VENKATESHWAR INTERNATIONAL SCHOOL

Sector – 10, Dwarka, New Delhi – 0075

HALF YEARLY (2024-25)
ACCOUNTANCY

CLASS – XI

Time: 3 hrs. Max. Marks: 80

General Instructions:
1. There are 34 questions in the question paper. All questions are compulsory.
2. Question nos. 1 to 20 carrying 1 marks each.
3. Question nos. 21 to 26 carrying 3 marks each.
4. Question nos. 27 to 29 carrying 4 marks each.
5. Question nos. 30 to 34 carrying 6 marks each.

1. What shall be the amount of Capital if Cash is Rs.5,000; Furniture Rs.12,000; Stock Rs.30,000
and Creditors Rs.6,000.
(a) Rs.53,000 (b) Rs.47,000 (c) Rs.41,000 (d) Rs 49,000
2. Cash received from Kajal Rs.36,000 after allowing her discount @10%. Amount debited to
discount account will be:
(a) Rs. 3,600 (b) Rs. 4,000 (c)Rs.5000 (d)Rs 39,600
3. Sold goods worth list price of Rs.8,000 at 10% trade discount and 2% cash discount. 25%
received at the time of transaction only. The amount posted to discount account will be:
(a) Rs. 36 on Debit side (b) Rs. 144 on Credit side
(c) Rs. 144 on Debit side (d) Rs. 40 on Credit side
4. Goods costing Rs.20,000 is sold at a profit of 20% on cost and trade discount is allowed @
10% and cash discount of 10% is also allowed. Half the payment was received at the time of
sale. What is the amount of cash received at the time of sale?
(a) Rs. 9,720 (b) Rs. 10,800
(c) Rs. 11,880 d) Rs. 10,820
5. Goods costing Rs.30,000 supplied to Mohan at a profit of 25% of sales price less Trade
discount @5% will be credited to Sales A/c with:
(a) Rs.35,625 (b) Rs.38,000
(c) Rs.37,500 (d) Rs.34,200
6. Gopal is our debtor for Rs. 10,000. He became insolvent and only 60 paise in a Rupee is
received from him. The balance of Rs.4,000 would be entered to the :
(a) Debit of Discount A/c (b) Credit of Discount A/c
(c) Debit of Bad-Debts A/c (d) Credit of Bad-Debts A/c
7. Imprest amount Rs.5,000. What will be the amount of re-imbursement if following expenses
were incurred by the petty cashier during the month — Wages = Rs. 1,450, Tiffin = Rs. 1,050,
small Repairs = Rs.500, General expenses = Rs.400.
(a) Rs. 1,600 (b) Rs.3,400
(c) Rs.3,050 (d) Rs.3,000
8. From the following balances calculate the amount of Non Current Assets

Goodwill :- Rs.26,000; Bank Overdraft :- Rs.10,000 ; Accrued Interest Rs.15,000 ; Computer &
Computer Software :- Rs 2,50,000 ; Cash Balance Rs.70,000
9 A business purchased goods for Rs 2,00,000 and sold 75% of the goods during accounting year
ended 31st March, 2023. The market value of remaining goods was Rs 58,000. At what amount
will the closing inventory appear?

10. Repair expenses paid on purchase of an old machine debited to

(a) Repair Account (b) Machinery Account

(c) Misc Expenses Account (d) None of these

11. Assertion (A): Only cash transactions are recorded under cash basis of accounting.

Reason (R): Cash basis of accounting does not give a true and fair view of profit or

loss of the business because it ignores outstanding expenses, prepaid

expenses, accrued incomes etc.

Which one of the following is correct?

a. Both (A) and (R) are true (R) is the correct explanation of (A).

b. Both (A) and (R) are true, but (R) is the not correct explanation of (A).

c. (A) is true, but (R) is false.

d. (A) is false, but (R) is true.

12 Identify the accounting term highlighted in the following statement. Also give one example of
it:- “It is a value which has expired during the accounting period.”
13. A building is given to a tenant on rent for Rs. 2,40,000 p.a. but during the year Rs.3,00,000 is
received. Pass the adjusting journal entry at year end.

14. Anant charged depreciation on his Fixed Assets of Rs 8,50,000 @ 10% p.a. in year 2018. He
then charged depreciation in year 2019 at the rate of 12% p.a. Management is facing problem in
comparing the data in consecutive years. Identify and name which principle / assumption has
been violated by Anant

15. According to principle of conservatism closing stock is valued at

(a) At cost price
(b)At Realisable value
(c)Cost price or realisable value whichever is less
(d) At Real Value.
16. Land and building are shown at Rs.10 lakhs in the Balance Sheet of the business owned by
Mr. Yuvraj. However, as per the certificate of govt. approved valuer the realizable value of Land
and building is Rs. 20 lakhs. Mr. Yuvraj wants to show the land and building at this value in his
books. Can he do so?
17. The cost of a small calculator is accounted as an expense and not shown as an asset in a
financial statement of a business entity due to............
(a) Materiality concept
(b) Matching concept
(c) Periodicity concept
(d) Principle of full disclosure
18. Goods worth Rs.7,000 given away as charity would be credited to :
(a) Sales A/c
(b) Purchases A/c
(c) Charity A/c
(d) Trustee A/c

Q19. The mathematical expression defining the comparative relationship between assets and
liabilities of any person, institution, or business concern is called _____.
(a) Accounting (b) Accounting equation (c) Bookkeeping (d) None of these
20. Which of the following is not recorded in the Cash Book?
a. Credit Sales b. Cash Receipts
c. Cash Payments d. Opening Cash Balance

21. Pass the opening journal entry:

Premises Rs.50,000; weighing machine Rs.15,000; Patents Rs.30,000; security deposit against
rent Rs.50,000; Trade Receivables Rs.2,000; Inventory Rs.75,000; bank balance Rs.1,10,000;
cash in hand Rs. 35,000 ; Trade Payables Rs. 1,25,000; rent payable Rs.10,000; loan from bank
Rs. 1,50,000.

22. Due to excess rainfall and landslides in Himachal Pradesh, many hotels can’t find customers
and suffered fall in Income of ₹ 20,00,000 approximately. Can this loss and reason be recorded
in the books? Explain it with relevant principle highlighted.

23.Mr. Raghu sold the jewellery of his wife for ₹ 20,00,000. Will it be recorded in the books of
accounts? Justify your answer with proper reasons.

24. (i) Give the name of “the code of conduct imposed on an accountant by custom, law and a
professional body”.
(ii) State the professional body mentioned in the above statement.
(iii) Explain the need for such code of conduct (any two points)

25. Ram started business on 1st Jan 2022 with a capital of Rs, 1,00,000. During the year, he
withdrew cash worth Rs. 5,000 and goods worth Rs. 10,000 for personal use. Also he had sold
his ancestral land for Rs. 50,000 and invested the money in the business. On 31st December
2022 , his assets include cash Rs. 30,000 ; stock Rs. 80,000 ; Debtors Rs. 40,000 and furniture
Rs. 30,000 and liabilities includes bank loan Rs. 30,000 and creditors Rs. 20,000. Ascertain his
capital at the end of 2022 and profit or loss incurred during the year

26. Mr. Rajan is involved in buying and selling of electronic goods. His income and expenses for
the year ending 31st March 2021 are as follows:-
Total Sales during the year Rs.10,00,000 (which includes Rs.700,000 cash sales )
Rent Paid for office Rs. 10,000 @Rs. 1000 p.m.
Accrued Commission Rs. 20,000
Total expenses of Salaries during the year Rs. 240,000 (out of which Rs.40,000 is still
outstanding)
Find the income of Mr. Rajan as per Accrual Basis of Accounting.

27.Hari wants to know the result of his business on 31st Dec 2018 and for that following
information are available:
 Jan. 1, 2018(Rs.) Dec. 31, 2018(Rs.)
Furniture 22,000, 21,200
Stock 48,000 56,050
Trade receivables 41,000 53,400
Cash 2,00,150 2,00,200
Sundry Creditors 30,750 30,900
Loan given to X 12,500
Investments 35,000

Personal expenses of Hari paid from Business account were Rs. 1,000 per week. He also paid his
son’s fees Rs. 10,000 every quarter from firm’s account. He sold his ancestral property of Rs.
1,00,000@2% premium invested the amount into the business. Calculate the profit or loss earned
by Hari.

28. Pass journal entries for following transaction

a) Sold goods to Aditi for Rs.90,000 at 5% trade discount and 10% cash discount. Received
75% amount immediately through a cheque.
b) Purchased goods from Kia for Rs.80,000 at 20% trade discount and 10% cash discount.
70% amount paid by cheque immediately

29. Correct the following Trial Balance as on 31 st March, 2016 :

Heads of Accounts Dr. (Rs.) Cr.(Rs.)

Furniture 20,000 -

Capital - 2,00,000

Debtors 2,00,000 -

Stock (1st April,2015) 1,04,000 -

Creditors - 80,000

Trade Expenses 50,000 -

Sales - 8,58,000

Wages 30,000 -
Stock ( 31st March, 2016) 98,000 -

Machinery - 50,000

Purchases 6,25,000 -

Wife’s loan to the business 50,000 -

Discount allowed - 4,000

Drawings - 45,000

Motor van 60,000 -

Total 12,37,000 12,37,000

30. Enter the following transactions in the Journal of Hari & Co.:

April 1,2021 Purchased goods from Amit of the list price of Rs.60,000 at 30% trade
discount.
April 2 Returned goods to Amit of the list price of Rs. 2,000.
April 6 Paid Cash to Amit Rs.40,000 in full settlement of his account.
April 8 sold goods to Rohit of the list price of Rs.80,000 at 20% trade discount.
April 10 Returned goods by Rohit of the list price of Rs. 10 ,000.
April 15 received Cash to from Rohit Rs.50,300 in full settlement of his account

31. Show the accounting equation on the basis of the following transactions .
(a) Started business with cash Rs 60,000 and Goods Rs 30,000.
(b) Purchased goods for Cash Rs 40,000 and on credit Rs 25,000
1
(c) Goods costing Rs 48,000 sold at a profit of 33 3 %. 75% payment received in
Cash.
(d) Goods costing ₹ 20,000 sold at a loss of 5% out of which ₹ 12,000 received in
Cash
(e) Paid rent Rs 4,000 (excluding Rs 1000 as advance rent)
(f) Received Commission Rs 8000 (including Rs 2,000 as advance commission)
 32. Prepare a Purchase Book of Srijan Stationery from the following information. Also, prepare
Journal Proper if necessary.
Date Particulars
June 1 Purchased from Gagan Stationery Mart on credit
70 dozen pencils @ ₹ 25 per dozen
10 dozen registers @ ₹ 15 per register
June 10 Purchased from Amrit Furniture
2 tables @ ₹ 1,500 per table.
June 15 Purchased 3 dozen ink pots @ ₹ 80 per dozen from Mehak Paper Company and
received cash discount of ₹ 50.
June 18 Purchased from Rehman Bros. on credit
5 reams of white paper @ ₹ 50 per ream
120 pens @ ₹ 60 per dozen.
33. On 31st July, 2023, the cash book of Sultan showed an overdraft of ₹ 56,000. From the
following particulars, prepare a Bank Reconciliation statement:
i. Cheques drawn but not cashed before 31 st July, 2023 amounted to ₹ 39,400 out of total
cheques issued of ₹ 70,000 during July, 2023.
ii. Cheques paid into bank but not credited before 31st July, 2023 amounted to ₹ 48,900, out
of total cheques deposited in bank of ₹ 80,000 during July, 2023.
iii. A Bill receivable for ₹ 5,200 previously discounted with bank had been dishonoured and
bank charges debited in the pass book amounted to ₹ 550.
iv. Debit is made in Pass Book for ₹ 1,200 on account of interest on overdraft.
The bank has collected interest on investment and credited ₹ 7,600 in the Pass book
34. From the following particulars, prepare cash book with cash and bank columns. Also prepare
journal proper:-

Jan 01 cash at office Rs. 5,000 & balance with bank Rs.9,000(Cr).
Jan 09 a cheque of Rs.3,000 issued to Patel in full settlement of his account of Rs.3050.
Jan 10 received cash Rs.1,000 &Rs. 2,000 as cheque from Khanna& co. in full settlement
of his a/c Rs.3125.
Jan 20 Rent paid Rs.1,000 CGST @6% and SGST@ 6%.
Jan 24 Received cheque from Gupta Bros. Rs. 3175. After allowing them a discount of Rs.225.
Jan 26 Drew from Bank for office use Rs. 1,000. Also endorsed the above cheque to Rita &Sons
in full settlement of their dues of Rs.3,500.
Jan 29 Cash sales Rs.10,000. CGST @9% and SGST @9%.