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1 स 3 घ ट TIME3 HOURS ष 11CLASSXI ल ख कनACCOUNTANCY सर ध 90 M.M90 General instructions: ध द : 1) All questions are compulsory. रन ध य 2) Attempt all the parts of a question at one place. ए रन ध ए ल 3) Show your workings clearly. ए ट द य 4) In case of any doubt, follow English version of the question paper. रन द ध द, र द क 5) There is a internal choice in a question paper carrying 8 marks. 8 ल रन र ध Part A (Financial Accounting I) 1. State any two objectives of accounting? ल द द ए l (1) 2. Define Source Documents. र? (1) 3. Give the full form of GAAP... ल.ध. धदद र धलध ए. (1) 4. A firm earns a revenue of Rs40,000 and the expenses to earn this revenue are Rs.30,000. Calculate its income. ए य 40,000 धलए 30,000 य य ए l (1) 5. Write any three Limitations of Accounting. ल ए l (3) 6. Explain in brief any three qualitative characteristics of Accounting Information. ल क ध धषत य l (3) 7. Which financial statements are prepared under IFRS? I F R S य ध ध ध (3) 8. Explain Full Disclosure and Business Entity principle of accounting.
2 ल य ल य ध ध य ध l (3) 9. Give Journal entries for the following: (i) Purchased a second hand machinery for Rs.2.and immediately spent Rs.2000 on its repairs. (ii) Anuj who owes Rs.2,500 became insolvent, only 50 paise in a rupee is received. (iii)paid Salary through cheque Rs.2,000. (iv) Purchased a typewriter from Universal Traders for Rs.7,500 ध नधलध रध धट ध 1) 2 द 2,000 य क l 2) 2500 ल कद धल ए ध ल ए l 3) क ) ध यल र य ए ट ट 7,500 द (4) ( 10. Prepare Trial Balance from the following information: धल ल ट ध Particulars Rs. 1 Capital ( ) 50,000 2 Bank loan ( ल ) 20,000 3 Trade payables (य ध द ) 18,000 4 Rent outstanding( दद क ) 5 Capital reserve ( र ) 5,000 6 Commission received (र त ध ध ) 3,000 7 Bad debts ( र ऋ ) 5,000 8 Plant and machinery ( ल ट ) 60,000 9 Goodwill ( ध ) 16, Carriage inward ( 2,500 ) 11 Carriage outward( ) 1, Trade receivables(य ध र ) 10, Profit and loss (Dr.) ल ध (Dr) 5, Ram owed Rs.10,000 to Shyam. Shyam wrote a bill of exchange for Rs.10,000 on Ram for three months, which was duly accepted by Ram. Shyam discounted the bill with Bank at a discount of Rs.100. On maturity, Bill was dishonoured. Bank paid Rs.20 as noting charges. Pass journal entries in the books of Shyam. 10,000 द l 10,000 ए ध ल ध ल धल क l ध ल 100 ट धल /द ध ध ध ल ध 20 टट कदए l रध ट ध l (4) (4)
3 12 Prepare Cash Book (with Bank and cash Column )of Suresh from the following transactions: ध नधलध ल द ल ल ल 2016 Particulars/Items Rs. Jan.1 Cash in hand ( ) 2,300 Bank overdraft ( र ट ) Jan.7 Jan.9 Jan.12 Jan.18 Jan.23 Jan. 31 Cheque received from Ram र त क l Deposited the above cheque into Bank क l Goods sold for Rs.15,000 and deposited into the bank on the same day 15,000 ए कद l Money withdrawn from bank for office use यल र धलए ध ल l Money withdrawn from bank for personal use यध धलए ध ल Bank Charges 2,000 1, (4) 13. Aman has the following transactions. Show accounting equation for the same: ध नधलध ल (i) Commenced business with cash Rs.80, ,000 य क (v) (ii) (iii) (iv) Paid rent in advance Rs.1,000. क धर कद 1,000 Purchased goods for cash Rs.30,000 and credit Rs.20,000. ए 30,000 20,000 द Sold goods costing Rs.20,000 for Rs.30, ,000 ए 30,000 Paid Salary Rs.800 and Salary outstanding Rs ,00 2,00 (4) 14. Prepare a Bank Reconciliation Statementon 31 March 2016 for the following when debit balance of pass book is Rs.2,500: ध ध लध ध ए ध ट ल 2,500 कद
4 S. no Details Rs. (i) Cheques issued, but not presented for payment Rs.2,000 ए धलए र ए (ii) Cheques issued, but omittedto be record in Cash Book ए धल ल l Rs.1,000 (iii) (iv) (v) Cheque deposited but not collected क ए ध ए l A discounted bill of exchange dishonoured ए ध ध ध ल दर l Interest on overdraft र ट द Rs.500 Rs.1,000 Rs.100 (6) 15. Sanjay Engineering Works purchased a machine on 1 st April 2014 for Rs.1,80,000 and spent Rs.20,000 on its installation. On 1 st January 2015, it purchased another machine for Rs.2,40,000. On 1 st July 2016, the machine purchased on 1 st April, 2014 was sold for Rs.1,45,000. On 1 st October, 2016 another machine waspurchased for Rs.4,00,000. Prepare Machinery Account from 2014 to 2016 after charging 10% p.a. by diminishing balance method. Accounts are closed on 31 st December every year. ए ध ट य ए ,80,000 द 20,000 य क l ए 2015 ए 2,40,000 द l ए ल 2016 ल द 1,45,000 द l ए ट 2016 ए 00 द l कद र द ट द ध ध 10 % 31 कद द l OR Adarsh chemicals whose accounting year is calendar year, purchased a machinery on Ist April,2014 costing Rs.1,50,000. It purchased additional machinery on Ist October, 2014 costing Rs.1,00,000 and on Ist July,2015 costing Rs.50,000.On Ist January 2016, onethird of the machinery which was purchased on Ist April,2014 become obsolete due to industrial accident and was sold for Rs.20,000. Prepare the machinery Account for three years i.e by charging 10% p.a.by Fixed Instalment method. द य ध ध ध ध य ल य ए र ल ,50,000 द l ए ध र ए ट ,00,000 ए ल ,000 द l ए,2016
5 ए र ल 2014 द ए ध ध ए द यट 20,000 कद ल कद र द दध 10 % (8) PART B (Financial Accounting II) 16 Give any two examples of indirect expenses. र ष य द द l (1) 17 What is meant by customized software? ट ट? (1) 18 Distinguish between manual and computerized accounting system. ट ल (3) 19 Show the following information in the Balance Sheet of the Vinod Sports Club as on 31 st March, 2016: ध नधलध ध द ल ल ध ध ध धल (3) Particulars ( ध ) Debit( ध ट) Creditर ध ट Tournament Fund (ट य ट ) 1,50,000 Tournament Fund Investment(ट य ट ध ) 1,50,000 Income from Tournament fund investment(ट य ट ध ) 18,000 Tournament Expenses(ट य ट ) Additional Information: ध र : Interest accrued on Tournament fund investment Rs.6,000. ट य ट ध य द 6, Mr. Aarush keeps his books by single entry system method. His position on 31 st December, 2015 was as follows: Cash in hand Rs.500, Cash at bank Rs.6,000, Stock Rs.5,000, Debtors Rs.3,300, Furniture Rs.1,200, Creditors Rs.. During the year he introduced Rs. as further capital in the business, and withdrew Rs.9,000 out of which he purchased a Machine for Rs.6,000 for the business. On 31 st December 2016 his position was as follows: Cash in hand Rs.500, Cash at bank Rs.5,000, Stock Rs.6,000, Debtors Rs.4,600, Furniture Rs.1,500 and Creditors Rs.6,000. Prepare necessary statements showing the profit or loss made by Mr.Aarush during the year and a Balance Sheet as at 31 st December, 2016after making the following adjustments: Depreciate furniture and machine at 10% (on closing balance) write off bad debts Rs.200 andprovide 5% for doubtful debts
6 र ए ल दध ध 31 कद 2015 र : 500, 6000, ट 5000, द द 3300, 1200, ल द, य द 4000 ध र ल 9000 य ध ल ध 6000 ए य धलए द l 31 कद 2016 ध र : 500, 5000, ट 6000, द द 4600, 1500, ल द 6000 ल ध ध ल धलए ध ध न ए 31 कद 2016 ध ध ध ए, र द 10 %, ऋ 200 ध ऋ धलए र 5%? (6 ) 21. (A) How would you deal with following while preparing accounts of nonprofit organization : (i) Donations (ii) Legacy (iii) Entrance fees ( ) ध नधलध 1) द 2) ध 3) र (B) Distinguish between Receipts and Payments Account and Income and Expenditure Account ) य र धत ए ए (3 + 3) 22. Explain the main functions of the computer system. 6 ए ट ध ट य धलध ए. 23From the following particulars, prepare Income and Expenditure Account: ध न धलध य 6 Particulars(ध ) Amount ( ध ) Fees collected, including Rs.80,000 on account of previous year ए ध (ध 80,000 ध ल ल ध ल ) 5,20,000 Fees for the year outstanding य द 30,000 Salary paid, including Rs.5,000 on account of previous year कद ( 5000 ध ल ल ध ल) 68,000
7 Salary outstanding at the end of the year य 3,000 Entertainment expenses य 8,000 Tournament expenses ट य ट 25,000 Meeting expenses 18,000 Travelling expenses य 7,000 Purchase of Books & Periodicals, including Rs.31,000 for purchase of books क ध द ध 31,000 क ध ल 40,000 Rent क 15,000 Postage, Telegrams and Telephones ट,ट ल र ए ट ल 6,000 Printing and Stationery र ए ट 18,000 Donations Received द र त क 25,000
8 24 From the following Trial Balance of M/s. Mohan and Sons as on 31st December. 2016, prepare Trading and Profit & Loss Account and Balance Sheet. ए ध र ध नधलध ल ट 31 कद,2016 धलए य,ल ध ए ध ध ध l Particulars(ध ) Amount( ध ) Particulars(ध ) Amount( ध ) Opening Stock(र ध ट ) 11,300 Capital( ) 20,000 Purchases (र ) 40,000 Loan (ऋ ) 5,000 Sales Return(ध र ) 300 Creditors(ल द ) 8,000 Gas and Water( ) 480 Sales (ध र ) 55,000 Purchase return (र ) Cash in hand ( ) 1, Commission( ) Cash at bank ( ) 5, Salaries and wages Bill Payable(ध ल द ) द ) 800 1,500 Rent, Rate & Taxes (क,द ट ) 700 Wages( द ) 1,250 Insurance( ) 1,000 Carriage( ल ) 750 Discount( ट ) 300 Debtors(द द ) 10,000 Machinery( ) 7,000 Building( ) 10,000 Adjustments: (i) Stock in hand on Rs.12, 300. (ii) Outstanding wages Rs.200 and Salaries Rs.100. (iii) Accrued Commission Rs.300. (iv) Create 5% provision for bad and doubtful debts. (v) Charge 10% depreciation on Machinery. : 1) 31 कद 2016 ट 12,300 2) द ) य 300 4) कद ऋ धलए र 5% 5) र 10 % द ल ए 8
9 OR/ From the following balances extracted from the book M/s Raj Chakravarthy on March 31 st 2016.You are requested to prepare the trading and profit and loss account and balance sheet as on this date Name of Accounts Amt(Dr.) Amt (Cr.) Opening Stock Purchases and sales Returns Wages Dock and clearing charges Lighting Miscellaneous Income Rent Capital Drawings Debtor and creditor Cash Investment Patent Machinery Donation and charity Sales tax collected Furniture 20,000 80, ,000 1,000 6,000 8,000 86,000 1,200 22,600 1,60,000 1,200 80, ,000 2,73,200 2,73,200 Additional Information (i) Closing Stock was Rs. (ii) Interest on drawing at 7% p.a. and interest on capital at 5% p.a. (iii) Machinery is depreciated at 5%. (iv) Interest on p.a. (v) Unexpired Rent Rs.200 (vi) Charge 5% depreciation on furniture (8)
10 31 य 2016 क ए / ए र ध ल ध नधलध ध य ल ध ध ध ध ध ध ल ध ( ) ध ( ) र ध ल 20,000 द ध र ल द र ध ल ध ध क द द ल द द ध ध (ध ध ) ट ट द द ध र ए 80, ,000 1,000 6,000 8,000 86,000 1,200 22,600 1,60,000 1,200 80, ,000 2,73,200 2,73,200 ध र : 1. ध 2. द 5% द 7% य द 3. 5% ल 4. ध 6% य द 5. त क 200 ए 6. 5% र
11 MARKING SCHEME ACCOUNTANCY Class XI 1. (i) Maintaining records of business transactions. (ii) Finding out profit or loss of the business. (iii) To know the financial position of the business.(any two) 2. A source document is a written document containing details of the transactions. It is an evidence of a transaction or an event. 3. Generally Accepted Accounting Principle 4. Income = Revenue Expenses i.e. 40,000 30,000 = 10, Limitations of Accounting (1) No Record of Important Nonmonetary Information: Accounting takes into consideration only monetary transactions. A transaction, however important, will not be recorded in the books if it cannot be expressed in the monetary terms. (2) Window Dressing: Sometimes, information given by the accounting is not true and faithful or may be manipulated by the accountants. When accounts are manipulated and present the accounting information to show the better position of the business than the actual position, it is known as Window Dressing (3) No Consideration of Price Level Changes: The most serious limitation of accounting is adoption of historic cost concept for recording various assets irrespective of subsequent change in their prices. 6. one mark for every correct point. 7 Following financial statements are prepared under IFRS: (i) Statement of financial position (ii) Statement of comprehensive income (iii) Statement of change in equity (iv) Statement of cash flows (v) Notes and significant accounting policies. 8. Full Disclosure: This principle implies that financial statements should disclose all material information which is required by the proprietor and other users to assess the final accounts of the business unit. This principle has been given legal recognition by the Companies Act, 1956 which had made ample provisions for the disclosure of material information in company accounts. Business Entity Principle: This principle assumes that, for accounting purposes, business and businessman are two separate entities. All the business transactions are recorded in the books of accounts from the point of view of business and not from the point of view of businessman. Businessman is treated as the creditor of the business to the extent of his capital. The capital introduced by the proprietor is treated as liability from the point of view of the business. 9. (i) Machinery A/c Dr. 26,000 To Cash A/c 26,000 (ii) Cash A/c Dr. 1250
12 Bad/Debts A/c Dr To cash A/c 2500 (iii) SalaryA/C Dr. 2,000 To Bank A/c 2,000 (iv) Typewriter A/c Dr. 7,500 To Universal Traders A/c 7, Trial Balance Particulars Debit Credit Capital 50,000 Bank Loan 20,000 Trade payables 18,000 Rent outstanding Capital reserve 5,000 Commission received 3,000 Bad debts 5,000 Plant & Machinery 60,000 Goodwill 16,000 Carriage inwards 2,500 Carriage outwards 1,500 Trade Receivables 10,000 Profit and Loss (Dr.) 5,000. Total 1,00,000 1,00, Shyam s Journal Bills Receivable A/c Dr. 10,000 To Ram 10,000 (Being acceptance received) Bank A/c Dr. 9,900 Discount A/c Dr. 100 To Bills Receivable A/c 10,000 (Being bill discounted) Ram Dr. 10,020 To Bank 10,020 (Being bill dishonoured and noting charges paid by bank)
13 12. Cash Book Ban Date Particulars L.F Cash Bank Date Particulars L.F Cash k 12,00 Jan 1 To Balance b/d 2,300 Jan. 1 By balance 0 To Cheque in By 9 hand 18 Cash C 2,000 By 12 To Sales 15, drawings 1,000 By bank 18 To Bank C 31 charge By balance 2,300 3,800 2,300 19,000 2,300 Feb 1 To Balance b/d 2,300 3,800 19, Accounting Equation Particulars Assets = Liabilities Cash + Stock + Prepaid Rent = Creditors + Capital (i) Commenced Business 80, = ,000 (ii) Paid Rent in advance (1,000) ,000 = New Equation 79, ,000 = ,000 (iii) Purchased goods (30,000) + 50, = 20, New Equation 49, , ,000 = 20, ,000 (iv) Sold goods 30,000 + (20,000) + 0 = ,000 New Equation 79, , ,000 = 20, ,000 (v) Salary paid & outstanding (800) = (1,000) Final Equation 78, , ,000 = 20, , Bank Reconciliation Statement Particulars Detail Detail Amount Amount Rs. Rs. Balance as per passbook (overdraft) 2,500 Add: Cheque issued but not presented 2,000 4,500 Less: Cheque issued but omitted to be recorded in cash book 1,000 Cheque deposited but not cleared 500 A discount bill of exchange dishonoured 1,000 Interest on Overdraft 100 2,600 Balance as per cash book (overdraft) 1,900
14 15. Machinery Account Date Particulars Amount Date Particulars Amount April 1 To Bank 2,00,000 Dec.31 By Depreciation A/c 15,000 By Balance c/d 1,85, ,00, ,00,000 Jan.1 To Balance b/d 1,85,000 Dec 31 By Depreciation A/c 42,500 Jan.1 To Bank A/c 2,40,000 Dec 31 By Balance c/d 3,82,500 4,25,000 4,25, Jan. 1 To Balance b/d 3,82,500 July 1 By Bank 1,45,000 Oct.1 To Bank A/c 4,00,000 By Depreciation A/c 8,325 By P/L A/c 13,175 Dec 31 By Depreciation A/c 31,600 By Balance c/d 5,84,400 7,82,500 7,82,500 OR Machinery Account Date Particulars (Rs.) Date Particulars (Rs.) 2014 Apr.1 Oct Jan 1 July Jan Jan1 To Cash A/c To Cash A/c To Balance b/d (i) 1,38,750 (ii) 97,500 To Cash A/c (iii) To Balance b/d (i) 1,23,750 (ii) 87,500 (iii) 47,500 To Balance b/d 1,50,000 1,00,000 2,36,250 50, Dec.31 Dec.31 By Balance c/d (i) 1,38,750 (ii) 97,500 By Depreciation A/c (i) (9months) 11,250 (ii) (3months)2,500 13,750 2,36,250 2,50,000 2,50, Dec.31 2,86,250 2,58,750 2,58,750 1,92,500 Dec Jan 31 Dec. 31 By Depreciation A/c (i) 15,000 (ii) 10,000 (iii) 25,00 (6 months) By Balance c/d (iii) 1,23,750 (iv) 87,500 (v) 47,500 By Cash A/c By Statement of Profit and Loss(loss) By Depreciation A/c (i) (On Rs 1,00,000) 10,000 (ii) 10,000 (iii) 5,000 By Balance c/d (i) 72,500 (ii) 77,500 (iii) 42,500 27,500 2,58,750 2,86,250 20,000 21,250 25,000 1,92,500 2,58,750
15 PARTB 16. Salary, carriage outward Trade expences,etc.(any two) 17. Readymade softwares which can be modified by the user as per the specific requirement are known as customised softwares. 18. Any three difference.(one point for each diff.) 19. Balance Sheet (31 March 2016) Liabilities Amount Assets Amount Tournament Fund 1,50,000 Tournament fund invest. 1,50,000 Add: Income 18,000 Accrued interest 6,000 1,68,000 Add: Accrued Int. 6,000 1,7 Less: Expense 1,62, Opening balance of capital Rs.; Closing capital Rs.16430; Profit Rs.3,430; Drawings Rs.3, (a)(i) DonationGeneral Donation IncomeCr. Side of Income andexpenditurea/c Specific Donation capitalisedliabilities side of closing Balance Sheet. (ii) Legacy GeneralIncome Cr. Side of Income and expenditure A/c Specific CapitalisedLiability side of closing Balance sheet. (iii) Entrance fees IncomeCr. Side of Income and Expenditure A/c (1+1+1) (b) Any three difference (one marks for each diff.) 22. Main functions of computer system: (1) Storage : It can store large amount of information within it and can make it available to use whenrequired. (2) Data processing : The Computer can do various operations on the data, technically it is known as data processing. This involves: (i) Performing calculations, such as addition, subtraction, multiplication, division etc. (ii) Performing : Logic functions/comparing data: The computer can perform logic functions and cancompare two numbers or alphabets and arrange them in a desired sequence. (iii) Editing of Text: In application of word processing, the business documents can be prepared easilyand efficiently. (iv) Graphic action: The computer can draw maps, pictures, designs, etc., for planning and designing. (v) Production of data : Result can be stored on various devices like tapes, disks etc., can be printed onpaper or can be displayed. (3) Input Transferring of information into the system. This may be through a user input device i.e. Keyboard, mouse, Scanner etc. (4) Output: output is the exact opposite of input. Output is the function that allows a computer to display information, from the system, for the user.
16 Downloaded 23. Income from and Expenditure Account Expenditure Amount Income Amount To Salary 68,000 By Fees Collected 5,20,000 Less : O/s Previous year 5,000 Less: O/s Previous year 80,000 Add: O/s Current year 3,000 66,000 Add: O/s current year 30,000 4,70,000 To Entertainment expenses 8,000 To Tournament expenses 25,000 By Donation Received 25,000 To Meeting expenses 18,000 To Travelling expenses 7,000 To Books & Periodicals 40,000 Less: Books Purchased 31,000 9,000 To Rent 15,000 To Postage, Telegrams and Telephones 6,000 To Printing and Stationery 18,000 To Surplus i.e. excess of income over exp. 3,23,000 4,95,000 4,95, Trading Account Particulars Amount Particulars Amount To Opening Stock 11,300 By Sales 55,000 To Purchases 40,000 Less : Return ,700 Less : Return ,420 By Closing Stock 12,300 To Gas & Water 480 To Wages 1, ,450 To Carriage 750 To Gross Profit 13,600 67,000 67,000 Profit and Loss Account Particulars Amount Particulars Amount To Salaries & wages By Gross Profit 13,600 To Rent & Rates 700 By Commission To Insurance 1,000 To Discount 300 To Depreciation on Machinery 700 To Provision for doubtful debts 500 To Net profit 10,300 14,400 14,400 Balance Sheet Liabilities Amount Assets Amount Capital 20,000 Building 10,000 Add : Profit 10,300 30,300 Machinery less depreciation 6,300 Debtors less provision 9,500 Loan 5,000 Closing stock 12,300 Creditors 8,000 Cash at bank 5,700 B/P 1,500 Cash in hand 1,000 Outstanding wages 200 Accrued Commission 300 Outstanding salaries ,100 45,100 (2+3+3)
17 OR Trading account Dr. Cr. Particulars Amt (Rs.) Particulars Amt(Rs.) To Opening Stock To Purchase 80,000 ()Purchase Return (1,200) To wages To Dock And Clearing Charges To Gross Profit 1,20,000 78,800 8,000 44,800 By Sales 1,60,000 ()Sales Return (400) By Closing Stock 1,59,600 1,63,600 1,63,600 Profit And Loss Account Particulars Amount(Rs) Particulars Amount(Rs) To Donation & Charity To Interest on Capital To Depreciation ojn Furniture To Depreciation on land & 1,200 1,130 By Gross profit b/d By Interest on Drawings By Interest on investment By Miscellaneous Income 44, Machinery 4,300 By Rent Received 4000 To Lighting To Net profit 1,000 49,970 () Unexpired Rent Balance Sheet Liabilities Amt Assets Amt Capital 80,000 (+)Interest on Capital 8 (+)Net profit + 49,970 ()Drawings () ()Interest On Drawings (280) Unexpired Rent Sales Tax Collected Creditors 1,29, ,000 1 Furniture 22,600 ()Depreciation (1,130) Land Machinery 86,000 ()Depreciation (4,300) Investment (+)Interest At 6% 720 Debtors Cash Patents Closing Stock 21,470 81,700 12,720 6,000 8,000 1,45,890 1,45,890 (2+3+3)
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