Class 11 Question Paper 2025 Accountancy

ANNUAL EXAMINATION

Question Paper
2025
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Annual Exam 2025 Question Paper

SESSION ENDING EXAMINATION 2024-25
CLASS: XI ​ ​ ​ ​ ​ ​ ​ ​ SUBJECT: ACCOUNTANCY
TIME: 3 HOURS​ ​ ​ ​ ​ ​ ​ M. MARKS: 80

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 Part – B.
3. Part- A: Financial Accounting – I and Part- B: Financial Accounting –II.
4. Attempt all parts of a question together and show your working clearly.
5. Question No. 1 to 16 and 26 to 29, carries 1 mark each.
6. Question No. 17 to 20 and 30 to 31, carries 3 mark each.
7. Question No. 21 and Question No. 32 to 33 carries 4 marks each.
8. Question No. 22 to 25 and Question No. 34 carries 6 mark each.
9. There is no overall choice. However, an internal choice has been provided in 7 questions of
1mark, 2 questions of 3 marks, 1 questions of 4 marks and 2questions of six marks.
S.NO Question M
1 Last step of accounting process is: 1
(a) Provide information to various parties who are interested in business enterprise.
(b) Record transactions in the books.
(c) To make summary in the form of financial statements.
(d) To classify the transactions under separate heads in the ledger.
2 Assertion (A): Double Entry System of accounting is an Accounting System by which 1
both aspects, i.e. Debit and Credit of a financial transaction are recorded.
Reason (R): Single Entry System of accounting is a System of accounting by which both
aspects, i.e. Debit and Credit may or may not be recorded.
(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true and (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 Which of the following statements correctly describes the Cost Concept? 1
a) Assets are shown in the books at the price it was purchased.
b) Assets are shown in the books at the price it was purchased plus cost improvement.
c) Assets are shown in the books at the price it was purchased plus cost of improvement
minus depreciation till date.
d) Assets are shown in the books at the price it was purchased or market price whichever
is lower.
4 Accrual Basis of Accounting gives a true and fair view of profit and financial position. 1
(TRUE/FALSE)
5 Assets ( except Securities ) may be valued under Ind-AS on: 1
a) Historical cost b) Fair Value c) Both historical cost and fair value d) None of these
6 The term sales is used only for the sales of …………….. and is never used for the sale of 1
……………………….
a) Assets, Investments b) Assets, Goods
c) Intangible Assets, Goods d) Goods, Assets
OR
Which of the following limitations of accounting states that accounts may be manipulated
to conceal vital facts:
a) Accounting is not fully exact.
b) Accounting may lead to window dressing.
c) Accounting ignores price level changes.
d) Accounting ignores qualitative elements.

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7 Assertion (A) :.Accounting Standards are mandatory for Sole Proprietorship Firms, 1
Partnership Firms and Companies.
Reason (R) :They ensure uniformity in the preparation and presentation of financial
statements.
(a) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(b) Both (A) and (R) are true and (R) is the correct explanation of (A)
(c) (A) is false, but (R) is true.
(d ) (A) is true, but (R) is false.
8 On intra - state (i.e., within the state) purchase of goods, which of the following GST is 1
levied?
a) CGST b) SGST c) CGST & SGST d) SGST & IGST
OR
On inter- state (i.e., outside the state) purchase of goods, which of the following GST is
levied?
a) IGST b) IGST & CGST c) CGST d) SGST
9 Due to the following transactions, the total of accounting equation will be :
i) Commenced business with cash Rs. 4,00,000.
ii) Purchased goods on credit Rs. 75,000.
iii) Goods costing Rs. 1,00,000 sold at a profit of 20% for cash.
iv) Rent paid Rs. 5,000.
a) Rs. 4,90,000 b) Rs. 5,90,000 c) Rs. 4,40,000 d) Rs. 3,40,000
OR
Which of the following is a contra entry:
a) Cash sales deposited into bank immediately.
b) Cheque received and deposited into bank on the same day.
c) Cash deposited into bank.
d) A customer directly deposited money in our bank account.
10 The owner of the firm records his medical expenses in firms’ income statement. Indicate 1
the principle that is violated:
a) Cost Concept b) Prudence c) Full Disclosure d) Business entity
11 Debit balance of pass book means: 1
(a) Positive i.e.Favourable Balance
(b) Negative i.e.Unfavourable Balance
(c) Either Positive or Negative Balance
(d) None of the above
12 Which of the following errors will not affect the trial balance: 1
a) Wrong balancing of an account.
b) Wrong totaling of an account.
c) Omission of an account from the trial balance.
d) Writing an amount in the wrong account but on the correct side.
OR
A machine is purchased for Rs. 10,000 which was wrongly recorded in purchase account.
Due to this error …….
a) Trial Balance will show difference of Rs. 10,000.
b) Trial Balance will not show any difference.
c) Trial Balance will show the difference of Rs. 20,000.
d) Trial balance will show a difference of Rs. 5,000.
13 If the amount of any known liability cannot be determined with accuracy: 1
a) A liability should be provided b) A provision should be made
c) A reserve should be set aside d) None of these
14 The term amortization is used to write off: 1
a) Fixed Assets b) Intangible Assets c) Tangible Assets d) Wasting Assets

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15 Balance as per Bank Pass Book is Rs. 31,000 (Debit). If a direct deposit of Rs. 20,000 and 1
bank charges of Rs, 1,000 are not recorded in Cash Book, balance as per Cash Book will
be Rs. 50,000 (credit). TRUE/FALSE
OR
Which of the following will not require adjustment in the Cash Book Balance?
a) Error in Bank Pass Book.
b) Cheque issued but not presented for payment.
c) Cheque deposited but not cleared.
d) All of these.
16 A machine is purchased on 1st April, 2022 for Rs. 80,000. Expenses incurred on its 1
installation is Rs. 20,000. The residual value at the end of its expected useful life of 4
years is estimated at Rs. 10,000. The amount of depreciation under Straight Line Method,
for the year ended on 31st March, 2023 will be:
a) Rs. 22,500 b) Rs. 20,000 c) Rs. 17,500 d) Rs. 13,125
OR
Original cost of an asset is Rs. 1, 26,000; Salvage value is Rs. 6,000; Useful life is 6
years. The rate of depreciation under Straight Line Method will be:
a) 15.87% b) 16.67% c) 15.80% d) 16.56%
17 Jornalise the following transactions in the books of Raja Ram: 3
a) Goods costing Rs. 500 given as charity (Sales Price Rs. 600).
b) Paid Life Insurance Premium Rs. 5,000 by cheque.
c) Out of the rent paid this year, Rs. 2,000 relates to the next year.
OR
What do you mean by Opening Entry? Pass the Opening Entry on 1st April 2024 on the
basis of the following information:
Cash in Hand 20,000; Sundry Debtors 60,000; Stock of Goods 40,000; Plant 50,000;
Land and Building 1,00,000; Sundry Creditors 1,00,000.
18 What does the balance of Suspense Account indicate? How is the balance of Suspense 3
Account treated?
19 Distinguish between Reserves and Provisions on the basis of : 3
a.​ Nature.
b.​ Purpose.
c. Investment
20 Explain any three objectives of accounting. 3
OR
Explain any three of the following:
i) Expenditure ii) Inventory iii) Fictitious Assets
21 From the following particulars, prepare Sales Book of M/s. Gyan & Bros., Kolkata, dealer 4
of furniture:
2024
Jan.5 Sold to Hari & Co. Kolkata:
10 Tables @ Rs. 1,100 each
20 Chairs @ Rs. 1,000 each
Less : Trade Discount @ 5%
Jan. 10 Sold to M/s. Sharma & Co., Delhi:
5 Almirahs @ Rs. 5,000 each
5 Stools @ Rs. 1,000 each
Jan. 20 Sold old printer for Rs. 600 to Raja & Co. , Kolkata
Jan. 25 Sold to M/s. Sohan Lal & Bros., Kolkata:
5 Tables @ Rs. 2,500 each
1 Revolving Chair @ Rs. 5,000
Less : Trade Discount @ 5%
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22 On 31st March 2024, Bank Pass book of Naresh & Co. showed an overdraft of Rs. 10,700. 6
From the following particulars, prepare Bank Reconciliation Statement:
i) Cheques issued before 31st March,2024 but presented for payment after that date
amounted to Rs. 900.
ii) Cheques paid into the bank but not collected and credited until 31st March, 2024
amounted to Rs. 2,200.
iii) Interest on overdraft amounting to Rs. 1,200 did not appear in the Cash Book.
iv) Rs. 5,000 being interest on investments collected by the bank and credited in the Pass
Book were not shown in the Cash Book.
v) Bank charges of Rs. 50 were not entered in the Cash Book.
vi) Rs. 800 in respect of dishonored cheque were entered in the Pass Book but not in the
Cash Book.
23 Prepare Two-Column Cash Book from the following transactions: 6
DATE AMOUNT
(RS).
2024
SEP.01 Cash in hand 42,000
SEPT.01 Cash at bank 15,000
SEP. 04 Purchase goods by cheque 12,000
SEP. 13 Purchased Machinery by cheque 5,500
SEP.16 Sold goods and received cheque (deposited on the 4,500
same day)
SEP.17 Purchased goods from Mridula in cash. 17,400
SEP. 20 Purchased stationery by cheque 1,100
SEP. 24 Cheque given to Rohit 1,500
SEP.27 Cash withdrawn from bank 10,000
SEP.30 Rent paid by cheque 2,500
SEP.30 Paid salary 3,500

24 Rectify the following errors by passing Journal entries: 6
i) Rs. 10,800 received from Mohan was posted to the debit of his account.
ii) Rs. 2,000 being purchase return was posted to the debit of Purchase Account.
iii) Discount received Rs. 400 was posted to the debit of Discount Allowed Account.
iv) Rs. 11,480 paid for repairs of motor car were debited to Motor Car Account as Rs.
1,480.
v) A sale of Rs. 23,500 to Raman was entered in the Sales Book as Rs. 25,300.
vi) While carrying forward the balance on one page in Pawan’s Account, the amount of
Rs. 2,500 was written on the credit side instead of the debit side.
25 Following balances appear in the books of Kaushal Traders as on 1st April 2022: 6
2022 Rs.
1st April Machinery A/c 60,000
Provision for Depreciation A/c 36,000
st
On 1 April, 2022, they decided to dispose off a machinery for Rs. 8,400 which was
purchased on 1st April 2018 for Rs.16,000.
Prepare Machinery Account, Provision for Depreciation Account and Machinery Disposal
Account for the year ended 31st March, 2023. Depreciation was charged @10% p.a. on
cost following Straight Line Method.
OR
Raja Traders purchased on 1st April, 2020, a second-hand machinery for Rs. 1,80,000.
Further expenses of Rs. 20,000 was incurred to improve its technical reliability. Useful

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life of the machinery is estimated to be 10 years. Maintenance during the year was Rs.
10,000.
On 1st July, 2021, additional machinery costing Rs. 1,00,000 was purchased. On 1st April,
2022, the machinery purchased on 1st April, 2020 having become obsolete was sold for
Rs. 1,10,000 and on 1st October, 2022, new machinery was purchased at a cost of Rs.
1,50,000. Depreciation is charged @ 10% p.a. following Straight Line Method (SLM).
Prepare the Machinery Account for three years ending on 31st March, 2023.
PART – B
FINANCIAL ACCOUNTING–II
26 Cost of goods sold Rs. 1,50,000; Closing Stock Rs. 40,000; Opening Stock Rs. 60,000; 1
Amount of purchase will be:
a) Rs. 1,30,000 b) Rs. 1,70,000 c) Rs. 50,000 d) None of these.
27 Trial Balance contains the following information: 1
15% Bank Loan Rs. 40,000
Interest Paid Rs. 4,500
Interest debited to P/L A/c will be:
a) Rs. 6,000 b) Rs. 3,000 c) Rs. 4,500 d) Rs. 1,500
28 Net profit of a firm before charging manager’s commission is Rs. 21,000. If the manager 1
is entitled to 5% commission after charging such commission, how much manager will
get as commission.
a) Rs. 1,050 b) Rs. 1,000 c) Rs. 2,100 d) Rs. 2,000
29 Closing stock is shown in Financial Statements at : 1
a) Cost Price
b) Realiasable Value
c) Cost price or Reliasable Value whichever is greater
d) Cost price or Reliasable Value whichever is less
30 Calculate Closing Stock from the following details: 3
Opening Stock – Rs. 20,000; Cash Sales – Rs. 60,000; Credit Sales – Rs. 40,000;
Purchases – Rs. 70,000. Rate of Gross Profit on Cost 33 1/3 %.
31 Explain any three advantages of Single Entry System of Accounting. 3
32 Following is the extract from the Trial Balance of a firm as at 31st March, 2023: 4
TRIAL BALANCE as at 31st March, 2023
Heads of Accounts Dr. ( Rs.) Cr. ( Rs.)
Sundry Debtors 4,10,000 -
Provision for Doubtful Debts - 20,000
Bad Debts 6,000 -
Additional Information:
i) Additional bad debts Rs. 10,000.
ii) Maintain the Provision for Doubtful Debts@ 10% on sundry debtors.
Show the treatment of the above adjustments in Profit & Loss Account and in Balance
sheet as on 31st March 2023.
33 Kumaran, a trader, does not keep proper books of account. However, he furnishes you the 4
following particulars:
31st March, 2023(Rs.) 31st March, 2024(Rs.)
Cash at bank 4,500 3,000
Cash in hand 300 4,000
Stock- in - Trade 40,000 45,000
Debtors 12,000 20,000
Office Equipment 5,000 5,000
Sundry Creditors 30,000 20,000
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Furniture 4,000 4,000
During the year Kumaran introduced Rs. 6,000 as further capital and withdrew Rs.
4,000as drawings. Write off Depreciation on furniture at 10% and on office equipment at
5%. Prepare a statement showing the Profit or Loss made by him for the year ended 31st
March, 2024.
OR
What is a Statement of Affairs? Differentiate between Statement of affairs and Balance
Sheet on the basis of Objective, Accounting System and Reliability.
34 From the following balances of M/s Keshav Bros. You are required to prepare Trading and 6
profit & loss account for the year ended March 31, 2024.
Trial Balance
(As on 31st March, 2024)
Dr. ₹ Cr. ₹
Plant & Machinery 1,30,000
Cash on hand 22,500
Cash at Bank 35,000
Purchases and Sales 2,50,000 3,00,000
Return inwards 2,000
Return outwards 2,500
Carriage inwards 500
Carriage outwards 700
Factory rent 1,450
Stock as on 01-04-2023 60,000
Bad debts 3,500
Office rent 2,300
Bad debts provision 1,550
Debtors 50,000
Creditors 2,50,000
Capital 2,20,000
Insurance 780
Rent received 10,380
Bills payable 70,000
Furniture 22,500
Buildings 2,80,000
Wages 1,200
Salary 2,500
Commission received 16,000
Commission paid 500
Bills Receivable 3,000
Interest 2,000
8,70,430 8,70,430
Additional information:
a.​ Closing stock is valued at ₹ 70,000.
b.​ Provision for bad debts @ 5% and further bad debts ₹ 2,000.
c.​ Rent received in advance ₹6,000.
d.​ Prepaid insurance ₹200.
e.​ Depreciation on furniture @ 5%, plant and machinery @ 6%, building @ 7%.
OR

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From the following balances of R Ltd and adjustments, Profit & Loss Account for the
year ending 31.03.2024 and Balance Sheet as on that date if gross profit during the year
Rs 66,000
Particulars Amount Particulars Amount
Opening Stock 15000 Sales 18000
Purchases 109000 Interest on Loan to Manav 30
Manufacturing Wages 8000 Commission Received 450
Fuel, power, light 12000 Rent Outstanding 60
Salaries 11000 Provision for Doubtful Debts 100
Bad Debts 500 Bills Payable 160
Income Tax 5500 Sundry Creditors 1300
Loan to Manav 5000 Capital 10000
Cash in hand 20000
Rent 4000
Furniture (Includes Purchased 5000
on 01.10.2020 for Rs 1,000)
Bills Receivable 6000
Machinery 72000
Sundry Debtors 28000
3,01,000 3,01,00
Adjustments
(a) Closing Stock at cost was ₹ 35,000. Its net realisable value (market value) was ₹
30,000.
(b) Write off further ₹ 500 as bad debt.
(e) Depreciate furniture by 10% p.a
(f) Salaries for the month of March, 2024 were outstanding.

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SESSION ENDING EXAMINATION 2024-25
SUBJECT: ACCOUNTANCY (055)
CLASS : XI
MARKING SCHEME SET-3 M.M: 80 TIME: 3 HRS
1 1
(a) Provide information to various parties who are interested in business enterprise.

2 (b) Both (A) and (R) are true and (R) is the not correct explanation of (A). 1

3 c) Assets are shown in the books at the price it was purchased plus cost of improvement minus depreciation 1
till date.
4 TRUE 1
5 a) Historical cost 1
6 d) Goods, Assets 1
OR
b) Accounting may lead to window dressing.
7 (c) (A) is false, but (R) is true. 1

8 c) CGST & SGST 1
OR
a) IGST
9 a) Rs. 4,90,000 1
OR
c) cash deposited into bank
10 d) Business entity 1
11 (b) Negative i.e.Unfavourable Balance 1
12 d) Writing an amount in the wrong account but on the correct side. 1
OR
b) Trial Balance will not show any difference.
13 b) A provision should be made 1
14 b) Intangible Assets 1
15 TRUE 1
OR
a) Error in Bank Pass Book.
16 a) Rs. 22,500 1
OR
a) 15.87%

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17 -- AGLASEM -- 3
Date Particulars L.F. Dr. ₹ Cr.₹
a) Charity A/c Dr. 500
To Purchase A/c 500

b) Drawings A/c Dr. 5,000
To Bank A/c 5,000

c) Prepaid Rent A/c Dr. 2,000
To Rent A/c 2,000

1x3=3

OR
The entry passed to record the closing balances of the previous year in the crrent year is called opening
Entry.
1st April 2024 cash A/c Dr. 20,000
Sundry Debtors A/c Dr. 60,000
Stock A/c Dr. 40,000
Plant A/c Dr. 50,000
Land and Building A/c Dr. 1,00,000
To Sundry Creditors A/c 1,00,000
To Capital A/c (B.F) 1,70,000
( Previous year’s balances brought forward)
( 1 mark for meaning and 2 marks for entry)
18 Balance of Suspense Account shows the net effect of errors which are still to be located and rectified . (1 3
Mark)
It will be shown on assets side of Balance sheet in case of debit balance.(1 mark)
and In case of credit balance it will be shown on the Liability side.(1 mark)
19 3
Basis Reserve Provision
Nature It is an appropriation of profit It is a charge against profit.
Purpose It is created to strengthen It is made to meet known
thefinancial position and to meet liability or contingency , when
unforeseen liabilities or losses amount is not determined.
Investment It may be invested outside of the It is not invested.
business.

(1x3)
20 Objectives of Acconting: 3
i) Mainting Accounting Records.
ii) Determining Profit or Loss
iii) Determining Financial Position
iv ) Facilitating Management
v) Providing Accounting Information to users. ( any 3 with correct explanation) (1x3)
OR
i) Expenditure: Expenditure is the amount spent or liability incurred for purchasing assets, goods or taking
services. Expenditure may be categorized into Capital Expenditure and Revenue Expenditure.
ii) Inventory: Inventory is a current assets held by an enterprises for the purpose of sale in the ordinary
course of business or for the purpose of using it in the production of goods meant for sale.

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-- assets
iii) Fictitious Assets: Fictitious assets are those AGLASEM -- are neither tangible assets nor intangible
which
assets.(1*3)

21 4
Sales Book
Date Name of the customer Invoice LF Amount Amount
No.
2024
Jan 5 Hari & Co. Kolkata:
10 Tables @ Rs. 1,100 each 11,000
20 Chairs @ Rs. 1,000 each 20,000
31,000
Less : Trade Discount @ 5% 1550
29,450 29,450

Jan 10 M/s. Sharma & Co., Delhi:
5 Almirahs @ Rs. 5,000 each 25,000
5 Stools @ Rs. 1,000 each 5,000
30,000 30,000
Jan 25 M/s. Sohan Lal & Bros., Kolkata:
5 Tables @ Rs. 2,500 each 12,500

1 Revolving Chair @ Rs. 5,000 5,000

17,500
Less: Trade Discount @ 5%. 875
16,625 16,625
Jan 31 Sales A/c Cr. 76,075
(1x4=4)

22 6
Bank Reconciliation Statement as on March 31, 2024
Minus
S. Plus Items
Particulars Items
No (₹)
(₹)
Overdraft as per the Pass Book 10,700
(i) Cheques issued in March 2024 but presented after that date. 900
(ii) Cheques deposited but not cleared during March 2024. 2,200
(iii) Interest on overdraft 1,200
(iv) Interest on investment not recorded in the Cash Book 5,000
(v) Bank Charges 50
(vi) Amount of bill dishonoured not entered in the Cash Book 800

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Overdraft as per the Cash Book 12,350
16,600 16,600

(1X6=6) except 10,700 and 12,350.

23 6

Dr. CASH BOOK (TWO-COLUMN) Cr.
Date Particulars L.F. Cash Bank Date Particulars L.F. Cash Bank
₹ ₹ ₹ ₹
2024 2024
Sept. Sept.
01 Balanceb/d 42,000 15,000 04 Purchases 12,000
13 Machine 5,500
16 Sales 4,500 17 Purchase 17,400
27 Bank C 10,000 20 Stationery 1,100
24 Rohit 1,500
27 Cash C 10,000
30 Rent 2,500
Balancec/d 13100 30 Salary 3,500
30 Balancec/d 31,100
52,000 32600 52,000 32,600

( ½ X12=6) Except balance b/d of Cash and Bank

24 JOURNAL 6
Date Particulars l.f. Dr. ₹ Cr.₹
i Suspense A/c Dr. 21,600
To Mohan 21,600
ii Supense A/c Dr. 4,000
To Purchases A/c 2,000
To Purchase Rreturn A/c 2,000
iii Supense A/c Dr. 800
To Discount Allowed A/c 400
To Discount Received A/c 400
iv Repairs to Motor Car A/c Dr. 11,480
To Motor Car A/c 1,480
To Suspense A/c 10,000

v Sales A/c Dr. 1,800
To Raman 1,800
vi Pawan Dr. 5,000
To Suspense A/c 5,000

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25 Machinery Account 6
Date Particulars ₹ Date Particulars ₹
1.4.22 To Balance b/d 60,000 1.10.22 By Machinery 16,000
Disposal A/c
31.3.23 By Balance c/d 44,000
60,000 60,000

Provision for Depreciation Account
1.4.22 To Machinery Disposal 6,400 1.4.22 By Balance b/d 36,000
A/c

31.3.23 To Balance c/d 34,000 31.3.23 By Depreciation A/c 4,400
(Dep.on machine
costing 4,000)
40,400 40,400
Machinery Disposal Account
1.4.22 To Machinery A/c 16,000 1.4.22 By Provision for 6,400
depreciation A/c
31.3.23 By Bank 8,400
By Profit & loss 1,200
16,000 16,000
2+2+2
Or
Machinery a/c
Date Particulars Rs Date Particulars Rs
2020 2021
April 1 To Bank a/c (M1) 1,80,000 March 31 By depreciation 20,000
( 2,00,000x10/1000
April1 To bank 20,000 March 31 By Balance c/d: 1,80,000
2,00000 2,00,000
2021
April 1 To balance b/d 1,80,000 2022 By depreciation :
March 31 M1 20,000
July 1 TO bank A/c 1,00,000 M2 7,500
March 31 By balance c/d
M1 1,60,000
M2 92,500
2,80,000 2,80,000
2022
2022
April 1 To balance b/d April 1 By bank 1,10,000
M1 1,60,000 2,52,500 April 1 By Loss on sale of 50,000
M2 92,500 Machinery
Oct.1 To bank A/c (M3) 1,50, 000
By depreciation :
M2 10,000
M3 7,500 17,500

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-- 2023
AGLASEM --
March 31 By balance c/d
M2 82,500
M3 1,42,500 2,25,000

4,02,500 4,02,500
-------------
(1+2+3=6)
PART – B
FINANCIALACCOUNTING–II
26 a) Rs. 1,30,000
27 a) Rs. 6,000 1
28 b) Rs. 1,000 1
29 d) Cost price or Reliasable Value whichever is less 1
30 Total Sales= Cash Sales + Credit Sales = Rs. 1,00,000 3
Le Cost be Rs. 100, Gross Profit = 33 1/3% on cost = Rs. 33 1/3, Sales = Rs. 133 1/3
Gross Profit on Sales = Rs. 33 1/3 / Rs. 133 1/3 = ¼
Gross Profit = Rs. 1,00,000 x ¼ = Rs. 25,000 ( 1 mark)
Cost of Goods Sold = Sales- Gross Profit = Rs. 1,00,000 – Rs. 25,000 = Rs. 75,000 ( 1 mark )
Cost of Goods Sold = Opening Stock + Purchases – Closing Stock
Rs. 75,000 = Rs. 20,000 + Rs. 70,000 – Closing Stock
Closing Stock = Rs. 20,000 + Rs. 70,000 – Rs. 75,000 = Rs. 15,000 ( 1 mark)
31 Advantages of Single Entry System: 3
i) Simple Method: SES is a simple method of recording business transactions.
ii) Less Expensive: It is less expensive when it is compared to Double Entry System of book keeping.
iii) Suitable for Small Business: It is mainly suited to small businesses with limited number of transactions
and very few assets and liabilities.
iv) No need of in-depth Knowledge of Principles of Book Keeping: Under Single Entry System,
accounting records can be easily maintained as their maintenance does not require in-depth knowledge of
the principles of book keeping.
v) Easy to ascertain Profit or Loss: Ascertainment of profit or loss is much easier. To ascertain the profit or
loss, the proprietor has to compare the financial condition of business at the close of the accounting period
with that in the beginning. ( Any three) ( 1x3 )
32 Profit & Loss Account (for the year ended 31st March 2023) 4
Particulars ₹ Particulars ₹
To Provision for Bad Debts A/c:
Bad Debts 6,000 ½
+ Further Bad debts 10,000 ½
16,000
+ New Provision 40,000 ½
56,000
-Old Provision (20,000) ½ 36,000 ½

Balance Sheet (As on 31st March 2024)
Liabilities ₹ Assets ₹
Sundry Debtors 4,10,000 ½
- Further Bad debts -(10,000)½
4,00,000
- New Provision (40,000) ½ 3,60,000
(10% of 4,00,000)

Annual
AnnualExam
Exam2025
2025Marking
QuestionScheme
Paper
33 STATEMENT-- OF
AGLASEM -- as at 31s March 2023
AFFAIRS 4
Liabilities Rs. Assets Rs.
Sundry Creditors 30,000 Cash in Hand 4,500
Capital(B.F) 35,800 Cash at Bank 300
Stock – in –Trade 40,000
Debtors 12,000
Office Eqipment 5,000
Firniture 4,000

65,800 65,800

STATEMENT OF AFFAIRS as at 31s March 2024
Liabilities Rs. Assets Rs.
Sundry Creditors 20,000 Cash in Hand 3,000
Capital(B.F) 60,350 Cash at Bank 4,000
Stock – in –Trade 45,000
Debtors 20,000
Office Eqipment 5,000
Less: Dep 250 4,750
Firniture 4,000
Less: Dep 400 3,600

80,350 80,350

STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31ST March 2024
Particulars Rs.
Capital on 31st March 2024 60,350
Add: Drawings during the year 4,000 ½
64,350
Less: Capital introduced during the year 6,000 ½
Adjusted Capital at the end 58,350
Less: Capital in the beginning on 31st March, 2023 35,800 ½
Net profit for the year 22,550 ½
1+1+2
OR
A Statement of Affairs is a statement of assets and Liabilities. Difference between the amounts of the two
sides is taken as capital. ( 1 mark)
Basis of Statement of affairs Balance sheet
difference
Objective Objective of preparing The objective of preparing balance
Statement of Affairs is to know sheet is to show the true financial
about capital at a point of time. position of an entity on a
particular date.
Accounting Statement of Affairs is prepared Balance sheet is prepared when
System when accounts are maintained accounts are maintained under
nder Single Entry System. Double Entry System.
Reliability It is less reliable as it is prepared It is more reliable as it is prepared
from incomplete records. from double entry records.
(1x3)

Annual
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Paper
34 -- AGLASEM
Books of Keshav--Bros. 6
st
Trading Account and Profit & Loss Account (for the year ended 31 March 2024)
Particulars ₹ Particulars ₹
To opening stock 60,000 By Sales 3,00,000
To purchases 2,50,000 Less : S Return 2,000 2,98,000
Less : P. Return 2,500 2,47,500 Closing Stock 70,000
To carriage on purchases 500
To Factory rent 1,450
To Wages 1,200
To Gross Profit c/f 57,350
3,68,000 3,68,000
To Interest 2,000 By Gross Profit b/f 57,350
To Salaries 2,500 By Rent received 10,380
Less: Advance rent (6,000) 4,380
To Carriage outwards 700 By Commission received 16,000
To Office rent 2,300
To Insurance 780
Less : Prepaid Insurance (200) 580
To Depreciation on furniture 1,125
To Depreciation on Plant and 7,800
Machinery
To Depreciation on building 19,600
To Commission 500
To Bad debts 3,500
Add : further bad debts 2,000
Add : new provision 2,400
7,900
Less : old provision 1,550 6,350
To Net Profit t/t Capital A/c 34,275
77,730 77,730
In trading account .25 each
including total and in P& l
account excluding total
OR
Profit & Loss account for the year ended 31st March,2024
Particulars Amount Particulars Amount
By Gross Profit 66,000
To Salaries 11,000 By Commission Received 4,500
Add: Outstanding 1,000 12,000 By Interest on Manav’s 300
Loan
Bad Debts 500
Add: Further B.Debts500
1,000 0
Less: Provision for B. Debts1,000
Rent 4,000

Depreciation on Furniture 450
54,350 70,800
To Net Profit 70,800 =======
=======

Annual
AnnualExam
Exam2025
2025Marking
QuestionScheme
Paper

Balance Sheet as on 31st March, 2024
Liabilities Amount Assets Amount
Creditors 13,000 Cash in hand 20,000
Bills Payable 1,600 B/R 6,000
Outstanding Salaires 1,000 Sundry Debtors 28,000
Outstanding Rent 600 Less: Bad Debts 500 27,500
Capital 1,00,000 Machinery 72,000
Less: Drawings(I.Tax) 5,500 Furniture 5,000
Add: Net Profit 54,350 1,48,850 Less: Depreciation 450 4,550
Loan to Manav 5,000
Closing Stock 30,000
1,65,050 1,65,050
====== ======
=
(4 marks for P& L A/c, and 2 marks for Balance Sheet)

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