JB PARISAR, OPPOSITE SUNITA NURSERY, VIDHAN SABHA ROAD, RAIPUR

Grade-11th
Practice Paper
ACCOUNTANCY DATE: 08/02/2024

1) The vouchers which are prepared for transactions not involving cash, i.e. non-cash transactions, are
known as ________ vouchers.
a) Token b) Credit c) Transfer d) Unilateral
2) Assertion (A): Statements prepared through management account are helpful in decision making
process.
Reason (R): The information provided by management accounts is financial and non-financial as
well.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false.
d) A is false but R is true.
3) Goodwill account is a:
a) Nominal Account b) Real Account c) None of these d) Personal Account
4) What shall be the amount of Capital if Cash is Rs. 5,000; Furniture Rs. 12,000; Stock Rs. 30,000 and
Creditors Rs. 6,000?
a) Rs. 41,000 b) Rs. 43,000 c) Rs. 53,000 d) Rs. 47,000
5) Source of documents are
a) Cash Memo b) Both Cash Memo and Invoice
c) Neither Cash Memo Nor Invoice d) Invoice
6) Income statement include
a) Profit and loss account only b) Trial Balance only
c) Balance sheet only d) Statement of profit and loss
7) Which of the following is not a limitation of accounting?
a) Evidence in Legal Matters b) Based on accounting conventions
c) Incomplete Information d) Omission of Qualitative Informations
8) When a total of the debit side of an account exceeds the total of its credit side, the account is said to
have ________.
a) Debit Balance b) None of these
c) Debit as well as credit balance d) Credit Balance
9) Under which concept owner of the business is treated as creditor to the extent of his capital.
a) Conservatism b) Business entity c) Matching d) Accounting period
10) Which of the following is not a fixed asset?
a) Computers b) Furniture c) Building d) Cash in hand
11) Return of goods purchased on credit to the suppliers will be entered in ____ Book.
a) Purchase b) Sales c) Sales Return d) Purchase Return
12) When goods are returned to supplier assets and ________ are ________ by same amount.
a) liabilities, increased b) assets, decreased
c) liabilities, decreased d) assets, increased
13) Out of the following assets, which one is not an intangible asset?
a) Patents b) Trade Mark c) Machinery d) Goodwill
14) Goods sold for Cash Rs. 25,000 plus 12% IGST. Sales A/c will be credited by:
a) Rs. 28,000 b) Rs. 22,000 c) Rs. 25,000 d) None of these
15) How secret reserve can be created
a) All of these b) By charging capital expenditure to revenue
c) Under valuating stock d) By making excessive provisions
16) A business purchased goods for Rs. 2,00,000 and sold 75% of such goods during the accounting year
ended 31st March, 2020. The market value of the remaining goody was Rs. 43,000 Accountant
valued closing stock it cost: Identify the concept violated in the above situation.
a) Matching b) Conservatism c) Business entity d) Accounting period
17) When an account is said to have a debit balance and credit balance?
18) Pass Journal entry for purchase of goods by Amrit, Delhi from Add Gel Pens, Delhi for Rs. 15,000
less Trade Discount 10% and Cash Discount 3%. CGST and SGST is levied @ 6% each. Assume
payment is made at the time of purchase.
19) What is meant by Accounting Standard? State any two benefits of it.
20) Following balances were extracted from the books of Ravinder
Associates as at 31st March, 2017:
Sundry Debtors Rs. 4,10,000
Stock (April 1, 2016) Rs. 2,30,000
Sundry Creditor Rs. 80,000
Premises Rs. 12,00,000
Rent and Taxes Rs. 48,000
Fixtures & Fittings Rs. 3,10,000
Purchases Rs. 34,00,000
Bad Debts written off Rs. 8,000
Sales Rs. 56,00,000
Rent received from sub-let of part of premises Rs. 30,000
Trade Expenses Rs. 12,000
Loan from Mukul Rs. 1,50,000
Returns Outwards Rs. 80,000
Interest on Mukul’s Loan Rs. 15,000
Returns Inwards Rs. 1,20,000
Drawings Rs. 40,000
Expenses Rs. 4,000
Cash in hand Rs. 75,000
Motor Vehicles Rs. 6,50,000
Stock on 31st March, 2017(Not adjusted) Rs 3,80,000
Electricity Rs. 25,000
You are required to prepare the trial balance treating the difference as his capital.
21) From the following particulars ascertain the balance that would appear in the Bank Pass Book of A at
31st December 2013:
1. The bank overdraft as per Cash Book on 31st December 2013 Rs. 63,400.
2. Interest on overdraft for 6 months ending 31st December 2013, Rs. 1,600 is entered in the
Pass Book.
3. Bank charges of Rs. 300 for the above period are debited in the Pass Book.
4. Cheques issued but not cashed prior to 31st December 2013 amounted to Rs. 11,680.
5. Cheques paid into bank but not cleared before 31st December 2013 were for Rs. 21,700.
6. Interest on investments collected by the bank is credited in the Pass Book Rs. 12,000.
22) Trial Balance of Rahul did not agree Rahul put the difference to Suspense Account. Subsequently, he
located the following errors:
1. Wages paid for the installation of Machinery Rs. 600 was posted to Wages A/c.
2. Repairs to Machinery Rs. 400 debited to Machinery A/c.
3. Repairs paid for the overhauling of second-hand machinery purchased Rs. 1,000 was debited
to Repairs A/c.
4. Own business material Rs. 8,000 and wages Rs. 2,000 were used for the construction of the
building. No adjustment was made in the books.
5. Furniture purchased for Rs. 5,000 was posted to Purchases A/c as Rs. 500.
6. Old machinery sold to Karim at its Book value of Rs. 2,000 was recorded through sales book.
7. Total of Sales Returns Book Rs. 3,000 was not posted to the ledger.
8. Rectify the above errors and prepare Suspense Account to ascertain the original difference in
Trial Balance.
23) On 1st April, 2016 a firm purchased machinery for Rs. 3,00,000. On 1st October, 2016, additional
machinery costing Rs. 1,50,000 was purchased On 1st October, 2017, the machinery purchased on 1 st
April, 2016 having become obsolete, was sold for Rs. 1,35,000. On 1st October, 2018, new
machinery was purchased for Rs. 3,75,000 while the machinery purchased on 1st October, 2016 was
sold for Rs. 1,27,500 on the same day. The firm provides depreciation on its machinery @ 10% per
annum on original cost on 31st March every year.
Show Machinery Account, Provision for Depreciation Account and Depreciation Account for the
period of three accounting years ending 31st March, 2019.
24) _____ is the arrangement of various assets and liabilities in a particular order
a) Marshalling b) Grouping c) All of these d) Balancing
25) From the following Trial Balance of Mr. Alok, prepare Trading and Profit & Loss Account for the
year ending 31st March, 2019, and a Balance Sheet as at that date:-
Drawings Rs. 5,275
Capital Rs. 59,700
Bills Receivable Rs. 4,750
Loan at 8% p.a. (on 1.4.2018) Rs. 10,000
Machinery Rs. 14,400
Commission Received Rs. 2,820
Debtors (including X for dishonoured Bill of Rs. 1,000) Rs. 30,000
Creditors Rs. 29,815
Wages Rs. 20,485
Sales Rs. 1,78,215
Returns Inward Rs. 2,390
Purchases Rs. 1,28,295
Rent Rs. 2,810
Stock (1.4.2018) Rs. 44,840
Salaries Rs. 5,500
Travelling Expenses Rs. 945
Insurance Rs. 200
Cash Rs. 9,750
Repairs Rs. 1,685
Interest on Loan Rs. 500
Discount Allowed Rs. 2,435
Bad-Debts Rs. 1,810
Furniture Rs. 4,480
The following adjustments are to be made :
I. Stock in the shop on 31st March, 2019 was Rs. 64,480.
II. Half the amount of X’s Bill is irrecoverable.
III. Create a provision of 5% on other debtors.
IV. Wages include Rs. 600 for erection of new Machinery.
V. Depreciate Machinery by 5% and Furniture by 10%.
VI. Commission includes Rs. 300 being Commission received in advance.
26) Capital at the beginning of the year Rs. 1,14,000
Capital at the end of the year Rs. 1,09,000
Drawings made during the year Rs. 40,000
During the year, the owner sold an investment of Rs. 25,000 at a premium of 2 % and that money
was brought into the business
27) Operating profit earned by M/s Arora & Sachdeva in 2016-17 was Rs. 17,00,000. Its non-operating
incomes were Rs. 1,50,000 and non-operating expenses were Rs. 3,75,000. Calculate the amount of
net profit earned by the firm.