SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 1 SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL SAKKARAMPALAYAM, AGARAM (POST), ELACHIPALAYAM TIRUCHENGODE (TK), NAMAKKAL(DT) – 637 202 CELL: 99655-31727, 99655-35967 XI- STANDARD ACCOUNTANCY TENTATIVE ANSWER KEY Answer Key Q.No SECTION – I Mark 1. d) Stewardship accounting 1 2. a)Business entity concept 1 3. b)40,000 1 4. a)capital a/c 1 5. a)Suspense A/c 1 6. c)All cash receipts and cash payments 1 7. a)Bank statement and bank column of the cash book 1 8. a)Distinction is not made between capital and revenue items 1 9. d)Error of duplication 1 10. c) End 1 11. b) Capital Expenditure 1 12. b) Deferred Revenue Expenditure 1 13. b) (i), (ii), (iii) all are correct 1 14. a) Financial position 1 15. d)Credited to Capital A/c 1 16. a) Data 1 17. d)Printer 1 18. b)Readymade accounting software 1 19. a) Invoice 1 20. b) Journal Proper 1 SECTION - II 7 X 2 = 14 21. Functions of Accounting : (Any Two) Measurement Forecasting Comparison Decision Making 2 22. Definition of book keeping “Bookkeeping is an art of recording business dealings in a set of book” - J.R.Batliboi 2 23. Golden rules of double entry system Personal account Debit the receiver Credit the giver Real account Debit what comes in Credit what goes out Nominal account Debit all expenses and losses Credit all incomes and gains 2 Namma Kalvi www.nammakalvi.org
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SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 1
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL SAKKARAMPALAYAM, AGARAM (POST), ELACHIPALAYAM TIRUCHENGODE (TK), NAMAKKAL(DT) – 637 202
CELL: 99655-31727, 99655-35967
XI- STANDARD ACCOUNTANCY
TENTATIVE ANSWER KEY
Answer Key Q.No SECTION – I Mark 1. d) Stewardship accounting 1 2. a)Business entity concept 1 3. b)40,000 1 4. a)capital a/c 1 5. a)Suspense A/c 1 6. c)All cash receipts and cash payments 1 7. a)Bank statement and bank column of the cash book 1 8. a)Distinction is not made between capital and revenue items 1 9. d)Error of duplication 1 10. c) End 1 11. b) Capital Expenditure 1 12. b) Deferred Revenue Expenditure 1 13. b) (i), (ii), (iii) all are correct 1 14. a) Financial position 1 15. d)Credited to Capital A/c 1 16. a) Data 1
17. d)Printer 1
18. b)Readymade accounting software 1
19. a) Invoice 1
20. b) Journal Proper 1
SECTION - II 7 X 2 = 14 21. Functions of Accounting : (Any Two)
Measurement Forecasting Comparison Decision Making
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22. Definition of book keeping “Bookkeeping is an art of recording business dealings in a set of book”-J.R.Batliboi
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23. Golden rules of double entry system
Personal account Debit the receiver Credit the giver
Real account Debit what comes in Credit what goes out
Nominal account Debit all expenses and losses
Credit all incomes and gains
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A-PDF Text Replace DEMO: Purchase from www.A-PDF.com to remove the watermarkA-PDF Text Replace DEMO: Purchase from www.A-PDF.com to remove the watermarkNamma Kalvi
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 2
24. Sales Accounts Date Particulars Rs. Date Particulars Rs. 31.1.18 To Balance c/d 17,500 1.1.18
4.1.18 11.1.18 17.1.18
By Sham A/c By Suresh A/c By Joy A/c By Rajan A/c
4,000 2,500 8,000 3,000
17,500 17,500
By balance b/d 17,500
2
25. Bank reconciliation statement as on 31.12.2016 Particulars Rs
Balance as per cash book 7,130 Add: A customer deposited in the bank directly 800 7,930 Less: customer deposited but not cleared 1000 Balance as per bank statement 6,930
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26. Compensating errors The error that make up for each other or neutralize each other are known as compensating errors. These errors may occur in related or unrelated accounts. Thus, excess debit or credit in one account may be compensated by excess creditor debit in some other account. These are also known as offsetting error
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27. Amount of Depreciation = Total cost – Scrap value/ Estimated in life = 1,00,000-5,000/5 =95,000/5 =19,000 Amount of Depreciation =19,000
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28. Two Direct expenses: (Any two) 1)Carriage inwards 2) Wages 3) Dock charges 4) Octori 5) Import duty 6) Royalty 7) Cost of Goods manufacture
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29. Adjusting Entry
Adjustment entries are the journal entries made at the end of the
accounting period to account for items which are omitted in trial balance and
to make adjustments for outstanding and prepaid expenses and revenues and
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 3
30. Journal Entry Particulars Debit Credit
Drawing A/c Dr To Bank A/c (being income tax paid)
40,000 40,000
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SECTION - III 7 X 3 = 21 31.
Importance of Accounting (Explain any three)
(i) Systematic records
(ii) Preparation of financial statements
(iii) Assessment of progress
(iv) Aid to decision making
(v) Satisfies legal requirements
(vi) Information to interested groups
(vii) Legal evidence
(viii) Computation of tax (ix) Settlement during merger
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32.
(i) Business entity concept
This concept implies that a business unit is separate and distinct from the owner or owners, that is, the persons who supply capital to it.
Based on this concept, accounts are prepared from the point of view of the business and not from the owner’s point of view. Hence, the business is liable to the owner for the capital contributed by him/her.
According to this concept, only business transactions are recorded in the books of accounts. Personal transactions of the owners are not recorded. But, their transactions with the business such as capital contributed to the business or cash withdrawn from the business for the personal use will be recorded in the books of accounts. It implies that the business itself owns assets and owes liabilities.
(ii) Going concern concept
It is the basic assumption that business is a going concern and will continue its operations for a foreseeable future. Going concern concept influences accounting practices in relation to valuation of assets and liabilities, depreciation of the fixed assets, treatment of outstanding and prepaid expenses and accrued and unearned revenues. For example, assets are generally valued at historical cost.
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33. Accounting Equation Asset = Capital + liability a) 1,00,000 = 80,000 + 20,000
b) 2,00,000 = 1,60,000 + 40,000 c) 2,40,000 = 1,60,000 + 80,000
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 6
38. PROFIT AND LOSS FOR THE YEAR ENDED
Particulars Rs. Rs. Particulars Rs. Rs. By Discount
received 1000
Balance Sheet for the year ended Liabilities Rs. Rs. Assets Rs. Rs. Sundry Creditor 30,000
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39. Components of Computerised Accounting System
Components of CAS can be classified into six categories, namely, i) Hardware ii) Software iii) People iv) Procedure v) Data and vi) Connectivity.
i) Hardware
The physical components of a computer constitute its hardware. Hardware consists of input devices and output devices that make a complete computer system. Examples of input devices are keyboard, optical scanner, mouse, joystick, touch screen and slylus which are used to feed data into the computer. Output devices such as monitor and printer are media to get the output from the computer.
ii) Software
A set of programs that form an interface between the hardware and the user of a computer system are referred to as software.
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40. (i) Can it be considered as normal sale? No (ii) State whether the transaction is of capital or revenue nature and explain. Capital receipt, because textile business unused land. It is not a recurring nature
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 9
OR Trial balance
Particulars Debit Credit Capital A/c Discount Received A/c Purchases A/c Plant and Machinery A/c Advertising Expenses A/c Sales A/c Drawings A/c Sales Return A/c Electricity Charges A/c
60,000 70,000 5,250 4,200 800
60,000 3250 82,000
1,45,250 1,45,250
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43. (a)
SINGLE COLUMN CASH BOOK IN THE BOOKS OF KUNAL
Date Receipt RN
LF
Amt. Date Payment RN
LF
Amt.
1.4.18 To balance b/d
11200 7.4.18 By Wages A/c 300
5 To Rames A/c 3000 10 By Mohan A/c 700
8. To Sales A/c 8000 27. By Furniture A/c
2,000
30 To Divident received A/c
1200 31 By salary A/c 2,500
31 By Balance c/d 17,900
23,400 23,400 1.5.18 To Balance
b/d 17,900
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OR BANK RECONCILIATION STATEMENT Particulars Amount Amount
Balance as per cash book 15,000 Add: Cheques issued but not presented for payment
1500
Dividend received 200 1,700 16,700 Less : Cheques deposited but not cleared 1000 Direct payment made by bank for rent 1000 Locker rent not recorded in cash book 1200 3200 Balance as per cash book 13,500
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 10
44. (a)
Tribal column cash book of Mr. Sundaram
Date
Particu
lar
D. A
llow
ed
Cash
Ban
k
Date
Particu
lar
D. R
eceived
Cash
Ban
k
1.10.17 To balance b/d
42,500 35,000 4.1.17 By Bank A/c
11500
3.1.17 To Sales A/c
15,700 21.1.17 By Mahesh A/c
300 19,700
4.1.17 To Cash A/c
11,500 31.1.17 By Balance C/d
27,000 48,500
19.1.17 To Dividend received A/c
2,000
58,200 48,500 58,200 48,500
1.2.17 To Balance b/d
27,000 48,500
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OR Trading Profit & Loss A/c Ms. Ramasundary for the year end 31.12.17
Particulars Rs Rs. Particulars Rs Rs To opening stock To purchase To Wages To Gross Profit c/d (Transferred to profit and loss A/c) To Salary To Net Profit c/d (Transferred to capital A/c)
2,500 3,300 2,700 2,500
By sales By Closing stock By Gross Profit b/d By Discount received
7,000 4,000
11,000 11,000 2,500 2,500
2,600 2,400
5,000 5,000
BALANCE SHEET FOR THE YEAR ENDED
Liabilities Rs. Rs. Assets Rs. Rs. Capital 52,000 Machinery 52,000 Add: Net Profit 2,400 54,000 Cash at Bank 6,400 Creditor 8,000 Closing stock 4,000 62,400 62,400
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 11
45. (a)
Journal Entry
Date
Particulars L.F.
Debit Rs.
Credit Rs.
Suspense A/c Dr. To Sales A/c
2,000
2,000
Machinery A/c Dr. To Purchase A/c
3,000
3,000
Suspense A/c Dr. To Mathi A/c
90
90
Purchase return A/c Dr. To Suspense A/c
200
200
Sales A/c Dr. To Suspense A/c
100
100
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OR Trading Profit & Loss A/c Ms. Ragu for the year end 31.12.16
Particulars Rs Rs. Particulars Rs Rs To opening stock To purchase To Fright on Purchase To Gross Profit c/d (Transferred to profit and loss A/c) To Salary Add: out standing salary To Interest on Capital To Net Profit c/d (Transferred to capital A/c)
21,200 3000
36,000 90,000 22,000 64,000
By sales By Closing stock By Gross Profit b/d By Discount received
1,64,000 48,000
2,12,000 2,12,000 64,000 2,200
24,200 2,500 39,500
66,200
66,200
BALANCE SHEET FOR THE YEAR ENDED
Liabilities Rs. Rs. Assets Rs. Rs. Capital 50,000 Furniture 62,600 Add: Net Profit 39,500 Sundry Debtors 32,000 89,500 Bank 6,000 Less: Drawing 1,000 Closing stock 48,000 88,500 Add: Interest on Capital
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 12
46. (a)
Straight line method:
Book value –selling price = 3,50,000 – 3,85,000 Profit = Rs 35,000 Dr Machinery Account Cr Date Particulars Rs. Date Particulars Rs. 1.4.10 Bank a/c 5,00,000 31.3.11 By Depreciation a/c 50,000 31.3.11 By Balance c/d 4,50,000 5,00,000 5,00,000 1.4.11 Balance b/d 4,50,000 31.3.12 By Depreciation a/c 50,000 31.3.12 By Balance c/d 4,00,000 4,50,000 4,50,000 1.4.12 Balance b/d 4,00,000 31.3.13 By Depreciation a/c 50,000 31.3.13 By Profit
and loss a/c 35,000 31.3.13 By bank 3,85,000
4,35,000 4,35,000
Cost Price 5,00,000 Less Depreciation 10% 50,000 4,50,000 Less Depreciation 10% 50,000 4,00,000 Less Depreciation 10% 50,000 Book value 3,50,000
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OR
Profit & Loss A/c for the year ended
Particulars Rs Rs. Particulars Rs Rs To Office Rent To Depreciation To Discount allowed To Advisement To Audit Fees To Carriage outwards To Insurance Premium To General Expenses To Net Profit c/d
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL - 99655-31727 Page 13
47. (a)
Trading Profit & Loss A/c Ms. Ragu for the year end 31.12.16 Particulars Rs Rs. Particulars Rs Rs To opening stock To purchase To Carriage inwards Less: Prepaid inwards To Gross Profit c/d (Transferred to profit and loss A/c) To Advisement To Carriage outwards To Net Profit c/d (Transferred to capital A/c)
750 250
1500 14,500 500 7900
By sales By Closing stock By Gross Profit b/d By Rent received Less: Received in advance
2500 100
20,500 3,900
24,400 24,400 7900 2,400
500 400 9400
10,300
10,300
BALANCE SHEET FOR THE YEAR ENDED
Liabilities Rs. Rs. Assets Rs. Rs. Capital 5,000 Bank 1,500 Add: Net Profit 9,400 14,400 Furniture 8,000 Creditors 2,000 Debtors 2,850 Rent received in advance
100 Prepaid inwards 250
Closing stock 3,900 16,500 16,500
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OR Methods of codification
Following are the three methods of codification.
a. Sequential codes In sequential code, numbers and/or letters are assigned in consecutive order. These codes are applied primarily to source documents such as cheques, invoices, etc. A sequential code can facilitate document search. For example:
Code Accounts
CL001 ABC LTD
CL002 XYZ LTD
CL003 SCERT
b. Block codes
In a block code, a range of numbers is partitioned into a desired number of sub-ranges and each sub-range is allotted to a specific group. In most of the cases of block codes, numbers within a sub-range follow sequential coding scheme, i.e., the numbers increase consecutively. For example:
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