M.C.KEJRIWAL F.M.

80
V I D Y A P E E T H
FIRST ASSESSMENT 2021-2022 TIME 3 Hrs.
SUBJECT: ACCOUNTS
CLASS: XI
Answer Question 1 (compulsory) from Part-I, and any five Questions from Part-II
The intended marks for questions or parts of questions are given in brackets [ ].
Transactions should be recorded in the answer book.
All calculations should be shown clearly.
All workings, including rough work, should be done in the same page as, and adjacent to, the rest of the answer.
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PART-I(20 Marks)
(Compulsory)
Question 1 [10 x 2]
Answer the following questions briefly and to the point:
(i) Closing stock is valued at lower of cost or net realisable value; which concept of accounting is
applied here?
(ii) A credit balance always signifies a balance in the liabilities account. Is it correct? Give reason.
(iii) What are the International Financial Reporting Standards?
(iv) What is a Business Entity Concept?
(v) The debts written off as bad, if recovered subsequently, should be credited to the Debtors’ Account.
Say yes or no, with reasons.
(vi) What does credit balance in a capital account signify?
(vii) Ritu pays us Rs.8,100 after deducting 10% discount for prompt payment. Give journal entry to record
this transaction.
(viii) We have overdraft bank balance and we deposited Rs.5,000 into the bank. Accountant and bank both
credited bank account. Have they pass entry correctly?
(ix) Explain the meaning of Imprest System of Petty Cash Book.
(x) A debit balance brought down in the Cash Book of a firm means that the firm has Rs. 10,000 cash in
hand. Do you agree?
PART-II(60 Marks)
(Answer any five questions)
Question 2

(A) From the following particulars taken from the books of Diya LTD., you are required to prepare cash
book with bank column only. [8]
2021
Jan. 1 Opening bank balance Rs. 8,000.
3 Cheque received from Riya Rs. 3,000.
6 Cheque received from Ritesh Rs. 8,100 and sent to bank for collection on January 8.
13 Cheque issued to Rinka Rs. 6,400.
15 Cheque received from Dhinra Rs. 4,000 and endorsed the same in favour of Rinka.
20 Cheque received from Dhinra was returned by Rinka as it was dishonoured when presented for
payment.
23 Our bankers dishonoured the cheque issued in favour of Rinka on January 13 since it was not properly
signed.
27 Cash sales Rs. 10,000.
31 Cash paid into bank Rs. 5,000.

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This Paper consists of 4 printed pages.
(B) From the following information Calculate cost of goods sold and the Profit earned. [4]
Sales return Rs. 20,000, Purchase Rs. 2,50,000, Purchase return 10,000,
Sales Rs.4,20,000, Opening stock Rs.80,000 and Closing stock Rs. 90,000.

Question 3 [12]
Journalise the following transactions:
(i) Purchased goods from Karim for Rs. 50,000 plus CGST and SGST @ 9% each.
(ii) Returned goods purchased from Karim costing Rs. 4,000.
(iii) Sold goods to Nita for Rs. 25,000 plus CGST and SGST @ 9% each.
(iv) Goods returned by Nita of Rs. 5,000, being defective.
(v) Goods costing Rs. 5,000 were taken by the proprietor for personal use on which CGST and
SGST @ 9% was paid.
(vi) Goods costing Rs. 10,000 were lost in fire on which CGST and SGST @ 9% was paid. Goods
were not insured.

Question 4
(A) Pass the opening entry on 1st April, 2021 on the basis of the following information taken from
the books of Mr. Patel. [2]
Cash in hand Rs. 20,000, Cash at Bank Rs. 70,000, Sundry Debtors Rs. 60,000, Stock of Goods Rs.30,000,
Machinery Rs. 1,00,000, Plant Rs. 1,50,000, Land and Building Rs. 2,00,000, Sundry Creditors Rs. 2,00,000.

(B) S.Garg has the following transactions with R. Bubna. [10]

2021
March
1 Balance due from R.Bubna Rs. 2,000.
2 Sold to R. Bubna, goods to the value of Rs. 6,000, less 20% trade discount.
10 R. Bubna returned goods catalogued at Rs. 500.
15 R. Bubna paid the balance due on 1st March, less 10% cash discount.
18 R. Bubna debited S. Garg account for Rs. 50 in respect of carriage on goods returned on 10th March.
28 Sold to R. Bubna further goods to the value of Rs. 4,000, less 25% trade discount.
31 R. Bubna became bankrupt and received a cheque of Rs. 4,000 as first and final dividend.

Show the account of R. Bubna in the books of S. Garg.

Question 5 [12]
Prepare Bank Reconciliation Statement as on December 31, 2020 from the following particulars.
(i) On December 31, 2020, the pass book of Mr. Khan showed a debit balance of Rs. 20,500.
(ii) Cheques amounting to Rs. 7,800 drawn on Dec, 27, of which cheques for Rs. 5,200 debited by bank
within December,31.
(iii) Cheques paid in for collection amounted to Rs. 10,500 but cheques of Rs. 3,700 were credited by bank
on January. 2021.
(iv) A wrong credit of Rs. 400 has been given by the bankers.
(v) A cheque of Rs. 350 debited in the cash book was omitted to be banked.
(vi) A cheque of Rs. 400 banked and credited but omitted to be recorded in the cash book.
(vii) A Bill for Rs. 1,490(discounted with bank in November) dishonoured on Dec. 31 and noting charges
paid by the bank Rs.10.
(viii) Bank charges Rs. 15 and interest credited Rs. 30 but not recorded in the cash book.
Question 6 [12]
On 31st January, 2021, Rounak’s cash book showed a bank overdraft of Rs. 1,15,000. On
comparing it with the pass book, the following differences were noted.

(a) Cash and cheques amounting to Rs.23,400 were sent to the bank on 27th January, but cheques worth
Rs. 2,400 were credited on 2nd February and one cheque for Rs. 400 was returned by them as dishonoured
on 4th February.
(b) During the month of January, Rounak issued cheques worth Rs.16,000 to his creditors. Out of these,
cheques worth Rs.13,700 were presented for payment on 5th February.
(c) According to Rounak’s standing orders, the bankers have made the following payments during the month
of January:
(i) Life insurance premium Rs. 2,000.
(ii) Television license fee Rs.1,200.
(d) Rounak’s bankers have collected Rs.1,500 as dividend on his shares.
(e) Interest charged by the bank Rs.1,250.

You are required to

(i) Ascertain the amended cash book balance as on 31st January, 2021.
(ii) Prepare a Bank Reconciliation Statement from the amended cash book as at 31st January, 2021.

Question 7
From the following transactions:
(i) Prepare a triple column cash book of Mr. Puri. [10]
(ii) Prepare (a) Discount Allowed Account (b) Discount Received Account. [2]

2021
Jan. 1. He commenced business with Rs. 10,000 of which Rs. 2,000 were borrowed from Mohan.
Deposited Rs. 4,700 into bank.
Jan. 2 Purchased goods worth Rs.2,000 from Ganesh and paid by cheque.
Jan. 3. Received Rs. 475 from Sham in settlement of his account for Rs.500.
Jan. 4. Purchased from Dayal a table for Office use and paid in cash for Rs.300.
Jan.10. Paid life insurance premium in cash Rs.700 on the life of Mr. Puri.
Jan. 16. Discounted with the Bank a Bills Receivable of Rs. 500 for Rs. 485. The amount was
credited to his account by bank.
Jan. 17. Paid Nirmal by cheque Rs. 680 in full settlement of his bill of Rs.700.
Jan. 21. Paid salaries of Rs.700 by cheque.
Jan. 27. Cheque paid for salaries Returned Dishonour.
Jan. 31. Drew by cheque for office use Rs.1,000.

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Question 8 [12]
Enter the following transactions in the respective ledger accounts of Mr. Miraj, balance them at
the end of the month and prepare a trial balance.
2021
March
1 Miraj started business with cash Rs. 10,000.
10 Goods purchased from Puja Rs. 2,000.
15 Sold goods to Yamuna Rs. 5,000.
25 Received Rs. 3,000 from Yamuna as a part payment and out of this Rs. 1,200 paid to Puja.
31 Paid to Puja a further sum of Rs. 400.

Question 9
(A) Pass Journal entries for the following transactions: [4]
(i) Sold goods to Zora for Rs. 2,00,000 less 10% Trade Discount plus CGST and SGST @ 9%.
Received half of the amount by cheque immediately and allowed 2% Cash Discount.
(ii) Purchased goods from Dev of Rs. 1,00,000 less 10% Trade Discount plus CGST and SGST @ 9%
each. Paid half of the amount by cheque immediately and avail 2% Cash Discount.

(B) The following is the Trial Balance of Mr. Dubey as on 31st March,2021: [8]

Particulars Dr. Cr.

Capital 22,000
Drawings 1,300
Sundry Expenses 2410
Purchases and sales 37,100 53,400
Returns 600
Sundry Debtors and Creditors 11,085 8,495
Cash and Bank balance 31,400
83,895 83,895

During the month of April,2021, the business made the following transactions:
(i) Credit purchases of goods for Rs. 17,900.
(ii) Credit sales of goods worth Rs. 23,200.
(iii) Credit purchases worth Rs. 1,000 were returned.
(iv) Credit sales returned worth Rs. 2,000.
(v) A credit sale worth Rs. 3,000 of March was recorded as credit purchases in March and, therefore,
rectified in the month of April.
Prepare the Trial Balance as on 30th April,2021.

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