NEB Class 11 · Past paper
The complete NEB Class 11 2074 exam paper for Accountancy, all 22 questions with solved model answers.
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Mention any three objectives of Accounting.
Three main objectives of accounting are:
(It also helps to provide information to interested parties and to control business activities.)
Following are transactions relating to sale: Baisakh 5: Sold to Ganesh, 100 units @ Rs. 500 per unit and 200 units @ Rs. 300 per unit. Baisakh 10: Sold to Vinayak, 500 units @ Rs. 200 per unit and 100 units @ Rs. 100 per unit. 10% Trade Discount on both items. Required: Sales Book.
Sales Book Date Particulars Details (Rs.) Amount (Rs.) ------------ Baisakh 5 Ganesh 100 units @ Rs. 500 200 units @ Rs. 300 Less: 10% Trade Discount 50,000 60,000 (11,000) 99,000 Baisakh 10 Vinayak 500 units @ Rs. 200 100 units @ Rs. 10...
Following Cash and Banking transactions are given: June 1: Cash Balance Rs. 1,00,000 and Bank Balance Rs. 20,000. June 3: Purchased goods worth Rs. 50,000 at 10% discount. June 5: Cash withdrawn from Bank for office use Rs. 5,000. June 6: Out of total Rs. 10,000, Rs. 9,500 is paid to Vishnu and the account settled. June 11: Salary paid Rs. 10,000. June 12: Cash deposited into Bank Rs. 10,000. Required: Triple Column Cash Book.
June 3: 10% trade discount on Rs. 50,000 → paid Rs. 45,000 in cash (trade discount not recorded in cash book). June 6: paid Vishnu Rs. 9,500 in full settlement of Rs. 10,000 → discount received Rs. 500. C = contra. Triple Column Cash Boo...
On 31st Chaitra, the balance of Bank Account as per Pass Book was Rs. 30,000. On reconciliation the following differences are located: (i) Interest debited in Pass Book Rs. 10,000. (ii) Cheque deposited into Bank Rs. 5,000 but debited in the Cash Book Rs. 50,000. (iii) Various cheques of Rs. 15,000 were issued but cheques of Rs. 12,000 only were presented for payment. (iv) A cheque of Rs. 3,000 was sent for deposit into Bank but not credited in Pass Book. (v) Interest received from investment of Rs. 500 credited in Pass Book but not recorded in Cash Book. (vi) A customer directly deposited Rs. 1,000 into the bank but not recorded in cash book. Required: Bank Reconciliation Statement.
Bank Reconciliation Statement as on 31st Chaitra (starting from Pass Book balance): Particulars Plus (Rs.) Minus (Rs.) --------- Balance as per Pass Book 30,000 (i) Interest charged (debited) in pass book only 10,000 (ii) Cheque deposite...
Following errors were located before the preparation of Trial Balance: (i) Goods sold to Raj for Rs. 5,000 has wrongly been debited to Ram's account. (ii) Depreciation of Rs. 1,000 on machine wrongly entered as Rs. 10,000. (iii) A credit sale of Rs. 5,000 to Satish has been recorded to Purchase Book. Required: Entries for rectification.
Rectifying Entries (i) Sale to Raj was debited to Ram instead of Raj: Particulars Debit (Rs.) Credit (Rs.) --------- Raj A/c ..... Dr. 5,000 To Ram A/c 5,000 (ii) Depreciation recorded Rs. 10,000 instead of Rs. 1,000 (excess Rs. 9,000 de...
Unadjusted Trial Balance of a company: Capital 80,000 (Cr); Creditors 40,000 (Cr); Sales 1,60,000 (Cr); Purchase 80,000 (Dr); Debtors 16,000 (Dr); Expenditures 72,000 (Dr); Machinery 1,12,000 (Dr); Total 2,80,000. Additional: (i) Outstanding expenses Rs. 5,000. (ii) Depreciate Machinery at 10%. Required: Adjusted Trial Balance.
Depreciation on machinery: $$ \begin{aligned} \text{Depreciation on machinery} &= 10% \times 1{,}12{,}000 \ &= 11{,}200 \end{aligned} $$ Adjusted Trial Balance Particulars Debit (Rs.) Credit (Rs.) --------- Capital 80,000 Creditors 40,...
The Trial Balance of a trader as on 31st Chaitra: Opening stock 43,000; Purchases 2,00,000; Carriage 3,000; Machinery 1,40,000; Cash 16,000; Debtors 1,65,000; Wages 14,000; Insurance 2,000; Discount on sale 2,000; General expenses 3,000; Salary 62,000 (all Dr); Sales 4,50,000; Provision for bad debt 4,000; Capital 1,50,000; Creditors 46,000 (all Cr); Total 6,50,000. Additional: (i) Closing stock Rs. 50,000. (ii) Depreciate Machinery at 10%. (iii) Write off bad debts Rs. 1,000 and make provision for bad debt @10%. (iv) Outstanding wages Rs. 2,000. (v) Prepaid salaries Rs. 10,000. Required: (i) Trading Account (ii) Profit and Loss Account (iii) Balance Sheet as on 31st Chaitra.
Depreciation: $$ \begin{aligned} \text{Depreciation} &= 10% \times 1{,}40{,}000 \ &= 14{,}000 \end{aligned} $$ New debtors: $$ \begin{aligned} \text{New debtors} &= 1{,}65{,}000-1{,}000 \ &= 1{,}64{,}000 \end{aligned} $$ new provision...
On 1st Baishakh 2070, a company purchased two machineries @ Rs. 2,00,000 each. On Magh 1, 2071 another machine was purchased for Rs. 3,00,000. On Kartik 1, 2072 the company sold one machine purchased on 2070 for Rs. 1,50,000. Accounts are closed at the end of Chaitra each year and depreciation is charged at 10% p.a. on diminishing balance method. Required: Machine Account from 2070 to 2072.
Depreciation @10% on diminishing (reducing) balance. M1 and M2 cost Rs. 2,00,000 each (bought Baishakh 1, 2070); M3 cost Rs. 3,00,000 (bought Magh 1, 2071, used 3 months). M1 sold Kartik 1, 2072 (used 6 months in year 2072). Machine Acco...
Following information are provided: Opening provision for bad debts Rs. 5,000; Bad debts Rs. 2,000; Closing debtors Rs. 60,000; Provision for bad debts to be maintained @ 10%. Required: Provision for bad debts account.
New provision required: $$ \begin{aligned} \text{New provision required} &= 10% \times 60{,}000 \ &= 6{,}000 \end{aligned} $$ Provision for Bad Debts Account Dr. Rs. Cr. Rs. ------------ To Bad debts A/c 2,000 By Balance b/d (opening) ...
A club's Balance Sheet as on 31st Chaitra 2071: Liabilities - Capital fund 1,00,000; Salary due 5,000; Advance subscription 10,000 (Total 1,15,000). Assets - Machinery 90,000; Pre-paid insurance 1,000; Subscription due 5,000; Cash balance 19,000 (Total 1,15,000). Receipts and Payments Account of Chaitra 31, 2072: Receipts - Balance b/d 19,000; Subscriptions 50,000; Entrance fees 20,000; Sundry receipts 10,000 (Total 99,000). Payments - Salaries 20,000; Insurance 10,000; Repairs 15,000; Machinery 50,000; Balance c/d 4,000 (Total 99,000). Additional: (i) Pre-paid insurance Rs. 2,000. (ii) Depreciate Machinery at 10%. (iii) Outstanding salaries Rs. 5,000. (iv) Subscription due Rs. 10,000. Required: (i) Income and Expenditure Account (ii) Balance Sheet.
Subscription: $$ \begin{aligned} \text{Subscription} &= 50{,}000 + 10{,}000,(\text{closing due}) - 5{,}000,(\text{opening due}) + 10{,}000,(\text{opening advance}) \ &= 65{,}000 \end{aligned} $$ Salaries: $$ \begin{aligned} \text{Sal...
A trader started business with cash Rs. 1,00,000 and machinery Rs. 50,000. His position at the end of the year was: Debtors Rs. 40,000; Stock Rs. 30,000; Bills payable Rs. 20,000; Bank balance Rs. 25,000; Salary payable Rs. 5,000. Drawing for domestic use during the year Rs. 10,000 and depreciation on machinery @ 10% p.a. Required: (i) Statement of affairs showing closing capital (ii) Statement of Profit and Loss.
Opening capital: $$ \begin{aligned} \text{Opening capital} &= 1{,}00{,}000 + 50{,}000 \ &= 1{,}50{,}000 \end{aligned} $$ Machinery after depreciation: $$ \begin{aligned} \text{Machinery after depreciation} &= 50{,}000 - 5{,}000 \ &= 45...
With suitable example write in brief about Business Entity Concept.
The business entity concept states that the business is treated as a separate and distinct unit from its owner(s). For accounting purposes, the business and the proprietor are two different persons, so the transactions of the business ar...
Following transactions of a government office are given: Magh 1: Received budget release and bank order for the actual expenditure of last month Rs. 2,50,000. Magh 5: Issued a cheque to Mr. Karki for furniture purchase advance of Rs. 40,000. Magh 20: Petty cash fund of Rs. 5,000 is established in the name of Ramhari. Magh 22: Mr. Karki submitted furniture purchased bill for Rs. 50,000 and his advance is cleared and rest amount is paid by issuing a cheque. Required: Journal Vouchers.
Magh 1 - Budget release / bank order received (reimbursing last month's expenditure): Particulars Debit (Rs.) Credit (Rs.) --------- Bank A/c ..... Dr. 2,50,000 To Budget Release (Nepal Government) A/c 2,50,000 Magh 5 - Advance to Mr. Ka...
Following transactions are given: Magh 1: Opening bank balance Rs. 50,000. Magh 5: Received Bank order Rs. 2,00,000 and budget release order for the actual expenditure of last month Rs. 2,50,000. Magh 7: Purchased furniture Rs. 40,000. Magh 15: Office supplies advance of Ram Thapa cleared as per the bill submitted by him Rs. 20,000. Magh 25: Out of total salaries of Rs. 55,000 balance is paid by cheque after deducting P.F. Rs. 10,000. Required: Bank Cash Book.
The budget release order Rs. 2,50,000 is recorded in the budget column (memorandum). Bank order Rs. 2,00,000 is the fund available at bank. Magh 15 clears an earlier advance against a bill (expenditure booking, no fresh bank outflow). Sa...
Following are given (Budget head: Annual budget; Expenditure up to Magh; Expenditure of Falgun): Salaries 2,50,000 / 1,20,000 / 1,00,000; Fuel 60,000 / 40,000 / 10,000; Office materials 1,00,000 / 50,000 / 40,000; Miscellaneous 50,000 / 20,000 / 20,000; Furniture 1,10,000 / 80,000 / 30,000. Additional: (i) Total revolving fund received Rs. 5,10,000. (ii) Petty cash fund balance Rs. 2,000. (iii) Deposit received Rs. 10,000. Required: Statement of expenditure for the month of Falgun showing balance at bank.
Statement of Expenditure for Falgun showing Bank balance Budget Head Annual Budget Up to Magh Falgun Total Expenditure Budget Balance ------------------ Salaries 2,50,000 1,20,000 1,00,000 2,20,000 30,000 Fuel 60,000 40,000 10,000 50,000...
State any two objectives of Trial Balance.
Two objectives of preparing a Trial Balance are: 1. To check the arithmetical accuracy of the ledger postings; if the total of the debit column equals the total of the credit column, the books are considered arithmetically correct. 2. To...
Mention any two differences between Capital and Revenue expenses.
| Basis | Capital Expenditure | Revenue Expenditure |
|---|---|---|
| Nature | Incurred to acquire or improve a fixed asset, giving benefit for many years | Incurred for day-to-day running of the business, benefit for the current year only |
| Recording | Shown in the Balance Sheet as an asset | Shown in the Trading / Profit and Loss Account as an expense |
Example: Purchase of machinery is a capital expenditure; repair of machinery is a revenue expenditure.
Give two reasons why secret reserve is created.
Two reasons for creating a secret reserve (a reserve not disclosed in the Balance Sheet) are:
State any three features of governmental accounting.
Three features of governmental accounting are: 1. Budget based. It is maintained strictly within the limits of the approved budget; expenditure cannot exceed the sanctioned budget head. 2. Government rules and directives. It is kept acco...
What do you understand by Budget Sheet?
A budget sheet is a statement (register) maintained by a government office that shows, for each budget head, the annual budget allotted, the expenditure incurred, and the remaining (unspent) budget balance. It helps the office to: - keep...
Following transactions are given: (i) Purchased goods for cash Rs. 30,000 and credit Rs. 10,000. (ii) Goods sold for cash Rs. 50,000. (iii) Paid salary Rs. 10,000. (iv) Sold goods costing Rs. 10,000 at Rs. 15,000. Required: Accounting Equation.
Effect of each transaction on Assets = Liabilities + Capital (figures are net changes): Transaction Cash Stock = Creditors Capital ------------------ (i) Purchase (cash + credit) -30,000 +40,000 = +10,000 - (ii) Sold goods for cash +50,0...
Following transactions are given: (i) Purchased goods from Manohar Rs. 50,000. (ii) Goods sold to Mohan Rs. 25,000. (iii) Goods returned to Manohar Rs. 5,000. (iv) Cash paid to Manohar Rs. 42,000 in full settlement. Required: (i) Journal Entries (ii) Manohar's Account.
(i) Journal Entries Particulars Debit (Rs.) Credit (Rs.) --------- Purchases A/c ..... Dr. To Manohar A/c 50,000 50,000 Mohan A/c ..... Dr. To Sales A/c 25,000 25,000 Manohar A/c ..... Dr. To Purchase Return A/c 5,000 5,000 Manohar A/c ....
Depreciation on machinery: Adjusted Trial Balance Particulars Debit (Rs.) Credit (Rs.) --------- Capital 80,000 Creditors 40,...
Depreciation: New debtors: new provision...
New provision required: Provision for Bad Debts Account Dr. Rs. Cr. Rs. ------------ To Bad debts A/c 2,000 By Balance b/d (opening) ...
Subscription: Salaries: $$ \begin{aligned} \text{Sal...
Opening capital: Machinery after depreciation: $$ \begin{aligned} \text{Machinery after depreciation} &= 50{,}000 - 5{,}000 \ &= 45...