Section A

1) Identify which of the following is current and non-current assets:

a) Plant and Machinery
b) Goods purchased for resale
c) Land
d) Building
e) Furniture

2) Identify which of the following are tangible and non-tangible assets

a) Trademark
b) Vehicle
c) Brand name
d) Furniture

3) Identify which of the following are assets? (You may write assets / not assets against each of the following)
a) Cooking utensils owned by a restaurant
b) Cooking utensils owned by a bookstore
c) Sports equipment for sports club
d) Sports equipment for a flower shop
e) Medicines for a chemist shop
f) Medicines for a fashion store

4) If the liabilities of a firm are INR 7,000 and capital is INR 3,000. What is the value of total assets?

5) If cash 50,000; Bank 50,000; Debtors 10,000; Creditors 20,000; Plant and Machinery 1,00,000; Building
2,00,000; Furniture 20,000; Bills Receivable 50,000; Bills Payable 20,000. What is the value of capital?

6) Show the effect of following transactions on the accounting equation as shown in the first example below
Example: Purchase of furniture for cash INR 10,000

a) Purchased stock for cash INR 55,000

b) Introduced capital of INR 1,00,000 into the business
c) Owner withdrew cash of INR 12,000 for personal use
d) Purchased goods on credit from Mr. Sohan for INR 10,000

7) As per the rules of debit and credit, on which side (debit/credit) is the following transactions recorded?
a) Increase in assets
b) Decrease in liabilities
c) Increase in capital
d) Increase in expenses

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 8) Form journal entries (using proper format as per the example below) for the following transactions:

Example: Plant and machinery purchased for cash INR 2,00,000 on 10th August 2023

1) Purchased furniture for cash of INR 1,00,000

2) Purchased goods for cash of INR 20,000
3) Owner introduced capital of INR 2,00,000
4) Cash deposited to bank INR 10,000
5) Amount of INR 5,000 withdrawn from bank

Section B

9) Form Journal entry, account, and trial balance for the following transactions:
a) Purchased machinery of INR 20,000 for cash
b) Sold goods on credit to Mr. Sohan INR 10,000
c) Purchased goods from Mr. Mohan on credit for INR 15,000

10) Give journal entries for the following ‘adjustments’ in the final accounts:
1) Salaries INR 5,000 are outstanding
2) Insurance to INR 2,000 paid in advance
3) Commission earned but not received INR 1,000
4) INR 4,000 rent has been received in advance
5) Interest on capital INR 15,000
6) Interest on drawings INR 3,000
7) Unrecorded interest receivable of INR 1,700

11) Following are the extracts from trial balance of a firm as on 31st Mar’23:

Trial balance as on 31st March 2023

Accounts Debit Credit
Debtors 4,10,000
Provision for doubtful debts 20,000
Bad debts 6,000

Pass journal entries basis following information:

1) Additional bad debts – INR 10,000
2) Maintain the provision for doubtful debts @10% on debtors

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Section C

12) 12, 11, 13, 12, 14, 13, … What number should come next?
A. 10
B. 16
C. 13
D. 15

13) 22, 21, 23, 22, 24, 23,.. What number should come next?
A. 22
B. 24
C. 25
D. 26

14) F2,___, D8, C16, B32,.. What should be the missing number?
A. A16
B. G4
C. E4
D. E3

15) SCD, TEF, UGH, ___, WKL, what should be the missing number?
A. CMN
B. UJI
C. VIJ
D. IJT

16) Tanya is older than Eric.

Cliff is older than Tanya.
Eric is older than Cliff.
If the first two statements are true, the third statement is
A. true
B. false
C. uncertain

17) If 3(x - y) = 27 and 3(x + y) = 243, then x is equal to:

A. 0
B. 2
C. 4
D. 6

18) (17)3.5 x (17)? = 178

A. 2.29
B. 2.75
C. 4.25
D. 4.5

19) A, B, C subscribe Rs. 50,000 for a business. A subscribes Rs. 4000 more than B and B Rs. 5000 more than
C. Out of a total profit of Rs. 35,000, A receives:
A. 8400
B. 11900
C. 13600
D. 14700

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20) A tank is filled in 5 hours by three pipes A, B and C. The pipe C is twice as fast as B and B is twice as fast
as A. How much time will pipe A alone take to fill the tank?
A. 20 hrs
B. 25 hrs
C. 35 hrs
D. Cannot be determined
E. None of these

21) Find out the wrong number in the series 1,1,2,6,24,96,720

A. 720
B. 96
C. 24
D. 6
E. 2