SHREEYADEVI BHAGIRATH RATHI
MAHESHWARI VIDYAPEETH
(An Institution of Shree Maheshwari Shikshan Sansthan)
Practice paper (January) (2024-25)
Class: XI Subject: Accountancy
1) Chingu & Co. purchased a machine at a cost of Rs. 57,000 and spend further 3,000 on its
installation. If depreciation is charged @10% p.a.(WDV) The value of machine after 3 years
will be
(a) 43,740 (b) 16260 (c) 41553 (d) 15447 (1)
2) On 1st april 2022 a Machinery having book value of Rs. 1,50,000. if it was purchased on 1st
Oct 2019 and was subject to a depreciation of 10% p.a. under Straight Line method. What
will be the amount of depreciation and Cost value of Machine
(a) 50,000 and 2,00,000 (c) 2,00,000 and 50,000
(b) 37,500 and 1,87,500 (d) 1,87,500 and 37,500 (1)
3) Gross Profit is 25% on Sales and Cost of Goods sold are Rs. 1,80,000, then Gross Profit will
be: (1)
4) Which of the following is not correct for Depreciation? (1)
a. It is a decline in the value of a fixed asset
b. It is a non-cash expense
c. It decreases only the book value of the asset, not the market value (d.) It is also known
as Depletion
5) A company purchased a plant for Rs.50,000. The useful life of the plant is 10 years and the
residual value is Rs.10,000. Find out the rate of depreciation under straight line method. (1)
(a) 8% (b) 7%
(c) 6% (d) 5%
6) The W.D.V. of an asset after 3 years of depreciation on reducing balance method @ 10 % p.
a. is Rs. 58,320. What was its original cost? (1)
(a) 70,000 (b) 80,000
(c) 80,500 (d) 70,500
7) Rearrange the following assets in order of Liquidity (1)
i) Bills Receivable ii) Debtor iii) Stock iv) Prepaid Expenses
a) i, ii, iii, iv b) iii, iv, i, ii
c) ii, iii, iv, i d) iv, i, iii, ii
8) Differentiate between Straight line method and Written down Value method. Also give one
other name of each. (1)
9) Adjusted purchase means ………… (1)
(a) Opening stock + purchase – closing stock
(b) Opening stock + Purchase – purchase return
(c) Opening stock + Purchase + Purchase expenses – purchase return – closing stock
(d) Opening stock+Purchase+Purchase expenses+Other expenses–purchase return–closing
stock
10) A machine is purchased for Rs. 80,000 and spent Rs. 10,000 on its immediate 1 installation.
Its scrap value is Rs. 6,000 and Estimated Life is 10 years. Its yearly deprecation as per Fixed
Installment Method will be:
a. Rs. 8,600
b. Rs. 8,400
c. Rs. 9,600
d. Rs. 9,0001
11) Calculate COGS and Closing Stock if Net Sales is 10,00,000 and Gross profit is 25% of Cost
and Opening Stock is 50,000, Net Purchases 8,00,000, Wages 50,000, Carriage outward
20,000. (2)
12) Calculate Gross profit when: (2)
Total Purchases during the year are Rs.8,00,000
Return outward Rs.20,000
Direct Expenses Rs.60,000
2/3 of the goods are sold for Rs.6,10,000
13) Sheela Ltd. has purchased a machine for 48,000 on 1-04-2012. Installation expense of this
machine was 2000. An estimated life of this machine is 10 years and scrap value of machine
is expected to be 10,000. Determine annual depreciation and annual depreciation rate
under straight line method of depreciation. (2)
14) Calculate the value of Closing Stock from the following details: - (3)
(Rs. (Rs.)
Opening Stock 25,000 Purchases 93,000
Sales 1,52,000 Carriage Inwards 5,000
Return Outwards 3,000 Carriage Outwards 6,000
Return Inwards 2,000 Salaries 30,000
Wages 22,000 Rate of Gross Profit 25% on Cost
15) From the following figures, calculate Operating Profit: (3)
(Rs. (Rs.)
Net Profit 1,00,000 Loss by Fire 2,000
Profit on Sale of Machine 7,000 Rent Received 10,000
Salary 22,000 Donation 5,000
st
16) You are given the following balances as on 1 April 2021:
Machinery A/c Rs. 5,00,000
Provision for Deprecation A/c Rs. 1,20,000
Deprecation is charged on Machinery @ 10% p.a. on Original Cost Method. A piece of
machinery purchased on 1st April 2019 for Rs. 1,00,000 was sold on 1st October 2021 for Rs.
80,000.
Prepare Machinery Account, Provision for Depreciation Account and Machinery Disposal
Account for the year ended 31st March 2022. (4)
17) From the following information Prepare Profit and Loss Account for the year ending 31st
March 2023 and Balance Sheet on the same date: (6)
Closing Stock was valued at Rs. 7,000.
18) The following is the Trial Balance of Shri Akshay kumar as on 31-3-1999: (6)
Particulars Debit Rs. Credit Rs.
Opening stock 75,000 -
Stationery and Printing 1,250 -
Drawing and Capital of Akshaykumar 25,000 2,22,500
Purchases and Sales 1,50,000 3,00,000
Personal Accounts 1,37,500 92,500
Plant and Machinery 1,00,000 -
Buildings on lease (from 1-4-98 for 5 years) 1,00,000 -
Repairs 1,250 -
Goods returned 2,500 1,250
Discount 550 1,500
Interest on Bank overdraft and Bank charges 200 -
Wages, Cartage and Octroi 13,000 -
Salesmen’s traveling expenses 1,500 -
Bad debts and Reserve for bad debts 1,000 4,750
Salary 12,500 -
Insurance and Taxes 2,000 -
Cash and Bank overdraft 1,250 2,000
TOTAL 6,24,500 6,24,500
Closing Stock is 50,000
