CBSE Class 11 Accountancy Question Paper Set 7 Solved

CBSE Class 11 Accountancy Question Paper Set 7 Solved. Students can download the last year board exams question papers using the link below. Free download of examination question papers with solutions. Last 10 year question papers should be practised to get better marks in examinations. 

1 What is the difference between Credit note and Debit note?

2 Mr Anuj dealing in readymade garments pays Rs.30,000 as rent for his shop from which he runs his business of garments. One day fire broke off in his shop and goods worth Rs.1,50,000 were destroyed by fire. Identify which one is an expense and give reason for the same.

3 State the nature of Receipts and Payments Account.

4 An accountant of a large sized firm records all the transactions in a Journal instead of maintaining subsidiary books. His view on this are that it will result in better control and also large team of accountants will not be required. Is his decision correct? Give reason.

5 Vijay, a consultant, during the financial year 2015-16 earned Rs.9,00,000. Out of which he received Rs.6,50,000. He incurred expenses of Rs.6,40,000, out of which Rs.40,000 are outstanding. He also paid Rs.20,000 expenses of last year.

You are required to determine his income for the year if he follows accrual basis of accounting.

6 Which accounting principle brings objectivity in the preparation and presentation of financial statements?

7 Akshay’s liabilities amounted to Rs. 1,85,000 and his capital is Rs.70,000. His fixed assets are 70% of current assets.

In fixed assets, Building in 60%; Plant and Machinery is 25% and balance is the furniture.

Find out the value of different fixed assets individually.

8 (i) Justify the purpose of need of Ledger Folio numbers at the time of recording entries in the accounts.

(ii ) Journalise in books of Prakash from the ledger given below for the financial year 2014-15:

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