SET B---Half Yearly Examination - 2023- 24

Class XI (Marking Scheme)

1 c) Reliability 1

2 C) Rs 2000 1
3 c) A2, B1, C4, D3 1

4 D) Both b and c 1
5 b) Scientific 1

6 A)Both A and R are correct and R is the correct explanation of A 1

7 a) Principle based accounting standards 1

8 B) 1 -b, 2 a 1
9 b) Invoice 1
10 d) Debit side of Purchase a/c 1

11 A) Both A and R are correct and R is the correct explanation of A 1

12 c ) Nominal Acc 1
13 First case – Depletion used is in case of extraction of natural resources like mining etc. 1
Second case – Amortisation - The enterprise must be involved in certain specified contracted business where there is use of
intangible assets like Copyrights and Trademarks etc
14 c) 2 and 4 1
15 c ) Preparation of Final Accounts . 1
16 b ) Final entry 1
17 a) Both A and R are correct and R is the correct explanation of A 1
18 c) Both statement 1 and statement 2 are true 1

19 c ) 8.5% 1
20 A) Materiality Principle 1
21 Accounting terms 3
1. Rebate allowed to the buyer for making prompt payment – Cash Discount
2. The person or entity that has given monetary loan to our business organisation - Lender
3. The expenditure incurred to acquire or increasing the value of ‘Non-Current’ Assets – Capital expenditure

22 a) Source document 3
b) Specimen of Debit voucher
23 Balance c/d of Devender’s capital acc -- Rs 53,000 3
The balance indicates that the business owes him this amount.
24 Any three limitations 3
1. Accounting is not fully exact. 2. Unrealistic Information 3. Accounting ignores the qualitative elements. 4. Accounting
ignores effect of price level changes 5. Accounting may lead to window dressing.
25 A) Cash Basis = Rs 51000 3
B) Accrual Basis = Rs 63,000

26 Difference between revenue reserve and Capital Reserve. 3

i) Source of creation
ii) Purpose
iii) Usage
27 4

28 A) Historical Cost Principal with explanation 4

B) Meaning of Accounting Standards and IND AS
29 A) Closing capital- 15,00,000 - 2,00,000 = Rs 13,00,000 4
 Profit = Closing capital - opening capital = Rs 13,00,000 - 7,50,000 = Rs 5,50,000
B) 13,00,000 +40,000 - 1,25,000- 7,50,000 = Rs 4,65,000
30 6

31 Bank bal overdraft -- rs 182000, deposited into bank Rs 56600 / 58100 ( contra entry) 6
33 6

Working notes:
100
3. Cost price of machinery (Without GST) = ₹1,34,400 x = ₹1,20,000
112
32 T S Grewal Book . Unsolved question No 27. 6
Machinery A/ C Bal c /d rs 40000, Prov for Depreciation Bal c/d 112500, Loss on sale Rs 51250
34 DK Goel Illustration 7 pg 12.16 6
Total of Sales Return Book : Sales Return – Rs 35700, Output CGST Rs 1020 , Output SGST Rs 1020 Output IGST 2244, Total -
Rs 39,984
Total of Purchase Return : Purchase Return – Rs 27,200 Input CGST Rs 432 Input SGST Rs 432 Input IGST Rs 2400 Total
30,464