Books of Prime Entry Important Questions

11th Standard

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Accountancy

Answer all the questions

Time : 02:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. 'Cash withdrawn by the proprietor from the business for his personal use' causes ____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

  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. In double entry system of book keeping, every business transaction affects ______

    (a)

    Minimum of two accounts

    (b)

    Same account on two different dates

    (c)

    Two sides of the same account

    (d)

    Minimum three accounts

  4. ________ is prepared in three copies.

    (a)

    Debit Note

    (b)

    Credit Note

    (c)

    Receipts

    (d)

    Invoice

  5. _________ is a negotiable instrument.

    (a)

    Cheque

    (b)

    Cash

    (c)

    Discount

    (d)

    Premium

  6. Transactions relating with individuals or firms or companies are known as _______

    (a)

    personal accounts

    (b)

    real accounts

    (c)

    nominal accounts

    (d)

    capital accounts

  7. The liabilities of a business are Rs.30,000, the Capital of the proprietor is Rs.70,000. The total assets are _____

    (a)

    Rs.70,000

    (b)

    Rs.1,00,000

    (c)

    Rs.40,000

    (d)

    Rs.50,000

  8. The Liabilities of a firm are Rs.3,000; the capital of the proprietor is Rs.7,000. The total assets are

    (a)

    Rs.7,000

    (b)

    Rs.10,000

    (c)

    Rs.4,000

    (d)

    Rs.12,000

  9. Which one is one of these cash transactions?

    (a)

    Sold goods to Raghavan

    (b)

    Bought goods from Anand

    (c)

    Salaries paid

    (d)

    Loan borrowed from Bank

  10. Purchased goods from Murthy on credit should be credited to

    (a)

    Murthy A/c

    (b)

    Cash A/c

    (c)

    Purchases A/c

    (d)

    Goods A/c

  11. 5 x 2 = 10
  12. Give the golden rules of double entry accounting system.

  13. What is meant by external liabilities?

  14. What is Cheque?

  15. What do the following Journal Entries mean?
    Bank A/c Dr.
    To Cash A/c

  16. If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as Credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?

  17. 5 x 3 = 15
  18. Classify the following items into real, personal and nominal accounts.
    a) Capital
    b) Purchases
    c) Goodwill
    d) Copyright
    e) Latha
    f) State Bank of India
    g) Electricity charges
    h) Dividend
    i) Ramesh
    j) Outstanding rent

  19. Complete the accounting equation.

    (a) Assets = Capital + Liabilities
    Rs.1,00,000 = Rs.80,000 + ?
    (b) Assets = Capital + Liabilities
    Rs.2,00,000 = ?+Rs.40,000
    (c) Assets = Capital + Creditors
    ? = Rs.60,000 + Rs.80,000
  20. Supply the missing amounts on the basis of accounting equation.

    Assets = Liabilities + Capital
    Rs.20,000 = Rs.15,000 + ?
  21. Write the transactions from the Journal Entries
    Cash A/c Dr.
    To Bank A/c

  22. Classify the following into personal, real and nominal accounts.
    (a) Capital
    (b) Building
    (c) Carriage inwards
    (d) Cash
    (e) Commission received
    (f) Bank
    (g) Purchases
    (h) Chandru
    (i) Outstanding wages

  23. 3 x 5 = 15
  24. Show the effects of the following business transactions on the accounting equation.

        Rs
    i) Anitha started business with cash Rs.20,000; goods Rs.12,000 and machine 8,000
    ii) Bought goods for cash 6,000
    iii) Sold goods costing Rs.2,000 for 2,500
    iv) Purchased goods from Ramani on credit 7,000
    v) Payment made to Ramani in full settlement 6,900
    vi) Sold goods to Rajan on credit costing Rs.5,400 for 20,000
    vii) Received from Rajan 5,800 in full settlement of his account 6,000
    viii) Salaries paid 4,000
    ix) Wages Outstanding 400
    x) Prepaid Insurance 100
  25. Journalise the follow ing transactions in the books of Tmt. Jaya. 2016

    2016 Jan   Rs
    1 Tmt. Jaya commenced business with cash 50,000
    2. Purchased goods for cash 10,000
    5 Purchased goods from Mohan on credit 6,000
    7 Paid into Bank 5,000
    10 Purchased furniture 2,000
    20 Sold goods to Suresh on credit 5,000
    25 Cash Sales 3,500
    26 Paid to Mohan ·on account 3,000
    31 Paid salaries 2,800
  26. Indicate how assets, liabilities and capital are affected by each of the following transactions with an accounting equation.
    (I) Purchased goods on credit for Rs. 25,000.
    (ii) Rent paid Rs. 2,000.
    (iii) Commission received Rs. 500.

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