CBSE Board Class 11 Accountancy Sample Papers 2010

Subject – Accountancy

(Set-1)

Time Allowed:3hours                                             M.M.:8
General instructions:
(a)    This question paper is divided into two parts i.e Part- A and Part- B.
(b)    All questions are compulsory. Attempt all parts of a question at one place only.
(c)    Marks are indicated against each question.
(d)    Show all the working notes very clearly.

PART- A

Q.1    Why and by whom is an ‘Income and Expenditure Account is prepared?    (1)

Q.2    State any two items that may appear on debit side when capitals are fixed.    (1)

Q.3    How are accumulated profits and losses adjusted at the time of admission of a partner? Give journal entry.    (1)

Q.4    What do you mean by ‘Super Profit’?    (1)

Q.5    What do you mean by debentures issued as collateral security?    (1)

Q.6    On the basis of the following information, calculate the amount of stationery to be shown in the Income and Expenditure A/c for the year ended 31st March, 2007.
Rs.
Stock of stationery as on 1-04-2006                                                    1,00,000
Stock of stationery as on 31-03-2007                                                     80,000
Amount paid for stationery during the year                                         4,00,000
Creditors as on 1-04-2006                                                                      40,000
Creditors as on 31-03-2007                                                                    20,000
(3)

Q.7    State the conditions under which shares can be issued at discount.    (3)

Q.8    A limited company issued 1,000 equity shares of Rs.100 each as fully paid up in consideration of the purchase of plant and machinery worth Rs.99,000. Make entries in the books of the company.     (3)

Q.9    X, Y and Z are partners in a firm sharing profits in the ratio of 5:3:2. They decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April, 2006. They also decide to record the effect of the following revaluations without affecting the book values of the assets and liabilities, by passing a single adjustment entry:
Book Value                             Revalued Value
                                                                                Rs.                                              Rs.
Land and Building                                                1,00,000                                      1,50,000
Plant and Machinery                                            1,50,000                                      1,40,000
Trade Creditors                                                    50,000                                         45,000
Outstanding Expenses                                         45,000                                         60,000
Pass the necessary single adjustment entry.                       (4)

Q.10(a) Calculate interest on drawings of Mr.X if he withdraws Rs.1,200 at the end of every month, assuming interest on drawings is calculated @ 10 % p.a.
(b) Ram and Mohan are partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were Ram: Rs.1,20,000, Mohan : Rs.90,000. For the year 2006 interest on capital was credited to them 6% instead of 5%. Give necessary adjusting entry for the rectification of the error. Show working notes clearly.            (4)

PART- B

Q.1.Why and by whom is an ‘Income and Expenditure Account is prepared?   (1)

Q.2.State any two items that may appear on debit side when capitals are fixed.   (1)

Q.3.How are accumulated profits and losses adjusted at the time of admission of a partner? Give journal entry.(1)

Q.4.What do you mean by ‘Super Profit’?    (1)

Q.5.What do you mean by debentures issued as collateral security?     (1)

Q.6.On the basis of the following information, calculate the amount of stationery to be shown in the Income and Expenditure A/c for the year ended 31st March, 2007.

Rs.Stock of stationery as on 1-04-2006 1,00,000

Stock of stationery as on 31-03-2007 80,000

Amount paid for stationery during the year 4,00,000

Creditors as on 1-04-2006 40,000

Creditors as on 31-03-2007 20,000

(3)

Q.7.State the conditions under which shares can be issued at discount.     (3)

Q.8.A limited company issued 1,000 equity shares of Rs.100 each as fully paid up in consideration of the purchase of plant and machinery worth Rs.99,000. Make entries in the books of the company.       (3)