AADHARSHILA VIDYA PEEH

CD B0ock, Pitampura
SESSION: 2024-2025
PERIODIC TEST I
Subject: Accountancy
Class: XI
Time allowed: 40 Min. Maximum Mara
GeneralInstructions:
1. This question paper contains 17 questions.
2. Marks are indicated against each question.
3. Question Nos. from 1 to 10carries 1 mark each.
4. Questions Nos. from 11 to 12 carries 3 marks each.
5..Questions Nos. from 13 to 15 carries 4 marks each.
6. Questions Nos. from 16 to 17 carries 6 marks each.
7. No,Of printed pages is 03
Q1. With the borrowing made by the business, its capital will decrease. (TF) (1)
02.Which qualitative characteristic of accounting information requires the
common unit and common format of reporting? (1)
Q3. "Anticipate no profits and provide for all the possible losses". Which principle is
referred to here? (1)
Q4. On 1 January, 2024,goods sold to Ramesh 10,000 and cash received on 1 march
2024. In such a situation, when will the sale be recorded as per accrual basis of
accounting? (1)
Q5. Expenditure of revenue nature that gives benefit for more than one accounting
period is categorized as: - (1)
a) Deferred Revenue Expenditure b) Capital Expenditure
c) Revenue Expenditure d) None of these
Q6. Accounting practices, methods and techniques used by a business unit should be
consistent. Which accounting convention is discussed? (1)
Q7. Mr. Raj was appointed as a factory manager on 15n March 2024. He will be paid a
salary of ? 25,000 per month. What transactions willbe recorded on 15th March 2024?
Q8. Which of the following is Drawings?
(a) Money withdrawn and Rent paid for office 10,000
(b) Money withdrawn and Furniture purchased 50,000
(c) Money withdrawn and Purchased home 5,00,000
(d) Money withdrawn and Paid to creditors 10,000 (1)
09. Information in financial reports is based on (1)
 Accountancy/XVPT2

(1)
Ql0.A person who is able to meet all his obligations as and when due is
Qll. Distinguish between Book-Keeping and Accounting along with basis. (3)
Q12. Calculate closing capital, total liabilities and total assets of the fim. (3)
Capital in the beginning 6,00,000
Bank overdraft 60,000
Creditors 1,40,000
Revenue earned during the year 2,50,000
Expenses incurred to earn revenue 1,80,000
Drawings during the year 10,000
Unsold stock 80,000

Q13. Accounting provides information about the profitability and financial soundness of
a business. In addition, it also provides various other valuable information. However it
has certain shortcomings too. Explain any four such limitations. (4)
Ql4. Arun commenced business with cash of ? 25,00,000 for trading in electronic
goods. He deposited into bank 5,00,000 and opened a current account. He further
spent 2,50,000 to furnish the office. He purchased electronic goods for 15,00,000 in
cash. Issued a cheque of {70,000for the purchase of computer and equipment for
business purpose. He sold goods costing 10,00,000 for 13,75,000 which included a
credit sale of <5,00,000.
Customer returned goods of Z40,000 being defective. The goods returned to
supplier costing 27,500. He further invested 5,00,000 to increase its operations &
started to trade in home appliances. He further purchased homeappliances and
electronic goods for 10,00,000 out of which 3,00,000 were on credit. An accident
occurred at the shop and 2 LED T.Vcosting 50,000were destroyed and Arunreceived
an insurance claim for 740,000 for the same.
Acustomer purchasedgoods costing 3,00,000 for 74,00,000 was alloweda trade
discount of 5% and was allowed a further discount of 5,000 for making timely
payment.
I. What is the amnount of capital invested by Arun in Fixed assets?
(a) 2,50,000 (b) 70,000 (c) 3,20,000 (d) 15,00,000
II. What is the amount of Net purchases?
(a) 25,00,000 (b) 24,72,500 (c) 14,72,500 (d) 9,72,500
III. What is the amount of Net sales?
(a) 17,15,000(b) T13,75,000 (c) 17,75,000 (d) T13,00,000
IV. What is the amount of trade discount?
(a) 85,000 (b) 20,000 (c) T88,750 (d) I5,000
(4)
Q15. Mr. Sameer is involved in buying and selling of electronic goods. His income and
expenses for the year ending 31 March 2024 are as follows:
 Accountancy/XI/RT/24-25/3

Total Sales during the year 10,00,000 (which includes 7,00,000 cash sales); rent paid
2,000; Commission
for office for 10 months ?I0,000; rent outstanding fortwomonthsoutstanding R40.000.
Accrued 20,000: Salaries paid to employees 2,00,000: Salaries
Find out net income of Mr. Sameer on Cash Basis of
Accounting. (4)

following situations. Also

Q16. State which Principle/Assumption is applicable in (6)
explain the relevant Principle/Assumption.investing 8,00,000. While preparing accounts
i. Mr. Ashish has started business by creditor of
end of the financial year, Mr. Ashish observed that he was treated as a
at the
the business to the extent of capital invested by him. 31 March 2024, following items
ending
ii. While preparing accounts for the year
are not recorded:
" Employee Skill level
Employee working condition
" Product durability
" Expected resale value of a patent of goods of 6,00,000, for
iii. M/s Vahid & Co. has received an order for the sale the goods will be
this an advance of 70,000 was received on 1st March 2024 but
22nd March 2024. The Accountant has confirmed the actual sale date 22nd
supplied on
March 2024, instead of 1t March 2024.
firm has Debtors of 2,00,000 in its Balance Sheet. But the firm is not sure
iv. A
go bankrupt in the near future. So,
that all the Debtors will pay in time. Any Debtor may
Doubtful Debts.
the firm is preparing Provision for Bad &
Equation on the basis of the following: (6)
Q17. Prepare the Accounting Machinery 10,000 and
i. Started business with cash 15,000: Goods 6,000;
Furniture 5,000.
above goods sold at a profit of 10% on cost and half of the payment
ii. 1/3 of the
received in cash.
iii. Cash withdrawn for personal use 1,000
iv. Interest on Drawings charged @5%.
V. Depreciation provided on Machinery @10%.
vi. Commission received in advance 500.