NBSE Class 11 Question Paper 2021 for Accountancy

Total number of printed pages: 4 NB/XI/ACC/1
2021
ACCOUNTANCY

Marks: 80 Time: 3 hours

General Instructions:
i) Approximately 15 minutes is allotted to read the question paper and revise the
answers.
ii) The question paper consists of 17 questions. All questions are compulsory.
iii) Marks are indicated against each question.
iv) Internal choice has been provided in some questions.
N.B: Check that all pages of the question paper is complete as indicated on the top left side.

1. What is meant by accountancy? 1

2. Write the full form of GAAP. 1

3. Name two parties to a promissory note. 1

4. Define balance sheet. 1

5. Write two examples of current assets. 1

6. Explain the objectives of a trial balance. 3

7. Explain any three activities covered in book keeping. 3

8. List the errors not affecting the trial balance. 3

9. Write any three differences between capital expenditure and revenue
expenditure. 3

10. State any three differences between book keeping and accounting. 3

11. a) Explain any six accounting principles.
Or 6
b) Explain any six scopes and functions of Accounting Standard Board.

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12. Answer any two from the following: 6x2=12
a. Transactions of Ramesh for April 2019 are given below. Journalize them,

Date Transactions
2019
April.01 Ramesh started business with cash 10,000
April. 13 Bought from Shyam goods on credit 225
April. 20 Sold to Krishna goods on credit 150
April. 24 Received from Krishna 145
Allowed him Discount 5
April. 28 Paid Shyam cash 215
Discount allowed 10
April. 30 Paid salary 100

b. Make the following entries in a three column cash book.

Date Particulars
2020
Jan.01 Cash in hand 1,891
Cash at bank 54,841
Jan.02 Discounted a bill for 600 at 1% through bank
Jan.03 Bought goods for 1,200 paid cheque for them,
allowed 1% discount
Jan.15 Paid trade expenses 72
Jan.16 Paid taxes 240
Jan.25 Sold goods for 7,500, received cheque for them,
Discount allowed1%
Jan 28 Received cheque from John & Co 3,600

c. Distinguish between trade discount and cash discount.

13. a. Write six features of a promissory note.
Or 6
b. On 1st January, A sold goods worth 6,000 to B and drew a bill on B at
three months for the amount. B accepted the bill and returned it to A. One
month after the acceptance, A sent the bill to his bank for collection. On
the due date, the bank got the payment and charged 1% commission. Pass
entries in the books of A and B.

14. a. Explain any six applications of computers in accounting.
Or 6
b. Explain any six capabilities of a computer.

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15. a. On 1st April 2015, Tulsian Ltd. purchased a second hand machine for 80,000 and
spent 20,000 on it’s cartage, repairs and installation. The residual value at the end
of it’s expected useful life of four years is estimated at 40,000. On 30th September
2016, repairs and renewals amounted to 2,000. On 30th September 2017, this
machine is sold for 50,000. Depreciation is to be provided according to Straight
Line Method.
Prepare Machinery Account for the first three years assuming that the
accounts are closed on 31st March each year. 10
Or
b. What is reserve? List five objectives of creating reserve. Write any four points
of difference between provision and reserve. (1+5+4=10)

16. a. The following is the trial balance of Tom on 31 st March, 2020.

Particulars Dr. Cr
Capital - 7,670
Cash in hand 30 -
Purchases 8,990 -
Sales - 11,060
Cash at bank 885 -
Fixtures and fittings 225 -
Free hold premises 1,500 -
Lighting and heating 65 -
Bills receivables 825 -
Returns Inward 30 -
Salaries 1,075 -
Creditors - 1,890
Debtors 5,700 -
Stock at 1st April 2019 3,000 -
Printing 225 -
Bills Payable - 1,875
Rates, Taxes & Insurance 190 -
Discount received - 445
Discount allowed 200 -
22,940 22,940

Prepare Trading, Profit & Loss Account and the Balance Sheet after taking
into account the following adjustments:
i) Stock on hand on 31st March, 2020 was valued at 1,800.
ii) Depreciate fixtures and fittings by 25.
iii) 35 was due and unpaid in respect of salaries.
iv) Rate and Insurance had been paid in advance to the extent of 40.
Or 10
b. Explain in broad the users of Financial Statements.

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17.a. Mr. A keeps his account on single entry system. He wants to know the results
of his business on 31st December , 2019 and for that the following information
is available:

Particulars 1st Jan, 2019 31st Dec, 2019

Cash in hand 150 175
Bank balance 750 500
Furniture 100 100
Stock 500 650
Creditors 350 400
Debtors 250 300

During the year, he had withdrawn 500 for his personal use and invested
250 as additional capital.
Calculate his profits for the year ended 31st December, 2019.
Or 10
b. An accountant maintains his books on single entry system. His books
provide the following information:
Particulars 1.04.2019 31.03.2020

Furniture 200 200
Stock 2,800 3,050
Sundry debtors 2,100 3,400
Cash 150 200
Sundry creditors 1,750 1,900
Bills receivable _ 300
Loan taken _ 500
Investment _ 1,000

His drawings during the year were 500. Depreciate furniture by 10% and
make a provision for doubtful debts @ 10%.
Prepare the statement showing profits for the year.

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