4. If the Owner's Equity is 20,000 and Creditors Equity is 40,000.

What will be the [1]

assets of the firm?
SAMPLE QUESTION PAPER - 5
Accountancy (055) a) 80000 b) 60000
Class XI (2024-25)
c) 40000 d) 20000

Time Allowed: 3 hours Maximum Marks: 80

OR
General Instructions:
Items owned by a business that have monetary value are ____
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B. a) Assets b) Capital
3. Question 1 to 17 and 27 to 29 carries 1 mark each.
c) Debentures d) Liabilities
4. Questions 18 to 20 and 30 to 32 carries 3 marks each.
5. Questions from 21 to 23 carries 4 marks each. 5. Credit Note is prepared: [1]
6. Questions from 24 to 26, 33 and 34 carries 6 marks each.
a) when the debit is given to the b) when both credit and debit is
Part A
account given to the account
1. Pick out a source voucher/document from the following: [1]
c) when transfer in the account d) when credit is given to the
a) Transfer Voucher b) Debit Voucher account
c) Invoice d) Credit Voucher
6. ________ function is routine and clerical in nature and is increasingly done by [1]
2. Assertion (A): Accounting records only the transactions of financial nature. [1] computers now-a-days.
Reason (R): Goods taken from the business by the proprietor for his personal use is
a) Financing b) Accounting
not of financial nature and hence will not be recorded.
c) Accounting and bookkeeping d) Bookkeeping
a) Both A and R are true and R is b) Both A and R are true but R is
the correct explanation of A. not the correct explanation of OR
A. Bills ________ is an accounting term for bills of exchange drawn on ________
c) A is true but R is false. d) A is false but R is true. received by way of endorsement from them.

a) payable, creditors b) receivable, creditors

3. Rule of Debit and Credit for Impersonal account is [1]
c) receivable, debtors d) payable, debtors
a) Dr. the receiver and Cr. the b) Dr. all expenses and Cr. all
giver gains & Dr. what goes out and 7. Secret Reserve is shown in: [1]
Cr. what comes in
a) Balance Sheet on the liabilities b) None of these
c) Dr. all expenses and Cr. all d) Dr. what goes out and Cr. what side
gains comes in
 c) Balance Sheet on the assets d) Profit and Loss Account 13. Total of Sales Return Column in the Sales Return Book is posted to: [1]
side
a) Sales Return A/c - Cr. b) Sales Return A/c - Dr.
8. The data is classified for creating groups of accounts in the heads of: [1]
c) Sales A/c - Dr. d) Sales A/c - Cr.
a) Assets, Liabilities and Capital b) Assets, Owners’ equity,
14. Calculate total expenses if capital Rs.2,00,000, creditors Rs. 50,000, revenue [1]
Revenue and Expenses
Rs.5,00,000 and asset Rs. 5,00,000.
c) Assets, Capital, Liabilities, d) Capital, Revenue and Expenses
Revenue and Expenses a) Rs.5,50,000 b) Rs.7,00,000

c) Rs.2,50,000 d) Rs.3,50,000
OR
Which account will be debited if proprietor pays ₹ 5,000 as life insurance premium 15. Current Liabilities include: [1]
from business cash? Debentures, Bills Payable, Long-term Loans, Capital

a) Bank A/c b) Drawings A/c a) Bills Payable b) Debentures

c) Cash A/c d) Insurance A/c c) Capital d) Long-term Loans

9. In Accounting, bases of ascertaining profit or loss is: [1] OR

The person, firm or institution who does not pay the price in cash for the goods
a) Cash Basis b) Only cash basis
purchased or the services received is called:
c) Either Cash or Accrual Basis d) Accrual Basis
a) Proprietor b) Debtor
10. According to which concept the same accounting methods should be used each [1]
c) Creditor d) Solvent
year:
16. Which of the following is/are not recorded in purchase book? [1]
a) Full Disclosure b) Prudence
i. Cash purchase of goods worth ₹5,000.
c) Consistency d) Materiality
ii. Purchase of furniture on credit worth ₹75,000.
11. Creation of reserves: [1] iii. Purchase of stationery of ₹3,000 on credit.

a) Increases the profits b) Decreases the divisible profits a) i, ii and iii b) ii and iii

c) Decreases the profits d) Increases the divisible profits c) i and iii d) only i

12. Tangible Assets do not include: [1] 17. Good debts are [1]

a) Furniture b) Goodwill a) who have good characters b) those whose collection of credit
is uncertain
c) Cash d) Stock
 c) those whose collection of credit d) who has paid the whole amount iii. A cheque of ₹ 2,200 deposited by her into the bank on 28th March, 2023 is not
is certain yet credited in the Bank Pass Book.
iv. She had also received a cheque of ₹ 500 which although entered by her in the
18. Give any three points distinguishing between a journal and a ledger? [3]
bank column of Cash Book, was omitted to be paid into the bank.
OR v. On 30th March, 2023, a cheque of₹ 1,570 received by her was paid into the bank
What is Trade Discount? Give an example. but the same was omitted to be recorded in the Cash Book.

19. International Financial Reporting Standards (IFRS) provides a number of benefits. [3] vi. There was a credit of ₹ 150 for interest on current account and a debit of ₹ 25 for
Explain any three. bank charges.
vii. A wrong credit of ₹ 2,000 was given by bank on 27th March, 2023 and was
OR reversed on 10th April, 2023.
Mr. Abhinav Kumar, a homeopath doctor in practice has been advised by his Prepare Bank Reconciliation Statement as on 31st March, 2023.
Accountant to maintain his accounts on Accrual Basis instead of the presently followed
Cash Basis of Accounting. Do you agree with the advice of the Accountant? Give OR
reasons. On 31st March 2018, the Cash Book of B.Babu showed an overdraft of Rs.18,000 with
the Bank of India. This balance did not agree with the balances as shown by the Bank
20. Classify the following into (i) Assets (ii) Liabilities (iii) Expenses and (iv) [3]
Pass Book. You find that Babu had paid into the Bank on 26th March, four cheques for
Revenues
Rs.10,000, Rs.12,000 Rs.6,000 and Rs.8,000. Of these, the cheques for Rs.6,000 was
Sales, Bank balance, Debtors, Bank Overdraft, Creditors, Salary to the manager,
credited by the Bank in April 2018. Babu had issued on 24th March, three cheques for
Discount to debtors, Cost of goods sold
Rs.15,000, Rs.12,000 and Rs.7,000. The first two cheques were presented to the Bank
21. Prepare the trial balance of Mahesh as on 31st March, 2023. He has omitted to open [4] for payment in March 2018 and third cheque in April 2018.
a Capital Account: You also find that on 31st March 2018 the Bank had debited Babu's account with
Rs.500 for interest, Rs.20 as charges, but Babu had not recorded these amounts in his
₹ ₹
Books.
Bank Overdraft 95,000 Purchases 4,45,000
Prepare Bank Reconciliation Statement as on 31st March 2018 and ascertain the
Sales 8,10,000 Cash in Hand 8,500 balance as per the Bank Pass Book.
Purchases Return 22,500 Creditors 2,15,000
24. Pass Journal Entries for the following: [6]
Debtors 4,00,500 Sales Return 15,750 2023 March 2 Purchased an Iron Safe for business for ₹ 1,00,000 and payment
Wages 96,000 Equipment 25,000 made by cheque.
Capital ? Opening Stock 3,00,500 2023 March 3 Purchased filing cabinet for office use ₹ 40,000 and paid ₹ 200 as
cartage on it.
22. Explain the need for drawing up the special purpose books. [4] 2023 March 4 Purchased a Computer from Shyam & Co. for ₹ 80,000 on credit.
2023 March 5 Purchased an electric fan for ₹ 20,000.
23. i. On 31st March, 2023, the Bank Pass Book of Renu Enterprises showed a credit [4]
2023 March 6 Purchased a Horse for business for ₹ 1,50,000 and payment made by
balance of ₹ 15,000. cheque.
ii. Before that date, she had issued cheques amounting to ₹ 8,000 out of which 2023 March 7 Purchased Post Cards for ₹ 250; Envelopes for ₹ 500 and Stamps for
cheques of ₹ 3,200 were presented for payment till 31st March, 2023. ₹ 1,000.
 2023 March 8 Purchased office stationery for ₹ 4,000. B. that such a suspense account has been opened.
2023 March 15 Gave as Charity - Cash ₹ 2,000 and Goods ₹ 4,000.
OR
2023 March 20 The horse bought on March 6 died, its carcass was sold for ₹
10,000. Rectify the following errors which are detected before preparation of the Trial Balance:
2023 March 25 Sold household furniture for ₹ 1,00,000 and paid the money into the i. Sale to Prakash ₹ 50,000 posted to his account as ₹ 5,000.
business. ii. Sale to Prakash ₹ 30,000 debited to his account as ₹ 3,000.
2023 March 31 Paid to the landlord by cheque ₹ 1,20,000 for rent. One-third of the iii. Sale to Prakash ₹ 20,000 credited to his account as ₹ 2,000.
building is occupied by the proprietor for residential use.
iv. Sale to Ravi ₹ 5,600 posted to his account as ₹ 6,500.
OR v. Purchases of ₹ 8,755 from Nitin posted to his account as ₹ 5,578.
Pass Journal entries for the following transactions: vi. Purchases of ₹ 6,580 from Nitin posted to his account as ₹ 8,560.
i. Pawan started business with cash ₹ 2,00,000 and Bank ₹ 8,00,000. vii. Cash sale to Abhi of ₹ 30,000 posted as ₹ 3,000.
ii. Bought a machinery for ₹ 25,00,000 by making a down-payment of 10%. viii. Debit balance of ₹ 5,000 was carried forward as a credit balance in Ritesh’s Account.
iii. Paid ₹ 48,000 as wages for installation of machine. ix. Credit purchase of furniture ₹ 30,000 from Rohit was posted as ₹ 3,000.
iv. Bought goods from Kumar Bros. ₹ 3,00,000.
26. Berlia Ltd. Purchased a second-hand machine for ₹ 56,000 on July 01, 2015, and [6]
v. Withdrawn from bank ₹ 50,000. spent ₹ 24,000 on its repair and installation and ₹ 5,000 for its carriage. On
vi. Repaid bank loan ₹ 35,000 including interest of ₹ 3,000. September 01, 2016, it purchased another machine for ₹ 2,50,000 and spent ₹
vii. Sold goods to Suresh ₹ 40,000. 10,000 on its installation.
viii. Received from Suresh ₹ 39,750, discount allowed ₹ 250. i. Depreciation is provided on machinery @ 10% p.a on original cost method
ix. Paid rent of ₹ 37,500 by cheque. annually on December 31. Prepare machinery account and depreciation account
from the year 2015 to 2018.
x. Provide depreciation on machinery at 15% per annum.
ii. Prepare machinery account and depreciation account from the year 2011 to 2018,
25. While trying to close his books for the year ended 31st March, 2023, Mandeep [6] if depreciation is provided on machinery @10% p.a. on written down value
found that the trial balance did not agree. He traced the following errors: method annually on December 31.
i. The Purchases Book was undercast by ₹ 500.
OR
ii. The Sales Book was overcast by ₹ 100.
On April 01, 2010, Bajrang Marbles purchased a Machine for ₹ 1,80,000 and spent ₹
iii. ₹ 620 received from Manoj were posted to the debit of his A/c.
10,000 on its carriage and ₹ 10,000 on its installation. It is estimated that its working
iv. The total of the credit of Bhanu’s A/c has been over added by ₹ 800. life is 10 years and after 10 years its scrap value will be ₹ 20,000.
v. A discount of ₹ 282 allowed to a customer has been credited to his account as ₹ i. Prepare Machine account and Depreciation account for the first four years by
228. providing depreciation on the straight-line method. Accounts are closed on March
vi. Goods for ₹ 1,200 returned to Kartik Sharma, though entered in the Return Book 31st every year.
has not been posted to his account. ii. Prepare Machine account, Depreciation account, and Provision for depreciation
Rectify the above errors, assuming: account (or accumulated depreciation account) for the first four years by providing
A. that no suspense account has been opened with the difference in the trial balance, depreciation using straight-line method accounts are closed on March 31 every year.
 Part B Cost of goods sold 45,00,000
27. Two methods for ascertaining profit and loss in case of single entry system: [1] Sales 72,00,000

a) Statement of balance and b) Statement of affairs and Closing Stock 2,40,000

conversion converter
31. Ascertain Gross Profit from the following information : [3]
c) Statement of affairs and d) Statement of profits and
(₹)
conversion Conversation
Opening Stock 3,00,000
OR Closing Stock 2,80,000
Single entry system records Purchases 8,50,000
a) Two sided effect b) One sided effect Carriage on Purchases 23,000

c) Three sided effect d) Four sided effect Carriage on Sales 30,000

Office Rent 58,000
28. Payment of Income Tax is considered as: [1]
Sales 14,07,000
a) Administrative expense b) Direct Expenses
32. Illustrate with example the principle for valuation of stock or inventory. [3]
c) Operating Expenses d) Indirect Expenses
33. Siya maintains her books of account from Incomplete Records. Her books provide [6]
29. Wages paid for the installation of the machine is added to the cost of machine [1] the following information:
because of st st
1 April 31 March
Particulars
a) Cost Principle b) Accrual Concept 2022 (₹) 2023 (₹)
Cash 1,200 4,000
c) Materiality Principle d) Matching Principle
Debtors 16,800 27,200
OR Stock 22,400 24,400
Following particulars are given in Trial Balance:
Investments ____ 8,000
Purchases ₹ 1,10,000; Sales ₹ 2,00,000; Wages ₹ 30,000; Closing Stock was ₹ 8,000
Furniture 7,500 8,000
more than the Opening Stock. Two-third of the Wages was charged to the Cost of goods
sold in Trading Account. Gross Profit was: Creditors 14,900 11,600
She withdraws ₹ 500 per month for personal expenses. She sold her Investments ₹
a) ₹ 78,000 b) ₹ 88,000
16,000 at 5% premium and introduced the amount into a business.
c) ₹ 62,000 d) ₹ 68,000 st
You are required to prepare a Statement of Profit or Loss for the year ending 31
March 2023.
30. From the following information, prepare trading account for the year ended 31st [3]
March, 2013 OR
Amt (Rs.) Govind keeps incomplete records. On 1st April, 2022, his position was as follows:
 STATEMENT OF AFFAIRS iii. Two month’s rent @ 15,000 per month is outstanding. Rent is subject to levy of
Liabilities Amount (₹) Assets Amount (₹) 12% IGST.
iv. Included in general expenses is annual Insurance Premium of ₹ 10,000 paid for
Bank Overdraft 7,500 Cash 6,400
the year ending 30th June, 2023. IGST is levied @ 12%.
Sundry Creditors 15,000 Stock 52,000
v. Accrued commission ₹ 5,000. IGST is levied @ 12%.
Capital 1,64,500 Sundry Debtors 28,000
OR
Fixed Assets 1,00,000
From the following trial balance of M/s Amit & Sons as at 31st, March, 2023 prepare
Prepaid Expenses 600
trading and profit and loss account for the year ended 31st March, 2023 And Balance
1,87,000 1,87,000 Sheet as at that date:
His position on 31st March, 2023 was as follows : Debit Credit
Cash in hand ₹ 3,000; Cash at Bank ₹ 5,000; Stock ₹ 44,000; Debtors ₹ 21,000; Fixed Name of Accounts L.F.
Balance (₹) Balance (₹)
Assets ₹ 80,000; Creditors ₹ 22,000.
Capital ____ 80,000
You are informed that Govind has taken stocks worth ₹ 4,500 for his private use and
that he has been regularly transferring ₹ 2,000 per month from his business banking Drawings 18,000 ____
account by way of drawings. Out of his drawings, he spent ₹ 15,000 for purchasing a Sales ____ 1,55,000
Scooter for the business on 1st October, 2022. Purchases 82,600 ____
You are requested to find out his profit or loss and to prepare the Statement of Affairs
Stock (1st April, 2022) 42,000 ____
after considering the following:
Returns Outward ____ 1,600
i. Depreciate Fixed Assets and Scooter by 10% p.a.
Carriage inward 1,200 ____
ii. Write off Bad-Debts ₹ 1,000 and provide 5% for doubtful debts on Sundry Debtors.
iii. Commission earned but not received by him was ₹ 2,500. Wages 4,000 ____
Power 6,000 ____
34. Give Journal Entries for the following adjustments in final accounts:
Adjustments:
[6]
Machinery 50,000 ____
i. i.Extract
Closing of
Stock Balance as on 31st March, 2023
₹ 64,000.
Trial
ii. Wages outstanding ₹ 2,400.
iii. Bad debts ₹ 600. Particulars
Furniture 14,000 ____
Debit (₹) Credit (₹)
iv. Provision for Doubtful debts to be 5%.
v.Sundry
Rent isdebtors
Rent 22,000 ____
paid for 11 months. 6,60,000
vi. Loan from the bank was taken on 1st Oct. 2022. Salary 15,000 ____
Bad
vii. debts depreciation on machinery @ 10% p.a.15,000
Provide
viii. Provide Manager’s commission at 10% on net profit after charging such Insurance 3,600 ____
Provision for doubtful debts
commission 40,000
8% Bank Loan ____ 25,000
Additional Information:
Debtors 20,600 ____
a. Additional Bad Debts ₹ 20,000.
b. Maintain the provision for doubtful debts @ 5% on debtors. Creditors ____ 18,900

ii. Goods costing ₹ 20,000 were distributed among staff members as free of cost. Cash in hand 1,500 ____
* This adjusment is for the question given on next page
These goods were purchased paying IGST @ 12%. Total 2,80,500 2,80,500