CBSE Board Class 11 Accountancy Previous Year Question Papers 2011
CBSE Board Previous Year Question Papers 2011 for Class 11 Accountancy
Previous Paper 2011
1. This question paper contains three parts A, B and C.
2. Part A is compulsory for all candidates.
3. Candidates can attempt only one part of the remaining parts B and C.
4. All parts of a question should be attempted at one place.
PART - A
Q. 1. How would you calculate interest on drawings of equal amounts drawn on the 1st day of every
Q. 2. What is meant by Calls in Advance? (2)
Q. 3. What is meant by forfeiture of shares? (2)
Q. 4. What does an Irredeemable Debenture mean? (2)
Q. 5. On March 31, 2005 after the close of books of accounts, the capital accounts of A, B and C stood
at Rs. 24,000; Rs. 20,000 and Rs. 12,000 respectively. The profit for the year Rs. 36,000 was
distributed equally. Subsequently it was discovered that interest on capital @ 5% p.a. had been
omitted. The profit sharing ratio was 2: 2: 1. Pass an adjustment journal entry. (3)
Q. 6. Mona Ltd. acquired assets of Rs. 50 lakhs and took over creditors of Rs. 5 lakhs from Ram
Enterprises. Mona Ltd. issued 8% Debentures of Rs. 100 each at a premium of 25% as purchase
consideration. Record necessary journal entries in the books of Mona Ltd (3)
Q. 7.i. A and B are partners in a firm sharing profits in the ratio of 3: 2. C is admitted as a partner. A
and B surrender 1/2 of their respective share in favour of C. Find the new profit sharing ratio
and also the sacrificing ratio.
ii. C is to bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at
Rs. 40,000. Pass necessary entries for the record of goodwill in the above case. (2 + 2 = 4)
Q. 8. The partnership between M and N was dissolved on March 3, 2005. Their capitals on that date
were Rs. 1, 70, 000 and Rs. 30,000 respectively. Rs. 1, 00,000 was owed by the firm to M, and N owed
to the firm Rs. 50,000. Creditors on that date were Rs. 3, 00, 000. The assets realised Rs. 5, 80,000
exclusive of what was owed by N. Find the profit or loss on realisation. (4)
Q. 9. Y Ltd. forfeited 1,500 shares of Rs. 10 each (Rs. 7 called up) for the non- payment of the
allotment money of Rs. 4 per share including Re. 1 as premium. Of these 1,000 shares were re-issued
to Mat Rs. 6 per share as Rs. 7 called up. Journalise the above transactions in the books of Y Ltd. (4)
Q. 10. Z Ltd. issued 12% debentures of Rs. 100 each valued at Rs. 4, 00,000 at a discount of 6%,
repayable at par in equal proportions at the end of the 2nd, 4th and 6th year. Calculate the amount of
discount to be written off at the end of each year and prepare Discount on Issue of Debentures
Q. 11. Rohit Ltd. purchased for cancellation 1000 of its own 8% debentures of Rs. 250 each at Rs. 200
per debenture. The Board of Directors have also decided to transfer the required amount to
Debenture Redemption Reserve Account. Journalise the transactions in the books of Rohit Ltd. (4)
Q. 12. A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2005
their Balance Sheet was:
Liabilities Rs. Assets Rs.
Capital Accounts :
B died on 1st October, 2005. It was agreed between his executors and the remaining partners that:
i. Goodwill be valued at 2 years’ purchase of the average profits of the previous five years,
which were 2001: Rs 15,000; 2002: Rs. 13,000; 2003: Rs. 12,000; 2004 Rs. 15,000 and 2005:
ii. Patents be valued at Rs. 8,000; Machinery at Rs. 28,000; Buildings at Rs. 30,000.
iii. Profit for the year 2005 - 06 be taken as having accrued at the same rate as the previous year.
iv. Interest on capital be provided at 10% p.a.
v. A sum of Rs. 4,250 was paid to his executors immediately.
Prepare B’s Capital Account and his executors account at the time of his death. (6)
Q. 13. A Ltd. issued 20,000 equity shares of Rs. 10 each at a discount of Re. 1 payable as Rs. 3 on
application, Rs. 3 on allotment (after discount) and Rs. 3 on call. The issue was oversubscribed to the
extent of 15,000 shares, and the allotment was done as follows:
i. Applicants of 5,000 shares were given full allotment,
ii. Other applicants of shares were allotted shares on a pro-rata basis. The excess application
money received was to be adjusted against allotment only. All moneys due were received with
the exception of the call money on 600 shares. Pass necessary journal entries to record the
above transactions. (6)
Q. 14. A, B and C were partners, sharing profits in the ratio of 5 : 3 2. Their Balance Sheet on
31.3.2005 was as follows:
Liabilities Rs. Assets Rs.Capital Accounts :
The Joint Life Policy was for a sum of Rs. 30,000. B died on 1st April, 2005, and the firm was
dissolved. Assets realised only 50% of its book value. Loan to B was adjusted against his capital. A
liability for Rs. 1,500 not shown in the Balance Sheet had to be paid. The expenses on realisation
came to Rs. 2,500. Prepare the Realization Account, Partners’ Capital Accounts and Cash Account to
close the books of the firm. OR (6)
Rohit and Suresh are in partnership, sharing profits in the ratio of 2 3. On March 31st 2005, they
agree to dissolve the business. Pass necessary journal entries at the time of dissolution to record the
i. Realisation expenses amounted to Rs. 2,000.
ii. Deferred revenue advertising expenditure appeared at Rs. 60,000.
iii. P&L Account on the Assets side of the Balance Sheet was Rs. 30,000.
iv. An unrecorded asset of Rs. 3,000 was taken over by Suresh.
v. Liabilities amounting to Rs. 24,000, already transferred to Realization Ac count, were settled
at Rs. 22,000.
vi. Loan to Rohit was adjusted through his Capital Account, Rs. 15,000.
Q. 15. Given below is the Balance Sheet of Krishna and Suresh who are partners in a firm sharing
profits in the ratio of 3 : 2.
Liabilities Rs. Assets Rs.
Capital Accounts :
On that date Mohan is admitted as a partner for 1/5th share on the following terms:
i. He is to contribute Rs. 14,000 as his share of capital which includes his share of premium for
goodwill. ii. Goodwill is valued at 2 years’ purchase of the average profits of the last 4 years, which were
Rs. 10,000; Rs. 9,000; Rs. 8,000 and Rs. 13,000 respectively.
iii. Plant to be written down to Rs. 25,000 and patents written up by Rs. 8,000.
iv. A Joint Life Policy taken in the names of the partners for Rs. 50,000, on which premiums have
been paid, has a surrender value of Rs. 5,000.
Prepare the Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new
X, Y and Z are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1.1.2006,
the day V decided to retire, was:
Liabilities Rs. Assets Rs.
Plant & Machinery
Joint Life Policy
The terms of retirement were:
i. Y sells his share of goodwill to X for Rs. 3,000 and to Z for Rs. 4,000.
ii. Stock to be appreciated by 20% and buildings by Rs. 5,000.
iii. Joint Life Policy is surrendered to the insurance Co. for Rs. 5,000 and in vestments were sold
for Rs. 22,000.
iv. Y is paid off in cash.
Prepare Revaluation Account, Capital Accounts of Partners and the Balance Sheet of the new
PART - B
(ANALYSIS OF FINANCIAL STATEMENTS)
Q. 16. What is a Cash Flow Statement? List any two uses of preparing the Cash Flow Statement. (2)
Q. 17. Classify the following into cash flows from investing activities/financing activities while
preparing a Cash Flow Statement: (2)
(a) Redemption of debentures
(b) Sale of fixed assets
(c) Receipt of Dividend
(d) Interest Received
Q. 18. List any three items that can be shown as ‘Contingent Liabilities’ in a company’s Balance Sheet.
Q. 19. From the following data prepare a Statement of Profits in the comparative form: (3)Particulars 31.3.2004 Rs. 31.3.2005 Rs.
Q. 20.i. From the given information calculate the Stock Turnover Ratio:
Sales: Rs. 2, 00,000; GP: 25%; Opening Stock was 1/4th of the value of Closing Stock. Closing
Stock was 40% of Sales.
ii. A business has a Current Ratio of 4: 1 land a Quick Ratio of 1. 2 : 1. If the Working Capital is Rs.
1, 80,000, calculate the total Current Assets and Stock. (2 + 2 = 4)
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