Class 11 Revision Test 2024-25 Question Paper Accountancy

SESSION: 2024-25
REVISION TEST
CLASS-XI
SUBJECT- ACCoUNTANCY
M.M:80
TIME: 3lHrs.

Read the following statements: Assertion (A) and Reason (R).
Choose one of the correct alternatives
ASSertion (A): Event like receiving an order for sale of goods is not recorded in the books
of accounts.
Reason (R): Accounting records only those transactions and events which are of financial
nature.
(a) Both Assertion (A) and Reason (R) are True & Reason (R) is the correct explanation ol
Assertion (A).
(0) Both Assertion (A) and Reason (R) are True & Reason (R) 1s not the correct
explanation of Assertion (A).
(c) Assertion (A) is True, but Reason (R) is False.
(d) Assertion (A) is False, but Reason (R) is True.

290,000
2 Siya wants to start online dry fruits business. She decides to use her desktop computer Worth
exclusively for business She opens a bank account for the business and deposits 220,000 in the
bank accoOunt She bought dry fuits from the market in cash for I0,000. Capital invested by Siya
in the business is:
(a) 1,10,000 (b) 21,20,000 (c) 290,000 (d) none of these

correct
3. Read the following statements: Assertion (A) and Reason (R). Choose one of the
alternatives
Assertion (A): Accounting Standards enhance the reliability of Financial Statenments.
Reason (R): Accounting Standards are not mandatory in nature
explanation of
(a) Both Assertion (A) and Reason (R) are True & Reason () is the correct
Assertion (A).
correct
(b) Both Assertion (A)and Reason (R) are True & Reason (R) is not the
explanation of Assertion (A).
False.
(c) Assertion (A) is True, but Reason (R) is
(d) Assertion (A) is False, but Reason (R) is True

Page 1 of 11

total revenue ofr4,70,000 by
4 A During the financial year 2023-24, Ramesh cameda sales of I,30,000. The total
selling the goods Out of the total sales there were credit
30. 000are still outstanding Find out
which
epenses ot the year were 2 S0.000, out of accountng
Ramesh's income for the vear 2023-24 as per accnual basis of tobb
(c)1,00,000 (d) none of these 1
(a) R1,20,000 (b) &240, 000
OR
carmed a total revenue ot 34,70,000 by
b Dunng the financial year 2023-24, Mahesh RI,30,000 lhe total
seling the goods Out of the toal sales there were creit sales of outstanding Find out
epenses of the year were 2 so.000, out of' which 30. 000 are still
Mahesh's income for the vear 2023-24 as per cash basis oe' accountng
(a) R1,20,000 (b)240,000 (c) 1,00, 000 (d) none of these

A Calaulate the missing fiures in the following cases and choose the corect option:

cASes Opening Addiional drawings Proitloss Closing
capital capital capital

18.000 9,000 ? 1,23,5S80
SO,000

65,000 35,000 17,000 1,I1,500

(a) casel 34,880, case 2 5,000 (c)casel :34,580, case 2: 25,500
(b) case l 34,850, case 2 6.500 (d)casel: 34,830, case 2: 25,500
OR WS20oeo11Soooi é000 - (3
B Deteremine the capital of Amav as on 31" March 2024, if his position as on that date
wzS As follows He owns Machinery of 240,000, Building of 1,20,000, Furniture of
R15,000. Cash in hand t6000 He owes 45,000 to creditors and has a bank loan of
1S000 aken from Ais Bank
(a) 1.20,000 (b) 1,18,000 (c) 2,00,000 (d) R1,21,000

Read the following statements carefully and choose the correct altemative from the
folraing
Statement 1 Invoce is prepared by the seller in case of creit sale of goods
Statement 2 Onginal copy of the sales invoice is retained as evidence of sale for
recording the transacion
in the books and its duplicate copy is sent to the purchaser
(a) Both the Statements are true

b)Both the Statements are false
(c) Sraterment Iis true, and Statement 2is false
d) S:atement 2 is true, and Statement l is false
Paga 2of 11

On which side, an increase in the following account will be recorded? Also specify the
7.
nature of account.
Bank Loan Account (ii) Rent Received Account
(i)
Choose the correct option
Revenue
(a) (0) Debit - Assets, (i) Credit
(bnCredit - Liabilities (i)Credit - Revenue
Revenue
(c) (i) Credit - Liabilities : () Debit -
(d) (() Detbit - Liabilities; (ii) Debit - Revenue
options given under B
Match the statements given under A with the correct
A B

a. It aims to provide all the relevant
() Financial Accounting
information to the management.

) Management Accounting b. It aims to ascertain the cost of
product or services

c. It aims to determine financial
(i) Cost Accounting performance of the business

(a) (i) a: (ii) b, (iii) c o() c: i) a; (iü) b
(b) (i) c; (i) b; (ii) a (d) (i) b; (ii) a (ii) c

Which of the following is a Personal Account:
(b) Capital alc (c) Salary alc (d) Insurance ac
(a) Machinery alc
purchase retum is knowT as:
10. The Voucher prepared in case of sales retum and
(a) Credit Voucher (c) Non Cash Voucher
(b) Debit Voucher (d) none of these

in the Journal entry will be.
11 Paid 6,500 to Anita on behalf of Yuvika. Account debited
fa) Anita (b)Yuvika (c) Cash (d) none of these

result in creation of liabilitv for the
12. Which of the following activities of the businesss willnot
business?

(a) Telephone bill was received and was paid off.
(b) An employee worked for the month and her salary is not paid.
c) Computer was bought for business use and was not
paid for.
loan for 6 months.
d (d) Business borrowed some amount from bank as

Page 3of 11

|3 Which of the following is not abusinesstransaction?
(a) Bought furniture of 10,000 for business
(b) Paid for
salaries of Temployees S,000
(o) Paid son's fees fronm her personal bank account 220,000
(d) Paid son's
fees fronm the business 2000
14. Read the following statements Assertion(A) and Reason (R). Choose one of the correct
alternatives:
Assertion (A): The term Debit' is considered as afavourable thing in accounting
Reason (R): Increase in expenses and assets is debited in their respective accounts
(a) Both Assertion (A) and Reason (R) are True &Reason (R) is the correct explanation of
Assertion A.
(b) Both Assertion (A)and Reason (R)are True &Reason (R) is not the correct
explanation of Assertion (A)
(c) Assertion (A) is True but Reason (R) is False.
(d) Assertion (A) is False but Reason (R) 1S lrue.

15. whlcn ot the following transaction will result in higher balance in Bank column of cash 1
book in comparison to passbook?
a Cheque issued but not presented for payment.
b Interest allowed by bank.
c. Bank charges enter twice in the cash book.
d. Cheque paid into bank for collection but not yet credited.
16. Which of the following statements is not appropriate in relation to 'Provision'?
(a) Provision is a charge against profit
(b) Provision is created for known liability
(c) Provision is created for strengthening the financial position of the business
(d) Creation of provision satisfies the principle of conservatism
1
17. What is pay-in-slip?
18 Mohanlal is a property broker. He gets commission for helping in the deal between
buyer of the property and the seller of the property.
Ketan wanted to buy a lat. Mohanlal helped Ketan to get a flat as per his need and
in return Ketan paid Mohanlal commission of 10,000.
State with reason whether the commission received by Mohanlal is aCapital Receipt
or Revenue Receipt?

Page 4of 11

19
Which qualitative fcature of' accounting is reflected in the following cases
(i)
Unnecessary and irrelevant information is not included in Financial
(i) Staterments
Facilitates intra-firm and inter-firm comparison
(iii) Information is clearly presented.
(iv) Free from Error and Bias.
The correct option is,
(a) Relevance, Comparability, Understandability, Reliability
(b) Reliability, Relevance , Comparability, Understandability,
(c) Understandability, Reliability ,Relevance, Comparability
(d) Comparability , Understandability, Reliability, Relevance
20 Closing stock appearing in the Trial Bal ance is shown:
(a) On the Dr. side of Trading A/c
(b) On the Cr. Side of Trading Alc
(c) On the Assets side of Balance Sheet
(d) On the Cr. Side of Trading Alc and on the assets side of Balance Sheet

2lk |aj Mars Construction Ltd. gets a contract of 500 crore to build an Elevated Road to be )
completed in 5 years. The director of the company wants to determine profit or loss on the
contract only after completion of the contract. Do you think director is justified in his
approach? Support your answer with the principle applied.
[b] Accountant of a firm discourages the making of provision for discount on creditors but
prefers to make provision for discount on debtors. Discuss in brief the principle being
followed?
[c] Bheemarao purchased a Building for 50 lakhs. After a period of five years, the
depreciation charged on the building amounted to 5 lakhs. However, due to boom in the
property market, the current market value of the building is Z60 lakhs. Stating in brief the
value at which bilding should be recorded in the books of accounts stating the reason for
the same.

22. Based on following Journals, prepare necessary ledgers. 3

Date particulars 1.f debit Credit
10/4/24| Purchases ac Dr s0,000
To Mohan alc 45,000
To Bank alc 5,000
15/4/24| Mohan alc Dr 45,000
To Bank alc 42,000
To Discount received alc 3 8o

Page 5 of 11

follow on the basis of the same. 3
23. Read the following case study and answer questions that
its operations. lts sales are
Maina Ltd., a manufacturing company, has now expanded Is expanding
also nsing
increasing rapidly and the demand for its products is
operations were small, its accountant
yeographucally to different states Initially when the expands and the number of
Ms Marina maintained only a joumal. But as the business
each transaction. So now
transactions becomes large, it becomes cumbersome to joumalise accordingly, Ms Marina
So
a need is felt to prepare special journals or subsidiary books.
instructs his subordinates to prepare vanous subsidiary books.
LWhat will be the advantage of preparing these subsidiary books?
(a) Quick, eficient and acaurte recording of business transactions
(b) Time consuming
(C) They prove economical and make division of labour possible in accounting work
(d) Both (a) and (c)
Il What reason will a cash book be prepared for?
(a) To record all cash receipts and cash payments
(b) To record cash purchases of merchandise
(c) To record cash sales
(d) None of the above
Im if Maina Ltd purchased furniture for 40,000 on credit, Ms Marina will record this
transaction in
(a) purchase book (b) cash book
(c) journal proper () None of the above

From the following accounts prepare trial balance as on 31"March 2022
Capital 8o,000; Cash 44,560; Purchases 79,000, Sales 250,000; Drawings 1,500,
Discount received 540; Salaries 2000; Machinery 9,480; Creditors 26,000
3
25. Read the following case study and answer question the questions that follow on the basis
of the same

Meena has recently started her own cloth trading business. Her business is doing quite
well, and she is deciding to expand it. She decides to maintain accounts of the firm in
proper fom as per various legal requirements. She is not really versed with the aspects of
accountangy She is confused what reserves to maintain and what provisions to create. You
are a Chartered Accountant Meena approaches you for advice.
LMeena wants to create a reserve which the management can freely utilise for any
purpose Which reserve should she create?
(a) General Reserve (b)Specific Reserve (c) Secret Reserve (d) None of the above
I How willvou explain the difference between revenue reserve and capital reserve to
Meena?

Page 6 of 11

(a) Revenue reserve is created out of revenue profits whereas capital reserve is created
primarily out of capital profit.
(b) Revenue reserve is created to strengthen the financial position, to meet unforeseen
contingencies or for some specific purposes. Whereas capital reserve is created for
compliance of legal requirements or accounting practices.
(c) Revenue reserve can be utilised only for aspecific purpose whereas Capital reserve
can be utilised for any purp0Se.
(d) Both (a) and (b)
MIl. In the balance sheet, the amount of provision should be shown by Meena as
() By way of deduction from the concerned asset on the assets Side.
() on the liabilities side of the balance sheet along with current liabilities.,
(a) Only (i) (b)Only (iü) (c) Either (i) or (ii) (d) Neither (i) nor (i)

26. Following are the extracts from the Trial Balance of a firm, as at 31.03.2024: 3

Particulars Dr. () Cr. ()

Sundry Debtors 1,05,000
Bad Debts 2,000
Provision for Bad and Doubtful Debts 4,000

Additional information: After preparing the trail bal ance, it is learnt that a debtor
has become insolvent, and nothing could be recovered from him and therefore the
entire balance of 5,000 due from him was irrecoverable. Provision for Bad and
Doubtful Debts is to be created 10% of Sundry Debtors.
Based on the information above, answer the following questions:
() What amount of Sundry Debtors will be shown in the Balance Sheet?
(i) What is the amount of New Provision for Bad and Doubtful Debts to be created?
(ii) If the Provision for Bad and Doubtful debts appeared at 20,000 in the Trial balance,
the net effect of the above in the Profit and loss a/c will be:
(a) Debit side Profit &Loss a/c : Provision for Bad and Doubtful debt 3,000
(b) Credit side Profit &Loss alc : Provision for Bad and Doubtful debt 3,000
(c) Debit side Profit &Loss ac: Provision for Bad and Doubtful debt 13,000
(d) Credit side Profit &Loss a/c : Provision for Bad and Doubtful debt 13,000
27. Show the accounting equation on the basis of the following transactions and also
show the Balance Sheet:
) Mohan started business with cash 280,000 and goods ?1,00,000.
(iü) Paid Salary 15,000 and Rent outstanding ?10,000

Page 7of11

a profit of 33,% Three-fourth payment received in
() Goods costing S7.000 sold at
cash.
settlenment of his account.
(iv) Received 18,000 from Debtors in tull
Book.
tlhe following transactions of Prabhat Electric Co. Delhi in the Purchase 4
28 Record
Sales Book, Purchase Retum and Sales Returm Book:

2024

Jan. I Purchased from Ram & Bros., Delhi:

25 Videocon Washing Machines @7,000 each
10 Wall Fans @ &1,500 each
Trade Discount 25%

Jan. 10 Purchased for cash from Raja & Co., Delhi:
10Electric Kettles@750
Jan. 18 Returned to Ram & Bros.:

2 Videocon Washing Machines being defective

Jan. 20 Sethi & Co, Delhi purchased from us:
20 Toasters (@ 800 each
|Less 10% trade discount

Jan 25 Sethi and Company returned.
S Toasters
4
Ltd.:
29 The following balances appear in the books of Y
Machinery A/c as on 1-4-2023 20,00,000

78,00,000
Provision for Depreciation A/c as on |-4-2023
1-4-2020 for R5,00,000 was sold for
On 1-7-2023, a machinery which was purchased on
purchased for 6,00,000.
R1,80,000and on the same date another machinery was
on Original Cost Method and closes
The firm has been charging depreciation at 10% p.a.
Machinery Account and Provision for
its books on 31* March very year. Prepare the
March 2024
Depreciation Account for the year | April 2023 -31

Page 8 of 11

30, Pass necessary Journal entries on the basis of following transactions: 1.5
* 4
() Purchased goods of list price 325,000 plus CGST and SGST @S% each from =6
Gopal less 20% trade discount and 5% cash discount. Paid 70%, half of which is
paid by cheque.
(ii) Goods worth 22,400 was distributed as free samples. These goods were purchased
at CGST and SGST @6%.
(iii) Sold goods costing Z60,000to Mohini at aprofit of 20% on sales less 10% rade
discount Paid cartage of 500 to be charged from Mohini.
(iv) Goods damaged by fire 3,000 and Lnsurance Company accepted and paid claim of
2,300.
31. Record the following transactions of ABC Bros in their cashbook: 6

Date
May Opening balance
Cash 1,00,000; Bank overdraft 10,000
May 5 Purchased goods from Raj 20,000 plus IGST 12%
May 7 Sold goods costing 50,000 to Kamal plus 6% CGST and 6%
SGST
May 10 Received cheque from Kamal 748,000 in full settlement of his
account.
May18 Cash withdrawn from bank 5,000
May 20 Kamal's cheque returned dishonoured; bank charged R100
May 30 Deposited cash into bank retaining 2,000 cash in hand.

6
32. On 1" October 2019, XYZ Itdpurchased a Machinery worth ?1,60,000. Onlst July 2021,
it bought additional machinery for 240,000 On 30h June 2022, half of the machinery
purchased on 1" October 2019 is sold for 232,800. The company writes off depreciation
@20% p.a on witten down value method. The accounts are closed on 31" March every
year. Prepare Machinery account from |" October 2019 to 313 March 2023.

33 From the following particulars, prepare a Bank Reconciliation Statement as on 31 6

January 2024:
1. Balance as per cash book 50,000
2. A cheque for 2500 issued in favour of Rohit has not been presented for pa t.

3. A payment of I,200 made after deducting 70 as discount received h cheque but full
amount was credited in the cashbook

4. A cheque for 2200 deposited in bank has been dishonored.

Page 9of 11

A sum of 900 deposited in the bank has been
crodited as 290 in the Passbook.
6. Payment side of Cash Book
has been undercast by 200
OR
From the following information prepare Bank
September 2024
Reconciliation Statement as on 30
1 On 30 September 2024,
Passbook showed a credit balance of R2,500.
2 Out of R12,000 cheques
issued, 10,000 cheques were presented for
September., 2024 payment till 30
3 Out of17,000 cheques
deposited, 12,000 cheques were cleared and credited till 30th
September, 2024
4 4,000 cash paid on acoount of salaies was
the cash book Wrongly recorded in the bank column of
5 2000 was wrongly credited in the
Passbook by the bank on account of cheque
which was never depsted by the cleared,
proprietor.
6 Interest on
overdraft charged by the bank amounted 500
to
34 The trial balance of Mohan
and Protit & loss ac0ount forSingh Bros shows the following bal ances.
Prepare
March 024
the year ended 3|" March
2024 and Balance SheetTrading
as on 31

Particul ars Amount Particulars
Amount
Capital 6,60,000 Cash
27,400
Creditors 36,000 Drawings 24,000
Bank overdraft 16,500 Freehold Property 2,10,000
Interest on bank overdraft
1,650 Plant and Machinery 3,80,000
Debtors
59,400 Computers * 1,22,000
Purchases 2,47,400 Rent
Sales 6,900
4,30,950 Insurance and taxes
12,300
Return Inward
11,400 Fire insurance Premium 6,000
Return Outward 6,300 Electricity
2,700
Opening Stock 18,000 Factory lighting 5,100
Freight Inw ard 5,700 Salaries
8,400
Patents 12,000 Coal, Gas and Power
1,800
Interest received 12,400
Page 10 of 11

The following adjustments are to be made:
March 2024 valued at 50,700, however he net realizable
1. Closing stock in hand on 3 |
value was 260,000.
Computers @10% p.a and on Plant and Machinery @5% p.a.
2. Depreciation charged on
outstanding 300.
3. Interest on Bank overdraft
for a year ending 30h September 2024
4. Insurance 3,000 was paid
such
provided @10 % on net profit before charging
5. Manager's commission to be
commission.