DELHI PUBLIC SCHOOL KAMPTEE ROAD, NAGPUR

Practice Paper
Class : XI M.M.:60
Subject: Accountancy (055) Time: 2.00Hr.

1) Which qualitative characteristic of accounting information is reflected when accounting information

is clearly presented? (1)
(a) Reliability (b) Relevance
(c) Comparability (d) Understandability
2) A Liability arises because of (1)
(a) Cash transactions (b) Credit transactions
(c) Cash and Credit transactions (d) None of these
3) On 15th February, 2022, Kamal Electrical Co. purchases 1000 Tubelights @ ₹250 each and 50
Ceiling Fans @ ₹8,000 each on credit from Tara Electricals Ltd. Which voucher will be prepared in
this case? (1)
(a) Debit Voucher (b) Transfer Voucher
(c) Credit Voucher (d) None of these
4) Computer purchased for re-sale is: (1)
(a) Capital expenditure (b) Revenue expenditure
(c) Deferred revenue expenditure (d) Fictious asset
5) Under the Companies Act, all companies are required to maintain their accounts according to (1)
(a) Cash basis (b) Accrual basis
(c) Either Cash or Accrual basis (d) None of the above
6) Which equation is incorrect out of the following? (1)
(a) Assets = Liabilities + Capital (b) Capital = Assets — Liabilities
(c) Liabilities = Assets — Capital (d) Assets = Liabilities — Capital
7) Accounting standards are formulated by (1)
(a) Planning Commission (b) Institute of Chartered Accountants of India
(c) Companies Act (d) Institute of Company Secretaries of India
8) Purchase of goods from Raghu for cash will be credited to : (1)
(a) Purchase Account (b) Raghu's Account
(c) Cash Account (d) Goods Account

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9) Which account will be credited on giving the goods as charity :
(a) Purchases Account (b) Drawings Account
(c) Sales Account (d) Charity Account
10) Main elements of accounting equation are (1)
:
(a) Capital, Creditors and Bills payable
(b) Assets, Liabilities and Capital
(c) Cash, Stock and Debtors
(d) Bank balance, Investments and Bills Receivable
12) Under which principle the ability of reviewing the financial statements of multiple companies is
possible? Explain the principle.
(3)
13) “Cash book shows always a Debit balance.” How far is this statement true and why? (3)
14) Distinguish between Gross Profit and Net Profit. (3)
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15) Following are the Ledger balances on 31 March, 2023:
(3) Furniture ₹ 2,00,000; Debtors ₹ 1,00,000; Capital ₹ 7,30,000; Cash ₹ 50,000, Creditor ₹
80,000; Overdraft ₹ 40,000; Building ₹ 5,00,000.
Journalise the above to open the account in the books of account for the financial year ending 31st
March 2023.
16) Use accounting equation to show the effect of the following transactions of M/s ABC trade (4)
(a) Started business with cash ₹ 1,20,000.
(b) Purchased goods for cash ₹ 10,000.

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(c) Rent Received ₹ 5,000.
(d) Salary outstanding ₹ 2,000.
(e) Sold goods for cash (costing ₹ 5,000) ₹ 7,000.
(f) Goods destroyed by fire ₹ 500.

17) Following transactions of Ramesh for April, 2022 are given below. Journalise them. (4)
2022 ₹
April 1: Ramesh started business with cash. 1,00,000
and Paid into bank . 20,000
April 3: Bought goods for cash. 50,000
April 4: Drew cash from bank for personal use. 10,000
April 13: Sold goods to Krishna. 15,000
April 20: Bought goods from Shyam. 22,500
April 22: Krishna returned goods, 2,000
April 24: Received from Krishna. 12,500
Allowed him discount. 500
April 28: Paid cash to Shyam. 21,500
Discount received. 1,000
18) Record the following transactions of M/s Kripa Dhan Ltd, Mumbai in their Sales Book: (4)
Sold to M/s Gupta and Verma, Delhi:30 shirts @ ₹ 400 each, 20 trousers @ ₹600 each,
trade discount@10%.
Sold old Furniture to M/s Sehgal and Co., Delhi for ₹
8,000 Sold 50 shirt to M/s Jain and Sons, Mumbai @ ₹ 400
each
Sold to M/s Mathur and Co., Nagpur: 100 shirts @ ₹400 each, 10 overcoats @ ₹1,000
each, trade discount @10 %.
19) Record the following transactions in Double Columns Cash Book and balance the book on 31st
March, 2022:
(6)
2022 Particulars ₹
March 1 Cash in Hand 12,750
Cash at Bank 72,400
March 4 Received from Asha cash ₹ 1,200 and a cheque for ₹ 3,200, allowed -
discount ₹ 400
March 7 Paid salary to staff by cheque 25,600
March 9 Withdrawn cash from bank for office use 21,900
March 12 Interest paid by bank – on bank balance 1,200
March 16 Purchased furniture in cash 16,500
March 21 Paid Mohan & Co. by cheque, discount received ₹ 100 10,900
March 24 Proprietor withdrew from office cash for his personal use 11,600
March 29 Sold goods to Manoj for cash 14,800
March 31 Deposited office cash into bank 21,200

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 Q27. Prepare Two-column Cash Book of Janvi, Lucknow from the following transactions: (6)

2022 Particulars ₹ 2022 Particulars ₹

June 1 Cash Balance 5,000 June 9 Paid wages in cash 3,000
June 1 Bank Balance 17,500 June 20 Received a cheque from 6,000
A. Mukherjee and sent it
to bank
June 5 Cash received from sale of 5,000 June 21 Drawn from Bank 5,000
personal asset deposited in
firm account
June 6 Cheque received as 50,000 June 29 Paid office salaries in cash 4,000

advance against sale,

June 7 Paid S. Bose by cheque 12,500 June 30 Sold goods in cash and 8,000

banked the same

Discount received 200 June 30 Paid rent by cheque 1,000

20) On 1st April, 2022, Yuvraj started business with a capital of ₹ 50,000. He made the following

transactions during the month of April:

(6)

2023 Particulars ₹
April 3 Purchased goods from Ritesh 22,000
April 4 Cash paid to Ritesh 10,000
April 6 Goods sold to Mohit, Goa 25,000
April 8 Received cash from Mohit 20,000
April 12 Goods purchased from Ritesh 12,000
April 18 Cash paid to Ritesh 20,000
April 25 Goods sold to Mohit, Goa 10,000
April 30 Received cash from Mohit 6,000
You are required to journalise the above transactions and show the respective Ledger accounts.

21) This information is provided by Mr. Rohit Stock as on 01.04. 2015 ₹ 20,000 During the year Sales

was ₹ 4,00,000; Purchases ₹ 2,90,000; Carriage Inwards ₹ 8,000; Clearing charges ₹ 10,000; Sales

Returns ₹ 3,000; Purchases Returns ₹ 4,000; Carriage Outwards ₹ 5,000 and Stock on 31.03.2016

was ₹ 30,000. Calculate cost of goods sold and prepare Trading Account for the year ending

31.03.2016. (6)

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22) Following are the balances extracted from the books of Sohan on 31st March, 2023: (6)
Particulars ₹ Particulars ₹
Capital 1,90,000 Cash at Bank 26,000
Drawing 7,000 Salaries 8,000
Plant and Machinery 1,20,000 Repairs 1,900
Delivery Vehicle 26,000 Stock on 1st April 2023 16,000
Sundry Debtors 36,000 Rent 4,500
Sundry Creditors 26,000 Manufacturing Expenses 1,500
Purchases 20,000 Bills Payable 23,500
Sales 42,000 Bad Debts 5,000
Wages 8,000 Carriage 1,600

Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2023 after
following adjustments are made:
Closing Stock was ₹ 16,000.

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