SESSION ENDING EXAMINATION 2022-23

CLASS: XI
SUBJECT: ACCOUNTANCY
TIME: 03 HOURS M.M.: 80
MARKING SCHEME
Q. N. Questions Marks
PART A: Financial Accounting - I
(1) (a) Accounting leads to window dressing 1 mark
(2) (c) Depletion 1 mark
(3) (d) Prudence 1 mark
(4) (a)Original Cost Method/Straight line method 1 mark
Or
(b) Rs 100000
(5) (C) or (d) None of these 1 mark
(6) (b) Error of Commission or (c) account holder 1 mark
(7) (c ) When they are earned 1 mark

(8) (c) Rs 8000 and Rs 8100 1 mark

or (b)
(9) (b) 4,10,000 1 mark
(10) (a) Objectivity 1 mark
(11) (c) (A) is true ,but (R) is false 1 mark

(12) (a) Rs 12000 1 mark

(13) (a) Liquor intended for human ingestion 1 mark
(14) (d) Materiality 1 mark
(15) (a) or (a) 1 mark
(16) Basis of Difference Provision Reserve
Basic Nature Charge against profit Appropriation of profit
Purpose Created for known liability or To strengthening financial
expense of current year, amount position of firm. However, some 1x3
is uncertain. are mandatory under Law.
Dividend payment Cannot be used for dividend Can be used for dividend marks
distribution distribution
Basis of Difference Capital reserve Revenue reserve Or
definition A capital reserve is created to Revenue reserve is created to
finance long term projects for a meet unforeseen events in a 1X 3
business business organisation marks
Tenure Long term Can be for short term
Dividend payment Cannot be used for dividend Can be used for dividend
distribution distribution
(17) A trial balance is a statement showing the balances or total of debits and credits, of all the
accounts in the ledger account with a view to verify the arithmetical accuracy of posting into
the ledger accounts
(a) To ascertain the arithmetical accuracy of the ledger accounts
(b) To help in locating errors
(c) To help in the preparation of the financial statements (any two)
Or
Total of trail balance Rs 150000
(18) Accounting Equation:
Transactions Assets Capital + Liabilities
July 01: Balance 1,89,000 1,79,000 + 10,000 1
July 05: Goods sold on credit (15,000) 3,000 1
 18,000
July 12: Outstanding Salaries (9,000) 9,000 ½
July 17: Commission received in Advance
July 26: Goods purchase for cash 12,000 12,000 ½
25,000 ½
July 31: Goods given as charity (25,000)
(1,000) (1,000) ½
2,03,000 1,72,000 + 31,000
(19) Satyanand Sharma’s Account 4
Date Particulars Amt. (₹) Date Particulars Amt. (₹) marks
2020 2020
March 01 To Balance b/d 19,000 March 11 By Bank A/c 9,500
March 05 To Sales A/c 10,800 By Discount A/c 500
March 29 To Bank A/c 9,500 March 13 By Sales Return A/c 3,000
To Discount A/c 500 March 22 By Cash A/c 12,000
March 31 By Cash A/c 13,400
By Bad Debts A/c 13,400
39,800 39,800
March 25: Goods sold to him for cash ₹ 7,000.Not to be entered
(20) Non current assets: fixed assets, non current investment, deferred tax assets (net) ,
long term loan and advances , other non current assets (any four)
4 marks
Current investment, inventories , trade receivables , cash and cash equivalent , short term
loan and advance ,other current assets (any four)
Or
Non current liabilities : long term borrowing , deferred tax liabilities (net ) ,other long term
liabilities , long term provisions
Current liabilities :short term borrowings , trade payables.other current liabilities , short term
provisions

(21) Bank Reconciliation Statement (as on 31st March 2005)

Particulars Amt.(₹)

Balance as per Cash Book: 50,000

Add: Cheque issued but not yet presented 6,000
8,000 14,000 1x6=6
Bank has collected dividend & deposited into bank
marks
Less: Bank charges debited by bank
Cheque deposited but not yet credited into bank 400
Discounted bill dishonoured, not entered in cash book. 8,000
12,000 20,400

Balance as per Pass Book 43,600

(22) Journal Entries (in the book of Himanshu)
Date Particulars L.F. Dr. (₹) Cr. (₹)
Jan. 02 Drawings A/c Dr. 2,000
To Purchase A/c 2,000 1x6=
Jan. (Being goods taken for personal use) 6
08 Depreciation A/c Dr. 500
To Machinery A/c 500 marks
(Being depreciation charged @ 10% p.a. for 2 months)
Jan. 12 Interest on Capital A/c Dr.
To Capital A/c 6,750
(Being interest provided @ 6% p.a. for 9 months) 6,750
Jan. 15 Loss by Fire A/c Dr. 4,500
To Purchase A/c 4,500
Jan. (Being goods destroyed by fire)
19 Cash A/c Dr. 8,550
Bank A/c Dr. 8,550
Discount A/c Dr. 900
To Sales A/c 18,000
(Being goods sold for cash at 5% cash discount)
Jan. 29 Investment A/c Dr. 50,000
To Cash A/c 50,000
(Being invested in shares of government sector)
OR
Double Column Cash Book(in the books of Rakesh Verma)
Date Particulars L.F. Cash Bank Date Particulars L.F. Cash Bank
Sept. Balance b/d 22,000 Sept. 01 Balance b/d 2,500
01 Gaurav 4,000 Sept. 16 Insurance 3,000
Sept. Interest 6,000 Drawings 5,000
06 Dividend 8,000 Sept. 24 Bank C 12,000
Sept. Cash C 12,000
10 Sales 30,000 Sept. 30 Balance c/d 40,000 19,500

Sept.
24
Sept.
29
52,000 30,000 52,000 30,000

(23) Machinery Account 1marks

Date Particulars Amt. ₹ Date Particulars Amt. ₹
2019 2020 Depreciation 6000
April 01 Bank A/c 60,000 March 31 Balance c/d 54000
60,000 60,000
01.04.20 Balance b/d 54000 31.03.21 Depreciation 7000
01.12.20 Bank a/c 30000 (6000+1000)
Balance c/d 77000 2marks
84000 15,00,000
01.04.21 Balance b/d 77000 30.06.21 Depreciation. 1500
30.06.21 Bank 80000 Bank A/c 36000
Profit & Loss A/c 10500
31.03.22 Depreciation 3marks
(3000+6000) 9000
Balance c/d 100000

157000 157000

Or
Balance of furniture account Rs 55000, balance of provision for depreciation Rs 18250
and loss on sale Rs 7000 ( 2 marks each aacount)
24 OR 5+1
Rectified Journal entries
Date Particulars L.F. Dr. (₹) Cr. (₹)
a Sales A/c Dr. 800
To Suspense A/c 800
(Being error rectified)
Sahu Dr. 2,000
b To Suspense A/c 2,000
(Being error rectified)
Purchase A/c Dr. 4,000
c To Narula 4,000
Being error rectified)
Machinery A/c Dr. 500
d To Sundry Expense A/c 50
To Suspense A/c 450
(Being error rectified)
Drawings A/c Dr. 1,400
e To Rent A/c 1,000
To Suspense A/c 400
(Being error rectified)
Suspense Account
Particulars Amt. ₹ Particulars Amt. ₹
Difference of 3,650 By Sales A/c 800
trail balance By Sahu 2,000
(excess of By Machinery A/c 450
debit side) By Drawings A/c 400
3,650 3,650
PART B: Financial Accounting – II
(25) (B) ₹80,000. 1

(26) (a) Rs 5250 1

(27) (a) Rs 1000 1
(28) (a) Rs 144000 1
Or
(a) Rs 60000
(29) (b) Loss by Fire A/c Dr. 3,000 1 mark
Insurance Claim Receivable A/c Dr. 5,000
To Purchase A/c 8,000
Or
(d) Rs 1800
(30) Balance Sheet 3
(as at 31st March, 2019)
Liabilities Amt. in ₹ Assets Amt. in ₹
Bills Payable 3,000 Cash in hand 20,100
Creditors 28,500 Debtors 19,012
Outstanding Salaries 1,000 Closing Stock 20,000
Capital 80,000 Furniture 6,300
Less: Net Loss4,338 75,662 Building 42,750

1,08,162 1,08,162
(31) (a) capital expenditure (b) revenue expenditure (c) deferred revenue expenditure 3
 marks
(32) Rectified Journal entries
Date Particulars L.F. Dr. (₹) Cr. (₹)
Bad Debts A/c Dr. 1,000
To Debtors A/c 1,000
(Being further bad debts on debtors) ½
Provision for doubtful debts A/c Dr. 3,500
To Profit & Loss A/c 3,500
(Being old provision for doubtful debts reversed) 1
Profit & Loss A/c Dr.
To Bad Debts A/c (2,000 + 1,000) 4,550
To Provision for doubtful debts A/c 3,000 1½
(Being new provision for doubtful debts provided) 1,550

(33) Operating profit = Rs 353000 2 +2

Net profit = Rs 333000
(34) Gross Profit ₹ 16,220 2
3
Net Profit ₹ 9,000
1
Provision for Manager’s Commission ₹ 900