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ACCOUNTS 11 TH ISC PRACTICE PAPERS

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PRACTICE B PART I (20 Marks) Answer all questions Question 1 [10] Answer each of the following questions briefly: (i) What is a Contra Entry? Explain the same with an example. (ii) Explain in brief Materiality Concept. (iii) Mention any two causes of difference between Balance as per Cash Book (Bank Column) and the balance as per Bank Pass Book. (iv) Write any two differences between Capital Expenditure and Revenue Expenditure? (v) Do you agree that the Profit and Loss Account shows the Financial Position of an enterprise? Justify your answer. Question 2 (a) From the following particulars, prepare Trial balance as on 31 st March 2017: Particulars Amount Particulars Amount (Rs) (Rs) Rent Received A/C 20, 000 Returns inwards A/C Buildings 8,00,000 Equipment Plant and Machinery 5,00,000 Debtors A/C Capital A/C 5, 00,000 Bills Receivables A/C Bills Payables A/C 70, 000 Bank Loan A/C 5, 000 75,000 4, 00,000 80, 000 5,50, 000 Opening Stock A/C 4,70, 000 Creditors A/C 3, 00,000 Purchases A/C 9, 53,000 Wages A/C 3,00, 000 24, 30,000 Salaries A/C 2,00, 000 Sales A/C Returns outwards A/C 13, 000 Furniture A/C [6] 1,00,000 b. What does IFRS stand for? c. Why Accrual Basis Accounting is more scientific as Compared to Cash Basis of Accounting? [2] d. When is the Union Budget expected to be presented (Date) [1] [1] PART II (60 Marks) Question 3 [12] Tantex Ltd purchased on 1st April, 2014 Plant for Rs.8, 20,000 and spent Rs.1, 80,000 on its installation. On 1st July in the same year, another Machinery costing Rs.3, 00,000 was purchased. On 1st July,2015, Machinery bought on 1st April, 2014 was sold off for Rs.8,00,000 and a fresh machine purchased for Rs.5,00,000 on the same date. Books are closed on 31st March every year and Depreciation is provided @ 15% p.a. on Sraight Line Method. Show Machinery A/C and Depreciation A/C for 2015, 2016 and 2017. PART II (60 Marks) Answer any five questions. Question 4 Transactions of Mahtab Provision Stores for March, 2017 are given below. Journalise them. 2017 March, 1 Commenced business with Cash Rs. 5,00,000 2017 March, 2 Purchase Building from Sohan. [12]

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