Practice Paper By Dr. Vinod Kumar
Transcript of Practice Paper By Dr. Vinod Kumar
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Practice Paper By Dr. Vinod Kumar For Final Examination March 2021
ACCOUNTANCY Class – XI
Time allowed: 3 hours Maximum Marks: 80
General Instructions: 1. This question paper contains Two parts A & B. 2. Both the parts are compulsory for all. 3. All parts of questions should be attempted at one place. 4. Marks are given at the end of each question.
Part – A (Financial Accounting –I)
1. A well-known business firm of Mr. Henry Lawrence appointed Shri Vinod Kumar as an
accountant of the firm. At the end of the accounting year Vinod has prepared all the accounts
and financial statement of the firm. Name any two internal users to whom Vinod will submit the
accounting information.
[1]
2. Which is the last step of accounting as a process of information?
(a) Recording the transaction (b) Preparation of financial statements
(c) Communication of information (d) Analysis and Interpretation of information
[1]
3. Source Document is an evidence of a transaction or an event. Recording of a transaction is based
on source documents. Give any two names of such source documents.
[1]
4. Vinod & Sons running a manufacturing firm, in which value of total assets is Rs.18,00,000 and
External Liabilities of the firm are Rs.7,00,000. Find out the capital of the firm.
[1]
5. Current Assets refers to the cash and other assets that are expected to be converted to cash within
a year. Name any two current assets other than Cash & Bank.
[1]
6. According to _____________ Principle “Do not anticipate a profit, but provide for all possible
losses” (fill in the blank).
(a) Historical Cost Principle (b) Conservatism Principle
(c) Materiality Principle (d) Matching Principle
[1]
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7. Vinod has withdrawn Rs.40,000 for his personal out of his capital. The correct entry for this
transaction will be:
(a) Drawings A/c Dr. To Cash A/c
(b) Drawings A/c Dr. To Capital A/c
(c) Capital A/c Dr. To Cash A/c
(d) Capital A/c Dr. To Drawings A/c
[1]
8. Wages paid for the construction of office building for the year ended on 31st March, 2020 are
Rs.5,000. Give necessary journal entry to record this transaction.
[1]
9. The total of Sales Book is posted to:
(a) Customer’s Account (b) Sales Account
(c) Purchase Account (d) Bank Account
[1]
10. Complete the following statement:
‘Bank Reconciliation Statement is prepared by ______________’.
[1]
11. A machinery which was purchased on 1st April 2017 for Rs.2,00,000 is depreciated at 25% per
year using the Written Down Value Method. At the end of three years, it will have a net book
value of __________________.
[1]
12. Which of the following is a correct example of Secret Reserve?
(a) Profit on Sale of Fixed Assets (b) Loss on Sale of Fixed Assets
(c) Showing Net Sales in Trading Account (d) Charging excessive depreciation
[1]
13. Following statement is true or not:
“Provision is a charge against the profit, it is made to meet known liability or contingency when
amount is not determined”.
[1]
14. Give one difference between Bill of Exchange and Promissory Note on the basis of ‘DRAWER’.
[1]
15. Identify the type of error:
“Commission paid for purchase of land is debited to Commission Account instead of Land
Account”.
[1]
16. Rectify the following errors by passing entries:
(i) Goods sold on credit to Vinod for Rs.1,500 but recorded as 5,100.
(ii) Computer purchased on credit from Vinod for Rs.26,000 recorded as 2,600.
(iii) Purchase Book was overcast by Rs.1,200.
[3]
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17. Following transactions are of M/s. Vinod Kumar & Sons for the month of April, 2020. Prepare
their Purchase Book:
April 9 Purchase on credit from M/s. Mehra Mills:
200 pieces long cloth @ Rs.80
50 pieces shirting @ Rs.100
April 14 Purchased for cash from Ashish Furniture:
5 sofa chairs for office use @ Rs.2,100
April 25 Purchased on credit from M/s. Mukesh Mills:
15 pieces coating @ Rs.1,000
10 pieces shirting @ Rs.90
April 30 Purchase on credit from M/s. Hemraj Typewriters Ltd:
4 typewriters @ Rs.3,900 each
[4]
18. Prepare double column cash book from the following information for March 2020:
01 Cash In hand………………………………………………….. 7,500
Bank overdraft………………………………………………... 3,500
03 Paid wages……………………………………………………… 200
05 Cash sales…………………………………………………….. 7,000
10 Cash deposited into bank……………………………………... 4,000
15 Goods purchased and paid by cheque………………………… 2,000
20 Paid rent………………………………………………………… 500
25 Drew from bank for personal use………………………………..400
30 Salary paid …………………………………………………….1,000
[4]
19. Complete the following Accounting Equation by filling the missing figures:
S.
No.
Particulars Assets = Liabilities + Capital
1.
2.
Vinod Started business
with cash Rs.3,00,000 and
goods Rs.1,00,000.
Goods purchased for Cash
Rs.70,000 and on Credit
Rs.50,000.
?
?
?
?
3.
New Equation
Goods sold costing 20,000
for ………?
?
?
? ?
+ 3,000
4.
New Equation
Goods sold on credit,
costing 10,000 for 12,000.
?
?
? ?
?
5.
New Equation
Furniture purchased on
credit for office use 8,000.
?
?
?
?
?
? ? ?
..
[4]
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20. Ram purchased goods from Shyam for Rs.4,000 on 1st March 2020 , and accepted a bill of
exchange for 2 months drawn on him by Shyam on the same date for the amount. Shyam got the
bill discounted at his bank at 12% p.a. on due date Ram met the bill. Pass entries in the books of
Ram and Shyam.
[4]
21. Complete the following journal entries of Vinod Bros.
Date Particulars L.F. Debit Credit
(i)
(ii)
(iii)
(iv)
____________ A/c Dr.
To _______________
(Being goods costing Rs.2,000 was taken by
proprietor for personal use the market value of
these goods is Rs.2,500)
____________ A/c Dr.
To _______________
(Being household furniture sold by Vinod for
Rs.14,000 and introduced that money as
capital)
____________ A/c Dr.
To _______________
(Being Rs.800 due from Mehra are bad debts)
____________ A/c Dr.
To _______________
(Being goods costing Rs.1,000 and market
price Rs.1,200 were destroyed by fire)
---
---
---
---
---
---
---
---
…
[4]
22. The cash book shows a bank balance of Rs. 7,800. On comparing the cash book with passbook
the following discrepancies were noted :
(a) Cheque deposited in bank but not credited……………….. Rs. 3,000
(b) Cheque issued but not yet present for payment…………... Rs. 1,500
(c) Insurance premium paid by the bank……………………... Rs. 2,000
(d) Bank interest credit by the bank………………………….. Rs. 400
(e) Bank charges……………………………………………… Rs. 100
(d) Directly deposited by a customer………………………… Rs. 4,000
Prepare Bank Reconciliation Statement
[6]
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23. On 1st January, 2014, Vinod Ltd. Purchased machinery for Rs.4,80,000 and on 30th June 2015,
it acquired additional machinery at a cost of Rs.80,000. On 31st March, 2016, one of the original
machine (purchased on 1st January, 2014) which had cost of Rs.20,000 was become obsolete
and was sold as scrap for Rs.2,000. It was replaced on that date by purchasing a new machinery
costing Rs.32,000. Depreciation is to be provided @ 15% p.a. on the written down value. Show
machinery account by following calendar year.
OR
Vinod & Sons purchased a machinery on 1st July, 2014 for Rs.6,00,000. On 1st December, 2014
it purchased another machinery for Rs.4,80,000. On 1st April, 2015 it sold 1/3rd part of the first
machinery for Rs.1,50,000 which was purchased on 1 July, 2014 and purchased a latest edition
of machinery for Rs.5,00,000 on the same day. Depreciation is provided @ 10% p.a. by written
down value method and accounts are closed on 31st December every year. Prepare Machinery
Account, Machinery Disposal Account and Provision for Depreciation Account.
Part – B (Financial Accounting – II)
(8)
24. What is meant by Single Entry System? [1]
25. Identify if following statement is correct or not:
“Capital at the end + Drawings – Additional Capital – opening capital = Closing Capital”.
[1]
26. Net Sales during the year 2019 is Rs.2,85,000. Gross Profit is 25% on Sales. Find out Cost of
Goods Sold.
[1]
27. Which of the following software is not an operating software:
(a) MS-DOS (b) Windows XP
(c) MS Word (d) Windows 10
[1]
28. Complete the following statement:
“----------------------- software are developed to meet the requirement of the user on the basis of
discussion between the user and developers”.
[1]
29. Following is the extract from a Trial Balance:
Particulars Amount (Dr.) Amount (Cr.)
Debtors
Bad Debts
1,68,000
4,000
--
--
Adjustments:
(i) Write off Rs.8,000 as further bad debts.
(ii) Create a provision for doubtful debts at 5% on Sundry Debtors.
Show the treatment of above items in final accounts.
[3]
30. Explain Readymade and Customized software with their advantages & limitations.
[6]
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31. Following information is given below : calculate Profit/Loss made during the year:
April, 01, 2018 March 31, 2019
Rs. Rs.
Creditors 5,000 30,000
Bills payable 10,000 —
Loan — 50,000
Bills receivable 30,000 50,000
Stock 5,000 30,000
Cash 2,000 20,000
[6]
32. From the following balances of M/s Vinod Exports, prepare trading and profit and loss account
for the year ended March 31, 2016 and balance sheet as on this date.
Particulars Amount Particulars Amount
Sundry debtors
Opening Stock
Purchases
Carriage inwards
Wages
Office rent
Insurance
Factory rent
Cleaning charges
Salary
Building
Plant and Machinery
Cash In Hand
Gas and Water
Octroi
Furniture
Patents
9,600
22,800
34,800
450
1,770
820
1,440
390
940
1,590
24,000
3,600
2,160
240
60
20,540
10,000
Sundry Creditors
Sales
Purchases returns
Bills Payable
Capital
2,500
72,670
2,430
15,600
42,000
1,35,200 1,35,200
Adjustments:
(1) Closing stock Rs.10,000.
(2) Provision for doubtful debts is to be maintained at 5% on sundry debtors.
(3) Wages amounting to Rs.500 and salary amounting to Rs. 350 are outstanding.
(4) Factory rent prepaid Rs. 100.
(5) Depreciation charged on Plant and Machinery @ 5% and Building @ 10%.
(6) Outstanding insurance Rs.100.
OR
(a) Find out the value of Gross Profit for Vinod & Sons, when:
[8]
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Total purchase during the year…………………... Rs.12,00,000
Return Outward…………………………………...Rs.30,000
Direct Expense…………………………………....Rs.90,000
2/3 of the goods are sold for………………………Rs.9,15,000
(b) The following are the extracts from the trial balance of M/s Vinod & Sons
as on March 31, 2011
Account title Debit Credit
Rs. Rs.
Opening stock 2,00,000
Purchases 8,10,000
Sales 10,10,000
10,10,000 10,10,000
Adjustment:
Closing Stock as on date was valued at Rs.3,00,000.
You are required to record the necessary journal entries and show how the above items will
appear in the trading and profit and loss account and balance sheet of M/s Vinod & Sons.
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Marking Scheme
1. Vinod should submit the accounting information to the following two internal users:
(a) To the owner/proprietor of the firm. (b) To the Management. ½ + ½
2. (c) Communication of Information 1 mark
3. Source Documents:
(i) Cash Memo (ii) Invoice or Bill ½ + ½
4. Calculation of capital:
= Capital = Assets – Liabilities
= 18,00,000 – 7,00,000 = 11,00,000 1 mark
5. Current Assets other than cash & bank:
(i) Trade Receivables i.e. Debtors + Bills Receivables (ii) Inventories (Stock) ½ + ½
Note: Student may write any other current asset, full marks to be given.
6. (b) Conservatism Principle 1 mark
7. (c) Capital A/c Dr. To Cash A/c 1 mark
8. Journal Entry
Building A/c Dr. 5,000
To Cash A/c 5,000
(Being wages paid) 1 mark
9. (b) Sales Account 1 mark
10. Customer or Account holder 1 mark
11. Rs.84,375 1 mark
12. (d) Charging excessive depreciation 1 mark
13. True 1 mark
14. Bill of Exchange: Seller is the Drawer
Promissory Note: Customer is the Drawer ½ + ½
15. Error of Principle 1 mark
16. Rectifying Entries
Date Particulars L.F. Debit Credit
(i) Sales A/c Dr. 3,600
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(ii)
(iii)
To Vinod’s A/c
(Being error is rectified i.e. 5,100 – 1,500)
Office Equipment A/c Dr.
To Vinod’s A/c
(Being posting error is now rectified i.e. 26,000-
2,600)
Suspense A/c Dr.
To Purchase A/c
(Being purchase book was overcast, now
rectified)
23,400
1,200
3,600
23,400
1,200
1+1+1
17 Purchase Book
Date Particulars Amount
April 9 M/s. Mehra Mills :
200 pieces long cloth @ Rs 80 16,000
50 pieces shirting @ Rs.100 5,000 21,000
April 25 M/s Mukesh Mills :
15 pieces coating @ Rs.1,000 15,000
10 pieces shirting @ Rs.90 900 15,900
Purchase A/c Dr. 36,900
Note : Two entries will not be recorded here. 1 x 4 mark for each entry = 4
18. Cash Book
Date Particulars L.F Cash Bank Date Particulars L.F Cash Bank
Mar. 1
5
10
30
April 1
To Balance b/d
To Sales
To Cash
To Bal. c/d
To Balance b/d
C
7,500
7,000
4,000
1,900
Mar.1
3
10
15
20
25
30
30
April
1
By Bal. b/d
By Wages
By Bank
By Purchase
By Rent
By Drawings
By Salaries
By Bal. c/d
By Bal. b/d
C
200
4,000
500
1,000
8,800
3,500
2,000
400
14,500 5,900 14,500 5900
8,800 1,900
4 marks (no step marking)
19. Accounting Equation
S.
No.
Particulars Assets = Liabilities + Capital
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1.
2.
Vinod Started business
with cash Rs.3,00,000 and
goods Rs.1,00,000.
Goods purchased for Cash
Rs.70,000 and on Credit
Rs.50,000.
3,00,000 Cash
+1,00,000 stock
(70,000) cash
+ 1,20,000 stock
50,000
4,00,000
3.
New Equation
Goods sold costing 20,000
for 23,000
4,50,000
(20,000) stock
+ 23,000 Cash
50,000 4,00,000
+ 3,000
4.
New Equation
Goods sold on credit,
costing 10,000 for 12,000.
4,53,000
(10,000) stock
+12,000 Debtors
50,000 4,03,000
+ 2,000
5.
New Equation
Furniture purchased on
credit for office use 8,000.
4,55,000
+ 8,000
Furniture
50,000
+ 8,000
4,05,000
New Equation
4,63,000
58,000
4,05,000
1+1+1+1 (except first entry) = 4
20. Shyam’s Journal
Date Particulars L.F Debit (Rs.) Credit (Rs.)
2020
March
1
March
1
Ram’s A/c Dr.
To Sales A/c
(Sold goods to Ram on credit)
Bills Receivable A/c Dr.
To Ram’s A/c
(Received Ram’s acceptance payable
after 2 months)
Bank A/c Dr.
Discounting Charges A/c Dr.
To Bills Receivable A/c
(Bill discounted at the bank @12%)
4,000
4,000
3,920
80
4,000
4,000
4,000
½ + ½ +1 = 2
Ram’s Journal
Date Particulars L.F Debit (Rs.) Credit (Rs.)
2014
March
1
March
1
Purchase A/c Dr.
To Shyam’s A/c
(Being purchased goods from Shyam
on credit)
Shyam’s A/c Dr.
To Bills Payable A/c
4,000
4,000
4,000
4,000
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(Being Bill of exchange is given to
Shyam)
Bills Payable A/c Dr.
To Cash/Bank A/c
(Being the payment of the bill )
4,000
4,000
½ + ½ +1 = 2
21. Journal Entries
Date Particulars L.F. Debit Credit
(i)
(ii)
(iii)
(iv)
Drawings A/c Dr.
To Purchase A/c
(Being goods costing Rs.2,000 was taken by
proprietor for personal use the market value of
these goods is Rs.2,500)
Cash A/c Dr.
To Capital A/c
(Being household furniture sold by Vinod for
Rs.14,000 and introduced that money as
capital)
Bad Debts A/c Dr.
To Mehra
(Being Rs.800 due from Mehra are bad debts)
Loss by Fire A/c Dr.
To Purchase A/c
(Being goods costing Rs.1,000; market price
Rs.1,200 were destroyed by fire)
2,000
14,000
800
1,000
2,000
14,000
800
1,000
1+1+1+1 = 4
22. Bank Reconciliation Statement
Particulars Detail Amount
Balance as per Cash Book
Add: Cheque issued but not present for payment
Interest credited by bank
Direct deposit by a customer into bank
1,500
400
4,000
7,800
5,900
Total
Less: Cheque deposited but not credited by bank
Insurance premium paid by bank
Bank Charges
(3,000)
(2,000)
(100)
13,700
(5,100)
Balance as per Pass Book 8,600
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3 + 3 = 6
23. Machinery Account 1+1+6 =8
Date Particulars Amount Date Particulars Amount
2014
Jan 1
2015
Jan 1
June 30
2016
Jan 1
March
31
To Bank A/c
To Balance b/d
To Bank A/c
To Balance b/d
To Bank A/c
4,80,000
2014
Dec.31
Dec.31
2015
Dec 31
Dec 31
2016
March 31
March 31
March 31
Dec.31
Dec.31
By Depreciation A/c
By Balance c/d
By Depreciation A/c
By Balance c/d
By Bank (sale)
By Depreciation A/c
By P/L A/c
By Depreciation A/c
By Balance c/d
72,000
4,08,000
4,80,000 4,80,000
4,08,000
80,000
67,200
4,20,800
4,88,000 4,88,000
4,20,800
32,000
2,000
542
11,908
64,553
3,73,797
4,52,800 4,52,800
Working Note:
(1) Calculation of Profit/Loss:
Original cost of the sold machinery was Rs.20,000
Less: Total depreciation till sale @ 15% p.a. = 3,000 + 2,550 + 542 (3 months) = 6,092
Book value = 20,000 – 6,092 = 13,908
Loss on sale = 13,908 – 2,000 (sale) = 11,908
(2) Total Depreciation in year 2016:
On sold machinery = 542 for 3 months
Old remaining machinery = 60,953
New machinery = 3,600 for 9 Months
OR
Machinery Account
Date Particulars Amount Date Particulars Amount
1-7-14
1-12-
14
To Bank A/c
To Bank A/c
6,00,000
4,80,000
31-12-
14
By Balance c/d 10,80,000
10,80,000 10,80,000
1-1-15 To Balance b/d 10,80,000 1-4-15 By Mach. Disposal 2,00,000
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1-4-15 To Bank A/c 5,00,000 31-12-
15
A/c
By Balance c/d
13,80,000
15,80,000 15,80,000
2 marks
Machinery Disposal Account
Date Particulars Amount Date Particulars Amount
1.4.15 To Machinery A/c 2,00,000 30.6.12 By Bank A/c
By Provision for Dep.
By P/L A/c
1,50,000
14,750
35,250
2,00,000 2,00,000
3 marks
Provision for Depreciation Account
Date Particulars Amount Date Particulars Amount
31.12.14 To Balance c/d 34,000 31.12.14 By Depreciation A/c
30,000 + 4,000
34,000
34,000 34,000
1-4-15
31-12-
15
To Mach. Disposal
A/c
To Balance c/d
14,750
1,47,100
1-1-15
1-4-15
31-12-15
By Balance b/d
By Depreciation A/c
By Depreciation A/c
38,000 + 47,600 +
37,500
34,000
4,750
1,23,100
1,61,850 1,61,850
3 marks
Part – B (Financial Accounting – II)
24. Single entry system is also known as incomplete double entry system which records cash
and personal accounts only. 1 mark
25. Statement is not correct. 1 mark
26. Cost of goods sold = 2,13,750 (Sales 2,85,000 – Gross Profit 71,250) 1 mark
27. (c) MS Word 1 mark
28. Tailor-made Software 1 mark
29. Profit and Loss Account (Extract) 3 marks
Particulars Amount Particulars Amount
Bad debts provision 20,000
Balance Sheet (Extract)
Liabilities Amount Assets Amount
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Sundry Debtors 1,68,000
Less : Bad debts 8,000
Less : Provision 8,000
1,52,000
Working Note:
Old bad debt + new bad debt + provision
20,000 = 4,000 + 8,000 + 8,000 (1,68,000 – New bad debts 8,000 =1,60,000 x 5%)
30. Readymade Software:
These software’s are ready to use, easy to handle or easy to operate. These software’s
save time and cost. The best example for accounting software is 'Tally'
Advantages of Readymade Software’s 2 marks
(i) Suitable for small business firms.
(ii) Easily available.
(iii) Affordable (Less expensive)
(iv) User friendly (No special training required)
Limitations of Readymade Software’s 1 mark
(i) Knowledge of computer is required (as well as knowledge of accounting is also
required).
(ii) Costly and installation problems.
(iii) Not safe.
Customized Software:
Readymade software’s are modified as per the requirement. It is known as customized
Software’s. The cost of customized software is higher than the readymade software cost and
this cost is paid by the user.
Advantages of Customized Software’s 2 marks
(i) Suitable for medium and large business houses.
(ii) All transactions are recorded in a systematic manner.
(iii) Software is customized according to the requirement.
(iv) Reliable.
Limitations of Customized Software’s 1 mark
(i) Special training is required to handle these type of software’s.
(ii) Costly.
(iii) Outdated software’s may cause problems.
31. Loss during the year = Closing capital – Opening capital
2,000 = 20,000 – 22,000
Statement of Affairs (Opening)
Liabilities Amount Assets Amount
Trade Payable (creditors + B/P)
Capital (Bal. fig.)
15,000
22,000
Bills Receivables
Stock
Cash
30,000
5,000
2,000
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37,000 37,000
Statement of Affairs (Closing)
Liabilities Amount Assets Amount
Loan
Creditors
Capital (Bal. fig.)
50,000
30,000
20,000
Bills Receivables
Stock
Cash
50,000
30,000
20,000
1,00,000 1,00,000
2+2+2 =6
32. Trading Account
Particulars Amount Particulars Amount
To Opening Stock
To Purchases less return
To Wages + outstanding
To Carriage inwards
To Factory Rent + prepaid
To Octroi
To Cleaning Charges
To Gas & Water
To Gross Profit
22,800
32,370
2,270
450
290
60
940
240
23,250
Sales
Closing Stock
72,670
10,000
82,670 82,670
Profit and Loss Account
Particulars Amount Particulars Amount
To Salaries + outstanding
To Office Rent
To Insurance + outstanding
To Provision for doubtful debts
To Dep. on Plant & Machine
To Dep. on Building
To Net Profit
1,940
820
1,540
480
180
2,400
15,890
By Gross Profit 23,250
23,250
Balance Sheet
Liabilities Amount Assets Amount
Capital 42,000
Add: Net Profit 15,890
Sundry Creditors
Bills Payable
Outstanding Expenses: Salary
Wages
Insurance
57,890
2,500
15,600
350
500
100
Building less Dep.
Plant & Machinery less Dep.
Furniture
Patents
Sundry debtors less
provision
Closing Stock
Cash in hand
Prepaid Rent (factory)
21,600
3,420
20,540
10,000
9,120
10,000
2,160
100
BEST ACCOUNTANCY BOOK FOR CBSE CLASS 11th & 12th
Ultimate Book of Accountancy
76,940 76,940
2+3+3 =8
OR
(a) Cost of goods sold = Total Purchase – Purchase Return + Direct Expenses
12,60,000 = 12,00,000 – 30,000 + 90,000
Cost of 2/3 goods sold = 12,60,000 x 2/3 = 8,40,000
Gross Profit = 9,15,000 – 8,40,000 = 75,000 3 marks
(b) . Trading and Profit & Loss Account 3 marks
Particulars Amount Particulars Amount
To Opening Stock
To Purchases
To Gross Profit
2,00,000
8,10,000
3,00,000
By Sales
By Closing Stock
10,10,000
3,00,000
13,10,000 13,10,000
To Net Profit
3,00,000
By Gross Profit 3,00,000
3,00,000 3,00,000
Balance Sheet (Extract) 2 marks
Liabilities Amount Assets Amount
Capital ---
Add: Net Profit 3,00,000
3,00,000
Closing Stock 3,00,000
3,00,000 3,00,000