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11th Standard English Medium Accountancy Subject Books of Prime Entry Creative 5 Mark Questions with Solution Part - I

11th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25
  1. Mohit has the following transactions, prepare accounting equation

        Rs
    i) Business started with Cash 1,75,000
    ii) Purchased goods from Rohit 50,000
    iii) Sold goods on credit to Manish (Costing Rs.17,500) 20,000
    iv) Purchased furniture for office use 10,000
    v) Cash paid to Rohit in full settlement 48,000
    vi) Cash received from Manish 20,000
    vii) Rent paid 1,000
    viii) Cash withdrew for personal use 3,000
  2. 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
  3. Pass Journal Entries in the books of Ragu from the following transactions:

    2016 June  
    1 Ragu started business with cash Rs.80,000; goods Rs.40,000 and furniture Rs.20,000.
    2 Sold goods to Nandu of the list price of Rs.20,000 at trade discount of 10%.
    3 Nandu returned goods on the list price of Rs.4,000
    8 Received from Nandu Rs.14,150 in full settlement in his account
    10 Purchased goods from Mohan of the list price of Rs.10,000 at 15% Trade discount.
    13 Returned goods to Mohan of the list price Rs.1,000
    16 Settled his account of Mohan by paying cash, under discount of 4%.
    18 Purchased goods from Ajay Rs.5,000; Sanjay Rs.10,000.
    19 Paid Cash to Ajay Rs.1,900 and discount received Rs.100.
    20 Paid 9,800 to Sanjay in full settlement of his account
    20 Bought a 'Table Fan' for Rs1,200 for the domestic use of Raghu.
    25 Sold goods for cash of the list price of Rs.8,000 at 10%, Trade Discount and 3% cash Discount
    30 Paid Rent Rs.800; Trade expenses Rs.700 and Travelling expenses Rs. 380.
  4. Prepare accounting equation and balance, sheet on the basis of the following.

        Rs.
    (i) Pallavan started business with cash 60,000
    (ii) He purchased furniture 10,000
    (iii) He paid rent 2,000
    (iv) He purchased goodson credit from Mr.Mahendran 30,000
    (v) He sold goods (cost price f 20,000) for cash  25,000
  5. 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

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