N.

C JINDAL PUBLIC SCHOOL

Class XI Accountancy
REVISION WORKSHEET

General Instructions:
This question paper contains 32 questions. All questions are compulsory.
⮚ Questions no. 1 to 20 carry 1 mark each.
⮚ Questions no. 21 to 26 carry 3 marks each.
⮚ Questions no. 25 to 27 carry 4 marks each.
⮚ Questions no. 28 and 32 carry 6 mark each.

1) When total of debit side of an account exceeds than that of credit side, it is called:
(a) Debit Balance (b) Credit Balance (c) Expenses (d) Income

2) The firm purchased the machine cost Rs. 10,000 and charged depreciation @ 10% according to the Straight line Method after
2 years they switch to the Written down value method. At the time of sale of machine they calculated the depreciation as per
the Straight line Method. Which accounting principle is violated?
(a) Historical cost (b) Consistency (c) Cost (d) Money Measurement

3) Purchases refer to the purchase of:

(a) Stationery for office use (b) Goods for resale (c) Assets for the factory (d) None of these

4) Accrual Basis of Accounting recognises

(a) Outstanding and Prepaid expenses. (b) Accrued Incomes and Incomes Received in Advance
(c) Both (a) and (b) (d) None of these

5) Winning a court case is an example of:

(a) Profit (b) Income (c) Gain (d) Revenue

6) The goods available with the business for sale on a particular date is known as:
(a) Stock (b) Creditors (c) Debtors (d) None of these

7) Under the Companies Act, 2013 all companies are required to maintain their accounts according to
(a) Cash basis (b) Accrual basis (c) Either Cash or Accrual basis (d) None of the above

8) Prepaid expense is __________.

(a) A liability (b) An asset (c) An income (d) An expense

9) Trial balance is the link between ________ and _______.

(a) Journal and ledger (b) Ledger and subsidiary books (c) Ledger and final accounts (d) None of them.

10) Nobita (Debtor) from whom an amount was due, he was declared insolvent and paid only 70 paise in a rupee and remaining
amount ₹ 7,200 was written off as bad debts. What amount is received by the firm?
(a) ₹ 24,000 (b) ₹ 16,800 (c) ₹ 15,000 (d) ₹ 16,500

11) Double entry system of accounting means:

(a) Entry in two sets of books (b) Entry in two dates
(c) Entry for two aspects of the transaction (d) Entry for one aspects of the transaction

12) Which of the following accounts has a credit balance?

(a) Sales Return (b) Discount Received (c) Purchase (d) Discount Allowed

13) Ledger is a part of __________.

(a) Recording (b) Classifying (c) Summarizing (d) analyzing

14) Interest on Drawings-

(a) Increase in cash and increase in income (b) Increase in capital and decrease in cash
(c) Decrease in capital and increase in capital (d) Increase in cash and increase in capital

15) Cash withdrawn by proprietor for personal use will be credited to:
(a) Personal Account (b) Capital Account (c) Drawing Account (d) Cash Account
16) Match the transactions in column I with relevant subsidiary books in column II
Column I Column II

(i) Credit purchases (A) Return outward Book

(ii) Depreciation (B) Sales Book

(iii) Goods returned to Alisha (C) Journal proper

(iv) Trade discount allowed (D) Purchase Book

Choose from the options given below:
(a) (i)-(A); (ii)-(B); (iii)-C; (iv)-D
(b) (i)-(D); (ii)-(C); (iii)-B; (iv)-A
(c) (i)-(B); (ii)-(D); (iii)-A; (iv)-C
(d) (i)-(D); (ii)-(C); (iii)-A; (iv)-B

17) Which of the following is not a source document?

(a) Debit Voucher (b) Receipts (c) Debit Note (d) Invoice

18. Assertion (A)Purchase of Asset on credit will not increase the Creditors of the firm.
Reason (R)List of creditors include only those to whom amount is payable for credit purchase of goods.
19.(A)As per the Prudence Principle‘Closing Stock is valued at cost price or its net realizable value whichever is less.
Reason (R)So that a business firm cannot show the better picture than what it actually is.
20.Assertion (A)Human resources in a business firm are important but are not reflected in the financial statementsof the firm.
Reason (R)Transactions should be recorded from view point of business and not from the view point ofbusinessman/owner.

18) Open a 'T' shaped Cash Account with the following transactions.
1. Mohan started business with cash 40,000

2. Purchased Goods 20,000

3. Sold Goods 24,000

4. Paid Rent 400

5. Paid Salaries 600

6. Drew for personal use 1,000

19) Vijay, a consultant, during the financial year 2021-22 earned ₹ 4,00,000. Out of which he received ₹ 3,50,000. He incurred an
expense of ₹ 1,70,000, out of which ₹ 40,000 are outstanding.
You are required to determine his income for the year if:
a) He follows Cash Basis of Accounting, and
b) He follows Accrual Basis of Accounting.

20) X started a business on 1st April, 2021 with a capital of ₹ 50,000 and a loan of ₹ 25,000 taken from Y. During 2021-22, he
had introduced additional capital of ₹ 25,000 and had withdrawn ₹ 15,000 for personal use. On 31st March, 2022 his assets
were ₹ 1,50,000. Find his capital on 31st March, 2022 and profit made or loss incurred during the year 2021-22.
OR
Pass the Opening Journal Entry on 1st April, 2022 on the basis of the following information taken from books of Kajal.
Cash in Hand 20,000
Bills payable 15,000
Vishal (Debtors) 30,000
Ravi (Debtors) 10,000
Loan from Raju 50,000
Stock 40,000
Computers 20,000
Bank overdraft 20,000
Mathur (Creditor) 25,000
Land & Building 80,000
21) Read the following hypothetical Case Study and answer the given questions:
A business purchased goods for ₹ 2,00,000 and sold 75% of such goods during accounting year ended 31st March, 2020. The
market value of remaining goods was ₹ 43,000. Accountant valued closing stock at cost. According to him,
⮚ Owner of the business is treated as creditor to the extent of his capital;
⮚ All expenses incurred to earn revenue of a particular period should be charged against that revenue to determine the net
income.
Financial statements are prepared on 31st March ever year.
a) 'A business purchased goods for ₹ 2,00,000 and sold 75% of such goods during accounting year ended 31st March, 2020.
The market value of remaining goods was ₹ 43,000. Accountant valued closing stock at cost.' Identify the concept
violated in the above situation.
(a) Conservatism. (b) Business entity (c) Accounting period. (d) Matching

b) Under which concept, owner of the business is treated as creditor to the extent of his capital.
(a) Conservatism (b)Business entity (c) Accounting period. (d) Matching

c) According to which concept, all expenses incurred to earn revenue of a Particular period should be charged against that
revenue to determine the net income.
(a) Business entity (b) Matching (c) Conservatism (d) Accounting period

d) Financial Statements of an entity are prepared at regular intervals in accordance to which accounting concept.
(a) Conservatism (b) Business entity (c) Accounting period (d) Matching.

22) From the following Ledger Balances redraft the Trial Balance as on 31st March 2022:
Particulars ₹

Capital 1,00,000
Purchases 40,000
Carriage 10,000
Sales 60,000
Returns Inwards 6,000
Cash 60,000
Drawings 30,000
Stock on 1st April 2021 10,000
Discount received 1,800
Bank overdraft 2,500
Discount Allowed 2,700
Furniture 50,500
Return Outward 2,400
Bad Debts 5,300
Interest Received 15,800
Bills Payable 32,000

23) Babul has the following transactions, prepare Accounting Equation:

1. Business started with cash 1,75,000
2. Purchased goods from Rohit 50,000
3. Sold goods on credit to Manish (costing ₹ 17,500) 20,000
4. Rent outstanding 100
5. Purchased furniture for office use 10,000
6. Cash paid to Rohit in full settlement 48,500
7. Cash withdrew for personal use 3,000
8. Commission Received in advance 2,000

24) Gopal started business for buying and selling of readymade garments with ₹ 8,00,000 as an initial investment. Out of this he
paid ₹ 4,00,000 for the purchase of garments and ₹ 50,000 for furniture and ₹ 50,000 for computers and the remaining amount
was deposited into the bank. He sold some of the ladies and kids garments for ₹ 3,00,000 for cash and some garments for ₹
1,50,000 on credit to Rajesh.
Subsequently, he bought men's garments of ₹ 2,00,000 from Satish. In the first week of the next month, a fire broke out in his
office and stock of garments worth ₹ 1,00,000 was destroyed. Later on, some garments which cost ₹ 1,20,000 were sold for ₹
1,30,000. Expenses paid during the same period were ₹ 15,000. Gopal withdrew ₹ 20,000 from business for his domestic use.
Answer the following:-
 A) What is the value of goods purchased?
B) Name the fixed assets he bought and their value.
C) Who is the creditor and state the amount payable to him?
D) Who is the debtor and what is the amount receivable from him?
E) What is the investment made by Gopal?
F) What is the amount of drawings?

25) (A) Differentiate between:

a) Capital Expenditure and Revenue expenditure
b) Trade Discount and Cash discount
c) Briefly explain Going Concern Concept
d) Define Working Capital.

(B) Analyse the following transactions, state the nature of accounts and state which account will be debited and which
account will be credited on the basis of Modern
Classification of Accounts: Amount (₹)

A) Purchase goods for cash 15,000

B) Paid cash to Mahesh 2,000

C) Withdrew cash from bank for office use. 6,000

D) Sold Goods to Shyam on credit 8,000.

26) Prepare ledger accounts and balance the accounts from the following Journal.
Journal of Vishal Stories
Date Particulars L.F Debit Credit

2022
April 01 Cash A/c Dr. 80,000
Varun’s A/c Dr. 10,000
To Mohan’s A/c 6,000
To Capital A/c 84,000
(Balance brought down from the last month)

April 08 Purchase A/c Dr. 30,000

To Mohan’s A/c 30,000
(Goods purchased from Mohan)

April 17 Salaries A/c Dr. 8,000

To Cash A/c 8,000
(Salaries Paid)

April 25 Drawings A/c Dr. 4,000

To Purchases A/c 4,000
(Goods withdrawn for personal use)

April 30 Cash A/c Dr. 9,800

Discount Allowed A/c Dr. 200
To Varun’s A/c 10,000
(Cash received from Varun after allowing Discount)

27) Pass the journal entries for the following transactions of Meena :
2022
April 1 Meena introduced cash as capital ₹ 1,00,000
April
04 Brought goods from Trisha for ₹ 2,00,000 at 5% cash discount and 10% trade discount. Half of the amount paid
by cheque at the time of purchase.
April
07 Goods purchased ₹ 5,000 were taken by the proprietor for personal use.
April
09 Interest on Capital ₹ 1,20,000 at 12 % p.a. for 8 months.
Interest due but not received ₹ 4,500.
 April
14 Provide 20% Depreciation on Furniture Costing ₹ 2,00,000.
April
18 Goods given as charity ₹ 20,000 (Sale price ₹ 30,000).
April
20 Purchase a machinery by giving a cheque of ₹ 3,00,000 and paid ₹ 25,000 in cash on wages on its installation.
April
30
OR
Pass the journal entries for the following transactions of Nidhi:
S. No. ₹
(i) Nupur introduced capital to start a business : in cash 1,00,000
and by cheque 5,00,000
(ii) Goods Sold to Harish 30,000
(iii) Harish Returned goods 2,000
(iv) Sold goods to Gopal of the list price of ₹ 1, 00,000 at 10% trade discount and 2% cash discount and
paid 40% by cheque.
(v) Paid for life insurance premium of the proprietor 5000
(vi) Received commission of ₹ 30,000 by cheque, half of which is in advance.
(vii) Moli Declared insolvent. Received from her official Receiver 60 paise in a rupee on a debt of ₹ 12,000
(viii) Paid for repairing the office furniture 2,500
28) Enter the following transactions in a Two Column Cash Book:
Nov. 1 Cash in hand Rs. 6,100, and at Bank overdraft Rs. 400.
Nov. 4 Sold goods to Monika on credit Rs. 1,000.
Nov. 9 Cheque received from Monika for amount due on her
Nov. 14 Purchased goods on credit from Anil worth Rs. 1,500.
Nov. 14 Withdrawn cash for office use Rs. 800.
Nov. 17 Monika’s Cheque endorsed to Anil and balance is paid in cash.
Nov. 19 Cheque received from Sonia of Rs. 600.
Nov. 20 Sonia’s cheque deposited into Bank.
Nov. 21 Sonia’s cheque returned dishonored.
Nov. 25 Cash received from Sonia for amount of dishonored cheque.
Nov. 30 Bank received dividend Rs. 1,500.
Nov. 30 Bank Charges Rs.25.