Economics

PT-01, 2023-24
Class – XI, Subject: Accountancy

Time: 90 Min MM: 40
General Instruction:
(i) All Questions are compulsory to attend.
(ii) Prepare Account where ever it is necessary.
Q.No Question’s Marks

01. What is the next step of accounting after Identifying and measuring the financial transactions? 1
(a) Classifying (b) Summarizing
(c) Recording (d) Analysis and Interpretation.
02. Record necessary Journal entries assuming CGST @ 5% and SGST @ 5% and all transactions are 1
occurred within Delhi.
Shobha bought goods ₹ 1, 00,000 on credit.
03. Ridhi from whom Goods were purchased at a trade discount of 10%, amount paid to Ridhi (Creditor) 1
in full settlement at a 2% cash discount i.e. ₹ 900.What was the list price of the goods purchased?
(a) ₹ 45,000 (b) ₹ 48,000 (c) ₹ 50,000 (d) ₹ 60,000.
04. Amount due from Krish (Debtor) ₹ 50, 000 and received a cheque from him in full and final settlement 1
of his account after discount of 2%. Identify the correct entry from the following:
(a) Krish’s A/c Dr. 50,000; To Discount Received A/c 1,000, To Bank A/c 49,000.
(b) Bank A/c Dr. 49,500, Discount Allowed A/c Dr. 500; To Krish 50,000.
(c) Bank A/c Dr. 49,000, Discount Allowed A/c Dr. 1,000 ; To Krish 50,000.
(d) Krish’s A/c Dr. 50,000; To Discount Received A/c 500, To Bank A/c 49,500.
05. Assertion (A): Expenditure of Revenue Nature that gives benefit for more than one accounting period 1
is categories as Deferred Revenue Expenditure.
Reason (R): A revenue expenditure, the benefit of which will accrue in more than one financial year
& will be written off in the same manner (in more than one accounting period) is called
Deferred Revenue Expenditure.
Choose the correct option:
(a) Both Assertion and Reason are correct and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are correct but Reason is not the correct explanation of Assertion.
(c) Only Assertion is correct.
(d) Only Reason is correct.
06. If total assets of a business are ₹10, 00,000 and outside liabilities are 40% of the total assets. What is 1
the amount of owner’s equity?
(a) ₹ 10, 00,000 (b)₹ 4, 00,000 (c)₹ 14, 00,000 (d)₹ 6, 00,000.
07. Identify the wrong statement from the following: 1
(a) The revenue is recognized at the time of sale irrespective of amount is received or not
(b) Banks may create Secret Reserve by making more provision for doubtful debts
(c) As per the Historical Cost Principle asset should be recorded in the books at the price at which it is
acquired.
(d) Tangible Fixed Assets are those assets which do not have physical existence.
1
08. 1
Match the followings:
1. Goods taken by proprietor for personal use and paid the (a) Rebate.
amount by cheque
2. Life Insurance Premium paid by the firm (b) Not to be recorded in Journal.
3. Reduction in the sale price due to poor quality of goods, (c) Sales.
reduced amount is
4. Received an order for ₹ 50,000 for supply of goods (d) Drawings.
Choose the correct option:
(a) 1-d; 2-a; 3-c; 4-b
(b) 1-c; 2-d; 3-b; 4-a
(c) 1-d; 2-c; 3-a; 4-b
(d) 1-c; 2-d; 3-a; 4-b
09. Explain qualitative characteristics of Accounting Information? 3
10. Describe the objectives of Accounting. 3
11. Mention the limitations of Accounting Standards. 3
12. On 31 March, 2023 the total assets & external liabilities were ₹ 2, 00,000 and ₹ 6,000 respectively.
st
3
During the year, the proprietor had introduced additional capital of ₹ 20,000 and had withdrawn ₹
12,000 for personal use. He made a profit of ₹ 20,000 during the year.
Calculate the capital as on 1st April, 2022.
13. Differentiate between Accrual basis of accounting and Cash basis of accounting on the basis of 4
(i) Legal position (ii) Acceptability (iii) Reliability, and (iv) Suitability.
14. Explain the following: 4
(a) Convention of full disclosure (b) Consistency Concept
(c) Prudence Concept (d) Money Measurement Concept
15. Show the Accounting Equation: 6
(a) Commenced business with cash ₹ 50,000, Goods ₹ 30,000 and Furniture ₹ 25,000
(b) Purchased goods from Ranjna on credit ₹ 20,000.
(c) Sold goods for cash ₹ 14,000 (Costing ₹ 15,000).
(d) Sold goods to Raj on credit ₹ 27,500 (Costing ₹ 25,000).
(e) Withdrew for personal use goods costing ₹ 1,500 and Cash ₹ 2,300.
(f) Purchase Computer for office use for Cash ₹12,500.
(g) Paid ₹ 18,000 to Ranjna in full settlement of her account.
(h) Half of the above goods sold at a profit of 20%. Half of which received in cash.
16. Pass necessary journal entries: 6
(a) Started business with Cash ₹ 50,000 and Cheque of ₹ 4, 00,000.
(b) Bought goods of the list price of ₹ 1, 00,000 from Rohan Bros. less 20% trade discount and 5%.
Cash discount on purchase price. 60% of the amount was paid immediately by cheque.
(c) Sold goods to Tanuj& Co. of the list price of Rs. 2, 00,000 less 15% trade discount and 4% cash
discount on sale price and received 40% by cheque.
(d) Paid to Rama Shankar ₹ 95,000 by Cheque after deducting 5% cash discount.
(e) Withdrew from bank ₹ 60,000 for office use and ₹ 20,000 for personal use.
(f) Received by Cheque for a bad debt written off last year ₹ 10,000.

Economics

Uploaded by

Copyright:

Available Formats

Economics

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Economics

Uploaded by

Copyright:

Available Formats

PT-01, 2023-24

Class – XI, Subject: Accountancy

Q.No Question’s Marks

You might also like