ACCOUNTANCY CLASS 11
SET - 1
Class- 11
Accountancy
Sample Paper 2020-2021
Time allowed: 3 hours Maximum Marks: 80
General Instructions:
● Question nos. 1 to 9 and 18 to 26 are very short answer type questions carrying 1 mark each.
● Question nos. 10 and 27 are short answer type–I questions carrying 3 marks each.
● Question nos. 11 to 13 and 28 are short answer type–II questions carrying 4 marks each.
● Question nos. 14, 15 and 29, 30 are long answer types–I questions carrying 6 marks each.
● Question nos. 16 and 17 are long answer type–II questions carrying 8 marks each.
Part A - Financial Accounting I
1. Explain ‘Reliability’ as a qualitative feature of accounting. 1
Answer: The information must be based on facts and can be verified through source
documents by anyone. It must be free from bias and errors.
2. Define depreciation. 1
Answer: Depreciation is defined as reduction in the value of fixed assets due to efflux of
time, usage, obsolescence, and end of legal rights.
3. Pass the rectification entry for the following transaction: 1
Transaction: Sales of ₹ 20,000 passed through the purchase book.
Answer: Cash A/c Dr. 40,000
To Sales A/c 20,000
To Purchases A/c 20,000
4. X Ltd. purchased a machinery of ₹1,00,000 on october 1, 2020. The useful life of the asset is 10 years and salvage
value is ₹20,000. Calculate the amount of depreciation to be charged in the year 2020-2021.
1
Answer: Depreciation = Purchase Price - Salvage Value
Useful Life of the Asset
= ₹1,00,000 - ₹ 20,000
10 Years
= ₹ 8,000
5. Purchase goods for ₹10,000 and receive trade discount at 10% and cash discount of 5%. Purchases account will
be debited by: 1
(a) ₹ 10,000
(b) ₹ 1,000
(c) ₹ 9,000
(d) ₹ 8,550
Answer: ₹ 9,000. (₹10,000 - 10%). Cash discount will be shown in journal entry
separately.
ACCOUNTANCY CLASS 11
6. What will be the journal entry for endorsement of bills in the books of drawer, drawee, and endorsee?
1
Answer:
In the books of drawer In the books of drawer: In the books of endorsee
Endorsee’s A/c Dr.
To Bill Receivable A/c
No entry Bill Receivable A/c Dr.
To Drawee’s A/c
7. Withdrawal of goods for personal use is known as ____________. 1
Answer. Drawings
8. Mention any two objectives of preparing trial balance. 1
Answer: The two objectives of preparing trial balance are:
(a) It checks the arithmetical accuracy of the ledger accounts.
(b) It helps in locating errors.
9. Explain dual aspect principle. 1
Answer: According to dual aspect principle, very transaction has two impacts one being
debit and other being credit impacts. Transaction will be impacted in such a way that debit is always equal to
credit.
10. Pass the necessary journal entries for the following transactions: 3
(a) Purchased plant for ₹1,00,000 by paying ₹20,000 as cash and balance to be paid on later date.
(b) Goods costing ₹80,000 were sold for ₹1,20,000.
(c) Proprietor paid a ₹2,000 household electricity bill.
(d) Paid cash ₹50,000 to Vinay, availed discount of 4%.
Or
Prepare accounting equation for the following transactions. 3
(a) Commenced business with cash ₹1,50,000.
(b) Purchased furniture for ₹10,000.
(c) Cash withdrawn by owner for ₹2,000.
(d) Sold furniture to Raman of ₹1,800 (Costing 2,000)
ACCOUNTANCY CLASS 11
Answer:
Journal
Date Particulars L.F. Debit (₹) Credit (₹)
Plant A/c Dr.
To Cash A/c
To Creditors A/c
(Purchased plant by paying Rs. 20,000 as cash and
balance to be paid later)
Cash A/c Dr.
To Sales A/c
(Goods sold)
Drawings A/c Dr.
To Cash A/c
(Goods withdrawn)
1,00,000
1,20,000
2,000
50,000
20,000
80,000
1,20,000
2,000
48,000
2,000
Vinay A/c Dr.
To Cash A/c
To Discount received A/c
(Payment made to Vinay and discount received)
Or
Transac
tions Assets Liabilities + Capital
Cash + Furniture + Debtors Creditors + Owner’s Capital
a.
b. 1,50,000 + 0 + 0
(10,000) + 10,000 + 0
0 + 1,50,000
0 + 0
New
Equatio
n 1,40,000 + 10,000 + 0 0 + 1,50,000
c. (2,000) + 0 + 0 0 + (2,000)
New
Equatio
n 1,38,000 + 10,000 + 0 0 + 1,48,000
d. 0 + (2,000) + 1,800 0 + (200)
New
Equatio
n 1,38,000 + 8,000 + 1,800 0 + 1,47,800
ACCOUNTANCY CLASS 11
11. Prepare double column cash book for the following transactions: 4
Particulars Amount
(₹)
(a)
(b)
(c)
(d)
(e)
(f)
Opening cash balance
Opening bank balance
Payment made for purchases
Deposited into bank
Withdrawn from bank
Cheque received from Ramia for ₹2,000. However this cheque was deposited into
the bank next month.
10,000
15,000
2,000
8,000
5,000
Or
Record the below transactions in the sales book. 4
Date Particulars
2020
Jan 1
Jan 2
Jan 3
Jan 4
Jan 5
M/s Koyla sold on credit:
100 electric bulbs at ₹100 each to M/s Ramaiah (Invoice no. 206)
20 air conditioners at ₹20,000 each to M/s Priya (Invoice no. 207)
10 water cooler at ₹5,000 each to M/s Garima (Invoice no. 208)
10 electric kettle at ₹1,000 each to M/s Grishma (Invoice no. 209)
16 geyser at ₹8,000 each to M/s Somya (Invoice no. 210)
Answer:
Double column cash book
Date Particulars L.F Cash
(₹)
Bank (₹) Date Particulars L.F Cash
(₹)
Bank
(₹)
Balance b/d
Cash A/c
Bank A/c
Ramia’s A/c
c
c
10,000
-
5,000
2,000
17,000
15,000
8,000
-
23,000
Purchases A/c
Bank A/c
Cash A/c
Balance c/d
c
c
2,000
8,000
-
7,000
17,000
-
-
5,000
18,000
23,000
Or
ACCOUNTANCY CLASS 11
Sales Book
Date Particulars Invoice
No.
L.F Details
(₹)
Total
(₹)
2020
Jan 1
Jan 2
Jan 3
Jan 4
Jan 5
Jan 31
M/s Ramaiah:
100 Electric bulbs at ₹100 each
M/s Priya:
20 Air conditioner at ₹20,000 each
M/s Garima:
10 Water cooler at ₹5,000 each
M/s Grishma:
10 Electric kettle at ₹1,000 each
M/s Somya:
16 Geysers at ₹8,000 each
Sales A/c Cr.
206
207
208
209
210
10,000
4,00,000
5,00,000
10,000
1,28,000
10,48,000
12. On 31st March, 2020 the cash book of Ms. Reva showed a balance of ₹1,40,000. The balance in the passbook was
different due to the following reasons. Prepare a bank reconciliation statement.
4
(a) A cheque of ₹14,200 was deposited on 25th March, has not been credited yet.
(b) Interest charged by the bank ₹1,600 not recorded in the cash book.
(c) Payment side of the cash book is undercast by ₹2,000.
(d) A cheque of ₹14,000 deposited into the bank has been dishonoured.
(e) Direct deposit made by customer ₹10,000.
Answer:
Bank Reconciliation Statement of Reva
as on March 31, 2020
Particulars Amount (₹)
Balance as per Cash Book
Add: Direct deposit made by customer
Less: Cheque deposited but not credited by bank
Interest charged by bank
Cheque deposited dishonoured
Payment side of the cash book undercast
Balance as per Pass Book
1,40,000
10,000
(14,200)
(1,600)
(14,000)
(2,000)
1,18,200
ACCOUNTANCY CLASS 11
13. Rectify the following errors. 4
(a) Credit sales to Keshav for ₹5,000 were recorded in the purchase book.
(b) Goods costing ₹1,000 used by proprietors for personal use have been debited to the debtor's account.
(c) Credit purchases from Rhea for ₹50,000 were recorded as ₹5,000.
(d) Sales book overcast by ₹1,500
Answer:
Journal
Date Particulars L.F. Debit (₹) Credit (₹)
Keshav’s A/c Dr.
To Sales A/c
To Purchases A/c
(Credit sale to Keshav recorded through purchase book,
now rectified)
Drawings A/c Dr.
To Debtor’s A/c
(Goods withdrawn by proprietor wrongly debited to
debtor’s account, now rectified)
Purchases A/c Dr.
To Rhea’s A/c
(Credit purchases from Rhea wrongly recorded, now
rectified)
Sales A/c Dr.
To Suspense A/c
(Sales book overcast by Rs. 1,500, now rectified)
10,000
1,000
45,000
1,500
5,000
5,000
1,000
45,000
1,500
Or
ACCOUNTANCY CLASS 11
From the following list of balances, prepare a trial balance. 4
Account Title Amount (₹)
Capital A/c
Purchases A/c
Sales A/c
Salary A/c
Sales Return A/c
Purchase Return A/c
Provision for Doubtful Debts A/c
Motor Van A/c
Furniture A/c
Drawing A/c
Interest Received A/c
Land
1,00,000
50,000
80,000
1,500
2,500
1,000
800
15,000
20,000
3,000
2,700
92,500
ACCOUNTANCY CLASS 11
Answer:
Trial Balance
Account Title L.F Debit (₹) Credit (₹)
Capital A/c
Purchases A/c
Sales A/c
Salary A/c
Sales Return A/c
Purchase Return A/c
Provision for Doubtful Debts A/c
Motor Van A/c
Furniture A/c
Drawing A/c
Interest Received A/c
Land
-
50,000
-
1,500
2,500
-
-
15,000
20,000
3,000
-
92,500
1,00,000
-
80,000
-
-
1,000
800
-
-
-
2,700
-
Total 1,84,500 1,84,500
14. On 1st July, 2020 Mahira Ltd. purchased machinery for ₹1,00,000 and spent ₹20,000 on its installation. Depreciation is to
be charged at 10% under written down value method. Prepare machinery account and depreciation account in the books of
Mahira Ltd. for two years. The accounts are closed on 31st december every year. 6
Answer:
Dr. Machinery A/c Cr.
Date Particulars J.F Amount
(₹)
Date Particulars J.F Amount
(₹)
2020
July 1
2021
Jan 1
Cash A/c
Balance b/d
1,20,000
1,20,000
1,14,000
1,14,000
2020
Dec 31
Dec 31
2021
Dec 31
Dec 31
Depreciation A/c
(1,20,000 x 10% x 6/12)
Balance c/d
Depreciation A/c
(1,14,000 x 10%)
Balance c/d
6,000
1,14,000
1,20,000
11,400
1,02,600
1,14,000
ACCOUNTANCY CLASS 11
Dr. Depreciation A/c Cr.
Date Particulars J.F Amount
(₹)
Date Particulars J.F Amount
(₹)
2020
Dec. 31
2021
Dec 31
Machinery A/c
Machinery A/c
6,000
6,000
11,400
11,400
2020
Dec. 31
2021
Dec. 31
Profit and Loss A/c
Profit and Loss A/c
6,000
6,000
11,400
11,400
15. Reena sold goods for ₹1,00,000 to Sunil on April 1 and drew upon him a bill of
exchange payable after 2 months. Sunil accepted the bill and returned it to Reena. Reena
discounted the bill at 12% p.a from the bank on the same day. Sunil met his acceptance on
maturity. 6
Journalise the above transaction in the books of Reena and Sunil.
Answer:
In the books of Reena
Journal
Date Particulars L.F. Debit
(₹)
Credit
(₹)
April 1
April 1
April 1
Sunil’s A/c Dr.
To Sales A/c
(Goods sold on credit)
Bill Receivable A/c Dr.
To Sunil’s A/c
(Bill drawn)
Bank A/c Dr.
Discounting Charges A/c Dr.
To Bill Receivable A/c
(Bill discounted)
1,00,000
1,00,000
98,000
2,000
1,00,000
1,00,000
1,00,000
ACCOUNTANCY CLASS 11
In the books of Sunil
Journal
Date Particulars L.F. Debit
(₹)
Credit
(₹)
April 1
April 1
June 3
Purchases A/c Dr.
To Reena’s A/c
(Goods purchased on credit)
Reena’s A/c Dr.
To Bills Payable A/c
(Bill accepted)
Bills Payable A/c Dr.
To Bank A/c
(Bill matured)
1,00,000
1,00,000
1,00,000
1,00,000
1,00,000
1,00,000
16. Journalise the following transactions in the books of Riddhi. 8
Sr. No Transaction
(a)
(b)
(c)
(d)
(e)
(f)
Purchased goods for ₹80,000 plus CGST and SGST at 5%.
Sold goods on credit for ₹1,00,000 plus CGST and SGST at 10%.
Paid rent of ₹15,000 plus CGST and SGST at 8%.
Sold goods to Ankita for ₹60,000 plus CGST and SGST at 10% each, allowing him 5% trade
discount and 10% cash discount. Received half of the amount by cash and balanced by cheque.
Sold goods costing ₹80,000 to Kushal at a profit of 10% on cost less 5% trade discount plus
IGST at 9%. Cash discount is allowed at 10%.
Purchase goods from Tanmay of ₹50,000 plus IGST at 5% and 10% trade discount and 6%
cash discount. 50% of the amount paid at the time of purchase.
ACCOUNTANCY CLASS 11
Answer:
In the books of Ravi
Journal
Date Particulars L.F. Debit (₹) Credit (₹)
a.
b.
c.
d.
e.
f.
Purchases A/c Dr.
Input CGST A/c Dr.
Input SGST A/c Dr.
To Cash A/c
(Purchased goods for cash and paid CGST and SGST)
Debtors A/c Dr.
To Sales A/c
To Output CGST A/c
To Output SGST A/c
(Goods sold on credit and CGST and SGST collected)
Rent A/c Dr.
Input CGST A/c Dr.
Input SGST A/c Dr.
To Cash A/c
(Paid rent)
Cash A/c (WN i) Dr.
Bank A/c Dr.
Discount Allowed A/c Dr.
To Sales A/c
To Output CGST A/c
To Output SGST A/c
(Sold goods and charged CGST and SGST)
Cash A/c (WN ii) Dr.
Discount Allowed A/c Dr.
To Sales A/c
To Output IGST A/c
(Sold goods and charged IGST)
Purchases A/c (WN iii) Dr.
Input IGST A/c Dr.
To Cash A/c
To Creditors A/c
To Discount Received A/c
(Goods purchased and IGST paid)
80,000
4,000
4,000
1,20,000
15,000
1,200
1,200
30,780
30,780
6,840
88,783
9,865
45,000
2,250
88,000
1,00,000
10,000
10,000
17,400
57,000
5,700
5,700
83,600
15,048
23,625
22,207
1,418
ACCOUNTANCY CLASS 11
Working Notes:
i. Sale Value ₹60,000
Less: Trade Discount ₹(3,000)
₹57,000
Add: CGST at 5% ₹5,700
Add: SGST at 5% ₹5,700
₹68,400
Less: Cash Discount at 10% ₹(6,840)
₹61,560
ii. Cost Price ₹80,000
Add: Profit at 10% ₹8,000
Sale Value ₹88,000
Less: Trade Discount at 5% ₹(4,400)
₹83,600
Add: IGST at 18% ₹15,048
₹98,648
Less: Cash Discount at 10% ₹(9,865)
₹88,783
iii. Purchase Price ₹50,000
Less: Trade Discount at 10% ₹(5,000)
₹45,000
Add: IGST at 5% ₹ 2,250
₹47,250
Less: Cash Discount ₹(1,418)
(Rs. 47,250/2) x 6% ₹45,832
17. On 31st December, 2017 M/s Tanuj & Sons purchased a truck for ₹15,00,000. On July 1, 2018, a truck was involved in an
accident and was completely destroyed and ₹4,50,000 was received from the insurance company in full settlement. On 1st
July, 2018 a new truck was purchased for ₹17,00,000. The new truck was sold for ₹3,00,000 on 1st October 2020.
Depreciation is to be provided at 20% p.a. On the written down value every year. The books are closed on 31st March every
year.
Prepare a truck account and depreciation account for the year 2017 to 2020. 8
ACCOUNTANCY CLASS 11
Answer:
Dr. Truck A/c Cr.
Date Particulars Amount
(₹)
Date Particulars Amount
(₹)
2017
Dec 31
2018
Apr 1
July 1
2019
Apr 1
2020
Apr 1
Bank A/c (Truck 1)
Balance b/d
Bank A/c (Truck 2)
Balance b/d
Balance b/d
15,00,000
15,00,000
14,25,000
17,00,000
31,25,000
14,45,000
14,45,000
11,56,000
14,45,000
2018
Mar 31
Mar 31
2018
July 1
July 1
July 1
2019
Mar 31
Mar 31
2020
Mar 31
Mar 31
2020
Oct 1
Oct 1
Oct 1
Depreciation A/c
Balance c/d
Depreciation A/c
Bank A/c (Truck 1)
Profit and Loss A/c
Depreciation A/c
Balance c/d
Depreciation A/c
Balance c/d
Depreciation A/c
Bank A/c
Profit and Loss A/c
75,000
14,25,000
15,00,000
71,250
4,50,000
9,03,750
2,55,000
14,45,000
31,25,000
2,89,000
11,56,000
14,45,000
1,15,600
3,00,000
7,40,400
14,45,000
ACCOUNTANCY CLASS 11
Dr. Depreciation A/c Cr.
Date Particulars Amount
(₹)
Date Particulars Amount
(₹)
2018
March 31
July 1
2019
March 31
2020
March 31
Oct 1
Depreciation A/c
Depreciation A/c
Depreciation A/c
Depreciation A/c
Depreciation A/c
75,000
71,250
1,46,250
2,55,000
2,55,000
2,89,000
1,15,600
4,04,600
2018
March 31
July 1
2019
March 31
2020
March 31
Oct 1
Profit and Loss A/c
Profit and Loss A/c
Profit and Loss A/c
Profit and Loss A/c
Profit and Loss A/c
75,000
71,250
1,46,250
2,55,000
2,55,000
2,89,000
1,15,600
4,04,600
Working Note: Calculation of Depreciation
Particulars Truck 1 Truck 2
Cost Price on Dec. 31, 2017
Less: Depreciation for 4 months
Written Down Value on 1st April, 2018
Less: Depreciation for 3 months/9 months
Written Down Value on 1st July, 2018/31st March, 2019
Less: Depreciation for 12 months
Written Down Value on 31st March, 2020
Less: Depreciation for 6 months
Written Down Value on 1st October, 2020
15,00,000
(75,000)
14,25,000
(71,250)
13,53,750
-
-
17,00,000
(2,55,000)
14,45,000
(2,89,000)
11,56,000
(1,15,600)
10,40,400
Part - B: Financial Accounting II
18. From the following information calculate the manager's commission after charging such
commission. 1
Net Profit = ₹5,50,000, Rate = 5%
a. ₹26,190
b. ₹55,000
c. ₹27,500
d. ₹55,000
Answer: Manager’s Commission = Net Profit x Rate
ACCOUNTANCY CLASS 11
100 + Rate
= ₹ 5,50,000 x 5
105
= ₹26,190
19. Which of the following items will be recorded in a profit and loss account? 1
(a) Wages and Salaries
(b) Salaries and Wages
(c) Opening Stock
(d) Sales
Answer: Salaries and Wages. It is an indirect expense and will be recorded in profit and loss
account.
20. What will be the accounting treatment of income tax paid by the proprietor? 1
Answer: Payment of income tax is considered as a drawing as it is a personal nature expense.
Drawings will be deducted from capital in the balance sheet.
21. Sales = ₹1,70,000, Sales Return = ₹20,000, COGS = ₹1,25,000. Calculate gross
Profit. 1
Answer: Gross Profit = Sales - Sales Return - COGS
= ₹1,70,000 - ₹20,000 - ₹1,25,000
= ₹25,000
22. Define transaction processing system. 1
Answer: Transaction processing system is a computerised system that records, processes,
validates, and stores transactions in various functional areas of a business for a
subsequent retrieval and usage.
23. Pass the adjustment entry for outstanding salary of ₹1,000. 1
Answer: Salary A/c Dr. 1,000
To Outstanding Salary A/c 1,000
24. Drawings = ₹18,000, Profit for the Year = ₹28,000, Closing Capital = ₹73,000. Calculate
the opening capital. 1
Answer: Opening Capital = Closing Capital + Drawings - Opening Capital
= ₹73,000 + ₹18,000 - ₹28,000
= ₹63,000
25. State the different elements of a computer system. 1
Answer:
The following are the elements of a computer system.
(i) Hardware (ii) Software
(iii) People (iv) Procedure
(v) Date (vi) Connectivity
26. Give three examples of a transaction processing system. 1
Answer:
Examples of transaction processing system are ATM, Order Processing and Payroll Applications.
27. Calculate the amount of manager’s commission to be shown in books of accounts?
Gross profit - ₹2,00,000, General expenses - ₹88,000, Depreciation expenses - ₹
12,000. Manager is allowed commission at 10% on net profit before charging such
commission. 3
ACCOUNTANCY CLASS 11
Answer: Net Profit = Gross Profit - Salary - General Expenses - Depreciation
= Rs. 2,00,000 - Rs. 88,000 - Rs. 12,000
= Rs. 1,00,000
Manager’s Commission = Net Profit x 10
100
= Rs. 1,00,000 x 10
100
= Rs. 10,000
OR
State any three advantages of the Computer System. 3
Answer:
(a) Speed: Computers are really quick in performing a task. They can perform any calculations in a fraction of
a second. As modern computers can perform 100 million calculations per second, the industry-standard
Million Instruction Per Second has been developed to classify computers according to their speed.
(b) Accurate: It measures the level of precision with which computations and various operations are
performed. Most of the errors found in computers occur due to bad programming.
(c) Reliability: As users can stay dependent on the information given by computer
anytime, Computers are reliable. They can perform repetitive tasks without
getting tired.
(d) Versatility: The ability of computers to perform various types of tasks: basic and
complex is known as versatility.
(e) Storage: Computers can store huge amounts of data in a very small physical
space.
28. With the help of an example, briefly state the meaning of parameter queries. 4
Answer:
A Parameter Query is a query where for selecting a set of records, the user is asked to enter parameters or criteria
through an input box. A Parameter Query is useful when the same query is to be repeated with different criteria.
In short, it implies the execution of the same set of queries with different requirements.
For example, the same set of queries is required for different accounts code, while extracting the information to
prepare ledger.
Let us consider the given below SQL statement.
PARAMETERS Accounts Name Text (145)
SELECT Name
FROM Accounts
WHERE Code = Account No
In the above query, PARAMETERS clause is used to represent the variable Account No. This SQL statement
requires the user to provide the different values of Account No.
ACCOUNTANCY CLASS 11
29. Following is the trial balance of M/s Shreyas Bros. as on 31st December, 2020. 6
Particulars Debit
(₹)
Credit
(₹)
Cash in Hand
Cash at Bank
Purchases
Return Outwards
Sales
Return Inwards
Wages
Fuel and Power
Carriage on Sales
Carriage on Purchases
Opening Stock
Building
Land
Machinery
Salaries
Patents
General Expenses
Insurance
Capital
Drawings
Debtors
Creditors
Input CGST
Input SGST
Output IGST
540
2,360
40,675
-
-
680
10,480
4,730
3,200
3,020
5,760
30,000
10,000
20,000
15,000
7,500
3,000
600
-
5,245
14,500
-
1,250
1,250
-
-
-
500
98,780
-
-
-
-
-
-
-
-
-
-
-
-
-
71,00
-
-
6,300
-
-
1,79,080 1,79,080
Additional Information:
i. Closing stock is valued at ₹6,800.
ii. Machinery is to be depreciated at 10% and patents at 20%.
iii. Salaries for the month of March are outstanding for ₹1,500.
iv. Insurance includes ₹85 for next year.
v. Wages include ₹2,000 for construction of temporary sheds.
vi. Provision for doubtful debts is to be created at 5%.
ACCOUNTANCY CLASS 11
Answer:
Trading and Profit and Loss Account
Dr. for the year ended 31st March, 2020 Cr.
Particulars Amount
(₹)
Particulars Amount (₹)
Opening Stock
Purchases 40,675
Less: Returns (500)
Wages 10,480
Less: Spent on Shed (2,000)
Fuel and Power
Carriage on Purchases
Gross Profit
Carriage on Sales
Salaries 15,000
Add: Outstanding 1,500
General Expenses
Insurance 600
Less: Prepaid (85)
Depreciation:
Machinery at 10% 2,000
Patents at 20% 1,500
Provision for Doubtful Debts
Net Profit
5,760
40,175
8,480
4,730
2,040
43,715
1,04,900
3,200
16,500
3,000
515
3,500
725
16,275
43,715
Sales 98,780
Less: Returns (680)
Closing Stock
Gross Profit
98,100
6,800
1,04,900
43,715
43,715
ACCOUNTANCY CLASS 11
Balance Sheet
as at 31st March, 2020
Capital and Liabilities Amount (₹) Assets Amount (₹)
Capital 71,000
Add: Net Profit 16,275
87,275
Less: Drawings (5,245)
Creditors
Outstanding Salaries
82,030
6,300
1,500
89,830
Building 30,000
Add: Wages on Shed 2,000
Land
Machinery 20,000
Less: Depreciation (2,000)
Patents 7,500
Less: Depreciation: (1,500)
Debtors 14,500
Less: PFDD (725)
Prepaid Insurance
Closing Stock
Cash in Hand
Cash at Bank
32,000
10,000
18,000
6,000
13,375
85
6,800
540
2,630
89,830
Working Note:
1. Set off of GST
CGST (Rs.) SGST (Rs.) IGST (Rs.)
Input GST
Less: Output GST
1,250
-
1,250
-
-
(2,500)
Balance
Less: Set-off from Output GST
1,250
(1,250)
1,250
(1,250)
(2,500)
2,500
- - -
ACCOUNTANCY CLASS 11
30. Prepare the suitable accounts and find out the missing figure, if any: 6
Particulars Amount (₹)
Balance of Debtors as on April 01, 2018 17,50,000
Balance of Bills receivable as on April 01, 2018 12,50,000
Balance of Bills receivable as on March 31, 2019 8,90,000
Cash received from debtors 14,70,000
Cheque dishonoured 2,50,000
Discount allowed 80,000
Cheque received and deposited in the bank 5,50,000
Irrecoverable amount 20,000
Bills discounted 1,40,000
Return inwards 70,000
Bills receivable received from customers 1,90,000
Bills receivable matured 75,000
Bills endorsed to creditors 1,10,000
Answer:
Dr. Bills receivable Account Cr.
Date Particulars J.F Amount
(₹)
Date Particulars J.F Amount
(₹)
Balance b/d
Debtors
12,50,000
1,90,000
Cash
Bank
Creditors
Debtors (Bill
dishonoured)
(Balancing figure)
Balance c/d
75,000
1,40,000
1,10,000
2,25,000
8,90,000
14,40,000 14,40,000
ACCOUNTANCY CLASS 11
Dr. Debtors Account Cr.
Date Particulars J.F Amount
(₹)
Date Particulars J.F Am
oun
t
(₹)
Balance b/d
Bank (Cheque
dishonoured)
Sales
(Balancing figure)
17,50,000
2,50,000
3,80,000
Cash
Bank (Cheque received)
Discount allowed
Bad debts
Return inwards
Bills receivable
14,
70,
000
5,5
0,0
00
80,
000
20,
000
70,
000
1,9
0,0
00
23,80,000 23,
80,
000