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EXAM PAPER

CLASS – XI
M. M. 32 SUB – ACCOUNTANCY Time: 1hr.

Q.1. On 1st October, 2014, Assam Transport Co. bought a Truck for
` 5,00,000. On 1st July, 2016, this truck was met with an accident and
was destroyed completely. Insurance Company admitted the claim and
paid ` 3,00,000. On the same date, another truck was purchased by
the company at a cost of ` 4,50,000. Company writes off depreciation
at 20% p.a. on written down value method. Prepare Truck account for
3 years assuming accounts are closed on 31 st March each year. 8

Q.2. X Ltd. purchased a plant on 1st April, 2014 for ` 60,000. It bought
another plant on 1st July, 2015 for ` 40,000. On 1st January, 2017,
plant bought on 1st April, 2014 was sold for ` 40,000 and a fresh plant
was purchased on the same date from Y Ltd. Payment of this plant was
made to Y Ltd. as under:

Jaunary 1, 2017 ` 10,000


Jaunary 1, 2018 ` 12,000
Jaunary 1, 2019 ` 11,000
Payments made in 2018 and 2019 include interest of ` 2,000 and
` 1,000 respectively.
Depreciation is charged at 10% p.a. on the diminishing balance
method. Show the plant account for 3 years assuming that accounts
are closed on 31st March each year. 8

Q.3. A company bought a machinery on 1 st May, 2014 costing ` 45,000. It


bought further machinery on 1 st September, 2014 costing ` 30,000
and on 1st July, 2015, it bought machine costing ` 20,000.
On 1st January, 2016, one third of the machinery bought on 1 st May
2014 was sold for ` 9,000 as it became obsolete.
Shows how the machinery account would appear in the books for 3
years if the books are closed on 31 st December each year and
depreciation is charged @ 10% p.a. by fixed instalment method. 8
Q.4. Voltas Ltd. bought 4 machines costing ` 50,000 each on 1st January,
2013. It was decided to depreciate the machines @ 10% p.a. on initial
cost (original cost) method. On 1st January, 2015, one machine was
sold for ` 25,000 and on 1st April, 2016, second machine was sold for
` 15,000. Another machine was bought for ` 80,000 on 1st July, 2016.
You are required to prepare Machine Account, Depreciation A/c and
Provision for Depreciation A/c for 4 years assuming accounts are
closed on 31st December each year. 8