FE/ACEEEAK/1122/A 27-FEB-2023

EEE CONSORTIUM
FINAL EXAMINATION (2022-23)
Subject: ACCOUNTANCY Max. Marks:80
Grade: XI Time:3 Hour
Q 1- Q 20 are MCQ’s
1 Ans. (d) identifying, communicating 1
2 Ans: D Asset 1
3 Ans: B At the point of sale or performance of service 1
4 Ans: B Nominal assets 1
5 Ans A 2,00,000 1
6 Ans : ₹ 7,500 1
7 Ans D Any of the Above I
8 Ans : D Transfer Voucher I
9 Ans: (a) 1,10,000 1

10 Ans D None of the above 1

11 Ans. (d) (i), (ii) and (iii) 1
12 Ans : D 15,000 must be deducted 1
13 Ans C 10% 1
14 Ans. (c) Principle of materiality 1
15 Ans : A Provision is created out of legal necessity whereas Reserve is created as a matter of 1
prudence
16 Ans: B provision should be made, 1
17 Ans : A Errors of Commission 1
18 Ans B Purchases A/c credited by 2,700 1
19 Ans. C 3,500 1
20 Ans: (c)Rs. 564
21 Employees:- to know and plan about their remuneration and future prospectus 3
Investors:- to look at the safety of investments
Creditors:- to assess whether they should supply goods to the enterprise on credit. (1+1+1)
22 (i) Yes. Under Prudence all anticipated losses are to recorded. 3
(ii) No. The profit has to be ascertained at the end of every accounting year based
on Accounting period principle.

Or
(i) yes can be changed if it is required by law or it results in meaningful presentation
(ii) Cost Concept: The amount debited will be ₹. 1,08,000 (1 ½ +1 ½)
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23 i. Personal account :- Dr. Side (1/2 Mark each) 3
ii. Personal account:- Dr. side
iii. Personal a/c A/c :- cr. Side
iv. Personal A/c :- cr. Side
v. Personal A/c cr Side
vi. Real a/c :- cr side
24 Ans. JOURNAL 3
Date Particulars LF Amt.(Dr.) Amt.(Cr)
₹ ₹
(i) Purchase A/c Dr. 18,000
Input IGST A/c Dr. 3,240
To Divij 10,620
To Cash/ Bank A/c 10,301.50
To Discount Received A/c 318.50
(Being the goods purchased, paid IGST @
18% at 10% trade discount and 3% cash
discount, half of the amount paid)
(ii) Cash A/c Dr. 5,150.50
Bank A/c Dr. 5,150.50
Discount Allowed A/c Dr. 319
To Sales A/c 9,000
To Output CGST A/c 810
To Output SGST A/c 810
(Being the goods sold, charged CGST and
SGST @ 9% each. Half the amount received
in cash and balance by cheque. Allowed
trade discount @ 10% and cash discount @
3%)
(iii) Bank A/c Dr. 23,128
Discount Allowed A/c Dr. 472
To Sales A/c 20,000
To Output IGST A/c 3,600
(Being the goods sold by cheque, charged
IGST @ 18%).
OR
Ans. (1 Mark Each)
JOURNAL
Date Particulars LF Amt.(Dr.) Amt.(Cr)
₹ ₹
(i) Cash A/c Dr. 400
To Bad Debts Recovered A/c 400
(Being the bad debts written-off last year, now
recovered).
(ii) Purchase A/c Dr. 80,000
To Rani 48,000

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 To Bank A/c 31,360
To Discount Received A/c 640
(Being the 40% of payment made to Rani under
a cash discount of 2%)
(iii) Tanu Dr. 28,500
Cash A/c Dr. 8,550
Discount Allowed A/c Dr. 950
To Sales A/c 38,000
(Being the goods sold to Tanu at terms of 5%
trade discount and 10% cash discount and
received 1/4th in cash).
25 Trial Balance as on 31st March 2021 3
Particulars Dr. Cr.
Commission 5,000
Apprentice premium 20,000
Opening Stock 22,000
Purchase 1,16,000
Receivables 9,000
Sales 1,44,000
Owner's Equity 56,000
Output IGST 5,000
Accounts payable 1,000
Loan advanced 30,000
Debit Note Received 10,000
Rent owning (Payable) 2,000
Unexpired Insurance 40,000
Cash 15,000
Interest on Loan advanced 1,000
Suspense A/c 18,000
Total 2,47,000 2,47,000
26 Operating profit = net profit + non-operating expenses – non operating income 3
8,00,000+25,000+10,000+15,000= 8,50,000
27 4

28 Date Particulars L.F Dr. Amt.(₹) Cr. Amt.(₹) 4

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 2021 Machinery A/c Dr. 1,00,000
June 1 To Capital A/c 1,00,000
(Purchased Machinery and payment
made through personal bank
account)
June 4 Bank A/c 40,000
To Advance against Sales A/c
(Advance cheque received against a 40,000
June 10 sales order)
Loss by Theft A/c Dr. 15,000
To Purchases A/c 15,000
(Goods stolen by employee)
June 15 Stationery A/c Dr.
Drawings A/c Dr. 8,000
To Cash A/c 2,000
(Purchased stationery for office and 10,000
personal use)
29 Purchase Book of Pawan Electric Store 4
Date Particulars Invoice L. Details Amount
No. F.

2 Mar Surya Electric Store

200 tube lights @ 50 each 10,000
50 table fans @ 400 each 20,000
20 heaters @ 100 each 2,000

Less Trade Disc 15% 27,200.

32,000
-4,800.
10 Mar New Light Traders
20 Table fans @ 500 each 10,000
40 ceiling fans @600 each 24,000
10 Electric Irons@200each 2,000

Less Trade Disc 20% 28,800.

36,000
-7,200
20 Mar Ravindra Electric Co.
120 Dozen Blub@80 per D. 9,600.
20 water heater @120 each 2,400.
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 Less Trade Disc. 12,000
-1,200 10,800
Purchase A/c Dr. 66,800

OR
Sales book
Date Particulars Invoice L. Details Amount
No. F.
June 3 Ruchika Electronics
5 TV @ 20000 each 431 1,00,000
Less Trade Disc 15% -20,000 80,000
June 10 Garima Electronics
10 Machine @ 8000 each 432 80,000
Less T.D. @ 15% 12,000 68,000
June 16 Nitin Trading Co.
8 Music System@15000ea 433 1,20,000
10TV@22000 each 2,20,000
3,40,000
Less Trade Disc.20% -68,000. 2,72,000
Sales A/c Cr. 4,20,000
30 Cash Book 6
Dr Cr.
.

Particular L L
Date Cash Bank Date Particulars Cash Bank
s F F

2020 2020
June Balance 800 June Balance b/d 5,700
01 b/d 01
June Cheques- June Bhavana
3,250 2,425
09 in-Hand 12
June C 250 June Bharti
Bank A/c 3,250
20 15
June Balance June Cash A/c C
8,550 250
30 c/d 20
June Drawings A/c
150
30
June Bank
25
30 Charges A/c
June Balance c/d 1,050
30
1,050 11,800 1,050 11,800
July Balance 1,050 July Balance b/d 8,550

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 01 b/d 01
31 Bank Reconciliation Statement 6
Particulars Plus Minus
Dr. Balance as per Cash Book 5,500
Cheque deposited but not collected and dishonoured 11,800
Cheque issued but not presented 1,67,00
Payment column of cash book overcast 500
Cr. of Interest on Investment and dr. of Bank charges 380
customer Directly deposited into bank 1,000
Wrong amt recorded in cash book 2,000
Bal as per Pass Book Cr. 14,280
Total 26,080 26,080
32 Dr. Machinery A/c Cr. 6
Date Particulars Amount Date Particular Amount
1.4.21 To BalBd 10,00,000 1.7.21 By prov for Dep 60,000
1.7.21 To Bank A/c 4,00,000 By Bank 90,000
By P&L 50,000
31/3/22 By Balance c/d 12,00,000
Total 14,00,000 Total 14,00,000
1.4.22 To balance b/d 12,00,000
33 Rectified Entries 6
(a) Bank A/c Dr. 75
To Suspense A/c 75

(b) Ananya A/c Dr. 180

To purchase A/c 180

(c) Drawing A/c Dr. 400

Sales A/c Dr. 400
To Old Machine 400
To Kashish 400

(d) Suspense A/c Dr. 2,700

To Machinery A/c 2,700

(e) Suspense A/c Dr. 2700

Purchase A/c Dr. 25,000
Sales A/c Dr. 2,500
To kamal30,200
Suspense A/c
Dr. Cr
Particulars Amount Particular Amount
To Machine 2,700 By Bank 75
To Kamal 2,700 By Bank 5,325
Total 5,400 Total 5,400
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 OR (4 + 2)
(a) Debtors A/c Dr. 1,200
To Suspense A/c 1,200

(b) Purchase A/c Dr. 5,400

Sales A/c Dr. 5,400
To Suspense A/c 10,800

(c) Suspense A/c Dr. 31,000

To Rajeev A/c 15,000
To Sanjeev A/c 16,000

(d) Purchase Return A/c Dr. 46

To Suspense A/c 46

(e) Ramesh A/c Dr. 4,500

To Rajesh A/c 4,500

(f) Suspense A/c Dr. 9,000

Salary A/c Dr. 1,000
To Pawan A/c 10,000
SUSPENSE A/C
Particulars Amount Particular Amount
To Sundries 31,000 By Debtors 1,200
By sundries 10,800
By Purchase Return 46
34 Trading Account 6
Dr. Cr.
Amount Amount
Particulars Particulars
(₹) (₹)
Opening Stock 4,50,000 Sales 43,50,000
Purchases 29,50,000 Less: Returns -70,000 42,80,000
Less: Returns -40,000 29,10,000
Wages 4,00,000 Closing stock 7,50,000
Add: Outstanding wages 50,000 4,50,000
Gross Profit 12,20,000

50,30,000 50,30,000

Profit and Loss A/c

Amount Amount
Particulars (₹) Particulars (₹)

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Rent 50000 Gross Profit 12,20,000
Salaries 2,40,000
Add: O/s
Salaries 20000 2,60,000
Bad Debts 10000 Interest Accrued
Add: Further
Bad Debts 50000 (5,00,000 × 6% × 9/12) 22500
Add:
Provision for
Doubtful
Debts 17500 77500 Miscellaneous Receipts 12000
Advertisement expenses 60000
Provision for discount
on debtors 6650
Insurances 15000
Trade Expenses 20000
Depreciation on:
Machinery 24000
Furniture 3000 27000
Net Profit (Balancing
Figure) 7,38,350
12,54,500 12,54,500

OR
Trading Account
Amount Amount
Particulars Particulars
(₹.) (₹.)
Opening Stock 15,000 Sales 1,20,000
Less: Sale on
Purchases 82,000 7,200 1,12,800
Approval Basis
Freight Inwards 2,000 Closing Stock 15,000
Add: Sale on
Wages 1,300 6,000 21,000
Approval Basis
Gross Profit 33,500
1,33,800 1,33,800
Profit and Loss A/c
Amoun
Amount
Particulars t Particulars
(₹.) (₹.)
Depreciation: Gross Profit 33,500
Discount
Plant & Machinery 4,000 400
Received
Furniture 250 4,250 Rent 1,200
Bad Debts 400
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 Add: New Provision 670

Less: Old Provision 800 270

Carriage Outwards 500

Insurance 700
Less: Prepaid 100 600
Rent, Rates & Taxes 4,600
Printing & Stationery 800
Postage & Telegram 800
Salaries 20,000
Net Profit 3,280
35,100 35,100

***

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