Books of Prime Entry Book Back Questions

11th Standard

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    3 x 1 = 3
  1. Accounting equation signifies _______

    (a)

    Capital of a business is equal to assets

    (b)

    Liabilities of a business are equal to assets

    (c)

    Capital of a business is equal to liabilities

    (d)

    Assets of a business always equal to the total of capital and liabilities

  2. Which one of the following is representative personal account?

    (a)

    Building A/c

    (b)

    Outstanding salary A/c

    (c)

    Mahesh A/c

    (d)

    Balan & Co

  3. Withdrawal of cash from business by the proprietor should be credited to________

    (a)

    Drawings A/c

    (b)

    Cash A/c

    (c)

    Capital A/c

    (d)

    Purchases A/c

  4. 4 x 2 = 8
  5. What are source documents?

  6. What is real account?

  7. State the accounting rule for nominal account

  8. Give the golden rules of double entry accounting system.

  9. 3 x 3 = 9
  10. Write a brief note on accounting equation approach of recording transactions.

  11. What is the accounting treatment for insurance premium paid on the life of the proprietor?

  12. What is double entry system? State its advantages.

  13. 2 x 5 = 10
  14. Prepare accounting equation for the following transactions.
    (a)Murugan commenced business with cash Rs.80,000
    (b) Purchased goods for cash Rs.30,000
    (c) Paid salaries by cash Rs.5,000
    (d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
    (e) Introduced additional capital of Rs.10,000

  15. Create an accounting equation on the basis of the following transactions:
    (i) Rakesh started business with a capital of Rs.1,50,000
    (ii) Deposited money with the bank Rs.80,000
    (iii) Purchased goods from Mahesh and paid through credit card Rs.25,000
    (iv) Sold goods (costing Rs.10,000) to Mohan for Rs.14,000 who pays through debit card
    (v) Commission received by cheque and deposited the same in the bank Rs.2,000
    (vi) Paid office rent through ECS Rs.6,000
    (vii) Sold goods to Raman for Rs.15,000 of which Rs.5,000 was received at once

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