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

11th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 50
    10 x 5 = 50
  1. Explain the Accounting cycle

  2. What do you mean by accounting concepts? Explain any five concepts.

  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. Journalise the following transactions in Tmt. Rani's Journal and post them to ledger.

    2003 Sep   Rs
    1 Tmt. Rani started business with 3,00,000
    5 Opened a current account with Indian Overseas Bank 50,000
    12 Bought goods from Tmt. Sumathi 90,000
    18 Paid to Tmt. Sumathi 90,000
    20 Sold goods to Tmt. Chitra 1,26,000
    28 Tmt. Chitra settled her accounts  
  5. Prepare trial balance as on 31.12.2017 from the following balances of Mr Balakrishnan.

       Rs     Rs
     Capital     2,00,000   Repairs     2,400
     Drawings   18,000   Office lighting   2,600
     Furniture 64,500   Printing and Stationery   2,700
     Stock at the beginning   62,050   Bank loan 17,500
     Bills receivable 7,500   Computer   30,000
     Bills payable 8,750   Debtors 46,500
     Purchases 88,100   Cash in hand 17,000
     Sales 1,35,450   Cash at bank 27,250
     Discount allowed 7,100   General expenses 7,100
     Discount received 3,500   Creditors 17,600
  6. Prepare Trial Balance as on 31.3.2014 from the books of Thiru. Sridhar.

    Name of the account Rs Name of the account Rs
    Capital 1,49,000 Drawings 14,000
    General Expenses 7,000 Building 22,000
    Machinery 68,680 Stock 32,400
    Power, Fuel 4,480 Insurance 2,610
    Wages 14,400 Creditors 55,000
    Bad debts 1,100 Loan (Cr.) 35,760
    Sales 1,30,720 Purchases 94,000
    Car 1,44,000 General Reserve 1,800
    Commission (Cr.) 4,640 Car Expenses 3,600
    Bills Payable 17,700 Cash 14,740
    Bank Overdraft 28,600 Discount (Dr.) 210
  7. Visit a stationery shop nearby. Observe its business activities for a week. After having discussed with the shop keeper, prepare a list of purchased and sold items by the shop. Record them in the appropriate books.

  8. Enter the following transactions m cash book WIth cash and bank columns. Balance the cash book.

    2013, May Rs.
    1 Cash in hand 30,000
    2 Paid into bank 10,000
    3 Cash purchases 2,500
    4 Loan obtained from Vasan 10,000
    5 Cash deposited in bank 7,500
    6 Cash sales 2,500
    8 Rent paid by cheque 2,000
    10 Cash withdrew for office use 4,000
    14 Paid Nataraj Rs.300 by M.O.  
    15 Akilan directly paid into our bank account 3,000
    25 Cash withdrawn from bank 5,000
  9. From the following particulars, ascertain the balance that would appear in the bank pass book of Cotton World Ltd. at 31st December 2015.
    a) The bank overdraft as per Cash book on 31st December, Rs. 1,26,800.
    b) Interest on overdraft for 6 months ending 31st December, Rs. 3,200 is entered in the pass book.
    c) Bank charges of Rs 600 for the above period are debited in the pass book.
    d) Cheques issued but not cashed prior to  31st December amounted to Rs. 23,360.
    e) Cheques paid into bank but not cleared before 31st December, were for Rs. 43,400.
    f) Interest on investments collected by the bank and credited in the pass book Rs. 24,000.

  10. Kumaran Brothers purchased a Machinery on 01-01-2016 for Rs. 5,00,000. On 01-01-2018 the Machinery was sold for Rs. 4,00,000. The firm charges depreciation at the rate of 15% per annum on Straight line Method. The books are closed on 31st March every year. Prepare machinery account and depreciation account.

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