CBSE Class 11 Accountancy Sample Paper Set 12 Solved

1. Which of the following is not a qualitative characteristic of accounting information?

a) Reliability               b) Understand ability

c) Comparability         d) Materiality

2. Match the following:

A                                                                B

1 Debentures                                         A Fictitious assets

2 Trademark                                          B Current Liabilities

3 Creditors                                            C Intangible fixed assets

4 Deferred revenue expenditure            D Long term liabilities

3. Accounting information must be presented in such a way that only accounting people understands it. State true or false with a reason.

4. A firm has received a large order to supply goods. Will it be recorded in the books of account of the firm? Give reason.

5. Which external user of accounting information is most interested in knowing the long-term solvency position of the firm?

a) Employees                                     b) Management

c) Bank and Financial Institutions      d) Researchers

6. A person to whom money is owed by a firm for purchase of goods is called a __________

7. Under which concept if advance is received against sale of goods, the advance received is recorded as ‘Advance Against Sale’ and not sales?

8. “Stock is valued at Cost or Net realizable value whichever is lower”. State whether the statement is true or false.

9. IFRS are based on:

a) Historical cost                                     b) Fair value

c) Both historical cost and fair value       d) None of these

10. Sales is recognized as revenue

a) When the contract for sale is entered into.

b) At the point of sale or performance of service.

c) After the expiry of credit period allowed to debtors.

d) After the money collected from the customers.

11. State the accounting concept/ convention involved when purchase of pen is treated as expense. 

12. State one difference between Cash bases and Accrual bases of accounting on the basis of Legal position.

13. __________ is a source document for having deposits made in the bank.

14. Accrual Bases of accounting recognizes

a) Outstanding and Prepaid expenses

b) accrued incomes and Income received in advance

c) Both (a) and (b)

d) None of the above

15. What is an Invoice?

16. Mohan’s bank reconciliation statement shows cheques deposited but not credited by bank of ₹.7,600 and cheques issued but not presented by suppliers of ₹.7,000. His bank balance as per Cash Book is ₹.50,000. Balance as per pass book statement is

a) ₹.50,000     b) ₹.49,400

c) ₹.50,600     d) ₹.46,600

17. Define a cheque.

18. Depreciation arises because of

a) Wear and tear                              b) Inflation

c) Fall in the value of the asset         d) None of these

19. State two errors committed in Cash Book which are considered while preparing Bank Reconciliation Statement.

20. The loss on sale of an asset is debited to _______

21. Explain the three Fundamental accounting assumptions or concepts.

OR

Explain any three Accounting principles.

22. From the following particulars, prepare a Petty Cash Book for the month of January 2018 :

2018

Jan 1 Drew for petty cash ₹.5,000

Jan 3 Paid for postage ₹.300

Jan 5 Paid for telephone bill ₹.400 plus CGST and SGST @ 6% each.

Jan 8 Paid for cartage ₹.140

Jan 9 Paid for postage ₹.200

Jan 12 Paid for sundries ₹.100

Jan 27 Paid for stationery ₹.300 plus IGST @ 12% each

23. Define Accounting information. Explain any three internal users of Accounting information.

OR

Discuss in brief the functions of Accounting information.

24. Pass the Journal entries for the following transactions:

a) Sold goods to Veera for ₹.2,40,000 plus IGST @ 18% at 10% trade discount and 3% cash discount. Half the amount paid at the time of purchase.

b) Kaniskh is declared insolvent. Received from his Official Receiver 75paise in a rupee on debt of ₹.1,50,000.

3) Wages paid for installation of a Machinery ₹.30,000.

4) Accrued Income ₹.50,000.

25. From the following transactions prepare Mr.Suryakants Ledger a/c:

2019

March 1: Owed money to Mr.Suryakant ₹.1,00,000

March 4: Bought goods from Mr.Suryakant ₹.50,000 @ 10% trade discount plus 12% IGST.

March 10 Returned goods to Mr.Suryakant ₹. 10,000 list price.

March 15 Paid to Mr. Suryakant by cheque in full settlement and discount received @ 10 %.

26. Prepare a Double Column Cash Book with Cash and Bank Column from the following information:

2019

Jan 1 Cash in hand ₹.6,000 , Bank Balance (Cr) ₹.42,000

Jan 3 Discounted a 3 month bill for ₹.60.000 at 12%p.a.

Jan 8 Cash sales ₹.50,400 including IGST @ 12%

Jan 15 Honoured our own acceptance ₹.36,000 by bank

Jan 25 Salary paid by cheque ₹.52,000 plus CGST and SGST @ 6%each.

Jan 28 Deposited into bank ₹.15,000

Jan 31 Deposited in excess of ₹.6,000 into bank

27. From the following information, prepare a Trial Balance of M/s Parul Ltd. for the year ended 31st March 2019:

Building ₹.6,00,000; Bank overdraft ₹.1,00,000; Capital ₹.7,36,000; Sales ₹.10,40,000 Machinery ₹.1,70,000; Creditors ₹.5,00,000; Furniture ₹.56,000; Debtors ₹.6,00,000 Return outwards ₹.26,000; Purchases ₹.10,00,000; Bad Debts ₹.28,000; Cash ₹.4,000; Discount received ₹.30,000; Interest received ₹.26,000, Reserve ₹. 2,00,000; Motor vehicle ₹. 2,00,000

28. Show an Accounting Equation for the following transactions:

a) Mohan commenced business with cash ₹.1,00,000 and ₹.2,00,000 by cheque; goods ₹.1,20,000; machinery ₹.2,00,000 and Loan ₹.1,00,000.

b) 1/3rd of the above goods sold at a profit of 10% on cost and half the payment is received in cash.

c) Depreciation on machinery provided 10%.

d) Rent outstanding ₹.2,000

e) Bought refrigerator for personal use ₹.5,000.

f) Accrued interest ₹.500

29. The Cash Book of Rohan showed an overdraft balance of ₹. 60,000 on 30th September 2018 with his bank. On investigation it was found that:

1) Receipts Side of Cash book was undercast by ₹. 40,000

2) A cheque of ₹.24,000 received from his customer and deposited into his bank was dishonoured and debited by bank before 30th September 2018, but no entry for dishonor was passed in Cash Book.

3) Bank had debited ₹. 5,600 as interest on overdraft up to 30th Sepetember, 2018 but no entry was passed in Cash book.

4) Cheque issued amounting to ₹. 28,000 had not been presented for payment to the Bank upto 30th September 2018.

5) Cheques amounting to ₹. 20,000 entered in the Receipts side of the Cash book and deposited into the Bank have not been credited by Bank upto 30th September, 2018.

6) A cheque for ₹. 12,000 drawn by another customer of the Bank of similar nature had been debited to the account of Rohan in error. Prepare an Amended Cash Book and Bank Reconciliation Statement as on 30th September, 2018

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