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Time: 45 Min. Xi-Accountancy MM:20

1. The document contains an accounting exam with multiple choice and numerical questions. 2. Question 1 asks about the gain from selling a piece of machinery that was purchased for Rs. 40,000 and sold for Rs. 45,000. 3. Question 8 requires calculating profit/loss for 2020-21 given information about opening capital amounts, capital introduced/withdrawn, interest rates, drawings, asset/liability amounts as of 31 March 2021.

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62 views2 pages

Time: 45 Min. Xi-Accountancy MM:20

1. The document contains an accounting exam with multiple choice and numerical questions. 2. Question 1 asks about the gain from selling a piece of machinery that was purchased for Rs. 40,000 and sold for Rs. 45,000. 3. Question 8 requires calculating profit/loss for 2020-21 given information about opening capital amounts, capital introduced/withdrawn, interest rates, drawings, asset/liability amounts as of 31 March 2021.

Uploaded by

Sudhanshu gupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Time: 45 min.

XI-Accountancy
MM:20

Q1. Ram started a business for buying and selling of stationary with ₹500,000 as initial investment. Of which he
paid ₹100,000 for furniture, ₹200,000 for buying stationary item. A Part of machinery, which cost ₹40,000 was
sold for ₹45,000. What is the gain he earned?
(1)
Q2. If the owner’s fund is ₹20,000 and Creditors ₹40,000. What is the total assets of the firm? (1)
Q3. Which of the following is an intangible asset?
a) Machinery
b) Bills Receivables
c) Patents
d) Furniture
(1)
Q4. According to convention of consistency
A. Accounting policies and practices once adopted should be consistently followed.
B. Accounting policies and practices adopted may be changed as per the management’s decision.
C. Accounting policies and practices once adopted can not be changed under any circumstances.

a) Only A is correct.
b) Only B is correct.
c) Only C is correct
d) None of these.
(1)
Q5. Amount paid or payable against the purchase of goods is which type of expenditure?
(1)
Q6. Which is the last step of accounting as a process of information?
(1)
Q7. An accountant has recorded advance received against sale of goods as ‘advance against sale’ and not as sales.
Is he correct in doing so? If yes name the accounting concept which he requires so? Also explain it. (2)
Q8. You are required to calculate the profit/loss for the financial year 2020-21. The following information is given:
a. The capital as on 1.4.2019 was ₹500,000.
b. Owner introduced ₹50,000 as fresh capital on 30.9.2019 and ₹100,000 as on 30.6.2020.
c. Owner withdraw his capital worth ₹40,000 on 31.12.2020.
d. Interest on capital shall be provided @ 12% p.a. and Interest on drawings shall be charged @ 15% p.a.
e. Drawings for the year 2019-20 ₹50,000 and for 2020-21 ₹55,000.
f. The statement was given to you by the owner as on 31.3.21 as follows:
1. Machinery ₹600,000
2. Furniture ₹250,000
3. Cash and Bank ₹65,000
4. Stock in hand ₹35,000
5. Unsecured loans ₹40,000
6. Creditors ₹5,000
(4)
Q9. Prepare the accounting equation from the following information:
a) Liabilities: Creditors- ₹40,000; O/S Expenses- ₹2,000; Bank Loan- 150% of creditors.
b) Assets: Machinery- ₹500,000; Furniture- ₹100,000; Stock 250% of Creditors; Cash 20% of bank loan; Bank-
₹40,000.
c) Took a new loan of ₹40,000 from the bank.
d) Purchased goods of ₹50,000 (list Price) @ 10% trade discount on credit.
e) Sold goods of costing 30,000 at 60% profit with 5% trade discount. Half payment received by cheque
immediately.
f) Paid amount to creditors ₹55,000 by cheque.
g) Paid rent in cash ₹500 and salary ₹5500 by cheque.
h) Received commission ₹2000 in bank account.
i) Loss by fire of goods worth ₹500.
j) Paid for insurance ₹3000 from bank of which ₹1000 is prepaid.
k) Sold goods for cash costing 42,000 @33.33% @5% trade discount.
l) Cash deposited in bank ₹40,000.
m) Settled the account of creditors @5% discount.
(8)
©

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