Class 11 Question Paper 2024 Accountancy (with Answers)

ANNUAL EXAMINATION

Question Paper
2024

NCERT BASED SYLLABUS
FOR CBSE AND STATE BOARD
FOLLOWING NCERT

Annual Exam Question Paper 2024

SESSION ENDING EXAMINATION 2023-24
SUBJECT: ACCOUNTANCY (055)
General Instructions:
1) This question paper comprises 34 questions and all questions are compulsory
2) This question paper contains two parts A and B.
3) Question1 to 16 and 26 to 29 carries 1 marks each.
4) Question17 to 20 and 30, 31 carries 3 marks each.
5) Question from 21,32 and 33 carries 4 marks each.
6) Question from 22 to 25 and 34 carries 6 marks each.
7) There is no overall choice. However, an internal choice has been provided in 7 questions of
one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks
PART A: FINANCIAL ACCOUNTING - I
1. Which of the following is not a business transaction? 1
a) Withdrew ₹ I0,000 from business for personal use by the proprietor.
b) Proprietor Withdrew ₹ 20,000 from the Bank Account of the firm to pay the school fees of
his son.
c) Proprietor withdrew ₹12,000 from his personal account to pay the school fees of his son.
d) Goods taken worth ₹ 3,000 for personal use.
2. Out of the following assets which one is not an intangible asset? 1
a) Investment b) Patents c) Goodwill d) Trade Mark

3. Which qualitative characteristic of accounting information is reflected when accounting 1
information is clearly presented?
a) Reliability b) Relevance c) Comparability d) Understandability
OR
A person to whom money is owed by a firm for purchase of goods on credit is called a
a) creditor. b) debtor. c) Both (a) and (b) d) None of these.

4. Assertion (A) : Accrual basis of accounting makes a complete record of all cash as well as 1
credit transactions. It, however does not follow matching principle of accounting.
Reason (R) : Accrual basis of accounting is superior to cash basis of accounting because it
depicts true profit or loss of the business and is recognised by Companies Act,
2013.
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.
5. IFRS are 1
a) rule based accounting standards.
b) principle based accounting standards.

c) partially rule based and partially principle based accounting standards.
d) None of the above.
OR
Ind-AS are
a) rule based accounting standards.
b) principle based accounting standards.
c) partially rule based and partially principle based accounting standards.

d) None of the above.
6. If seller receives back the goods sold, he will prepare 1
a) Credit Note b) Debit Note c) Both (a) and (b). d) None of these

7. Under the Companies Act, all companies are required to maintain their accounts according to 1
a) Cash basis b) Accrual basis c) Either Cash or Accrual basis d) None of the above

8. IFRS are based on 1
a) historical cost b) fair value c) both historical cost and fair d) None of these
value.

9. According to the Money Measurement Concept 1
a) all transactions and events are recorded.
b) all transactions and events which can be estimated in money terms are recorded in the books
of account.
c) all transactions and events which can be measured in money terms are recorded in the books
of account.
d) None of the above.
OR

Which of the following statements correctly describes the Cost Concept?
a) Assets are shown in the books at the price at which it was purchased plus cost of
improvement minus depreciation till date.
b) Assets are shown in the books at the price it was purchased.
c) Assets are shown in the books at the price it was purchased plus cost of improvement.
d) Assets are shown in the books at the price it was purchased or market price whichever
is lower.
10. Bank Reconciliation Statement is prepared 1
a) at the end of each week.
b) at the end of each month.
c) at the end of the accounting year.
d) whenever a bank statement is received
11. The preparation of Trial Balance helps in 1
a) Assessing the b) Locating Errors of all c) Preparation of Final d) None of these.
Financial Position. Types. Accounts.
OR
Preparation of a Trial Balance is
a) compulsory. b) optional. c) compulsory or optional. d) None of these.

12. A business receives its bank statement showing the closing balance as ₹ 8,500 overdrawn. It is found 1
that there were unpresented cheques of ₹ 2,000 and uncredited deposits of ₹ 1,500. Overdraft as
per Cash Book is
a) ₹ 5,000. b) ₹ 5,000. c) ₹ 9,000 d) ₹12,000.

OR

Bank Reconciliation Statement is prepared by comparing
a) entries in Bank Pass Book with entries in bank columns of Cash Book.
b) entries in Bank Pass Book with entries in cash columns of Cash Book.
c) entries in Bank Pass Book with entries in bank columns and cash columns of Cash Book.
d) All of the above.

13. According to which of the following accounting concepts, even the proprietor of a business is 1
treated as creditor to the extent of his capital?
a) Money Measurement b) Dual Aspect c) Cost Concept d) Business Entity Concept
Concept Concept

14. Reserve is shown in: 1
a) Trading A/c b) Profit & Loss A/c c) Asset side of Balance d) Liability side of
Sheet Balance Sheet

15. Depreciation is provided on: 1
a) Current Assets b) Fictitious Assets c) Fixed Assets d) Intangible Assets

16. On 1st October 2021, a machine is purchased for ₹ 3,60,000 and ₹ 40,000 are spent on its 1
installation. Depreciation is charged @ 10% p.a. on original cost method. Books are closed on 31st
March each year. On 3lst March, 2023 depreciation charged will be:
a) ₹ 20,000 b) ₹ 40,000 c) ₹ 38,000 d) ₹ 36,000
OR
On 1st July 2020, a machine is purchased for ₹ 1,75,000 and ₹ 25,000 are spent on its installation.
Depreciation is charged @ 10% p.a. on diminishing balance method. Books are closed on 31st
March each year. On 31st March, 2023 depreciation charged will be:
a) ₹ 18,500 b) ₹ 18,000 c) ₹ 16,200 d) ₹ 16,650

17. Prepare a Trial Balance from the following information: 3
₹
Prepaid expenses 5,000
Outstanding rent 2,000
Bad debts recovered 4,000
Interest on Investment 1,000
Due to Mohan 5,000
Bank overdraft 2,000
Discount allowed 800
Due from Vinod 1,200
Investment 15,000
Patents 4,000
Machinery 6,000
Capital 18,000

18. Journalise the following transactions. 3
1) Allow interest on capital amounting ₹ 50,000 @ 8% p.a.
2) Goods costing ₹ 1,000 sale price ₹ 1,250 was stolen.

3) Rent paid ₹ 2,000 and rent is still owing ₹ 1000

OR

Prepare Journal Entries from the following postings:
1) Purchase A/c
Dr.
Cr.
To Cash A/c 50,000

2) Interest A/c

Dr.
Cr.
By Cash A/c 800

3) Mohan A/c
Dr.
Cr.
To Sales A/c 40,000
To Output CGST A/c 3,600
To Output SGST A/c 3,600

19. What do you mean by Accounting? Explain any two limitations of Accounting. 3
OR
Explain the following

1) Profit 2) Gain 3) Expenses

20. Differentiate between Provision and Reserve on the following basis: 3

1) Meaning 2) Object 3) Presentation in Balance Sheet

21. From the following information prepare Sales Book of Ganesh Electronics, Kolkata (West Bengal) 4
assuming CGST @ 9% and SGST @ 9%.

2023
Jan 3 Sold to Ruchika Electronics, Kolkata, Vide Invoice No. 431
5 Colour T.V. Sets (@ ₹ 20,000 each
Less: Trade Discount 20%.

Jan 10 Sold to Garima Electronics, Patna (Bihar), Vide Invoice No. 432
10 Washing Machines (@ ₹ 8,000 each
Less : Trade Discount 25%.

Jan 12 Sold to Raghav & Sons, Kolkata, Vide Cash Memo No. 2510
6 Colour T.V, Sets (@ ₹18,000 each
Less Trade Discount 15%.

Jan I6 Sold to Nitin Trading Company, Ranchi (Jharkhand) Vide Cash Memo No. 433.
8 Music Systems @ ₹15,000 each
10 Colour T.V. Sets @ ₹ 22,000 each
Less : Trade Discount 20%.

22. Trial balance of Anita did not agree and she put the difference to suspense account. She discovered 6
the following errors.
1) Sales return book overcast by ₹ 8,175.
2) Purchase return to Arpit ₹ 3,125 was not posted.
3) Goods purchased on credit from Kamakshi ₹ 11,500 were taken into stock but no entry
was passed in the books.
4) Installation charges on new machinery purchased ₹ 1,750 were debited to sundry expenses
account as ₹175.
5) Rent paid for residential accommodation of Anita (the proprietor) ₹ 5,200 was debited to
rent account as ₹ 5,000.
Rectify the errors and prepare suspense account to ascertain the difference in trial balance.
23. Prepare Double Column Cash book from the following information: 6
2022 ₹
Jan 1 Cash in hand 5,000
Bank Overdraft 3,000
Jan 3 Bought goods for cash 4,500
Jan 5 Received cash from Rakesh 9,000
Jan 8 Received a cheque from Amit and deposited it into bank 11,000
Jan 11 Paid wages by cheque 7,000
Jan 13 Cash deposited into bank 5,000
Jan 14 Sold goods for cash 8,000
Jan 15 Bought furniture 3,000

24. Prepare a Bank Reconciliation Statement from the following particulars as on 30th June, 2023: 6
₹
1) Credit balance as per Bank column of Cash Book. 3,600
2) Cheque issued to the creditor but not yet presented for payment. 720
3) Cheques deposited into Bank for collection but not collected by the bank 1,540
upto this time
4) Bank charges charged by the bank 20
5) Interest on overdraft charged by the bank 25
6) A customer deposited into our bank account without informing us. 240
7) Bank paid House Tax on our behalf, but no information was received from 35
Bank.
8)

25. In the following Machinery Account, determine the missing values, if depreciation is to be 6
charged @ 10% p.a. as per Diminishing Balance Method, On 1st October, 2022, a part the
machinery valued in the books of the firm at ₹ 16,000 on 1st July, 2020 was sold be ₹10,000.
Machinery A/c
Dr.
Cr.
Date Particulars ₹ Date Particulars ₹
2020 2020
July 1 To Bank A/c 80,000 March 31 By Depreciation A/c (1)
March 31 By Balance c/d (2)
(3) (4)
2021 2021
April 1 To Balance b/d (5) March 31 By Depreciation A/c (6)
March 31 By Balance c/d (7)
(8) (9)
2022 2022
April 1 To Balance b/d (10) Oct 1 By Bank A/c Sale (11)
Oct 1 By Depreciation A/c (12)
Oct 1 By Loss on Sale of Machinery Alc (13)
2023
March 31 By Depreciation A/c (14)
March 31 By Balance c/d (15)
66,600 66,600
OR
The following balances appears in the books as on April 1, 2022:
Machinery Alc ₹ 5,00,000
Provision for Depreciation A/c ₹ 1,16,000
Depreciation is charged on machinery at 20% p.a. by the diminishing balance method. A piece of

machinery purchased on April 1, 2020 for ₹ 1.00,000 was sold on October 1, 2022 for ₹ 60,000.
Prepare the Machinery Account and Provision for Depreciation Account for the year ended 31st
March, 2023. Also prepare Machinery Disposal Account.

PART A: FINANCIAL ACCOUNTING - II

26. Sundry Debtors given in the Trial Balance are ₹ 20,000. Further bad debts amounted to ₹ 1,000 and 1
it is desired to create a provision of 5% on debtors for doubtful debts and 2% for discount. Sundry
Debtors will appear in the Balance Sheet at a figure of :
a) ₹ 18,620 b) ₹ 18,600 c) ₹ 17,689 d) ₹ 17,670

27. What is meant by Grouping or Marshalling a Balance Sheet? 1
OR
Excess of Debit in Profit and Loss Account is called:
a) Net Profit b) Net Loss c) Gross Profit d) Gross Loss

28. If Capital at the end of the year is ₹ 40,000; Capital introduced during the year ₹ 30,000; drawings 1
for the year ₹ 20,000 and loss for the year is ₹ 60,000, then Capital at the beginning of the year was:
a) ₹ 90,000 b) ₹ 80,000 c) ₹ 70,000 d) ₹ 10,000

29. Closing stock is shown in Financial Statements at: 1
a) Cost price
b) Realisable Value
c) Cost price or Reliasable Value whichever is greater.
d) Cost price or Reliasable Value whichever is less.

30. Differentiate between Double Entry System and Single Entry System on the following basis: 3
1) Type of Account 2) Net Profit or Loss 3) Suitability
31. State whether the following are capital expenditure, revenue expenditure or deferred revenue 3
expenditure?
1) ₹ 14,000 spent on white washing of a factory.
2) Advertisement expenditure incurred for launching a new product.
3) ₹ 30,000 custom duty paid on new imported machinery.
4) ₹ 40,000 spent on repairing of various machines during the year.
5) Payment of wages ₹ 10,000 for converting raw material into finished goods.
6) Payment of ₹ 25,000 annual fire insurance premium.

32. Gokul Das maintains incomplete records of his business. He wants to know the result of his business 4
on 31st March 2023 and for that, following information are available:
Particulars 1/4/2022 31/3/2023
Cash in hand 1,50,000 1,75,000
Bank Balance 7,50,000 6,00,000
Furniture 1,00,000 1,00,000
Stock 5,00,000 4,50,000
Creditors 3,50,000 4,00,000
Debtors 2,50,000 3,00,000
Personal expenses of Gokul Das paid from business account amounted to ₹ 4,80,000 and goods
worth ₹ 20,000 were withdrawn by him for personal use. He sold ornaments of his wife for ₹

3,50,000 and invested that amount into the business. Calculate his profit or loss.

33. While preparing final accounts, where the following items will be shown when they are given inside 4
the trial balance?
a) Outstanding salary b) Prepaid rent
c) Bad debt d) Depreciation
e) Interest on drawing f) Commission received in advance
g) Closing stock h) Interest on capital

OR
Calculate Gross profit and Operating profit.
₹
Opening stock 35,000
Sales (Net) 12,00,000
Purchase (Net) 5,00,000
Administrative Expenses 60,000
Selling and Distribution Expenses 75,000
Loss by fire 30,000
Closing Stock 75,000
Rent Received 10,000

34. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet 6
as at that date from the following Trial Balance:
Heads of account L.F Dr. (₹) Cr. (₹)
Drawing and Capital 18,000 80,000
Purchases and Sales 82,600 1,55,000
Stock (1.1.2022) 42,000
Return Outward 1,600
Carriage Inward 1,200
Wages 4,000
Power 6,000
Machinery 50,000
Furniture 14,000
Rent 22,000
Salary 15,000
Insurance 3,600
8% Bank Loan 25,000
Debtors 20,600
Creditors 18,900
Cash in hand 1,500
2,80,500 2,80,500
Adjustments:

1) Closing stock ₹ 64,000.
2) Wages outstanding ₹ 2,400.
3) Bad debts ₹ 600 and provision for bad and doubtful debts to be 5% on debtors.
4) Rent is paid for l1 months.
5) Loan from the bank was taken on 1stJuly 2022.
6) Provide depreciation on machinery @ 10% p.a.

7) Provide Manager's commission at 10% on net profit after charging such commission.
OR
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet
as at that date from the following Trial Balance of Ramesh:

Heads of account L.F Dr. (₹) Cr. (₹)
Purchases 1,30,295
Sales 1,80,500
Cash-in-Hand 500
Cash at Bank 9,500
Stock on 1st April, 2022 40,000
Wages 22,525
Sales Return 2,400
Purchases Return 195
Repairs 1,675
Debtors 30,000
Creditors 30,305
Bad Debts 2,310
Discount Allowed 800
Discount Received 530
Capital 37,500
Interest on Loan 600
Salaries 8,000
Postage and Courier 800
Freight Inwards 500
Insurance 1,000
Donation 125
Rent 2,000
Machinery 16,000
12% Loan 20,000
Total 2,69,030 2,69,030
Adjustment:
1) Purchases includes a machine purchased on 1st October, 2022 for ₹ 4,000 and wages
include ₹ 2,000 paid for its installation.
2) Provide for depreciation on Machinery @ 10%.
3) Stock on 31st March, 2023 was worth ₹ 40,925.
4) Salaries unpaid ₹ 800 and rent is paid up to 30th June, 2023.
5) Write off further bad debts ₹ 400 and create a provision of 5% on debtors for doubtful
debts.
6) Prepaid insurance ₹ 300.

****************

MARKING SCHEME
SESSION ENDING EXAMINATION 2023-24
SUBJECT: ACCOUNTANCY (055)

PART A: FINANCIAL ACCOUNTING - I
1. c) Proprietor withdrew ₹12,000 from his personal account to pay the school fees of his son. 1
2. a) Investment 1
3. d) Understandability OR a) creditor. 1
4. d) (A) is false, but (R) is true. 1
5. b) principle based accounting standards. OR b) principle based accounting standards. 1
6. a) Credit Note 1
7. b) Accrual basis 1
8. b) fair value 1
9. b) all transactions and events which can be estimated in money terms are recorded in the books of 1
account.
OR
a) Assets are shown in the books at the price at which it was purchased plus cost of improvement
minus depreciation till date.
10. d) whenever a bank statement is received 1
11. c) Preparation of Final Accounts. OR b) optional. 1
12. c) ₹ 9,000 OR a) entries in Bank Pass Book with entries in bank columns of Cash Book. 1
13. d) Business Entity Concept 1
14. d) Liability side of Balance Sheet 1
15. c) Fixed Assets 1
16. b) ₹ 40,000 OR d) ₹ 16,650 1
17. Trial Balance 3
Particulars Balance Balance
(Dr.) ₹ (Cr.) ₹
Prepaid expenses 5,000
Outstanding rent 2,000
Bad debts recovered 4,000
Interest on Investment 1,000
Due to Mohan 5,000
Bank overdraft 2,000
Discount allowed 800
Due from Vinod 1,200
Investment 15,000
Patents 4,000
Machinery 6,000

Capital 18,000

Total 32,000 32,000
18. 1) Interest on Capital A/c Dr. 4,000 3
To Capital A/c 4,000
(Being interest on capital allowed)

2) Lost by Theft A/c Dr. 1,000
To Purchases 1,000
(Being goods stolen)

3) Rent A/c Dr. 3,000
To Cash A/c 2,000
To Rent Outstanding A/c 1,000
(Being rent paid and still outstanding)

19. Accounting is a process of identifying financial transactions, measuring them in money terms, 3
recording them in primary books, classifying, summarising, analysing, interpreting them and
communicating the results to the users.

Limitations of Accounting (With Explanation – any two)

1) Accounting is not fully exact
2) Unrealistic information
3) Accounting ignores the qualitative information
4) Accounting ignores effects of prise level changes
5) Accounting may lead to window dressing
OR
1) Profit is the excess of revenues over expenses during an accounting period. It is the result of
business transactions which are of regular nature.

2) Gain arises from events or transactions which are incidental to business such as sale of a fixed
asset or winning a lottery prize.

3) Expenses If the benefit of an expenditure is exhausted within a year it is called expense

20. Basis Provision Reserve 3
Meaning It is created to meet a known liability. It is created to meet unknown liability.

Object The object is to provide for The object of reserves is to strengthen
depreciation, doubtful debts and other the financial position of the business.
specific liabilities.

Presentation It is either shown on the assets side by It is shown on the liabilities side under
in Balance way of deduction from the asset for the head 'Reserves and Surplus'
Sheet which it is created or as a distinct item

on the liabilities side.

21. Sales Book 4
Dt. Particulars Inv. Details Sales Output Output Output Total
Amount CGST SGST IGST
Jan Ruchika Electronics, 431
3 Kolkata:
5 Colour T.V. Sets (@ ₹ 1,00,000
20,000 each 20,000
Less: Trade Discount 20%. 80,000
Add: CGST 9% 7,200
SGST 9% 7,200 -
94,400 80,000 7,200 7,200 94,400

Garima Electronics, Patna 432
(Bihar),
10 Washing Machines (@ ₹ 80,000
8,000 each
Less : Trade Discount 25%. 20,000
60,000
Add: IGST 18% 10,800
70,800 60,000 10,800 70,800
Total 80,000 7,200 7,200 10,800 1,65,200

(2+2 )

22. 1) Suspense A/c Dr. 8,175 6
To Sales Return A/c 8,175

2) Arpit Dr. 3,125
To Suspense A/c 3,125

3) Purchase A/c Dr. 11,500
To Kamakshi 11,500

4) Machinery A/c Dr. 1,750
To Sundry Expenses A/c 175
To Suspense A/c 1,575

5) Drawings A/c Dr. 5,200
To Rent A/c 5,000
To Suspense A/c 200

Suspense A/c

Dr. Cr.
Date Particulars ₹ Date Particulars ₹
To Sales Return A/c 8,175 By Arpit 3,125
By Machinery A/c 1,575

By Drawings A/c 200
By Balance C/d 3,275
8,175 8,175

23. Cash Book 6
Date Particulars Cash Bank Date Particulars Cash Bank
2022 2022
Jan1 To Balance b/d 5,000 Jan1 By Balance b/d 3,000
Jan 5 To Rakesh 9,000 Jan 3 By Purchase A/c 4,500
Jan 8 To Amit 11,000 Jan 11 By Wages A/c 7,000
Jan 13 To Cash A/c (c) 5,000 Jan 13 By Bank A/c (c) 5,000
Jan 14 To Sales A/c 8,000 Jan 15 By Furniture A/c 3,000

Jan 31 By Balance c/d 9,500 6,000
22,000 16,000 22,000 16,000

(1/2 marks for each entry)
24. BANK RECONCILIATION STATEMENT 6
as on 30th June, 2023
Plus Minus
Items Items
1) Credit balance (Overdraft) as per Cash Book. 3,600 1
2) Cheque issued to the creditor but not yet presented for payment. 720 1
3) Cheques deposited into Bank for collection but not yet collected by 1,540 1
the bank.
4) Bank charges charged by the bank. 20 ½
5) Interest on overdraft charged by the bank. 25 ½
6) Amount directly deposited by a customer into our bank account. 240 ½
7) House Tax directly paid by Bank on our behalf. 35 ½
Debit balance (Overdraft) as per Pass Book. 4,260 1
5,220 5,220

25. (1) ₹6,000; (2) ₹ 74,000: (3) ₹ 80, 000; (4) ₹ 80,000; (5) ₹ 74,000; (6) ₹ 7,400; (7) ₹ 66,600; (8) ₹ 6
74,000; (9) ₹ 74,000; (10) ₹ 66,600;(11) ₹ 10,000; (12) ₹ 666; (13) ₹ 2,654; (14) ₹5,328; (15) ₹
47,952
OR
Machinery A/c
Dr. Cr.
Date Particulars ₹ Date Particulars ₹
2022 2022

April To Balance b/d 5,00,000 Oct 1 By Machinery Disposal A/c 1,00,000
1
2023

March By Balance c/d 4,00,000
31
5,00,000 5,00,000

Provision for Depreciation A/c
Dr. Cr.
Date Particulars ₹ Date Particulars ₹
2022 2022
Oct 1 To Machinery Disposal 42,400 April 1 By Balance b/d 1,16,000
A/c
Oct 1 By Depreciation A/c 6,400
2023 2023
March To Balance b/d 1,44,000 March By Depreciation A/c 64,000
31 31
1,86,400 1,86,400
Machinery Disposal A/c
Dr. Cr.
Date Particulars ₹ Date Particulars ₹
2022 2022
Oct 1 To Machinery A/c 1,00,000 Oct 1 By Provision for 42,400
Depreciation A/c
Oct 1 To Gain on Sale of Machinery 2,400 Oct 1 By Bank A/c 60,000
A/c
1,02,000 1,02,000

PART A: FINANCIAL ACCOUNTING - II

26. c) ₹ 17,689 1
27. Grouping of Balance Sheet means putting items of similar nature under a common heading. 1
Marshalling of Balance Sheet means arranging the assets and liabilities in a particular order, i.e., in
order of permanence or in order of liquidity. (1/2+1/2 Marks)
OR
b) Net Loss
28. a) ₹ 90,000 1

29. d) Cost price or Reliasable Value whichever is less. 1

30. Double Entry System Single Entry System 3
Type of Account All accounts - personal, real and Only personal accounts and a
nominal are maintained under it. cash book are maintained under it.

Net Profit or Loss True profit or loss can be True profit or loss cannot be
ascertained in it by preparing a ascertained in it because a Trading
Trading and Profit && Loss A/c. and Profit & Loss Alc
cannot be prepared.

Suitability This method is suitable for all type This method is suitable only for
of business, small or large. small size business where the
number of transactions is less and
that too mostly of cash nature.

31. 1) Revenue expenditure. 2) Deferred revenue expenditure. 3) Capital expenditure. 4) 3
Revenue expenditure. 5) Revenue expenditure 6) Revenue expenditure
(1/2 mark for each correct answer)

32. Statement of Affairs (As at 31st March 2022) 4
Liabilities Assets
Creditors 3,50,000 Cash in Hand 1,50,000
Capital (Balancing figure) 14,00,000 Bank Balance 7,50,000
Furniture 1,00,000
Stock 5,00,000
Debtors 2,50,000
17,50,000 17,50,000
Statement of Affairs (As at 31st March 2023)
Liabilities Assets
Creditors 4,00,000 Cash in Hand 1,75,000
Capital (Balancing figure) 12,25,000 Bank Balance 6,00,000
Furniture 1,00,000
Stock 4,50,000
Debtors 3,00,000
16,25,000 16,25,000
Statement of Profit
For the year ending 31st March 2023
Particulars ₹
Closing Capital as on 31st March 2023 12,25,000
Add: Drawings: Cash 4,80,000

Goods 20,000 5,00,000
17,25,000
Less: Further Capital Introduced 3,50,000
13,75,000

Opening Capital as on 1st April 2022 14,00,000
Loss for the Year 25,000
(1+1+2)
33. Profit & Loss A/c Balance sheet 4
Outstanding salary - Liability
Prepaid rent Asset
Bad debt Debit -
Depreciation Debit -
Interest on drawing Credit -
Commission received in advance - Liability
Closing stock - Asset
Interest on capital Debit -
OR
Sales 12,00,000
Add: Closing Stock 75,000
Less: Opening Stock 35,000
Purchase 5,00,000
Gross Profit 7,40,000 (2 Marks)
Less: Administrative Exp . 60,000
Selling & Dist, Exp 75,000
6,05,000 (2 Marks)
34. Trading and Profit & Loss Account 6
for the year ended 31st March 2023
Particulars ₹ Particulars ₹
To Opening Stock 42,000 By Sales 1,55,000
To Purchases By Closing Stock 64,000
Less : Returns Outwards 81,000
To Carriage Inward 1,200
To Wages
Add : Outstanding 6,400
To Power 6,000
To Gross Profit c/d 82,400
2,19,000 2,19,000
To Rent By Gross Profit b/d
22,000
Add : Outstanding Rent(22,000 x 1/11) 24,000
2,000
To Salary 15,000
To Insurance 3,600
To O/sing Interest on Bank Loan 1,000
To Bad Debts
600
Add: New Provision 1,600

1,000
To Depreciation on Machinery 5,000
To Balance (profit before charging 32,200
Manager's commission) c/d

82,400 82,400
To Manager's Commission 2,927 By Balance b/d 32,200
To Net Profit transferred to Capital A/c 29,273
32,200 32,200

Balance Sheet
As at 31st March 2023
Liabilities Assets
Bank Loan 25,000 Cash in hand 1,500
Add: Outstanding Interest 1,000 26,000 Debtors 20,600
Creditors 18,900 Less : Further Bad-debts 600
Outstanding Wages 2,400 Less : Provision for D.Debts 1,000 19,000
Outstanding Rent 2,000 Closing Stock 64,000
Outstanding Manager's 2,927 Furniture 14,000
Commission
Capital 80,000 Machinery 50,000
Add: Net Profit 29,273 Less : Depreciation 5,000 45,000
Less : Drawing (18,000) 91,273
1,43,500 1,43,500

Trading and Profit & Loss Account
for the year ended 31st March 2023
Particulars ₹ Particulars ₹
To Opening Stock 40,000 By Sales 1,80,500
To Purchases 1,30,295 Less: Sales Return 2,400 1,78,100
Less: Machine Purchased 4,000 By Closing Stock 40,925
Less: Purchases Return 195 1,26,100
To Wages 22,525
Less: Installation of Machine 2,000 20,525
To Freight Inwards 500
To Gross Profit c/d 31,900
2,19,025 2,19,025
To Repairs 1,675 By Gross Profit b/d 31,900
To Discount Allowed 800 By Discount Received 530
To Interest on Loan 600
Add: Outstanding 1,800 2,400
To Salaries 8,000
Add: Outstanding 800 8,800
To Postage and Courier 800
To Insurance 1,000

Less: Prepaid 300 700
To Donation 125
To Rent 2,000
Less: Prepaid 400 1,600

To Bad Debts 2,310
Add: Further Bad Debts 400
Add: Prov. for Doubtful Debts 1,480 4,190
To Depreciation on Machinery 1,900
To Net Profit c/d 9,440
32,430 32,430
Balance Sheet
As at 31st March 2023
Liabilities Assets
Outstanding Salaries 800 Cash in Hand 500
Creditors 30,305 Cash at Bank 9,500
Outstanding Interest on Loan 1,800 Prepaid Rent 400
12% Loan 20,000 Prepaid insurance 300
Capital 37,500 Debtors 30,000
Add: Net Profit 9,440 46,940 Less: Further Bad Debts 400
Less: Provision for D. Debts 1,480 28,120
Closing Stock 40,925
Machinery 16,000
Add: New Machine 4,000
Wages for Installation 2,000
Less: Depreciation 1,900 20,100
99,845 99,845
****************************

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