Aaditya Vidya Vihar Hr. Sec.

School, Khargone
Class:- 11th Weekly Periodic Test -I M.M. : 50
Subject: - Accountancy Session – 2023-24 ( SET - A) Time : 2 Hours

Q.1 Cost price or realizable value, whichever is less, is used for the valuation of : 1
(a) Current Assets (b) Closing Stock
(c) Fixed Assets (d) All Assets
Q.2 Assertion: The financial statements do not reflect the true position of a business. 1
Reasoning: Accounting information is sometimes based on estimates.
(A) Both A and R are correct, and R is the correct explanation of A.
(B) Both A and R are correct, but R is not the correct explanation of A.
(C) A is correct, but R is incorrect.
(D) A is incorrect, but R is correct.
Q.3 Goods sold for Cash Rs 25,000 plus 12% IGST. Sales A/c will be credited by : 1
(a) Rs 22,000 (b) Rs 25,000
(c) Rs 28,000 (d) Rs None of these
Q.4 Which expenditure are incurred for day to day running of the business & maintenance of
capital assets ? 1
( a ) Capital Expenditure (b) Revenue Expenditure
( c ) Investment Expenditure ( d ) Fixed Expenditure

Q.5 Cash sales ( Including CGST and SGST @ 6% each ) is Rs 1,904. The amount of
Sales A/c will be : 1
(a) Rs 2,132 (b) Rs 1,700
(c) Rs 1,676 (d) None of these

Q.6 Pick the odd one out: 1

(a) Bank Loan (b) Cash at Bank
(c) Creditors (d) Bills Payable

Q.7 Original cost of an assets is Rs 1,26,000; scrape value is Rs 6,000; Useful Life is 6 years.
The rate of depreciation under Straight Line Method will be : 1
(a) 15.87% (b) 16.67%
(c) 15.80% (d) 16.56%

Q.8 Meeta and vaishali are two partners of a firm. The firm receives an order for goods. Vaishali 1
wants to include it in the sales figure but Meeta opposes it. How should the issue be settled?
(A) Amount of goods should be included in purchase figure.
(B) Amount of goods should be included in sales figure.
(C) Amount of goods should be excluded from sales figure.
(D) Amount of goods should be excluded from purchase figure.
Q.9 The process of ascertaining the amount of profit earned or loss incurred during a particular
period involves deduction of relation expenses from the revenue earned during that period.
This concept emphasizes exactly on this aspect. It states that expenses incurred in an
accounting period should be matched with revenues during that period. It follows from this that
the revenue that expenses incurred to earn these revenues must belong to the same
accounting period.
Which accounting concept is being referred above: 1
(A) Principle of Prudence (B) Dual Aspect Concept
(C) Matching Cost Concept (D) Going Concern Concept.

Q.10 Assertion: Cash book ascertains the amount of cash with the firm. 1
Reasoning: It is necessary to know the amount of cash available with the firm at any point of
time , whether at bank or at hand.
(A) Both A and R are correct, and R is the correct explana on of A.
(B) Both A and R are correct, but R is not the correct explana on of A.
(C) A is correct, but R is incorrect.
(D) A is incorrect, but R is correct.

Q.11 Consider the following statements with regard to the accounting treatment of various accounts:
(i) Increase in asset is debited and decrease in asset is credit. 1
(ii) Increase in expenses/losses is debited and decrease in expense/losses is credited.
(iii) Increase in liabilities is credited and decrease in liabilities is debited.
(iv) Increase in capital is credited and decrease in capital is debited.
Identify the correct statement/statements:
(A) (i) and (ii) (B) (ii) and (iii) (C) (i), (iii) and (iv) (D) (i), (iii) and (iv)

Q.12. Pick the odd one out: 1

(A) Computer (B) Goodwill (C) Patents (D) Trade Mark

Read the following hypothetical situation, answer question no. 13 and 14.
On 1st
April, 2018 Cash Book have overdraft balance of Rs 5,000 in his bank
column.Cheque deposited amounted Rs 20,000 and cheque issued for insurance
Rs 7,000.A interest of Rs 700 also allowed by bank and owner withdrawn from bank
Rs 750 for his personal use. During April firm purchase a Machinery amounted Rs
10,000 from Ram and paid him Rs 2,000 through cheque. A bill Rs 5,000 with a
maturity of 6 months, discounted @6% p.a.
Required: Give answers from the following question and select proper option.

Q.13. What amount will be recorded for Bill discounted in Cash Book 1
(a) Debit Bank Rs 4,700 (b) Credit Bank Rs 4,850
(c) Debit Cash & Credit Bank by Rs 4,850 (d) Debit Bank Rs 4,850

Q.14. Where will we record machinery amount 1

(a) Rs 2,000 in cash book & Rs 8,000 in Purchases book
(b) Rs 10,000 in Cash Book.
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 (c) Rs 8,000 in journal proper & Rs 2,000 in Cash Book
(d) Rs 2,000 in journal proper.

Q.15 Ram sold the Machinery to Rahim on credit for 10,000. What will be the journal entry? 1

(A) Rahim Dr. 10,000

To Machinery 10,000
(Being Machinery sold to Rahim on credit)
(B) Ram Dr. 10,000
To Machinery 10,000
( Being Machine sold )
(C) Sales A/c Dr. 10,000
To Machinery 10,000
( Being Machine sold )
(D) Rahim Dr. 10,000
To Sales A/c 10,000
(Being machine sold to Rahim on credit)

Q.16 Which of the transactions will not become a part Of Bank Reconciliation Statement:- 1
(A) Direct deposit by Ram in bank Rs. 10,000.
(B) Bank Charges Rs. 35
(C) Goods sold to Shyam on credit Rs. 5,00,000.
(D) Cheques deposited but dishonoured.

Q.17 Pick the odd one out: 1

(A) Return Inward Book (B) Return Outward Book (C) Journal Paper (D) Ledger

Q.18 X, Ltd. Purchased a machinery for 1,00,000 and paid 15,000 for its installation. Every
year it depreciates its assets at the rate of 10%. What will be the correct journal entry for it?
(1)

(A) Depreciation A/c Dr. 10,000

To Machinery A/c 10,000
(Being machinery depreciated at the rate of 10%)
(B) Depreciation A/c Dr. 11,500
To Machinery A/c 11,500
(Being machinery depreciated at the rate of 10%)
(C) Machinery A/c Dr. 10,000
To Depreciation A/c 10,000
(Being machinery depreciated at the rate of 10%)
(D) Machinery A/c Dr. 11,500
To Depreciation A/c 11,500
(Being machinery depreciated at the rate of 10%)
Q.19 If Capital of a business is Rs 40,000, Creditors Rs 25,000, Revenue Rs 40,000 and
Expenses Rs 50,000 respectively, then value of total assets will be:
(a) 65,000 (b) 75,000
(c) 55,000 (d) 1,05,000 1

Q.20 Wages paid to workers for setting-up new machinery is an example of which type of
expenditure. 1
(A) Revenue Expenditure (B) Capital Expenditure
( C) Recurring Expenditure (D) Not an Expenditure

Q.21 Explain the following terms With an example for each: 3

(i) Provision
(ii) Prudence Concept

Q.22. Show an accounting equation on the basis of the following transactions: 3

(i) Started business with cash 80,000 and goods 70,000.
(ii) withdraw cash for personal use 20,000.
(iii) Bought furniture for 15,000 on credit and paid salaries 8,000.

Q.23. In the following Purchases Return Book, determine the missing information: 4
Purchase Return Book

Date Particulars L.F. Details ( ) Details ( )

2017 M/s Sandeep Traders

June 10 30 shirts @ …(1) ….. per shirt 90,000
….(2)….
20 trousers @ 2,000 per trouser

….(3) ….
Less : Trade Discount @10% ….(4) …. ….(5)…..
June 24 M/s Price Fashion House
5 fancy tousers @ 1,000 each trouser ….(6)….
4,000
…(7)….. fancy hats @ 1,000 per hat

….(8)…..
Less: Trade Discount @...(9)….. …. 8,550
(10)….
June 28 M/s Goldy Fashion House
2 fancy lehenga @ 20,000 per piece ...(11)…
2,000 38,000
Less: Trade Discount @ ….(12)….
June 30 ….(13)…. …… Cr.. ....(14)…

Q.24. Give the rectification Journal Entries for the following transactions: 4
(i) A builder bill for 50,000 for creation of small shed for cycles was debited to Repairs A/c.
(ii) A Bill of Exchange (received from Prateek) for 25,000 had been returned by bank as
dishonoured and had been credited to Bank A/c and debited to Bills Receivable A/c.
 (iii) Purchase of goods from Vinod amounting to 6,000 has been wrongly passed through
Sales Book.
(iv) An amount of 3,600 due from Vrinda, which had been previously written off as bad
debt, was unexpectedly recovered, and has been posted to personal account of Vrinda.

Q.25. A Maruti van was purchased on 01/01/2000 for 60,000 and 5,000 was spent on its
repair and registration. On 01/07/2001 another van was purchased for 70,000. On
01/01/2002, the van purchased on 01/01/2000 was sold for rs 45,000 & new van costing Rs.
1,70,000 was purchased on same date. Show the Maruti van Account from 2000-2002 on the
basis of Straight Line Method, if the rate of depreciation charged @10% p.a. Assume that
books are closed on 31st December every year. 5

Q.26. Journalise the following transactions:-

(i) Bought goods for 5,000 plus CGST and SGST @6% each.
(ii) Sold goods to Mehtab for 50,000, charged CGST and SGST @6% each.
(iii) Sold goods to Arpana for 60,000 against cheques, charged IGST @12%
(iv) Computer purchased by Atul & Co., Delhi for office use form HP Ltd., Greater Noida (UP)
for 50,000 plus IGST @12%, payment made by cheques.
(v) Paid Telephone bill of 5,000 plus CGST and SGST @6% each. 5

Q.27. Prepare a double column Cash Book with cash and bank column with following information:

Date Particular Amount( )

2019 April 1 Cash-in-hand 1,00,000

Bank Overdraft 40,000
April 4 Bought goods for cash 50,000
April 7 Sold goods for cash 20,000
April 10 Paid Rent 6,000
April 12 Cash deposited into Bank 20,000
April 15 Goods sold to Ajay 4,000
April 18 Cheque received from Ajay 3,800
Discount Allowed to Ajay 200
April 20 Cheque received from Ajay deposited with Bank -----
April 22 Paid salaries through Cheque 5,000
April 25 Withdrawn from bank for office use 5,000
April 28 Paid insurance premium by Cheque 5,000
April 30 Paid taxes through Bank 1,000
(6)
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