaing of Assets and Liabiities State any three differences between Provision and Reserve Expain the foowing - (a) Business Entity Concept (b) Matching Principe On the basis of the foowing information, cacuate the amount to be debited to stationery account in the Income and Expenditure account for the year ended 31 st March 2012 : Stock of stationery on 1 st Apri, 2011 Rs Creditors for stationery on 1 st Apri 2011 Rs Amount paid for stationery during Rs Stock of stationery on 31 st March 2012 Rs. 500 Creditors for stationery on 31 st March 2012 Rs On the basis of the foowing information given beow, cacuate the amount of stationery to be debited to the Income and Expenditure account of Good Heath Sports Cub for the year ended 31 st March Particuars (Amount) (Amount) Stock of Stationery Creditors for Stationery Stationery purchased during the year ended 31 st March 2012 was Rs Describe the eements of Computer System What is meant by Accounting Standard? State any two benefits of it Pass necessary Journa Entries in the books of Rohit Industries : (a) Wages due but not paid Rs 1,000 (b) Received Rs. 600 from Mohan, which were written off as bad debts 2 years ago. (c) Shyama who owed us Rs. 4,000 becomes insovent and a fina dividend of 40 paise in a rupee is received from his house. (d) Goods distributed as free sampe Rs (a) Identify the vaues being vioated in the Window Dressing (b) Indira-Sonia Organisation for Women Empowerment was formed to provide jobs to unempoyed women. Identify the vaues invoved Rectify the foowing errors : (a) Wages paid for extension of buiding was debited to wages account amounting Rs. 16,000 (b) Saes book was over cash by Rs. 4,000 (c) Goods returned by Sumit costing Rs. 4,000 was not recorded in the books (d) Interest due on investment Rs. 3,500 was not recorded in the books Ram keeps his books under Singe Entry System his assets and iabiities were as under Particuars (Amount) (Amount) Cash Sundry Debtors Stock Pant and Machinery Sundry Creditors Bis Payabe 1,000 39,000 34,000 60,000 15, ,000 32,000 80,000 14,900 5,000

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