GULF BOARD EXAMINATION- February-2022

Class: XI
Accountancy
(055)

PART-A (FINANCIAL ACCOUNTING-I)

1. Identify the two main statements prepared in “ Accounts from Incomplete (1)
Records” (1)
2. A Bank Reconciliation Statement is prepared by……………
( a) Debtor
(b) Customer of a Bank
(c) Creditor
(d) None of these

3. Pass journal entries to rectify the following errors. (3)

a) Old furniture sold for ₹3,000 was posted to Sales A/c. as ₹1,000.
b) Credit Sales to Soumya ₹10,000 were recorded in a purchase book.
However Soumya’s A/c. was correctly debited.
c) Goods return to Krishna ₹5,000 were recorded in Sales Return Book.
OR

a) Does the balancing of Trial Balance ensure the accuracy of Book of Accounts?Why?
b) Explain any two types of errors which do not affect the agreement of Trial

Balance?
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4.
PART-B
(FINANCIAL ACCOUNTING-II)

5. From the following information, calculate Gross Profit and Cost (3)
of Goods Sold:
Sales: ₹ 500,000
Gross Profit: 25% on Cost

6. Identify the following items as Capital or Revenue Expenditure: (4)

(a) Purchase of building

(b) Carriage paid on purchase of goods
(c) Carriage paid on purchase of machinery
(d) Repayment of long term loan

7. Mr.Nirmal keeps incomplete records. He started business on 1 st April, 2021 with capital
of Rs.40,000. His capital balance as on 31 st March.2022 was Rs.150, 000.During the year
he had spent Rs.10,000 to by mobile phone for his daughter and also withdrew Rs.3500
per month for his household expenditure. He also introduced additional capital by selling
his personal investments of Rs.50,000 at 20% profits and the total proceeds amount were
brought in to business (4)
Calculate the Profit/ Loss of his business for the year ended 31st March, 2022.

8. Ascertain Cost of Goods Sold and Gross Profit: (4)

Opening Stock-32,000, Sales-400,000, Net Purchases- 280,000, Direct expenses-20,000,
Administration expenses-45,000, Selling & Distribution expenses-65,000, Closing stock-
50,000, Sales Returns- 8000
OR
Prepare Profit &Loss account from the following:
Salaries-3500, Stationery-450, Depreciation-550, Commission paid-600, Discount

allowed-250, Factory Rent- 700, Carriage inwards-1200, Postage- 50, Repairs-400,

 Interest on loan paid-350, Dividend received-900, Miscellaneous income-1250, Gross
Profit-25,000

9. On 1-4-2019 Anwar started a business with ₹50,000. On March 31st 2020 his position

was as follows: (6)

Creditors ₹30,000
Bill Payable ₹10,000
Bank ₹12,000
Debtors ₹50,000
Stock ₹40,000
Plant ₹78,000
Furniture ₹15,000
During the year Anwar withdrew ₹1,500 per month. He introduced further capital
amounting to ₹35,000. You are required to ascertain Profit and Loss made by him during
the year 2019-2020.
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10. Following balances are extracted from books o f G u p t a T r a d e r s on 31st March

2020.Prepare Profit & Loss A/c. and Balance sheet. (6)

Debit Balances Rs. Credit Balances Rs.

Drawings- 700 Capital- 54,000
General Expenses- 590 Sales - 30,750
Discount- 385 Sundry Creditors- 4035
Salaries- 1100 Commission- 410
Motor Vehicle- 14,000
Furniture- 2400
Sundry Debtors- 3950
Direct Wages- 1100
Carriage inwards- 530
Cash in hand- 540
Cash at bank- 15,340
Insurance- 850
Rent- 850

Adjustments:
a) Closing stock valued at ₹10,900.
b) Wages outstanding ₹350 and insurance pre-paid Rs.50
c) Depreciate Machinery by 10%
d) Gross profit during the year amounted to Rs.10,810
 OR

Prepare profit & loss account and balance sheet of Mr.Anand for the year ended
31st March 2019 from the following trial balance.
Debit Balances Rs Credit Balance Rs
Rent and Rates - 120,500 Capital - 52,000
Insurance- 21500 Sundry Creditors- 10,900
Salaries- 14,500
General Expenses- 3100
Machinery- 31,000
Sundry Debtors- 20,000
Cash at Bank- 3000
Drawings- 7000
Adjustments:
(a) Salaries for one month still unpaid Rs.1600
(b) Insurance pre-paid to the extent of Rs.250
(c) Depreciate Machinery by 10%
(d) Gross Profit amounted to Rs.45,000
(e) Stock on 31st March 2019 valued at Rs.26,000

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