Accounting | NEB Grade 11 Model Question Solution 2079-2023

Dear grade 11 students out there! Namaste. Today, we present you the Accounting NEB Grade 11 Model Question Solution 2079-2023 with subject code: 1031 and you can check and view the neb grade xi (11) Accounting subject model question paper solution of the year 2079-2023 in PDF format. Please check and download pdf file grade 11 Accounting Model question paper of the year 2023-2079 Nepal. The model question provided below – Accounting NEB Grade 11 Model Question Solution 2079-2023 for the board exam 2079 and onwards. And it is based on the latest NEB Syllabus for 2079. We will be adding more model question papers solutions of grade xi-11 later on. Also Download Accounting Model Question Paper of the year 2079-2023 of grade 11-xi in pdf format which is 267 kb in size. Enjoy!

Accounting NEB Grade 11 Model Question Solution 2079-2023.

NATIONAL EXAMINATIONS BOARD [NEB]
Accounting
Grade XI/Class 11
Model Question (New Course) | Solution
Regular Students | Subject Code: 1031
Time – 3 hrs
Full Marks – 75

Candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks.

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Accounting NEB Grade 11 Model Question Solution 2079-2023

Section ‘A’

Very Short Answer Questions.

Attempt All Questions. (11×1 = 11)

1. What is book-keeping?

Answer: The act of keeping written record of financial transactions of a business in a set of books is called bookkeeping.

2. Mention any two objective of accounting.

Answer: The two objectives of accounting are:

a) To maintain record
b) To ascertain profit or loss.

Also Check:

Download pdf of NEB Class 12 Model Question Papers 2079-2023, All Subjects.

3. Write the meaning of money measurement concept.

Answer: Accounting records only those facts and transactions that can be expressed in terms of money. This concept of business us known as money measurement concept.

4. Define trial balance.

Answer: Trial balance is the list of debit and credit balances taken out from ledger.

5. What is cross cheque?

Answer: A crossed cheque is a special type of cheque which is written by following some special instruction of crossing.

6. Write about error of principle.

Answer: The error that takes place due to ignorance of accounting principles is called error of principle.

7. What is reserve?

Answer: A part of profit set aside to meet future contingencies and losses is called reserve.

8. Write any one difference between capital expenditure and revenue expenditure.

Answer:

Capital expenditure	Revenue expenditure
Capital expenditure is shown on asset side of balance sheet.	Revenue expenditure is shown on debit side of P/L Account and trading account.

9. What is dhapot?

Answer: Dhapot is the final statement of transactions of an office.

10. Define bank cash book.

Answer: Bank cash book is a multi-columnar cash book which records all cash transactions performed through the bank.

11. State the use of budget sheet.

Answer: The uses of budget sheet are:

a) It is used for controlling budget expenditure.
b) It provides information about annual appropriations, budget release and budget expenditure under different budget heads.

Section “B”

Short Answer Questions

Attempt All Questions) (8 x 5 = 40)

12. A. State accounting process in brief. [3]

Answer:

The accounting process has the five following sequential steps:
a) Identifying the financial transaction: In the first step of accounting process, financial transactions are identified.
b) Recording financial transactions: In the second step, all the financial transactions performed by the business are systematically recorded in the journal and subsidiary books.
c) Classifying financial transactions: In the third step, financial transactions are classified mainly into the transactions related with persons that include enterprises, persons, assets and income expenses.
d) Summarizing financial transactions: All the financial transactions are summarized in this step. They are summarized by preparing a trial balance.
e) Communicating the result of business: In the last step, the results of business operations such as profit and loses and the company’s financial position are communicated to different users.

B. Prepare accounting equation from following details. [2]

a) Started business with cash Rs. 2, 00,000 and furniture Rs. 5, 00,000.

b) Purchase goods worth Rs. 80,000 on cash and 70,000 on credit.

c) Paid rent Rs. 90,000.

d) Sold goods costing Rs 20,000 on cash Rs. 25,000.

Answer:

Accounting equation

Transactions	Asset	=	Capital	+	Liabilities
a) Started business with cash and furtinure	+200000
	+500000	=	700000	+	0
	700000	=	700000	+	0
b) Purchase goods on cash and credit. New equation	+150000	=	0	+	700000
	-80000
	770000
c) Paid house rent. New equation	– 90000	=	– 90000	+	0
	680000	=	610000	+	70000
d) sold goods and profit Ending equation	+25000		+5000	+	–
	-20000
	685000	=	615000	+	70000

13.

A. Cash and banking transactions are given below:

Poush 1: Opening balance of cash and bank are Rs. 60,000 and 2, 00,000 respectively.

Poush 13: Cash deposited in bank of Rs. 30,000.

Poush 22: Paid of Rs. 32,000 to Ram through cheque for settling account of Rs. 35,000.

Poush 27: Received a cheque from Aviral of Rs. 19,000 and cash Rs. 3,000 for selling machine.

Required:

Triple column cash book (3)

Answer:

Triple column cash book

Date	Particular	LF	Cash	Bank	Discount	Date	Particular	LF	Cash	Bank	Discount
9/1	To balance b/d		60000	200000
9/13	To cash A/C	C		30000		9/13	By bank A/C	C
9/27	To machine A/C		3000	19000		9/22	By Ram A/c			32000	3000
						9/30	By balance c/d		33000	217000
	Total		63000	249000			Total		63000	249000	3000
10/1	To balance b/d		33000	217000

B. Transactions related to furniture purchases are given below:

Dec 5: Purchase from Karuna suppliers

10 coffee tables for Rs. 1,00,000.
20 small chairs @ Rs. 4,000 each.
Trade discount @ 10%

Dec 19: Purchased from Anjali traders:

5 beds @ 15,000 each.
8 pieces of sofa @ Rs. 25,000 per sofa.

Required:

Purchase book (2)

Answer:

Date	Particular	Invoice no.	Details	Amt.
Dec 5	Karuna suppliers		100000
	10 coffee table @ 10000 each 20 small chais @ 4000 each Tess: Trade discount 10%		80000
			(18000)	162000
Dec 19	Anjali traders
	5 beds @ 15000 each 8 pc sofa @ 25000 each		75000 200000	275000
	Total			437000

14. Following information are given:

a) Cash book showed a balance of Rs. 80,000.

b) Bank credited Rs. 20,000 only out of various cheques of Rs. 75,000 deposited in the bank.

c) Cheques issued of Rs. 90,000 but a cheque of Rs. 10,000 was not presented for payment till the date.

d) A customers deposited a cheque of Rs. 44,000 directly in the bank but has not been recorded in the cash book.

e) Bank debited Rs. 500 as bank charge in the pass book.

f) Cheque of Rs. 12,000 received and entered into the cash book but failed to deposit in the bank.

Required:

Bank Reconciliation Statement [5]

Answer: Bank Reconcilation statement

Particular	Amount
Balance as per cash book Less: cheque not recorded by bank Add: Cheque issued nut not presented for payment Add: Directly deposited by customers Less: Bank charge recorded in pass book only Less: cheque received but failed to deposit in bank Balance as per pass book	80000 (55000) 10000 44000 (500) (12000) 66500

15.

A. Rectify following errors before preparing of trial balance. [3]

a) Cash sales to Sharma Rs. 45,000 debited to his account

b) Sales of machinery @ Rs. 19,000 were wrongly credited in sales account.

c) Purchase goods from Pema Rs. 20,000 recorded in sales book.

Answer:

Rectification entries

Date	Particular	LF	Debit(Rs)	Credit(Rs)
a)	Cash A/C Dr		45000
	To Shrma A/C			45000
	(Being rectified error)
b)	Sales A/C Dr		19000
	To machinery A/C			19000
	(being rectified error)
c)	Purchase A/C Dr		20000
	Sales A/C Dr.		20000
	To Rama A/C			40000
	(being rectified error)

Working note:

a) Correct entry wrong entry
Cash A/C Dr sharma /C D
To sales A/C to sales A/C
Rectified entry
Cash A/C Dr
To sharma A/C

b) Correct entry wrong entry
Cash A/C Dr. cash A/C Dr
To machinery A/C to sales A/C
Rectified entry
Sales A/C Dr
To machinery A/C

c) Correct entry wrong entry
Purchase A/C Dr Pema’s A/C Dr
To Pema’s A/C to sales A/C
Rectified entry
Purchase A/C Dr
Sales A/C Dr
To Pema’s A/C

B. Following information are extracted from the trial balance

Particulars	Debit (Rs.)	Credit (Rs.)
Sundry debtors	52,000
Provision for bad debt		7,000
Bad debt	1,000

(Additional information)

a) Bad debt Rs. 2,000

b) provision for bad debt @ 5%

Required:

Provision for bad debt account [2]

Answer: Provision for bad Debt

Particular	Amount	Particular	Amount
To bad debt	3000	By balance c/d	7000
To estimated b/d	1500
(balancing figure)
To balance c/d	2500
total	7000	Total	7000

Or,

An unadjusted trial balance of ‘A’ trading concern is given below:

Particulars	Debit (Rs.)	Particulars	Credit (Rs.)
Land and building	400,000	Capital	425,000
Debtors	225,000	Creditors	120,000
Bank balance	145,000	Sales	515,000
Salary	80,000	Loan	250,000
Office expenses	40,000
Purchase	380,000
Cash	25,000
Prepaid insurance	15,000
Total	13,10,000	Total	13,10,000

Additional information:

a) Office expenses prepaid Rs 3,000

b) Land appreciated by 10%

c) Salary outstanding Rs. 1500

d) Bad debts written off Rs. 2500

e) Prepaid insurance expire Rs. 10,000

Required:

Adjusted Trial balance (5)

Answer: Adjusted trial balance

S.N.	Particular	Unadjusted T.B.		Adjustment		Adjusted T.B
		Dr	Cr	Dr	Cr	Dr	Cr
1.	Land and building	400000		40000		440000
2.	Debtors	225000		–	2500	222500
3.	Bank balance	15000				145000
4.	Salary	80000		1500		815000
5.	Office expense	40000			3000	37000
6.	Purchase	380000				380000
7.	Cash	25000				25000
8.	Prepaid insurance	15000			10000	5000
9.	Capital		425000				425000
10.	Creditor		120000				120000
11.	Sales		515000				515000
12.	Loss		250000				250000
	Add. Information
13.	Prepaid office			3000		3000
14.	expense				40000		40000
15.	Land appreciated				1500		1500
16.	O/S salary			2500		2500
17.	B/d written off Prepaid insurance ex.			10000		10000
	Total	1310000	1310000			1351500	1351500

16. On 1st January, 2018 ABC Company purchased a motor van at Rs. 6, 00,000. On 1st July, 2019, company purchased another van worth Rs. 8, 00,000. On 1st July 2020, the first motor van was sold bearing the loss of Rs. 50,000 and on the same date company purchased another van for Rs. 10,00,000. Depreciation was charged @10% p.a. under fixed installment method. The accounts of the company were closed on 31st December each year.

Required:

Motor Van account for the first three years. (1+2+2=5)

Answer: Motor Van Account

Date	Particular	Amt	Date	Particular	Amt
2018/01/01	To bank A/C (1st)	600000	2018/12/31	By depre-1st	60000
				By balance c/d	540000
		600000			600000
2019/01/01	To balance b/d	540000	2019/12/31	By dep – 1st	60000
	To bank – (2nd)	800000	2019/12/31	By dep- 2nd	40000
				By balance c/d	1240000
		1340000			1340000
2020/01/01	To balance b/d	1240000	2020/07/01	By dep-1st	30000
2020/07/01	To bank- 3rd	10,00,000	2020/07/01	By loss on sale – 1st	50000
			2020/07/01	By bank- 1st	400000
			2020/12/30	By dep – 2nd	80000
			2020/12/30	By dep- 3rd	50000
				By balance c/d	1630000
	Total	2240000		Total	2240000
2021/01/01	To balance b/d	1630000

W.N.
Annual dep. Of 1st machine = 10% of 600000 = 60000
Annual dep. Of 2nd machine= 10% of 800000= 80000
Annual dep. Of 3rd machine = 10% of 1000000= 100000
Book value of 1st machine = 600000-60000-60000-30000= 450000
Sale value = 450000 – 50000 = 400000

17. Trial balance of Nabin Trader on Chaitra 30, 2071 is given below.

Particulars	Rs.	Particulars	Rs.
Selling expenses	5,000	Gross profit b/d	87,000
Interest	5,000	Creditors	8,000
Debtors	25,000	Bank loan	19,000
Bad debt	2,000	Provision for bad debt	2,000
Insurance	1000	Capital	50,000
Salaries	20,000
Investment	40,000
Cash	14,000
Machinery	50,000
Rent	4,000
Total	166,000	Total	166,000

Additional information:

a) Depreciation on machinery 10% p.a.

b) Salary payable Rs. 4,000

c) New bad debt Rs. 1,000

Required:

a) Profit & Loss account

Answer: Profit and Loss Account of Nabin Trader as on 30th chaitra 2071

Dr		Cr
Particular	Amt	Particular	Amt
To selling expenses	5000	By gross profit b/d	87000
To intrest	5000	By provision for b/d	2000
To bad debt 2000
Add: new b/d 1000	3000
To insurance	1000
To salary 20000
Add: salary payable 4000	24000
To dep. On machinery	5000
To rent	4000
To net pofit c/d	42000
Total	89000		89000

b) Balance sheet (3+2)

Answer: Balance Sheet of Nabin trader as on Chaitra 2071

Capital/ liabilities	Amt	Assets	Amt
Capital 50000		Investment	40000
Add: net profit 42000	92000	Machinery 50000
Bank loans	190000	Less:dep. 50000	45000
Creditors	8000	Debtors 25000
Salary payable	4000	Less: new b/d 1000	24000
		Cash	14000
Total	123000	Total	123000

18. Red Cross provides following information:

Balance Sheet as on 1-1- 2018

Liabilities	Amount	Assets	Amount
Capital fund	4,00,000	Fixed assets	3,00,000
Loan	60,000	Investments	1,00,000
		Closing cash balance	60,000
Total	4,60,000	Total	4,60,000

Receipts and payments of Red Cross are given below as on 31st -12-2018

Receipts

Subscriptions Rs. 50,000

Entrance fees Rs. 30,000

interest on investment Rs. 5,000

Sale of old Furniture Rs. 5,000

Payment

Tournament expenses Rs.10,000

wages Rs. 20,000

Printing Rs. 7,500

General expenses Rs. 12,000

Newspaper Rs. 1,800

Other information and outstanding are given below:

a) Printing outstanding Rs. 500 and wages outstanding Rs. 3,000

b) 40% of the entrance fee is to be capitalized

c) Fixed assets depreciate by 10%

d) Subscription due for the year Rs. 22,000

Required:

a. Receipts and payment a/c

Answer:

Receipt and payment A/C

For the year ending 31st – 12-2018

Dr		Cr
Receipt	Amount	Payment	Amount
To opening balance	60000	By tournament ex.	10000
To subscriptions	50000	By wages	20000
To entrance fee	30000	By printing	7500
To interest on investment	5000	By general ex.	12000
To sale of old furniture	5000	By news paper	98700
		By closing balance	98700
Total	150000	Total	150000

b. Income and Expenditure a/c (2+3)

Answer:

Income and expenditure A/C for the year ending 31st – 12-2018

Expenditure	Amt	Income	Amt
To tournament expense	10000	By subscriotions
To wages 20000		50000
Add: O/S wages 300	20300	Add: sub. Due
To printing 7500		22000	72000
Add: O/S printing 500	8000	By entrance
To general expenses	12000	Fee (60%)	18000
To newspaper	1800	By interest on investment	5000
To dep. On fixed asset	30000
To surplus	12900
Total	95000	Total	95000

19.

A. Shweta keeps her account under the single entry system. She started a business with Rs. 2,00,000 on 1st Jan, 2017. She withdraws Rs. 2,000 per month for household work. The position of her business at the end of the year was as follows;

Fixed assets Rs. 1,90,000

Inventory Rs. 85,000

Due expenses Rs. 10,000

Creditors Rs. 50,000

Debtors Rs. 40,000

Bank balance Rs. 60,000

Required:

a) Closing statement of affairs

b) Statement of profit and loss (1+1=2)

B. Following transactions of District level office are given:

a) Chaitra 1, House rent @ Rs. 8000 per month for three month paid to house owner Sailesh

b) Chaitra 15, Furniture advance of Rs. 5000 was cleared as per bill of Rs. 6000 and bank voucher of Rs. 1000 submitted by Na. Su. Ramchandra

c) staff renmeration of kartik Rs. 30000 (with out provident fund) was distributed after deducting P.F. Rs. 6000, social security Rs. 300 and income tax Rs. 1500.

Required:

Journal Vouchers (1+1+1=3)

Following information are given:

Budget sub-heads	Annual budget	Expenses up to Falgun
Employee remuneration	800,000	400,000
Employee remuneration	800,000	400,000
Office materials	120,000	60,000
House rent	140,000	80,000
Furniture and fitting	80,000	35,000
Vehicles	500,000	350,000

Expenditure for the month of Chaitra:

Chaitra 1: Purchase furniture Rs. 10,000

Chaitra 5: Purchase vehicles for Rs.100,000

Chaitra 10: Advance rent paid for Rs 10,000

Chaitra 28 Distributed Rs. 35,000 for employee’s remuneration after deducting income tax Rs. 1,000 and P.F. Rs 8,000.

Required:

Budget Sheet (5)

Section “C”

Short Answer Questions

Attempt All Questions (3 x 8 = 24)

20. Information of Samriyan Enterprises is given below

a. Started a business with Rs. 200,000

b. Purchase goods of Rs. 15,000 from Ram

c. Goods sold on cash Rs 18,000

d. Cash paid to Ram Rs. 10,000

e. Again goods purchase from Ram of Rs. 20,000

f. Paid to Ram Rs. 24,000 in full settlement of his account.

Required:

a. Journal Entries b. Necessary Ledger c. Trial Balance. (3+4+1)

21. The trail balance of Deepak Store as on 31st December, 2020 is given below:

Particulars	Rs.	Particulars	Rs.
Plant and machinery	360,000	Gain on sale of furniture	10,000
Salary expenses	71,000	Creditor	96,000
Cost of goods sold	755,000	Sales	1053,000
Debtors	34,500	Accumulated depreciation on plant and machinery	45,000
Stock at end	110,000	Bank loan	56,000
Drawing	15,000	Capital	350,000
Investment	120,000	Interest on investment	10,000
Good will	48,500
Gas and oil expenses	8,000
Cash	40,000
Repair expenses	34,000
prepaid insurance	24,000
Total	1620,000	Total	1620,000

Additional information:

a. Salaries are 80% of selling and 20% administrative expenditure.

b. Insurance expires of Rs. 18,000

c. Depreciation on plant and machinery is 15%

d. Gas and oil expenses are selling expenses.

Required:

a. Income statement based on NFRS

b. Balance sheet based on NFRS (4+4=8)

Or,

What is government accounting? Explain the features of new government accounting system. (3+5=8)

22.

A. Following transactions are given to prepare a bank cash book. (4)

Marga 1: Balance at Bank Rs. 75,000

Marga 3: Received bank transfer order Rs. 3, 25,000 as a budget release

Marga 9: Issued a cheque of Rs. 20,000 for purchasing furniture.

Marga 22: Cleared advance of Subodh Regmi against the submission of bill of book purchase amount of Rs. 10,000 and cash Rs. 3,000.

Marga 22, Distributed total salary of Rs. 88,000 after deduction of Provident fund Rs. 16,000 and income tax of Rs. 4,000.

B. Following information is given:

Budget Heads	Annual Budget	Expenditure upto Bhadra	Expenditure of Aswin
Salaries	2,75,000	55,000	24,000
Allowances	80,000	10,000	6,000
Office expenses	60,000	15,000	3,000
	1,50,000
House rent	75,000	25,000	12,000
Furnitures and fittings		35,000	—–
	2,00,000
Machinery		—–	80,000
Total	8,40,000	1,40,000	1,25,000

Additional information:

a) Revolving fund received Rs. 2, 95,000

b) Cash Balance Rs. 2,000

c) Unclear advance Rs. 15,000

d) Loan by nearby office Rs. 3,000

Required:

Statement of expenditure (4)

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