CLASS-XI

ACCOUNTANCY

1. Satish who owed Rs. 50,000 is declared insolvent and only 60 paise in a Rupees received from
his estate. In journal entry,
(A) Bad Debts Account will be debited by Rs. 30,000
(B) Discount Allowed Account will be debited by Rs. 20,000
(C) Cash Account will be debited by Rs. 20,000
(D) Account of Satish will be credited by Rs. 50,000 1

2. Paid for rent of building Rs. 60,000. One fourth of the building is used by proprietor for his
residential purpose. In journal entry
(A) Rent Account will be debited by Rs. 60,000
(B) Rent Account will be credited by Rs. 45,000
(C) Cash Account will be debited by Rs. 60,000
(D) Drawings Account will be debited by Rs. 15,000 1
3. Imprest amount of petty cash book is Rs. 9,000. What will be the amount of reimbursement
on July 1, 2023 if the following expenses were incurred by petty cashier during the month of
June 2023.
(1) Postage and Stamps 2,730
(2) Conveyance 2,460
(3) Stationeries 610
(4) Miscellaneous Expenses 430

(A) Rs. 9,000 (B) Rs. 6,230 (C) Rs. 2,770 (D) Rs. 15,230 1

4. Mahesh Stationeries Mart sold 50 calculator @ 300 per calculator to Aneja Stationery and
sent a invoice and goods. But after receiving the delivery Aneja Stationery find that number
of calculators are only 47. Aneja Stationery will send:
(A) Invoice of Rs. 15,000 (B) Debit Note of Rs. 900
(C) Debit Note of Rs. 15,000 (D) Credit Note of Rs. 900 1
OR
Statement I: When a Cash Book is maintained, there is no need to open Cash Account in
the ledger.
Statement II: When a Purchases Book is maintained, there is no need to open Purchases
Account in the ledger.
(A) Statement I is correct but statement II is incorrect.
(B) Statement I is incorrect but statement II is correct.
(C) Both statements are correct
(D) Both statements are incorrect 1

5. Ramit is working as an accountant in Best Stationery Mart and purchased one HP Laptop
in cash from Computer Mart of Rs. 70,500 on 22-07-2024 for office purpose. He will prepare:
(A) Debit voucher (B) Credit voucher
(C) Transfer voucher (D) Cash Memo 1
OR
Debit means:
(A) Decrease in Liability (B) Decrease in Expenses
(C) Decrease in Assets (D) Increase in Capital 1

6. If the total of debit side is more than total of credit side, the account is said to be
---------------balance and we will write--------------
(A) Debit, By Balance c/d on Credit side
(B) Debit, To Balance c/d on Debit side
(C) Credit, To Balance c/d on Debit side
(D) Credit, By Balance c/d on Credit side 1

7. The following are the advantages of Petty Cash Book:

(1) Control over misappropriation
(2) Control over loss of business
(3) Control exercise by main cashier
 Choose the correct answer:
(A) 2 and 3 (B) 1 and 2 (C) 1, 2 and 3 (D) 1 and 3 1
OR
Contra Entries are not posted to ledger as:
(A) Part of single entry
(B) Transaction not recorded in journal
(C) Not a part of Accounting
(D) Their double entry is completed in two column cash book itself 1

8. Trial Balance contains balances of:

(A) Only Personal and Real Account (B)Only Real and Nominal Account
(C) Only Personal and Nominal Account (D) All Personal, Real and Nominal Account 1

9. At the end of accounting period, Accountant passed following three entries:

(1) Prepaid Insurance A/c Dr.
To Insurance A/c
(2) Capital A/c Dr.
To Drawings A/c
(3) Interest Received A/c Dr.
To Profit and Loss A/c

These are examples of:

(A) (1) Transfer Entry, (2) Closing Entry, (3) Adjustment Entry
(B) (1) Transfer Entry, (2) Adjustment Entry (3) Closing Entry
(C) (1) Closing Entry (2) Adjustment Entry (3) Transfer Entry
(D) (1) Adjustment Entry (2) Transfer Entry, (3) Closing Entry 1

10. Find out the Balance as per Pass Book on 31-03-2024.

(1) Overdraft as per Cash book Rs. 8,200
(2) Bank recorded a cash deposit of Rs. 3,200 as Rs. 2,300
(3) A cheque of Rs. 2,400 issued out of Saving bank Account but wrongly entered in cash
book

(A) Overdraft as per pass book Rs. 6,700

(B) Dr. Balance as per pass book Rs. 11,500
(C) Overdraft as per pass book Rs. 9,700
(D) Cr. Balance as per pass book Rs. 4,900 1

11. Total of Sales book posted to Sales Account is included in which step of process of
accounting?
(A) Recording (B) Classifying
(C) Summarising (D) Analysis and Interpretation of results 1
OR
 Various explanatory notes such as method of depreciation, method of valuation of inventory
and contingent liabilities are given after preparing financial statements, it shows the
following qualitative characteristics of accounting.
(A) Reliability (B) Comparability
(C) Understandability (D) Relevance 1

12. Which of the following transaction will be recorded in books?

(A) Received an order of supply of goods from Rajesh Rs. 52,000
(B) Placing of an order for supply to goods to Pankaj Rs. 12,000
(C) Conducting interview and selecting Sumit as an accountant on monthly salary of
Rs. 42,000 and giving Rs. 5000 as an advance.
(D) A cheque of Rs. 15,000 issued to landlord out of his personal saving bank account for
proprietor own resident 1

13. Which is an example of Event?

(A) Goods purchases for Rs. 65,000 (B) Goods sold for Rs. 88,000
(C) Payment of rent Rs. 12,000 (D) Profit is computed Rs. 11,000 1

14. It refers to practice of manipulating accounts so to conceal vital facts, so that the financial
position may disclose a more favourable position than the actual position.
(A) Price level changes (B) Present value of business
(C) Window Dressing (D) Qualitative elements 1
OR
Arrange the following in proper sequence of process of accounting.
(i) Summarising
(ii) Communicating to users
(iii) Identification of financial transaction and events
(iv) Recording
(v) Interpretation of results
(vi) Classifying
(A) (iv), (vi), (iii), (i), (v), (ii)
(B) (iv), (i), (v), (ii), (vi), (iii),
(C) (iii), (vi), (iv), (i), (ii), (v)
(D) (iii), (iv), (vi), (i), (v), (ii) 1

15. Which is not an example of Revenue Expenditure?

(A) Wages paid for repairs of building Rs. 27,000
(B) Wages paid for construction of building Rs. 50,000
(C) Wages paid for annual white washing expenses of building Rs. 92,000
(D) Wages paid for cleaning of building Rs. 35,000 1
OR
Building book value Rs. 9,00,000 sold for Rs. 10,20,000. So, Rs. 1,20,000 will be treated
as:
(A) Profit (B) Income (C) Revenue (D) Gain 1

16. Ind-As are ---------based standards.

(A) principle (B) rule (C) logic (D) original cost 1
17. Consider the following items:
1. Outstanding Rent 2. Commission received in advance
3. Bank Loan 4. Creditors

Current liability would include:

(A) 1,2,3,4 (B) 1,2,4
(C) 1,2,3 (D) 2,3,4 1
OR
Consider the following items:
1. Prepaid Insurance 2. Bank overdraft
3. Accrued Interest 4. Bills Receivable
Current assets would include:
(A) 1,3,4 (B) 1,2,4 (C) 1,4 (D 2,3,4 1

18. Goods and Services Tax is an ---------- tax levied at prescribed rate on every ---------- of goods
and services except on petroleum and alcohol for human consumption.
(A) indirect, supply (B) indirect, business transaction
(C) indirect, purchases (D) direct, Expenses 1

19. Yogesh started a business with capital of Rs. 2,00,000 and raised a loan of Rs. 75,000 from
the bank.
During the year he had introduced further capital of Rs. 60,000 and he had withdrawn
Rs. 36,000 for personal purpose. At the end of the year his assets were Rs. 3,80,000.
What will be the profit during the year.
(A) Rs. 57,000 (B) Rs. 81,000 (C) Rs. 1,66,000 (D) Rs. 76,000 1

20. Consider the following:

(I). Account of Mahesh (Customers) is a Natural Personal Account.
(2). Account of Punjab National Bank is a Representative Personal Account
(3). Account of Dinesh Industries Pvt. Ltd. is an artificial Personal Account.

Which are corrects:

(A) Both (1) and (3) (B) Both (2) and (3)
(C) Both (1) and (2) (D) All (1), (2) and (3) 1

21. Write down three “Golden Rule” of accounting. 3

22. Distinguish between Cash Account and Cash Book. 3

OR
Distinguish between Source Document and Vouchers. 3

23. You are required to determine the profit or Loss as per:

(A) Cash basis of accounting
(B) Accrual basis of accounting
Amount (Rs.)
 Professional fees received during the year
(Including fees received in advance Rs. 24,000) 6,65,000
Professional fees earned but not received 39,000
Expenses paid during the year
(Including expenses paid in advance Rs. 28,000) 3,96,000
Expenses due but not yet paid 33,000
3

24. Explain any three types of accounting. 3

25. Explain the following terms:

(A) Intangible Assets (B) Deferred Revenue Expenditure (C) Trade Discount 3

26. Explain any three objectives of Accounting Standards. 3

OR
Prepare Accounting Equation from the following Information and prepare Balance Sheet.
(i) Started business with cash 3,00,000 goods 90,000 and furniture 30,000.
(ii) Goods costing Rs.80,000 sold at a profit of 25% and only 70% amount received in cash.
(ii) Insurance premium paid Rs.12,000 (Including Rs.3,000 in advance) 3

27 Prepare Account of Mohan’s from following business transactions, who is our Supplier.
2024
July 1 Opening balance of Mohan’s account Rs. 8,400
July 2 Goods purchased from Mohan Rs. 70,000
July 8 Goods return to Mohan Rs. 5,200
July 9 Amount paid to Mohan Rs. 20,000 in full settlement of Rs. 21,000
July 30 Cheque issued to Mohan Rs. 7,600. 4

28. Name the Subsidiary books of Janta Stationeries House in which following transactions
will be recorded with reason.
(i) Note books purchased from Raman Stationery Mart Rs.28,000
(ii) Depreciation charged on Furniture Rs. 20,000
(iii) Books sold to Mohan Book depot Rs. 45,000 for cash.
(iv) Books return by Lal Book Depot Rs. 12,000 4

29. What is the nature of these accounts as per Modern Approach.

(i) Purchases (ii) Furniture
(iii) Bad Debts Recovered (iv) Bank Overdraft 4
OR
Pass Opening entry and post them into Ledger.
2024
Amount (Rs.)
April 1 Cash in hand 52,800
Stock 30,700
Bank Loan 20,100
Debtors 15,300 ( Rajesh 12,800, Mohan 2,500) 4
30. Prepare Two Column Cash Book with Cash and Bank Columns:
2024
June 1 Cash in hand Rs.58,000 and bank overdraft Rs. 9,700
June 2 Received a cheque from Bharti Rs.5,280
June 5 Deposited the above cheque into bank.
June 9 Cashed a cheque from bank Rs. 2,600
June 10 Bharti’s Cheque dishonoured and bank charged Rs.200 for that
June 12 Banked Rs. 700
June 15 Rent paid Rs. 1,400
June 18 Amount withdrawn from bank for personal use Rs. 1,200
June 20. Goods sold Rs.5,000 out of which 80% deposited into bank
June 29 Interest debited by bank Rs. 80
June 30 Deposited into bank balance of cash in excess of Rs.2,200. 6

31. Prepare Sales Book and Sales Return Book of M/s Sunil Book Depot, Delhi (Assuming that
IGST @12%)
2024
July 4 Sold to Royal Book Depot, Delhi vide invoice No. 212
100 Pen @ 20/- per pen.
300 Pencil @ 15/- per pencil
100 Note Book @ 40/- per note book
Trade Discount 20%

July 8 Sold to Sohan Book Depot, Delhi vide Cash Memo No. 178
400 Pen @ 30/- per pen.
220 Pencil @ 10/- per pencil
Trade Discount 10%

July 12 Sold to Raman Book Depot, Mumbai

500 Pen @ 20/- per pen.
400 Pencil @ 10/- per pencil
Cash Discount 3%

July 18 Returned by Royal Book Depot of Delhi 30 pen as they were defective,

July 23 Sold to Naveen Book Depot, Rajasthan vide invoice No. 290
20 Dozen Pen @ 10/- per pen.
240 Note Book @ 200/- per dozen.
Trade Discount 20%
July 26 Old Computer Sold to Somesh Brothers, Sonipat (Haryana) Rs. 6,000

Also prepare account of Royal Book depot, Delhi. 6

32. From the following balances prepare Trial Balance As at 31-03-2024 and difference is
treated as Capital.
Amount(Rs.) Amount(Rs.)
Sales 97,000 Loan to Amit 68,000
Bills payable 8,000 Interest on Amit’s loan 4,200
Bank Loan 16,000 Bad Debts 9,500
Goodwill 18,000 Return Outward 700
Rent from sublet of building 7,500 Premises 4,87,000
Commission received in advance 8,200 6

33. Pass Journal Entries for the following transactions:

(i) Provide 10% depreciation on furniture costing Rs. 60,000.
(ii) Received Rs. 4,000 from Mahesh, which were written off as bad debts in the previous.
(iii) Old car purchased for Rs. 90,000 and spent on its repair Rs. 2,000.
(iv) Fire Insurance premium paid Rs. 12,000.
(v) Goods withdrawn for personal use (Cost price Rs. 8,200 and selling price Rs. 9,000)
(vi) Outstanding salary of last year Rs. 6,500 paid. 6
OR
Pass Journal Entries for the following transactions:
(i) Sold goods to Ram Rs. 8,00,000 at a trade discount of 10% and cash discount of 2%.
Only 80% amount received in cash.
(ii) Purchased goods from Amar Rs. 4,00,000 at a trade discount of 20% and cash
discount of 3%. Only 70% amount paid by cheque.
(iii) Rs. 4,700 paid to Sumit on account of Rs. 9,000.
(iv) Rs. 13,700 received from Manish in full settlement of Rs. 15,000 6

34. Prepare Bank Reconciliation Statement as on 31-03-2024.

(i) Overdraft as per Pass Book Rs. 87,000
(ii) Cheque entered into cash book bank column but not sent to bank Rs. 8,400
(iii) Interest and dividend collected by bank on investment Rs. 4,600
(iv) Cheques deposited into bank Rs.8,200 but cheques of Rs. 7,000 had been credited by
bank upto 31- 03-2024.
(v) Cheque issued but omitted to be entered in cash book Rs. 3.400
(vi) Receipts Sides of cash book undercast by Rs. 3,000 6
OR
Prepare Bank Reconciliation Statement as on 31-03-2024.
(i) Credit balance as per Cash Book Rs.38,000
(ii) Cheque deposited into bank but wrongly entered in cash book cash column Rs. 4,000
(iii) Bank charges charged by bank Rs. 700
(iv) Payment side of cash book overcast by Rs. 4,000
(v) Cheques drawn on bank Rs. 15,000 but a cheque of Rs.2,000 presented for payment on
05-04-2024 and a cheque of Rs. 7,000 had not been presented so far.
(vi) Cash book bank column balance Rs. 1,810, when carried forward to next page written as
Rs. 8,110.