Books of Prime Entry Important Questions

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  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. 'Cash withdrawn by the proprietor from the business for his personal use' causes ____

    (a)

    Decrease in assets and decrease in owner's capital

    (b)

    Increase in one asset and decrease in another asset

    (c)

    Increase in one asset and increase in liabilities

    (d)

    Increase in asset and decrease in capital

  3. 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

  4. Prepaid rent is a ____

    (a)

    Nominal A/c

    (b)

    Personal A/c

    (c)

    Real A/c

    (d)

    Representative personal A/c

  5. ________ is prepared in three copies.

    (a)

    Debit Note

    (b)

    Credit Note

    (c)

    Receipts

    (d)

    Invoice

  6. _______ is prepared in duplicate and the original is sent to the seller.

    (a)

    Debit Note

    (b)

    Credit Note

    (c)

    Pay-in-slip

    (d)

    None of these

  7. A debit note is called as _______

    (a)

    debit memo

    (b)

    credit memo

    (c)

    pay-in-slip

    (d)

    receipts

  8. _____ is a statement prepared by the seller who receives back from his customer the goods sold.

    (a)

    Debit Memo

    (b)

    Credit note

    (c)

    Receipts

    (d)

    Pay-in-slip

  9. _________ is a negotiable instrument.

    (a)

    Cheque

    (b)

    Cash

    (c)

    Discount

    (d)

    Premium

  10. _______ system is the scientific and complete system of recording the financial transactions of a business.

    (a)

    Single Ent

    (b)

    Double Entry

    (c)

    Prime Entry

    (d)

    Journal Entry

  11. 5 x 1 = 5
  12. Asset account

  13. (1)

    Purchase of goods

  14. Liability account

  15. (2)

    Creditors

  16. Revenue account

  17. (3)

    Land and buildings

  18. Expenses account

  19. (4)

    Rent received

  20. Capital account

  21. (5)

    Owner

    5 x 2 = 10
  22. What are source documents?

  23. What is accounting equation?

  24. Give the Meaning of Debit note.

  25. State the classification of accounts.

  26. State any three different types of Journal Entries?

  27. 5 x 3 = 15
  28. State the principles of double entry system of book keeping.

  29. Briefly explain about steps in journalising.

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

  31. State the different approaches in recording business transactions.

  32. Point out the nature of the following Accounts.
    a) Capital A/c;
    b) Drawings A/c;
    c) Machinery A/c;
    d) Purchases A/c;
    e) Wages A/c;
    f) Bank A/c;
    g) Outstanding rent A/c
    h) Prepaid insurance A/c;
    i) Bad debts A/c

  33. 2 x 5 = 10
  34. 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

  35. Journalise the following transactions in the journal of Mr. Jesuraja and Raviraja. 2013, October

    Date   Rs.
    1 As partners, Jesuraja and Raviraja started their business with Rs.25,000, Rs. 15,000 respectively  
    5 Opened a current account with bank of India 40,000
    10 Paid rent by cheque 2,500
    15 Machinery purchased for Rs. 20,000 by cheque  
    20 Amount withdrawn from bank 3,000
    25 Received cheque from Mr. Ramamoorthy 12,000
    28 Ramamoorthy cheque deposited into bank for collection 25,000
    5 Sold goods for cash  
    30 Cheque received from Mr. Sundararajan Rs.7000 and immediately banked.  

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