Class Xi Account See Re Exam Ms 2023-24
Class Xi Account See Re Exam Ms 2023-24
18 Sales Book
Date Name of the customer Invoice LF Amount Amount
No.
2023
Mar 1 Ruchira Electronics, Lucknow 123
5 BPL T.V. @ ₹ 20,000 each 1,00,000
Less : Trade Discount @ 20%. 20,000
80,000 80,000
1+1+1
Note : Goods sold to Hira Bros, Pune, vide Cash Memo No. 125 is cash sales hence it will
not be recorded in the Sales Book.
19
Distinction between Provisions and Reserves
Basis Provisions Reserves
1
Meaning Created to meet known liability Created to meet unknown liability
+
Object Provide for depreciation, doubtful To strengthen the financial position of the
debts etc. business 1
Utilization Cannot be used for Can be used for +
for 1
dividends =
or 3
Functions of Accounting. (any three with explanation)
i. Maintaining Systematic record.
ii. Preparation of final accounts.
iii. Meeting legal requirements.
iv. Communicating the financial information.
v. Assistance to management.
20 Accounting equation 3
Transactions Assets Capital
Debtors Stock Cash Capital
a Started business 40,000 2,00,000 2,40,000
b Sold 50% of the above
goods at a profit of ₹ + 24,000 -20,000 + 4,000
4,000 to Raghunath
24,000 20,000 2,00,000 2,44,000
c Raghunath paid 90%
of his amount in final -24000 +21,600 -2,400
settlement.
Final Equation 0 20,000 2,21,600 2,41,600
1+1+1
21
Answer: 1+1+1+1
DATE PARTICULARS LF Amount Amount
2023 ₹ ₹
Apr 1 Purchases A/c Dr. 6,400
To Cash A/c 6080
To Discount Received A/c 320
( Goods for ₹ 8,000 purchased at 20% trade 4
discount and 5% cash discount)
Apr 8 Cash A/c Dr. 20,000
To Sales A/c 20,000
( Goods costing ₹ 15,000 sold at a profit of
20% trade discount and 5% cash discount 33
1/3 % on cost)
Apr Loss by fire A/c Dr. 4,000
10 To Purchases A/c 4,000
( Goods costing ₹ 4,000 lost by fire)
Apr Plant A/c Dr. 1,02,000
16 To Cash A/c 1,02,000
( Plant purchased for ₹ 1,00,000 and
installation charges paid ₹ 2,000)
24 JOURNAL
a Office Equipment’s A/c Dr. 350
To Office Expenses A/c 350
b Suspense A/c Dr. 100
To Wilson 100
c Sales A/c Dr. 1,000 (1*6)
To Suspense A/c 1,000
d Sales Return A/c Dr. 130 =6
Sales A/c Dr. 130
To Suspense A/c 260
e Building A/c Dr. 13,000
To Wages A/c 13,000
f Correct Entry
25
Plant Account
Date Particulars ₹ Date Particulars ₹
1.4.20 To Bank A/c 80,000 31.3.2 By Depreciation A/c 8,000
0
31.3.2 By Balance c/d 72,000
0
80,000 80,000 6
1.4.21 To Balance b/d 72,000 31.3.2 By Depreciation A/c 10,800
1 (7,200 + 3,600)
To Bank A/c 48,000 31.3.2 By Balance c/d 1,09,20
1 (64,800+ 44,400) 0
1,20,00 1,20,00
0 0
1.4.22 To Balance b/d 1,09,20 1.12.2 By Bank A/c 42,000
0 2
1.12.22 To Bank A/c 75,000 1.12.2 By Depreciation A/c 4,320
2 (64,800*10%*8/12)
1.12.2 By P/L A/c (loss ) 18,480
2 (64,800-42000-4,320)
31.3.2 By Depreciation A/c 6,940
3 (4,440+2,500)
31.3.2 By Balance c/d 1,12,46
3 (39,960 +72,500) 0
1,84,20 1,84,20
0 0
1.4.23 To Balance b/d 1,12,46
0
(1+2+3 = 6)
Or
Machinery Account
Date Particulars ₹ Date Particulars ₹
1.4.22 To Balance b/d 5,00,00 1.10.2 By Bank A/c 42,000
0 2
1.10.22 To Bank A/c 2,00,00 1.10.2 Provision for 32,500
0 2 Depreciation A/c
1.10.2 By P/L A/c (loss ) 25,500
2 100000-42000-32500
31.3.2 By Balance c/d 6,00,00
3 0
7,00,00 7,00,00
0 0
1.4.23 To Balance b/d 7,00,00
0
PART – B
FINANCIAL ACCOUNTING - II
26 C. 2,1,4,3 1
27 D. Balances of Personal and Real Accounts 1
or
C. Both a & b
28 C. ₹ 1,60,000 and ₹ 16,000 1
or
B. Profit & Loss A/c
29 B. ₹ 1,05,000 1
30 Capital Expenditure or Revenue Expenditure: 1+1+1
3
i. Total Expenditure of ₹ 1,50,000 is Capital Expenditure. ₹ 1,35,000 for capital
asset while ₹ 15,000 were spent to make the car ready for use.
ii. ₹ 25,000 spent on whitewashing of old factory building is Revenue
Expenditure as it’s for the maintaining the asset and not for improving the asset.
iii. ₹ 22,500 paid for the installation of a new machine is a Capital Expenditure
because the amount spent is up to the point when the asset is ready for use.
31 Operating Profit = Gross profit (Revenue from operation – COGS) – Operating Expenses 3
= ₹ 4,40,000 – { ( 3,46,500-22,000-35,000-5,100-20,000) + (18,300)}
= ₹ 4,40,000- {2,64,400+ 18,300}
= ₹ 1,57,300
32 4
Statement of Affairs (as at 31-03-2023)
Liabilities ₹ Assets ₹
Creditors 6,000 Cash 600
Dwarika’s Loan 4,000 Stock 9,400
Add : Interest on loan 270 4,270 Debtors 7,000
Capital (balancing g figure) 6,730
17,000 17,000
Statement of Profit or Loss (for the year ended 31st March 2023)
Particulars ₹
st
Capital as on 31 March 2023 6,730
Less : Additional Capital 1,500
5,230
Add : Drawings 2,000
Adjusted Capital 7,230
Less : Capital as on 1st April 2022 10,000
NET LOSS FOR THE YEAR 2,770
2+2= 4
33 Profit & Loss Account (for the year ended 31st March 2023)
Particulars ₹ Particulars ₹
To Provision for Bad Debts A/c:
Bad Debts 5,000
+ Further Bad debts 3,000
8,000
+ New Provision 30,200
38,200
-Old Provision 20,000 18,200
34 6
Trading Account and Profit & Loss Account (for the year ended 31st March 2023)
Particulars ₹ Particulars ₹
To opening stock 36,000 By Sales 3,50,000
To purchases 2,20,000 Less : S Return 6,000 3,44,000
Less : P. Return 7,500 2,12,500 Closing Stock 50,000
To carriage on purchases 4,400
To Fuel and Power 15,500
To Wages and Salaries 6,000
To Gross Profit c/f 1,19,600
3,94,000 3,94,000
To Carriage outwards 2,100 By Gross Profit b/f 1,19,600
To Wages and Salaries 12,000 By Interest on investments 2,000
To Repairs 1,520 By Sundry receipts 120
To General Expenses 10,600
Less : Prepaid Insurance 300 10,300
To Bad-Debts 6,200
Add : further bad debts 2,000
Add : new provision 4,000
12,200
Less : old provision 2,500 9,700
To outstanding Interest 1,200
(10,000*18%*8/12)
To Net Profit t/t Capital A/c 84,900
1,21,720 1,21,720
2½ + 3½
or
Profit & Loss Account (for the year ended 31st March 2023)
Particulars ₹ Particulars ₹
To Interest on Bank loan 3,000 By Gross Profit b/f 2,83,000
Add: O/S Interest 2,000 5,000 By Commission 9,000
To Motor Bike expenses 4,000 Less: Commission in adv. 3,000 6,000
To Salaries 44,000 By Provision for Bad Debts:
Add :O/S Salaries (44000/11) 4,000 48,000 Old Provision 7,000
To Depreciation : Less: Bad-Debts 5,000
Building 20,000 2,000
Motorbike 6,000 26,000 Less: New Provision 1,400 600
To Net Profit t/t Capital A/c 2.06,600
2,89,600 2,89,600
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