+1 Public Exam March 2019 Important Creative 3 Mark Questions and Answers

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 300
    100 x 3 = 300
  1. Explain the term transactions

  2. Briefly explain the following terms
    a) Account
    b) Voucher
    c) Invoice

  3. Write short notes on
    a) Capital
    b) Assets
    c) Liabilities

  4. What are the informational needs of internal users?

  5. Explain the objectives of Accounting?

  6. What is the process of accounting?

  7. Non-monetary transactions are not recorded in the books of accounts. Give reason and explain

  8. Is accounting an art or a Science?

  9. 'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.

  10. Write short notes on cash basis of accounting.

  11. Write short notes on accrual basis of accounting.

  12. Write a note on (a) purchases, (b) sales.

  13. What is the difference between cash transaction and credit transactions?

  14. What is the difference between voucher and invoice?

  15. Explain the external users of accounting.

  16. Describe the various steps involved in accounting process?

  17. Explain the importance of Human resource accounting and social responsibility accounting in business.

  18. Describe the cash basis and accrual basis of accounting.

  19. Evolution of accounting results in modern accounting approach - explain.

  20. What are the limitations of Book keeping

  21. What do you mean by IFRS?

  22. Explain the Process of Accounting cycle.

  23. What are the objectives of book-keeping?

  24. What is the need for accounting standards?

  25. Do you think that the principle of conservatism results in creating of secret reserve?

  26. Which value is reflected in the Accounting standards issued by ICAI?

  27. How does matching principle apply to depreciation?

  28. What are the features of book-keeping?

  29. Briefly explain the relationship among accounting, accountancy and book-keeping.

  30. What is Accounting Standards in the words of Kohler?

  31. State the different approaches in recording business transactions.

  32. Supply the missing amounts on the basis of accounting equation.

    Assets = Liabilities + Capital
    ? = Rs.5,000 + Rs.10,000
  33. Radhika Traders started Business with the following on pt April 2017.
    Assets: Cash Rs.8,000; Bank Rs.7,000; Stock Rs.30,000; Debtors Rs.40,000;
    (Mono Rs.25,000 and Suman Rs.15,000) Furniture Rs.5,000 and Building Rs.25,000
    Liabilities: Creditors Rs.18,000 (Suresh Rs.10,000 and Ramesh Rs.8,000) Pass the Journal Entry.

  34. Transactions of Sunil for the month of April are given below Journalise them.

    2018 January   Rs
    1 Sumy started business with cash 3,00,000
    3 Bought goods for cash 15,000
    13 Sold goods to Abisha 4,500
    20 Bought goods from Sumy 6,750
    24 Received from Abisha 4,500
    28 Paid cash to Sumy 6,450
    30 Cash Sales for the month 24,000
    30 Paid salary to Ram 9,000
    30 Goods were returned to Karthick 10,000
  35. Write the transactions from the Journal Entries
    Cash A/c Dr.
    To Bank A/c

  36. Write the transactions from the Journal Entries
    Cash A/c Dr.
    Discount Alc Dr.
    To Aravind A/c

  37. Write the transactions from the Journal Entries.
    Cash A/c Dr
    To Bad debts recovered A/c

  38. Write the transactions from the Journal Entries.
    Drawings A/c   Dr
    To Purchases

  39. What are the different types of Journal entries?

  40. What are the advantages of Journal?

  41. State the nature of account and show which account will be debited and which account will be credited? (1) Rent received, (2) building purchased, (3) Machinery sold, (4) Discount allowed, (5) Discount received.

  42. Think: A customer has returned the goods to his supplier along with a debit note. But, the supplier does not agree with the customer's claim that the goods are damaged. Can the customer consider his debit note as a valid source document and enter the purchases returns?

  43. Write the narration with reference to the following journal entries

    Date Particulars L.F Debit Rs Credit Rs
    2018        
    April 1 Cash A/c    Dr   3,00,000  
      To Shyam's Capital A/c     3,00,000
      (...........................................)      
    2 Bank A/c    Dr   2,70,000  
      To Cash A/c     2,70,000
      (...........................................)      

     

  44. Write a brief note on accounting equation approach of recording transactions.

  45. Explain the features of double entry system.

  46. Explain the meaning of source documents

  47. Explain the meaning of Accounting Equation.

  48. Bring out the advantages and the limitations of journal.

  49. 'Ledger is a principal Book of a Business' - Explain.

  50. Explain the significance of debit and credit balances of various types of accounts.

  51. Explain the posting of a compound journal entry with an example.

  52. Whatis the need for preparing trial balance?

  53. What are the features of trial balance?

  54. Prepare the trial balance from the following-balances of Ms Chitra as on 31.03.2015.

       Rs    Rs
     Capital      2,50,000  Bank    2,75,000
     Bills payable   50,000  Debtors  1,00,000
     Opening Stock   75,000  Discount received   5,000
     Loan 1,50,000  Sales 50,000
     Salaries 10,000  Purchases 45,000
  55. The following balances extracted from the books of Mr. Murali, as on 30.03.2016. Prepare trial balance.

       Rs     Rs 
     Sales   35,000   Audit Fees   1,000
     Interest paid   350   Octroi duty  8,000
     Returns inward   2,500   Land  90,000
     Depreciation 2,400   Capital 60,000
     Office rent 2,000   Bank overdraft   11,250
  56. The following balances are extracted from the books of Mr. Saran, as on 31.03.2017. Prepare trial balance transfer the different if any to suspense account.

       Rs     Rs 
     Discount allowed    350   Loan borrowed    12,000
     Cash in hand  4,100   Commission paid   3,000
     Capital  45,000   Purchases 29,050
     Salaries 10,000   Sales 35,000
     Furniture 9,500    
  57. Explain the various methods of preparing trial balance.

  58. Explain the need for preparing trial balance.

  59. Explain the features of trial balance.

  60. What is Suspense Account? When is it opened?

  61. What are the difference between Cash Discount and Trade Discount?

  62. What are the features of a bill of exchange?

  63. Write a note on (i) Bills Receivable Book (ii) Bills Payable Book.

  64. Write Short notes on (i) Renewal of a bill (ii) Retiring of a BiII.

  65. Explain any three advantages of subsidiary books.

  66. Visit some business units in your area. Find out the books maintained by them. Do they maintain special subsidiary books? If not, discuss with them the need and guide them on maintaining the special subsidiary books.

  67. Write notes on closing entries.

  68. Explain the purposes of various subsidiary books.

  69. Explain the purpose of journal proper with examples.

  70. What are the importance of cash book?

  71. Enter the following transactions in Cash book with Cash and Discount column of Mr. Nandakumar.

    2016 Feb 1 Cash in hand Rs.60,000
    3 Bought goods from premnath Rs.10,000
    4 Opened a current account with bank Rs.15,000
    7 Withdrew from bank Rs.5,000
    8 Sold goods to Kandan for Rs.10,000 credit on terms 2% cash discount if payable within two weeks  
    10 Paid cash to Premnath, less 1% C.D.  
    14 Received a cheque from Arul Rs.3,400, allowed him discount Rs.100  
    15 Kandan settled his account  
  72. When his business becomes large, what other books will he be maintaining?

  73. What purpose does an analytical petty cash book serve?

  74. What is the need for bank reconciliation Statement?

  75. List the five items having the effect of higher balance in the Cash book.

  76. What are the causes of difference between bank column of the cash book and bank statement?

  77. Observe the above format. Why the withdrawals are shown as debit and deposits are shown as credit in a bank statement?

  78. In the following illustration, what will be the bank statement balance if the cash book balance is unfavourable?

      Particulars Rs
    (i) Cheques deposited but not yet collected by the bank 500
    (ii) Cheque issued but not yet presented for-payment 1000
    (iii) Bank interest charged 100
    (iv) Rent paid by bank as per standing instruction 200
    (v) Cash book balance 300
  79. Rectify the following errors.
    (i) The Sales book of December was added short by Rs 500.
    (ii) A periodical total of the Purchases book was short by Rs 5,000.
    (iii) The total of Purchases return Book has been undercast by Rs 1,500.
    (iv) The Sales return book is added Rs 200 short.

  80. Pass the journal entries rectifying the following errors:
    (i) Purchases of office furniture of Rs 10,000 was recorded in Purchases book.
    (ii) Office rent of Rs 15,000 was debited to the personal account of the landlord.
    (iii) Old machine was sold for Rs 5,000 was credited to Sales account.

  81. Write a short note on - Insurance Policy Method

  82. Write a short note on Machine hour rate method.

  83. What are the Factors determining the amount of depreciation?

  84. Akbar & Co. purchased a Plant for Rs 80,000 on 01-04-2001. It is Depreciated at 10% p.a. on reducing Balance method for three years. Accounts are closed on 31st March every year. Pass the Journal Entries.

  85. Sunil & company purchased a fixed asset on 1.4.2002 for Rs 5,00,000. Depreciation is to be provided @ 15% per annum according to straight line method. The books are closed on 31st March every year. Prepare fixed asset account and depreciation account for three years.

  86. What are the need for preparation of trading account?

  87. What are the characteristics of balance sheet?

  88. Explain the types. of liabilities.

  89. What are the difference between trial balance and balance sheet.

  90. The following Balances are taken from the books of M/s. Riya Ltd. Prepar Profit and Loss Account for the year ended 31st march 2005.

    Particulars Rs. Particulars Rs.
    Gross profit 5,25,000 Salaries & Wages 1,00,000
    Rent 10,000 Depreciation 5,000
    Interest on Loan 5,000 Office expenses 1,500
    Distribution Charges 2,500 Salesman salary 8,000
    Bad debts 2,200 Stationery and printing 500
    Commission received 3,000 Discount received 2,000
    Interest received 5,000 Advertising 9,000
    Taxes and Insurance 2,000    
  91. Opening stock Rs. 30,000, Purchases Rs. 54,600, Expenses Rs. 6,000, Sales Rs.90,000, Expenses on sales Rs. 3,000, Closing stock Rs. 36,000. Calculate Cost of goods sold and Gross profit.

  92. Explain the concept of Matching Principle.

  93. What is Credit balance?

  94. The Trial balance shows the followings:
    Capital as on 31-03-2013     Rs.6,00,000 .
    Drawings as on 31-03-2013  Rs.50,000
    Charge interest on drawings @ 5% pass adjusting entry. Show how this item appear in the final accounts.

  95. From the following particulars prepare a Balance sheet of Mr. X for the year ended 3st March, 2015.

    Capital Rs.2,00,000 Sundry debtors Rs.80,000
    Drawings Rs.40,000 Land and building Rs.50,000
    Cash in hand Rs.15,000 Plant and machinery Rs.80,000
    Loan from bank Rs.40,000 Investment Rs.20,000
    Sundry creditors Rs.40,000 Bills receivable Rs.10,000
    Bills payable Rs.20,0.00 Cash at bank Rs.25,000
    Goodwill Rs.60,000    

    The following adjustments are made at the time of preparing Final accounts.
    (i) Outstanding Liabilities for Salaries Rs.10,000; Wages Rs 20,000; Interest on Bank overdraft Rs 3,000; and Interest on bank loan Rs6,000.
    (ii) Provide Interest on capital @ 10% p.a.
    (iii) Depreciation on plant and machinery by 10% p.a.
    (iv) Bad debts amounted to Rs.10,000 and make a provision for Bad debts @ 10% on sundry debtors.
    (v) Closing stock amounted to Rs.1,20,000.
    Net Profit for the year amounted to Rs.96,000 after considering all the above adjustments.

  96. Pass necessary Adjusting entries for the following adjustments:
    a) Interest on loan outstanding Rs.5,000
    b) Depreciation @ 5% on furniture Rs.50,000
    c) Write off bad and doubtful debts Rs.3,000
    d) Provide provision for bad and doubtful debts @ 5% on sundry debtors Rs.4,00,000
    f) Provide provision for discount on creditors @ 2% on sundry creditors Rs.3,50,000

  97. Give the Block diagram of computer.

  98. Explain the types of People Interact.

  99. Explain the three types of Procedures.

  100. Explain the codification of accounts.

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