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CBSE Sample Papers Class 11 Accountancy 2024-25

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Get ready for your Class 11 Accountancy exams with the updated CBSE sample papers for the 2024-25 session, available for free download on myCBSEguide App and myCBSEGuide website. These sample papers are designed based on the latest CBSE exam pattern, marking scheme, and blueprint, ensuring your practice with the most accurate material.

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CBSE Sample Papers Class 11 Accountancy 2024-25

We at myCBSEguide provide CBSE Class 11 Sample Papers of Accountancy for the year 2024 with solutions in PDF format for free download. This CBSE model question paper follows NCERT textbooks and the CBSE syllabus. All students must check the latest syllabus and marking scheme. Sample papers for Class 11 Accountancy and other subjects are available for download as PDFs on the mobile app too. myCBSEguide provides sample papers with solutions for the academic session 2024-25.

Class 11 – Accountancy Sample Paper – 01 (2024-25)

Class 11 – Accountancy
Sample paper – 01 (2024-25)

Maximum Marks: 80
Time Allowed: : 3 hours

General Instructions:

  1. This question paper contains 34 questions. All questions are compulsory.
  2. This question paper is divided into two parts, Part A and B.
  3. Question 1 to 17 and 27 to 29 carries 1 mark each.
  4. Questions 18 to 20 and 30 to 32 carries 3 marks each.
  5. Questions from 21 to 23 carries 4 marks each.
  6. Questions from 24 to 26, 33 and 34 carries 6 marks each.

Part A

  1. For which of the following, non-cash voucher is prepared?
    a) Credit sale of fixed assets
    b) Credit sale of goods
    c) All of these
    d) Credit sale of investments
  2. Assertion (A): Environmental protection groups are one of the multiple external users of accounting information.
    Reason (R): Social responsibility groups want to know the impact of business on the environment and the steps taken by an enterprise for the protection of the environment.

    a) Both A and R are true and R is the correct explanation of A.
    b) Both A and R are true but R is not the correct explanation of A.
    c) A is true but R is false.
    d) A is false but R is true.
  3. Debit mean
    a) a decrease in asset
    b) an increase in the proprietor’s equity
    c) an increase in asset
    d) an increase in liability
  4. Goods costing Rs.15,000 were sold for cash at a profit of 20%. By what amount cash increase
    a) Rs.13,000
    b) Rs.12,000
    c) Rs.18,000
    d) Rs.15,000

    OR

    If the capital is Rs.300000, cash is Rs.200000, Machinery is 300000. What is the amount of liabilities

    a) Rs.200000
    b) Rs.800000
    c) Rs.500000
    d) Rs.700000
  5. Which of the following source documents is used for depositing cash or cheques into bank?
    a) Pay note
    b) Counterfoil
    c) Cash slip
    d) Pay-in-slip
  6. Radheshyam is a furniture dealer. Which one of the following will not be recorded in his books?
    1. Purchase of Timber for Rs 50,000
    2. Sofa set worth Rs 40,000 taken to his home
    3. Sale of household furniture for Rs 5,000
    4. Dining table of Rs 30,000 given to his friend as a gift
    a) Only A
    b) Only D
    c) Only B
    d) Only C

    OR

    Book-keeping is mainly concern with:

    a) All of these
    b) Recording financial data relating to business operations and classifying it.
    c) Designing for system recording, classifying and summarizing.
    d) Interpreting data for internal and external users.
  7. Reserves are important because they help in:
    1. meeting the future contingencies
    2. strengthening the financial position of the business
    3. redemption of liabilities like debenture
    a) (A)
    b) All of these
    c) (B)
    d) (C)
  8. Sale of goods to Rahul for cash is debited to:
    a) Rahul A/c
    b) Sales A/c
    c) Stock account
    d) Cash A/c

    OR

    Sundry Creditors Account is a:

    a) Liability Account
    b) Asset account
    c) Capital Account
    d) Revenue Account
  9. As per the business entity assumption, the business is different from the
    a) Proprietor
    b) Politics
    c) Government
    d) Banker
  10. Which of the following methods need not remain consistent from year to year?
    a) Method of stock valuation : LIFO, FIFO or HIFO
    b) Method of depreciation: Straight line or Written down value
    c) None of these
    d) Both Method of depreciation: Straight line or Written down value and Method of stock valuation : LIFO, FIFO or HIFO
  11. Which of the following is objective of provision?
    a) To meet unknown losses and liabilities
    b) To meet anticipated losses and liabilities
    c) To hold funds
    d) Accumulate fund
Get access to CBSE Class 11 Accountancy sample papers for the 2024-25 session, featuring a variety of questions based on the latest syllabus and exam pattern. These sample papers are a must-have for your exam preparation.

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  1. The nature of capital is
    a) an income
    b) a liability
    c) an expense
    d) an asset
  2. The advantages of Purchase Book are:
    a) All of these
    b) Knowledge of total price of goods purchased on credit
    c) Easiness in preparing ledger
    d) Price of goods purchased from each supplier
  3. The capital of a business 10,000, creditors are 4,000, the total assets are :
    a) 14000
    b) 6000
    c) 8000
    d) 4000
  4. Which of the following is an asset?
    a) Sales Return
    b) Purchases
    c) Interest Received
    d) Machinery

    OR

    Which of the following is an intangible asset?

    a) Machinery
    b) Bill receivable
    c) Patents
    d) Furniture
  5. Total of Purchase Column in Purchase Book is posted to:
    a) Purchases A/c – Cr.
    b) Sales A/c – Cr.
    c) Sales A/c – Dr.
    d) Purchases A/c – Dr.
  6. ________ is the reserve, which is created for some specific purpose and can be utilised only for that purpose.
    a) Capital reserve
    b) Specific reserve
    c) Revenue reserve
    d) General reserve
  7. Explain the procedure of balancing personal accounts.ORPass journal entries for the following transactions:
    2023
    Jan 6Sold goods to Neetu of the list price of Rs 2,00,000 at trade discount of 20%.
    Jan 8Neetu returned goods of the list price of Rs 5,000.
    Jan 15Received from Neetu the full payment under a cash discount of 4%.
  8. Name the accounting concept or convention associated with the following
    1. Assets are recorded at cost, irrespective of the market price.
    2. Life of a business should be divided into smaller periods.
    3. Accounting transactions should be free from bias of accountants and others.

    OR

    Which financial statements are prepared under Ind-AS?

  9. Explain the following terms with examples:
    1. Capital Expenditure
    2. Non-Current Assets

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  1. Following balances were extracted from the books of Ritesh on 31st March, 2023. You are required to prepare a Trial Balance. The amount required to balance should be entered as capital.
    ₹₹
    Purchases1,70,000Drawings7,700
    Stock (1st April, 2022)24,000Returns Inward3,500
    Sales1,05,000Premises5,28,000
    Sundry Debtors23,800Sundry Creditors16,100
    Discount Received3,500Discount Allowed2,800
    Carriage Outwards700Carriage Inwards1,400
    Cash in Hand3,500Cash at Bank17,500
    Machinery1,24,500General Expenses2,100
    Provision for Depreciation on Machinery24,200Bad Debts Written off2,450
    Provision for Doubtful Debts2,380
  2. Prepare a Cash Book with Cash and Bank Columns from the following transaction:
    2017Rs
    Jan. 1Cash in hand Rs 5,000, Bank overdraft Rs 1000
    Jan. 2Deposited into bank1000
    Jan. 3General Expenses paid600
    Jan. 7Purchased goods from Mudit on credit2,000
    Jan. 10Drew from bank for personal use1,200
    Jan. 12Paid to Mudit in full settlement1,800
    Jan. 15Recovered from Sunny, who owe Rs 3,0001,500
  3. The Cash Book of a merchant showed an overdraft balance of ₹ 15,700 on 31st December 2023. On comparing it with the Pass Book, the following differences were noted:
    1. Cheques amounting to ₹ 12,250 were deposited into the bank, out of which cheques for ₹ 8,200 have been credited in the Pass Book on 2nd January, 2024.
    2. Cheques were issued amounting to ₹ 8,300 of which cheques for ₹ 2,000 have been cashed upto 31st Dec.
    3. A cheque of ₹ 4,250 issued to a creditor, has been entered in the Cash Book as ₹ 4,520.
    4. Bank charges of ₹ 180 on 30th November 2023 and ₹ 240 on 30th December 2023 have not been entered in the Cash Book.
    5. A B/R for ₹ 6,000 discounted with the bank is entered in the Cash Book without recording the discount charges of ₹ 300.
    6. A cheque for ₹ 2,000 deposited into the bank appear in the Pass Book, but not recorded in the Cash Book.
    7. A cheque for ₹ 3,700 deposited into the bank appear in the Pass Book, was recorded in the cash column of the Cash book.
      You are required:

      1. to make appropriate adjustments in the cash book, bringing down the correct balance, and
      2. to prepare a bank reconciliation statement with the adjusted balance.

    OR

    On 31st March, 2023, Bank Statement of Gopal shows credit balance of ₹ 33,570 whereas Cash Book showed debit balance of ₹ 53,000.
    It was observed that the differences were because of the following:

    1. Cheques and drafts sent to the bank but not collected and credited, amounted to ₹ 7,900 while cheque for ₹ 2,000 was received unpaid.
    2. Three cheques drawn for ₹ 3,000; ₹ 1,500 and ₹ 2,000 respectively were not presented for payment till 30th April, 2023.
    3. Bank has paid a cheque of ₹ 10,000 but it has not been entered in the Cash Book and a cheque of ₹ 5,000 which was discounted with the bank was dishonoured by the drawee on the due date.
    4. Bank has charged ₹ 130 as its commission for collecting outstation cheques and had credited an interest of ₹ 100 in the account.
    5. A wrong debit of ₹ 5,000 was made by the bank, which was reversed on 4th April, 2023. Prepare Bank Reconciliation Statement as on 31st March, 2023.

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  1. Pass Journal entries for the following transactions:
    1. Monika started business with Cash ₹ 3,00,000, Stock ₹ 5,00,000 and building ₹ 25,00,000.
    2. Construction of power-back room ₹ 1,00,000.
    3. Paid insurance premium for stock ₹ 15,000 and self ₹ 7,000.
    4. Goods destroyed by fire ₹ 80,000, Insurance Claim lodged.
    5. Commission received ₹ 25,000, 20% being received in advance.
    6. Insurance company paid 80% in full and final settlement.
    7. Salaries paid ₹ 48,000 and due ₹ 22,000.
    8. Provide Depreciation on Building @ 10% per annum.

    OR

    Journalise the following transactions:

    1. Bought goods for Rs 5,000 plus CGST and SGTS @ 6% each.
    2. Sold goods to Mehtab for Rs 50,000, charged CGST and SGST @ 6% each.
    3. Sold goods to Arpana for Rs 60,000 against cheque, charged IGST @ 12%
    4. Computer purchased by Atul & Co., Delhi for office use from HP Ltd., Greater Noida (UP) for Rs 50,000 plus IGST @ 12%, payment made by cheque.
    5. Paid Telephone bill of Rs 5,000 plus CGST and SGST @ 6% each.
    6. Goods that were purchased paying CGST and SGST @ 6% each costing Rs 1000 given as charity.
  2. A Trial Balance showed excess credit of ₹ 2,728, which were placed in a suspense account. Later on the following errors were located. Pass rectifying entries and prepare Suspense A/c.
    1. ₹ 825, the total of purchase return book has been posted to the debit of sales return account.
    2. Goods purchased from Sunil ₹ 1,800 recorded in Sales Book as ₹ 180
    3. An item of ₹ 328 written off as a bad debt from Arvind Kumar has not been debited to Bad Debts Account.
    4. Goods purchased from X ₹ 3,500 and from Y ₹ 4,000, but were recorded in the purchase book as X ₹ 4,000 and Y ₹ 3,500
    5. Goods returned to Ritesh for ₹ 2,600 was correctly recorded in the return outward book but was wrongly posted to his account as ₹ 260
    6. A sum of ₹ 2,210 stolen by an ex-employee stand debited to Suspense A/c.
    7. A sum of ₹ 500 written off as depreciation on Machinery, were not posted to the Machinery account.

    OR

    Pass necessary Journal entries to rectify the following errors:

    1. A credit sale of ₹ 1,700 to Karan was posted to Kartik’s Account.
    2. A cash sale of ₹ 1,700 to Neema was posted to the credit of Neema.
    3. A credit sale of old furniture to Prince for ₹ 1,700 was credited to the Sales Account.
    4. A credit sale of old furniture to Ronak for ₹ 1,700 was posted as ₹ 7,100.
    5. A cheque for ₹ 640 received from Gautam was dishonoured and was posted to the debit of Sales Return Account.
    6. An amount of ₹ 2,860 due from Rawat, written off as bad in previous year, was recovered and credited to his personal account.
    7. ₹ 10,000 paid for the electricity bill of the proprietor’s residence was debited to Electricity Expenses Account.
    8. An amount of ₹ 7,500 withdrawn from bank by the proprietor for his personal use was debited to Purchases Account.
    9. An amount of ₹ 15,000 withdrawn from bank by the proprietor for office use was debited to Drawings Account.
    10. ₹ 8,000 salary paid to Vikas, an employee, debited to his personal account.
  3. On 1st April 2019, a Company purchased 6 machines for ₹ 50,000 each. Depreciation at the rate of 10% p.a. is charged on Straight Line Method. The accounting year of the Company ends on 31st March and the depreciation is credited to a separate Provision for Depreciation Account.
    On 1st October, 2021, one machine was sold for ₹ 30,000 and on 1st April, 2022 a second machine was sold for ₹ 24,000.
    You are required to prepare Machinery Account and Provision for Depreciation Account for four years ending 31st March, 2023.ORSharma & Co. whose books are closed on 31st March, purchased machinery for ₹ 1,50,000 on 1st April, 2020, Additional machinery was acquired for ₹ 50,000 on 1st October, 2020. Certain machinery which was purchased for ₹ 50,000 on 1st October, 2020 was sold for ₹ 40,000 on 30th September, 2022.
    Prepare the Machinery Account and Accumulated Depreciation Account for all the years up to the year ended 31st March, 2023. Depreciation is charged @ 10% p.a. on Straight Line Method. Also, show the Machinery Disposal Account.

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Part B

  1. Profit = Capital at the end + ? – Capital introduced – Capital in the beginning.
    a) Sales
    b) Journal
    c) Net Purchases.
    d) Drawings

    OR

    Incomplete records system suitable for which type of business:

    a) Tea shop
    b) Washer man
    c) All of these
    d) Flower shop
  2. Calculate the amount of purchase from the following information. Purchase: ₹ 280000, Return outward: ₹ 5000, goods distributed as free sample: ₹ 2000, goods costing ₹ 1500 taken over by owner
    a) ₹ 269500
    b) ₹ 273000
    c) ₹ 27000
    d) ₹ 271500
  3. A’s Trial Balance provides you the following information:
    Bad Debts₹ 3,000
    Provision for Bad Debts₹ 5,000

    It is desired to maintain a provision of ₹ 1,500 for doubtful debts, the amount to be recorded in P & L A/c will be:

    a) ₹ 4,500 in Dr.
    b) ₹ 3,500 in Dr.
    c) ₹ 500 in Dr.
    d) ₹ 500 in Cr.

    OR

    Income received in advance is deducted from the income because of

    a) Revenue Recognition Concept
    b) Accrual Concept
    c) Matching Concept
    d) Prudence Concept
  4. Ascertain Cost of Goods Sold from the following:
    ₹
    Opening Stock8,500
    Purchases30,700
    Direct Expenses4,800
    Indirect Expenses5,200
    Closing Stock9,000
  5. From the following information, Gross Profit for the year ended 31st March, 2023:
    Transaction₹
    Opening Stock (1st April, 2022)50,000
    Freight and Packing20,000
    Sales3,80,000
    Goods purchased during the year2,80,000
    Closing Stock (31st March, 2023)60,000
    Packing Expenses on Sales12,000
  6. Raman’s Trial Balance as on 31st March, 2023 gives the following information:
    Heads of AccountsDebit (₹)Credit (₹)
    Investment (rate of interest 10% p.a)5,00,000____
    Interest Received____45,000

    Show how the above items would appear in the Profit and Loss Account and Balance Sheet.

  7. Jatin keeps books under single entry system. His assets and liabilities were as under
    Items31st March, 2012(Rs)31st March, 2013(Rs)
    Cash2,0001800
    Sundry debtors78,00090,000
    Stock68,00064,000
    Plant and machinery1,20,0001,60,000
    Sundry creditors30,00029,800
    Bills payable—10,000

    During 2012-13, he introduced Rs 20,000 as new capital. He withdrew Rs 6,000 every month for his household expenses. Ascertain his profit for the year ended 31st March, 2013.OR

    Mr Verma started a business with a capital of ₹ 5,00,000. At the end of the year, his position was

    ItemsAmount (₹)
    Cash in hand15,000
    Cash at bank70,000
    Sundry debtors1,20,000
    Stock2,40,000
    Furniture75,000
    Machinery2,00,000

    Sundry creditors at this date totalled ₹ 80,000. During the year, he introduced a further capital of ₹ 1,50,000 and withdrew for household expenses ₹ 90,000.
    You are required to calculate profit or loss during the year.

  8. From the following Adjustments and with the help of Trial Balance prepare a Trading A/c, Profit and Loss A/c and Balance Sheet as at 31st March 2023:
    Dr. Balances₹Cr. Balances₹
    Insurance charges2,400Capital1,70,000
    Salaries & Wages19,400Sundry Creditors20,000
    Cash in hand200Sales1,20,000
    Cash at HDFC Bank19,500Returns Outwards1,200
    Trade Expenses400Provision for Doubtful Debts400
    Postage800Discount800
    Drawings6,000Rent of Premises, Sublet for one year to 30th Sept. 20231,200
    Plant & Machinery:-
    Balance on 1st April, 20221,20,000
    Addition on 1st Oct., 20225,000
    Stock on 1st April, 202215,000
    Purchases82,000
    Returns Inward2,000
    S. Debtors20,800
    Furniture & Fixtures5,000
    Freight2,000
    Carriage outwards500
    Rent, Rates & Taxes4,600
    Printing & Stationery1,000
    Input IGST7,000
    3,13,6003,13,600

    Adjustments:

    1. Stock on 31st March, 2023 was valued at ₹ 24,000 and stationery unused at the end was ₹ 250.
    2. The provision for doubtful debts is to be maintained at 6% on Sundry debtors.
    3. Create a provision for discount on debtors at 2%.
    4. Write off ₹ 800 as bad debts.
    5. Provide depreciation on plant and machinery @ 10% p.a.
    6. Insurance is paid upto 30th June, 2023.
    7. A fire occurred on 25th March, 2023 in the Godown and Stock of the value of ₹ 6,000 was destroyed. The stock was purchased paying IGST @ 18%. It was insured and the Insurance Co. admitted a claim of ₹ 4,000.

    OR

    The trial balance of Ramesh Vyas as on 31st March, 2013 was as follows.

    Name of AccountsDebit Balance(Rs)Credit Balance(Rs)
    Purchases/sales81,25,2501,26,20,000
    Provision for doubtful debts2,60 000
    Sundry debtors/sundry creditors25,10,00015,26,300
    Bills payable1,97,500
    Opening stock13,36,250
    Wages11,56,850
    Salaries2,78,750
    Furniture3,62,500
    Postage2,11,300
    Power and fuel67,500
    Trade expenses2,91,550
    Bad debts26,250
    Loan to Ram @ 10% 1st December, 2012)1,50,000
    Cash in hand and at bank5,00,000
    Trade expenses accrued but not paid35,000
    Drawings A/c/capital A/c2,22,6005,00,000
    Outstanding wages1,00,000
    1,52,38,8001,52,38,800

    Prepare the trading and profit and loss account for the year ended 31st March, 2013 and the balance sheet as at that date after taking into consideration the following information.

    1. Stock on 31st March, 2013 was Rs 6,27,500.
    2. Depreciation on furniture is to be charged @ 10%.
    3. Provision for doubtful debts is to be maintained @ 5% on sundry debtors.
    4. Sundry debtors include an item of Rs 25,000 due from a customer who has become insolvent.
    5. Goods of the value of Rs 75,000 have been destroyed by fire and insurance company admitted a claim for Rs 50,000
    6. Received Rs 60,000 worth of goods on 27th March, 2013 but the invocle of purchases was not recorded in purchases book.

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CBSE Class 11 Accountancy sample papers help students understand the marking scheme and exam format. Practice with these sample papers to increase your chances of success in your CBSE Accountancy exam.

Class 11 – Accountancy
Sample paper – 01 (2024-25)

Solution

Part A

  1. (c) All of these
    Explanation: All of these
  2. (a) Both A and R are true and R is the correct explanation of A.
    Explanation: Both A and R are true and R is the correct explanation of A.
  3. (c) an increase in asset
    Explanation: A debit is an accounting entry that results in either an increase in assets or a decrease in liabilities.
  4. (c) Rs.18,000
    Explanation: Cash received is total of cost + profit i.e. 15,000 + profit (20%) 3,000 = Rs.18,000. As goods are sold for Rs 18,000, so we will receive cash worth Rs 18,000 and cash will increase with Rs.18,000.OR(a) Rs.200000
    Explanation: Total assets = Cash + Machinery
    Total assets=  200000+300000
    Total Assets= 500000
    Now basic accounting equation ;
    Assets = Capital + liabilities
    500000=300000+ Liabilities
    Liabilities= 500000-300000
    Liabilities= 200000
  5. (d) Pay-in-slip
    Explanation: Pay-in-slip
  6. (d) Only C
    Explanation: Sale of household (personal furniture) furniture for Rs. 5,000 will not be recorded in his book.OR(b) Recording financial data relating to business operations and classifying it.
    Explanation: Book-keeping includes two steps of accounting that are recording and classifying of financial transactions.
  7. (b) All of these
    Explanation: Reserve:-  Reserves out of profits are required for various purposes. Reserve are appropriation against profit. They help in meeting the unforeseen contingencies that may arise in the future, help in the expansion of the business. They may also be used to distribute dividends and pay off the liabilities like debentures.
  8. (d) Cash A/c
    Explanation: Sale of goods to Rahul for cash is debited to Cash A/c, Cash is collected when the sale is made.OR(a) Liability Account
    Explanation: Sundry Creditors are the trade payables who come under the current liability.
  9. (a) Proprietor
    Explanation: According to the business entity concept, the task of measuring income and wealth is undertaken by accounting for an identifiable unit or entity. The Unit or entity so identified is treated different and distinct from its owners. Business and owner are different.
  10. (c) None of these
    Explanation: Methods of accounting are supposed to be consistent from year to year.

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If you want to master Class 11 Accountancy, download the CBSE sample papers for effective exam practice. These sample papers provide comprehensive coverage of all topics in the Accountancy syllabus.

  1. (b) To meet anticipated losses and liabilities
    Explanation: provision are made for anticipated losses due to convention of prudence
  2. (b) a liability
    Explanation: The nature of capital is a liability. It is an internal liability.
  3. (a) All of these
    Explanation: All of these
  4. (a) 14000
    Explanation: Total assets= Liabilities+ capital
    Total assets= 4000+10000
    Total assets= 14000
  5. (d) Machinery
    Explanation: Machinery is an asset. It is non current asset.  OR(c) Patents
    Explanation: When the technology of business is registered it is called patents so we cannot see or touch it so it is intangible assets of the business.
  6. (d) Purchases A/c – Dr.
    Explanation: Purchases A/c – Dr.
  7. (b) Specific reserve
    Explanation: Specific reserve
  8. The procedure of balancing personal accounts is as below:
    An Account is balanced like we have to add the bigger side either debit or credit whichever may be and write down the bigger ones in the parallel column. The debit column is bigger than the credit column. The difference is written on the credit side as ‘By Balance c/d’. The totals are then entered in the two columns opposite one another and then on the debit side, the balance is written as To Balance b/d’ to show the debit balance in hand in the beginning of the next period or vice versa for the credit balance.

           OR  In the books of ________
Journal 

S. No.ParticularsL.F.Dr. (₹)Cr. (₹)
2013
Jan 06Neetu’s A/cDr.1,60,000
To Sales A/c1,60,000
(goods sold to Neetu of the list price of ₹ 2,00,000 at trade discount of 20%)
Jan 08Sales Return A/cDr.4,000
To Neetu’s A/c4,000
(goods returned of the list price of ₹ 5,000)
Jan 15Cash A/cDr.1,49,760
Discount Allowed A/cDr.6,240
To Neetu’s A/c1,56,000
(cash received from Neetu the full payment under a cash discount of 4%.)
Total3,20,0003,20,000
  1. Accounting concepts are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works.
    1. Historical cost concept
    2. Accounting period concept
    3. Verifiable objective concept

    OR

    Financial Statements are prepared under Ind-AS include:

    1. Statement of Financial Position
    2. Statement of Comprehensive Income
    3. Statement of Changes in Equity
    4. Statement of Cash Flow and
    5. Notes and Significant Accounting Policies
    6. Capital expenditure: refers to the expenditure on an asset that is expected to provide utility to a business for more than one reporting period. Examples of capital expenditures are as follows: Buildings (included extended part), Computer equipment (including installation charges).
    7. Non-current assets: are a company’s long-term investments for which the full value will not be realized within the accounting year. Examples of non-current assets include investments in other companies, intellectual property (e.g. patents), and property, plant and equipment.

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  1. TRIAL BALANCE
    as on 31st March, 2023

    Heads of AccountsLF.Dr. Balance (₹)Cr. Balance (₹)
    Purchases1,70,000–
    Stock (1st April 2022)24,000–
    Sales–1,05,000
    Sundry Debtors23,800–
    Discount Received–3,500
    Carriage Outwards700–
    Cash in Hand3,500–
    Machinery1,24,500–
    Provision for Depreciation–24,200
    Drawings7,700–
    Returns Inward3,500–
    Premises5,28,000–
    Sundry Creditors–16,100
    Discount Allowed2,800–
    Carriage Inwards1,400–
    Cash at Bank17,500–
    General Expenses2,100–
    Bad Debts2,450–
    Provision for Doubtful Debts–2,380
    Capital (Balancing Figure)–7,60,770
    Total9,11,9509,11,950
  2. Cash book
    Dr.Cr.
    Date
    2017    		ParticularL.F.Cash (Rs)Bank (Rs)Date
    2017    		ParticularL.F.Cash (Rs)Bank (Rs)
    Jan 1To Bal. b/d5,000________Jan 1By Bal. b/d________1,000
    Jan 2To Cash A/c(C)________1,000Jan 2By Bank A/c(C)1,000________
    Jan 15To Sunny’s Account1,500________Jan 3By Gen. Exp.600________
    Jan 31To Bal. c/d________1,200Jan 10By Drawings________1,200
    Jan 12By Mudit1,800________
    Jan 31By Bal. c/d3,100________
    6,5002,2006,5002,200

    Note: There will be no entry for a credit transactions. Only Cash and Bank transactions are recorded.

  3. Adjusted Cash Book (Bank Column only)
    Dr.Cr.
    DateParticularsL.F.Amount
    (₹    )    		DateParticularsL.F.Amount
    (₹    )
    To Cheque issued over casted270Balance b/d15,700
    Customer’s A/c (direct deposit by customer)2,000Bank Charges A/c (180 + 240)420
    Customer’s A/c (cheque not recorded in bank column)3,700Discounting charges A/c (not recorded)300
    Balance c/d10,450
    16,42016,420

    Bank Reconciliation Statement
    as on December 31, 2023

    S. No.ParticularsAddition (₹)Subtract (₹)
    Credit Balance (Overdraft) as per Amended Cash Book10,450
    Add:
    Cheque issued but not presented (8,300 – 2,000)6,300
    Less:
    Cheque deposited but not credited8,200
    Debit Balance (Overdraft) as per Pass Book12,350
    18,65018,650

    Amended cash book is prepared to make amounts correct and Bank Reconciliation Statement is prepared to rectify the errors.   OR

    BANK RECONCILIATION STATEMENT
    as on 31st March, 2023

    ParticularsPlus Items (₹)Minus Items (₹)
    Balance as per Bank Statement (Cr.)33,570
    Cheques and drafts deposited but not yet collected and credited7,900
    Cheque deposited returned unpaid (Dishonoued)2,000
    Cheques issued but not yet presented for payment6,500
    Cheque paid by the bank but not entered in the Cash Book10,000
    Cheque discounted dishonoured5,000
    Bank Commission not recorded in Cash Book130
    Interest credited by the bank but not recorded in Cash Book100
    Wrong Debit by Bank5,000
    Balance as per Cash Book (Dr.) (₹ 61,600 – ₹ 8,600)53,000
    61,60061,600
  4. Journal
    DateParticularsL.F.Dr. (₹)Cr. (₹)
    (i)Cash A/cDr.3,00,000
    Stock A/cDr.5,00,000
    Building A/cDr.25,00,000
    To Capital A/c
    (Business started by Monika)    		33,00,000
    (ii)Power-back Room A/cDr.1,00,000
    To Cash A/c
    (Power back room constructed)    		1,00,000
    (iii)Drawing A/cDr.7,000
    Insurance (Stock) A/cDr.15,000
    To Cash A/c
    (Insurance Premium paid for stocks & self)    		22,000
    (iv)Insurance Co. A/cDr.80,000
    To purchase A/c
    (Goods destroyed by fire Insurance Claim lodged)    		80,000
    (v)Cash A/cDr.25,000
    To Commission A/c20,000
    To Commission Received in advance A/c
    (Commission Received 20% in advance)    		5,000
    (vi)Bank A/cDr.64,000
    Loss by fire A/cDr.16,000
    To Insurance Co. A/c
    (80% claim accepted by insurance co.)    		80,000
    (vii)Salary A/cDr.70,000
    To Cash A/c48,000
    To Outstanding Salary A/c
    (Salaries paid ₹ 48,000 & Outstanding ₹ 22,000)    		22,000
    (viii)Depreciation A/c (25,00,000 × 10%)Dr.2,50,000
    To Building A/c
    (Depreciation charged on Building)    		2,50,000

    OR

    Journal Entries

    DateParticularsL.F.Debit (Rs)Credit (Rs)
    (i)Purchase AccountDr.5,000
    Input CGST AccountDr.300
    Input SGST AccountDr.300
    To Cash Account5,600
    (Being goods purchased for cash, paid CGST and SGST @ 6% each.)
    (ii)Mehtab A/cDr.56,000
    To Sales A/c50,000
    To Output CGST A/c3,000
    To Output SGST A/c3,000
    (Being goods sold to Mehtab, charged CGST and SGST @ 6% each)
    (iii)Bank A/cDr.67,200
    To Sales A/c60,000
    To Output IGST A/c7,200
    (Being the goods sold to Arpana, charged IGST @ 12% through cheque)
    (iv)Computer A/cDr.50,000
    Input IGST A/cDr.6,000
    To Bank A/c56,000
    (Being Computer purchased, paid IGST)
    (v)Telephone Expenses A/cDr.5,000
    Input CGST A/cDr.300
    Input SGST A/cDr.300
    To Cash/Bank A/c5,600
    (Being Telephone Expenses paid along with CGST and SGST@ 6% )
    (vi)Charity A/cDr.1,120
    To Purchase A/c1,000
    To Input CGST A/c60
    To Input SGST A/c60
    (Being goods purchased already given as charity)
  5. Journal
    DateParticularsL.F.Debit Amount (₹)Credit Amount (₹)
    (i)Suspense A/cDr.1,650
    To Purchases Return A/c825
    To Sales Return A/c825
    (Total of Purchases Return Book posted to the debit of Sales Return Account now rectified)
    (ii)Purchase A/cDr.1,800
    Sales A/cDr.180
    To Sunil’s A/c1,980
    (Purchases made from Sunil recorded as sale now rectified)
    (iii)Bad Debts A/cDr.328
    To Suspense A/c328
    (Amount written-off as bad debts omitted to be debited to Bad Debts Account now rectified)
    (iv)Y’s A/cDr.500
    To X’s A/c500
    (Amount of purchases from X and Y wrongly recorded in Purchases Book now rectified)
    (v)Ritesh’s A/cDr.2,340
    To Suspense A/c2,340
    (Goods returned to Ritesh posted to his account as ₹ 260 instead of ₹ 2,600 now rectified)
    (vi)Loss by Theft A/cDr.2,210
    To Suspense A/c2,210
    (Amount stolen by an ex-employee debited to Suspense Account now rectified)
    (vii)Suspense A/cDr.500
    To Machinery A/c500
    (Depreciation omitted to be posted to Machinery Account now rectified)

    Suspense Account

    Dr.Cr.
    ParticularsAmount (₹)ParticularsAmount (₹)
    To Difference in Trial Balance (Balancing Figure)2,728By Bad Debts A/c328
    To Purchases Return A/c825By Ritesh’s A/c2,340
    To Sales Return A/c825By Loss by Theft A/c2,210
    To Machinery A/c500
    4,8784,878

    OR

    RECTIFYING JOURNAL ENTRIES

    DateParticularsL.F.Dr. (₹)Dr. (₹)
    (i)Karan A/c…Dr.1,700
    To Kartik A/c
    (credit sale to Karan was posted to Kartik’s Account, now rectified)    		1,700
    (ii)Neema A/c…Dr.1,700
    To Sales A/c
    (cash sale posted to credit of Neema’s Account, now rectified)    		1,700
    (iii)Sales A/c…Dr.1,700
    To Furniture A/c
    (credit sale of old furniture credited to Sales Account, now rectified)    		1,700
    (iv)Furniture A/c…Dr.5,400
    To Ronak A/c
    (credit sale of old furniture to Ronak for ₹ 1,700 posted as ₹ 7,100, now rectified)    		5,400
    (v)Gautam A/c…Dr.640
    To Sales Return A/c
    (dishonour of Gautam’s cheque debited to Sales Return Account, now rectified)    		640
    (vi)Rawat A/c…Dr.2,860
    To Bad Debts Recovered A/c
    (bad debts recovered credited to personal account of Rawat, now rectified)    		2,860
    (vii)Drawings A/c…Dr.10,000
    To Electricity Expenses A/c
    (payment of electricity bill of proprietor’s residence wrongly debited to Electricity Expenses Account, now rectified)    		10,000
    (viii)Drawings A/c…Dr.7,500
    To Purchases A/c
    (₹ 7,500 withdrawn from bank for personal use wrongly charged to Purchases Account, now rectified)    		7,500
    (ix)Cash A/c…Dr.15,000
    To Drawings A/c
    (cash withdrawn from bank for office use debited to Drawings Account, now rectified)    		15,000
    (x)Salary A/c…Dr.8,000
    To Vikas A/c
    (salary paid to Vikas debited to his account, now rectified)    		8,000
  6. MACHINERY ACCOUNT
    Dr.Cr.
    DateParticularsAmount (₹)DateParticularsAmount (₹)
    20192020
    Apr. 01Bank A/cMar. 31Balance c/d
    Machine 150,000Machine 150,000
    Machine 250,000Machine 250,000
    Machine (3,4,5,6)2,00,0003,00,000Machine 32,00,0003,00,000
    3,00,0003,00,000
    20202021
    Apr. 01Balance b/dMar. 31Balance c/d
    Machine 150,000Machine 150,000
    Machine 250,000Machine 250,000
    Machine
    (3,4,5,6)    		2,00,0003,00,000Machine 32,00,0003,00,000
    3,00,0003,00,000
    20212021
    Apr. 01Balance b/dOct. 01Provision for Depreciation A/c12,500
    Machine 150,000Oct. 02Bank A/c (sale of Machine 1)30,000
    Machine 250,000Oct.
    02    		Profit and Loss A/c (Loss on Sale of Machine 1)7,500
    Machine
    (3,4,5,6)    		2,00,0003,00,0002022
    Mar. 31Balance c/d
    Machine 250,000
    Machine 32,00,0002,50,000
    3,00,0003,00,000
    20222022
    Apr. 01Balance b/dApr. 01Provision for Depreciation A/c15,000
    Machine 250,000Apr.
    01    		Bank A/c (Sale of Machine 2)24,000
    Machine (3,4,5,6)2,00,0002,50,000Apr.
    01    		Profit and Loss A/c (Loss on Sale on Machine 2)11,000
    2023
    Mar. 31Balance c/d (Machine 3,4,5,6)2,00,000
    2,50,0002,50,000

    PROVISION FOR DEPRECIATION ACCOUNT

    Dr.Cr.
    DateParticularsAmount (₹)DateParticularsAmount (₹)
    20202020
    Mar. 31Balance c/d30,000Mar. 31Depreciation A/c
    Machine 15,000
    Machine 25,000
    Machine 320,00030,000
    30,00030,000
    20212020
    Mar.
    31    		Balance c/d60,000Apr. 01Balance b/d30,000
    2021
    Mar. 31Depreciation A/c
    Machine 15,000
    Machine 25,000
    Machine 320,00030,000
    60,00060,000
    20212021
    Oct. 01Machinery A/c (Machine 1) (5,000 + 5,000 + 2,500)12,500Apr. 01Balance b/d60,000
    2022Oct. 01Depreciation A/c (Machine 1)2,500
    Mar. 31Balance c/d75,0002022
    Mar. 31Depreciation A/c
    Machine 25,000
    Machine 320,00025,000
    87,50087,500
    20222022
    Apr. 01Machinery A/c (Machine 2)15,000Apr. 01Balance b/d75,000
    (5,000 + 5,000 + 5,000)
    20232023
    Mar. 31Balance c/d80,000Mar. 31Depreciation A/c (Machine 3)20,000
    95,00095,000

    Working Notes:
    WN1: Calculation of Profit & Loss on Sale of Machine 1

    ParticularsAmount (₹)
    Value of Machinery on Apr. 01,201950,000
    Less: Depreciation(5,000)
    Value of Machinery on Apr. 01,202045,000
    Less: Depreciation(5,000)
    Value of Machinery on Apr. 01, 202140,000
    Less: Depreciation for 6 months(2,500)
    Value of Machinery on Oct. 01, 202137,500
    Less: Sale Value(30,000)
    Loss on Sale7,500

    OR

    In The Books of Sharma & Co.
    Machinery Account

    Dr.Cr.
    DateParticularsJ.F.Amount (₹)DateParticularsJ.F.Amount (₹)
    2020
    Apr. 01    		To Bank (I)1,50,0002021
    Mar. 31    		By Balance c/d2,00,000
    Oct 01To Bank (II)50,000
    2,00,0002,00,000
    2021
    Apr. 01    		To Balance b/d2,00,0002022
    Mar.31    		By Balance c/d2,00,000
    2,00,0002,00,000
    2022
    Apr. 01    		To Balance b/d2,00,0002022
    Sep 30    		By Machinery Disposal A/c50,000
    Mar. 31, 2023By Balance c/d1,50,000
    2,00,0002,00,000

    Accumulated Depreciation Account 

    Dr.Cr.
    DateParticularsJ.F.Amount (₹)DateParticularsJ.F.Amount (₹)
    2021
    Mar. 31    		To Balance c/d2021
    Mar. 31    		By Depreciation
    I15,000I15,000
    II2,50017,500II (for 6 months)2,50017,500
    17,50017,500
    2022
    Mar. 31    		To Balance c/d2021
    Apr. 01    		By Balance b/d
    I30,000I15,000
    II7,50037,500II2,50017,500
    2022
    Mar. 31    		By Depreciation
    I15,000
    II5,00020,000
    37,50037,500
    2022
    Sep 30    		To Machinery disposal (II)10,0002022
    Apr. 01    		By Balance b/d
    Mar. 31, 2023To Balance c/d (I)45,000I30,000
    II7,50037,500
    Sep. 30By Depreciation (II)2,500
    Mar. 31, 2023By Depreciation (I)15,000
    55,00055,000

    Machinery Disposal Account

    Dr.Cr.
    DateParticularsJ.F.Amount (₹)DateParticularsJ.F.Amount (₹)
    2022
    Sep. 30    		To Machinery A/c50,0002022
    Sep. 30    		By Accumulated Depreciation A/c10,000
    Sep. 30By Bank A/c40,000
    50,00050,000

    W.N.:
    Calculation of Profit or Loss on sale of Machine II:

    ParticularsAmount (₹)
    Original Cost Oct. 01, 202050,000
    Less: Accumulated Depreciation(10,000)
    Book Value on Sept. 30, 202240,000
    Less: Sale Value(40,000)
    Profit/LossNIL

    Depreciation is charged through the straight-line method so the same amount of depreciation is charged each year on the original cost of the asset.

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Part B

  1. (d) Drawings
    Explanation: DrawingsOR(c) All of these
    Explanation: The single entry system is suitable for small businesses because Double entry is costly.
  2. (d) ₹ 271500
    Explanation: purchases = 280000 – 5000 – 2000 – 1500 = 271500
  3. (d) ₹ 500 in Cr.
    Explanation: ₹ 500 in Cr.OR(b) Accrual Concept
    Explanation: Accrual Concept
  4. Cost of Goods Sold = Beginning Inventory + Purchases + Direct Expenses – Ending Inventory
    = ₹ 8,500 + ₹ 30,700 + ₹ 4,800 – ₹ 9,000
    = ₹ 35,000
  5. TRADING ACCOUNT
    as at March 31, 2023

    Dr.Cr.
    ParticularsAmount (₹)ParticularsAmount (₹)
    To Opening Stock A/c50,000By Sales A/c3,80,000
    To Freight and Packing A/c20,000By Closing Stock A/c60,000
    To Purchase A/c2,80,000
    To Gross Profit A/c (b/f)90,000
    4,40,0004,40,000

    Working Notes:-

    1. Gross Profit = Sales + Closing Stock – (Opening Stock + Goods Purchased + Freight and Packing)
      = 3,80,000 + 60,000 – (50,000 + 2,80,000 + 20,000)
      = 4,40,000 – 3,50,000
      Gross Profit = 90,000
    2. Packing Expenses on the sales is an indirect Expenses, so we cannot include it in calculation of Gross profit.
  6. In the Books of Raman
    Profit and Loss Account
    for the year ended 31st March, 2023

    ParticularsAmount (₹)ParticularsAmount (₹)
    Interest Received45,000
    Add: Accrued Interest5,00050,000

    Balance Sheet of Raman
    as at 31st March, 2023

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Investment A/c5,00,000
    Add: Accrued Interest5,0005,05,000
  7. Statement of Affairs
    (as on 31st March, 2012)

    LiabilitiesAmt(Rs)AssetsAmt(Rs)
    Sundry Creditors30,000Cash2,000
    Capital(Balancing figures)2,38,000Sundry Debtors78,000
    Stock68,000
    Plant and Machinery1,20,000
    2,68,0002,68,000

    Statement of Affairs
    (as on 31st March, 2013)

    LiabilitiesAmt (Rs)AssetsAmt (Rs)
    Sundry Creditors29,800Cash1,800
    Bills Payable10,000Sundry Debtors90,000
    Capital(Balancing figures)2,76,000Stock64,000
    Plant and Machinery1,60,000
    3,15,8003,15,800

    Statement of Profit or Loss
    (for the year ended 31st March, 2013)

    ParticularsAmt (Rs)
    Capital at 31st March, 20132,76,000
    (+) Drawings Made During 2102-13(6000 ×12)72,000
    3,48,000
    (-) Fresh Capital Introduced During the year20,000
    Adjusted capital on 31st March, 20133,28,000
    (-) Capital at 31st March, 20122,38,000
    Profit Made During 2012-1390,000

    OR

    STATEMENT OF PROFIT OR LOSS

    Particulars₹₹
    Closing Capital (W.N.1)6,40,000
    Add: Drawings90,000
    Amount7,30,000
    Less: Opening Capital(5,00,000)
    Less: Additional Capital(1,50,000)(6,50,000)
    Profit at the end of the year80,000

    Working note 1.STATEMENT OF AFFAIRS
    at the end of the year……………..

    Liabilities₹Assets₹
    Sundry Creditors80,000Cash in Hand15,000
    Closing Capital
    (Balancing Figure)    		6,40,000Cash at Bank70,000
    Sundry Debtors1,20,000
    Stock2,40,000
    Furniture75,000
    Machinery2,00,000
    7,20,0007,20,000

    It is noted that when the capital at the beginning of the year and at the close of the year is compared and capital at the end is more than the capital in the beginning the result is profit.

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  1. TRADING AND PROFIT & LOSS ACCOUNT
    for the year ending 31st March, 2023

    Dr.Cr.
    Particulars₹Particulars₹
    To Opening Stock15,000By Sales1,20,000
    To Purchases82,000Less: Returns Inwards(2,000)1,18,000
    Less: Return outwards(1,200)By Closing Stock24,000
    80,800
    Less: Loss by Fire (Goods)(6,000)74,800
    To Freight2,000
    To Gross Profit c/d50,200
    1,42,0001,42,000
    To Insurance charges2,400By Gross Profit b/d50,200
    Less: Prepaid Insurance (2,400×312)(600)1,800By Discount800
    To Salaries & Wages19,400By Rent of Premises sublet1,200
    To Trade Expenses400Less: Rent received in advance (6 months)(600)600
    To Postage800
    To Carriage outwards500
    To Rent, Rates & Taxes4,600
    To Printing & Stationery1,000
    Less: Unused(250)750
    To Bad Debts800
    Add: New Provision for Doubtful Debts1,200
    2,000
    Less: Old Provision for Doubtful Debts(400)1,600
    To Provision for Discount on Debtors376
    To Depreciation on Plant and Machinery:-
    10% on ₹ 1,20,000 for one year    		12,000
    Add: 10% on ₹ 5,000 for 6 months25012,250
    To Loss by fire (Note 1)3,080
    To Net Profit transferred to Capital A/c6,044
    51,60051,600

    BALANCE SHEET
    as at 31st March, 2023

    LiabilitiesAmount
    (₹)    		AssetsAmount
    (₹)
    Sundry Creditors20,000Cash in hand200
    Rent received in advance600Cash at HDFC Bank19,500
    Capital1,70,000Sundry Debtors20,800
    Add: Net Profit6,044Less: Bad Debts(800)
    1,76,04420,000
    Less: Drawings(6,000)1,70,044Less: Provision for Doubtful Debts(1,200)
    18,800
    Less: Provision for Discount on Debtors(376)18,424
    Insurance Company (claim)4,000
    Closing Stock24,000
    Stationery Unused250
    Prepaid Insurance600
    Input IGST (₹ 7,000 – ₹ 1,080)5,920
    Furniture & Fixtures5,000
    Plant & Machinery1,20,000
    Additions (1-10-2022)5,000
    1,25,000
    Less: Depreciation(12,250)1,12,750
    1,90,6441,90,644

    Notes (1):
    Adjustment Entries for Loss of Stock by Fire:

    (i)Loss of Stock by Fire A/cDr.7,080
    To Purchases A/c6,000
    To Input IGST A/c (18% of ₹ 6,000)1,080
    (ii)Insurance Company (Claim) A/cDr.4,000
    Profit & Loss A/cDr.3,080
    To Loss of Stock by Fire A/c7,080

    OR

    Trading and Profit and loss Account
    for the year ended 31st March, 2013

    DrCr
    ParticularsAmt(Rs)ParticularsAmt(Rs)
    To Opening Stock13,36,250By Sales1,26,20,000
    To purchases81,25,250By Closing Stock6,27,500
    Add : Omitted Purchases60,000
    Less : Loss of goods by fire(75,000)81,10,250
    To Wages11,56,850
    To Power and Fuel67,500
    To Gross Profit transferred to Profit & Loss A/c25,76,650
    1,32,47,5001,32,47,500
    To Loss of goods by fire25,000By Gross Profit b/d25,76,650
    To Salaries2,78,750By Provision for Doubtful Debts (Old Provision)2,60,000
    To Postage2,11,300Less : 5% Provision (New Provision)1,24,2501,35,750
    To Trade Expenses2,91,550By accrued interest on Loan to Ram (10% on Rs.1,50,000 for 4 months)5,000
    To Bad Debts26,2503,040
    Add : Further Bad Debts25,00051,250
    To Depreciation on Furniture36,250
    To Net Profit Transferred to Capital A/c18,23,300
    27,17,40027,17,400

    Balance Sheet
    as at 31st March,2013

    LiabilitiesAmt(Rs)AssetsAmt(Rs)
    Current LiabiltiesCurrent Assets
    Creditors15,26,300Claim by Insurance Company50,000
    Add : Omitted Purchases60,00015,86,300Cash in Hand and at Bank5,00,000
    Bills Payable1,97,500Closing Stock6,27,500
    Outstanding wages (note 1)1,00,000Debtors25,10,000
    Trade Expenses Accrued (note1)35,000Less : Bad Debts(25,000)
    Capital24,85,000
    Opening Balance5,00,000Less : Provision for doubtful debts(1,24,250)23,60,750
    Less : Drawings(2,22,600)Loan to Ram1,50,000
    2,77,400Add :Accrued Interest5,0001,55,000
    Add : Net Profit18,23,30021,00,700Fixed Assets
    Furniture3,62,500
    Less : Depreciation(36,250)3,26,250
    40,19,50040,19,500

    Following entry will be passed to record the omitted purchases.

    Purchases A/cDr60,000
    To Supplier (Creditor)60,000

    Note :
    1. Since the amount of outstanding wages and Accrued trade expenses is given inside the Trial Balance, these will only be shown in Liability  side of Balance sheet.

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