11th Standard Syllabus & Materials
11th Standard
TN 11th Tamil இயற்கை வேளாண்மை,சுற்றுச்சூழல் -செய்யுள் - மனோன்மணீயம் Important Questions And Answers Study Material - QB365 Set A
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TN 11th Tamil என்னுயிர் என்பேன் -துணைப்பாடம் - இசைத்தமிழர் இருவர் Important Questions And Answers Study Material - QB365 Set A
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TN 11th Tamil மொழி கலை -செய்யுள் - ஒவ்வொரு புல்லையும் Important Questions And Answers Study Material - QB365 Set A
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TN 11th Tamil பீடு பெற நில் - இலக்கணம் - பகுபத உறுப்புகள் Important Questions And Answers Study Material - QB365 Set A
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TN 11th Tamil பீடு பெற நில் - துணைப்பாடம் - வாடிவாசல் Important Questions And Answers Study Material - QB365 Set A
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TN 11th Tamil பீடு பெற நில் - செய்யுள் - குறுந்தொகை Important Questions And Answers Study Material - QB365 Set A
Published on: 02/09/2019
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Questions + Answers key
Take MCQ Accountancy Test
1.
Withdrawal of cash from business by the proprietor should be credited to
Drawings A/c
Cash A/c
Capital A/c
Purchases A/c
2.
Which one of the following is representative personal account?
Building A/c
Outstanding salary A/c
Mahesh A/c
Balan & Co
3.
4.
Give the golden rules of double entry accounting system.
5.
State the accounting rule for nominal account
6.
What is real account?
7.
What are source documents?
8.
Create an accounting equation on the basis of the following transactions:
(i) Rakesh started business with a capital of Rs.1,50,000
(ii) Deposited money with the bank Rs.80,000
(iii) Purchased goods from Mahesh and paid through credit card Rs.25,000
(iv) Sold goods (costing Rs.10,000) to Mohan for Rs.14,000 who pays through debit card
(v) Commission received by cheque and deposited the same in the bank Rs.2,000
(vi) Paid office rent through ECS Rs.6,000
(vii) Sold goods to Raman for Rs.15,000 of which Rs.5,000 was received at once
9.
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
10.
What is double entry system? State its advantages.
11.
Write a brief note on accounting equation approach of recording transactions.
12.
What is the accounting treatment for insurance premium paid on the life of the proprietor?
1.
(b)
Cash A/c
2.
(b)
Outstanding salary A/c
3.
(d)
4.
| Personal account | Debit the receiver | Credit the giver |
| Real account | Debit what comes in | Credit what goes out |
| Nominal account | Debit all expenses and losses | Credit all incomes and gains |
5.
'Debit all expenses and losses and Credit all incomes and gains'. For nominal accounts, the rule is debit all expenses and losses and credit all incomes and gains
6.
All accounts relating to tangible and intangible properties and possessions are called real accounts
7.
(i) Source documents are the authentic financial evidence of transactions. These documents show the nature of transaction, the date, the amount and the parties involved.
(ii) Source documents include cash receipt, invoice, debit note, credit note, pay-in-slip, salary bills, wage bills, counterfoils of cheques and any other form of written document proof.
8.
| S.No. | Transaction | Cash Rs. | Bank Rs. | Stock Rs. | Drs Rs. | Total Assets Rs. | = | Total Liabilities Rs. | Capital Rs. |
|---|---|---|---|---|---|---|---|---|---|
| i) | Started business with capital | +1,50,000 | +1,50,000 | ||||||
| Balance | +1,50,000 | +1,50,000 | |||||||
| Equation | +1,50,000 | = | +1,50,000 | ||||||
| ii) | Deposited money with the bank | -80,000 | +80,000 | ||||||
| Balance | +70,000 | +80,000 | +1,50,000 | ||||||
| Equation | +1,50,000 | = | +1,50,000 | ||||||
| iii) | Purchased goods from credit card | -25,000 | +25,000 | ||||||
| Balance | +70,000 | +55,000 | +25,000 | +1,50,000 | |||||
| Equation | +1,50,000 | = | +1,50,000 | ||||||
| iv) | Cash sales | -14,000 | -10,000 | +4,000 | |||||
| Balance | +70,000 | +69,000 | +15,000 | +1,54,000 | |||||
| Equation | +1,54,000 | = | +1,54,000 | ||||||
| v) | Commission received by cheque | +2,000 | +2,000 | ||||||
| Balance | +70,000 | +11,000 | +15,000 | +1,56,000 | |||||
| Equation | +1,56,000 | = | +1,56,000 | ||||||
| vi) | Paid rent by ECS | -6,000 | -6,000 | ||||||
| Balance | +70,000 | +65,000 | 15,000 | +1,50,000 | |||||
| Equation | +1,50,000 | = | +1,50,000 | ||||||
| vii) | Sold goods to Raman | +5,000 | -15,000 | +10,000 | |||||
| Balance | +75,000 | +65,000 | 0 | +10,000 | +1,50,000 | ||||
| Equation | +1,50,000 | = | +1,50,000 |
9.
| S.No. | Transaction | Cash Rs. | Stock Rs. | Bank Rs. | Furniture Rs. | Total Assets Rs. | = | Total Liabilities Rs. | Capital Rs. |
|---|---|---|---|---|---|---|---|---|---|
| a) | Started business with cash |
+80,000 | +80,000 | ||||||
| Balance | +80,000 | +80,000 | |||||||
| Equation | +80,000 | = | +80,000 | ||||||
| b) | Cash purchases | -30,000 | +30,000 | ||||||
| Balance | +50,000 | +30,000 | +80,000 | ||||||
| Equation | +80,000 | = | +80,000 | ||||||
| c) | Paid salaries by cash | -5,000 | -5,000 | ||||||
| Balance | +45,000 | +30,000 | +75,000 | ||||||
| Equation | +75,000 | = | +75,000 | ||||||
| d) | Deposited money in CDM |
-5,000 | +5,000 | ||||||
| Balance | +40,000 | +35,000 | +75,000 | ||||||
| Equation | +75,000 | = | +75,000 | ||||||
| e) | Introduced additional capital | +10,000 | +10,000 | ||||||
| Balance | +50,000 | +35,000 | +85,000 | ||||||
| Equation | +85,000 | = | +85,000 |
10.
(i) Double entry system of book keeping is a scientific and complete system of recording the financial transactions of an organisation.
(ii) According to this system, every transaction has a two fold effect.
(iii) That is, there are two aspects involved, namely, receiving aspect and giving aspect.
(iv) It is denoted by debit (Dr.) and credit (Cr.).
Following are the advantages of double entry system:
(1) Accuracy: In this system, the two aspects of each transaction are recorded in the books of accounts.This helps in checking the accuracy in accounting
(2) Ascertainment of business results: Details regarding expenses, losses, incomes, gains, assets, liabilities, debtors, creditors, etc: are readily available. This helps to ascertain the net profit earned or loss incurred during an accounting period and also to know the financial position as on a particular date.
(3) Comparative study: The business results of the current year can be compared with those of the previous years and also with other business firms. It facilitates business planning for future.
(4) Common acceptance: The business records maintained under this system are accepted by financial institutions, government and others, because it is a systematic and scientific system.
11.
(i) The relationship of assets with that of liabilities to outsiders and to owners in the equation form is known as accounting equation.
(ii) Under the double entry system of book keeping, every transaction has two fold effect, which causes the changes in assets and liabilities or capital in such a way that an accounting equation is completed and equated
Capital + Liabilities = Assets
(iii) Capital can also be called as owner's equity and liabilities as outsider's equity.
(iv) Accounting equation is a mathematical expression which shows that the total of assets is equal to the total of liabilities and capital.
(v) This is based on the dual aspect concept of accounting.
(vi) As the revenues and expenses will affect capital, the expanded equation may be given as under
Assets = Liabilities + Capital + Revenues - Expenses
12.
(i) Insurance premium paid on the life of the proprietor is a personal account.
(ii) It is spend for the personal use of the proprietor not for the business purpose. Hence Drawings A/c should be debited.
The entry is
| Drawings A/c Dr | xxxx | |
| To Cash A/c | xxx |
11th Standard Syllabus & Materials
11th Standard
TN 11th Tamil பீடு பெற நில் - செய்யுள் - காவடிச்சிந்து Important Questions And Answers Study Material - QB365 Set A
NEW11th Standard
TN 11th Tamil பீடு பெற நில் - உரைநடை - மலை இடப்பெயர்கள் : ஓர் ஆய்வு Important Questions And Answers Study Material - QB365 Set A
NEW11th Standard
TN 11th Tamil மாமழை போற்றுதும் - துணைப்பாடம் - யானை டாக்டர் Important Questions And Answers Study Material - QB365 Set A
NEW11th Standard
TN 11th Tamil மாமழை போற்றுதும் - செய்யுள் - ஐங்குறுநூறு Important Questions And Answers Study Material - QB365 Set A
Tamilnadu Stateboard 11th Standard Subjects
Maths
Commerce
Economics
Biology
Business Maths and Statistics
Accountancy
Computer Science
Physics
Chemistry
Maths
Biology
Economics
Physics
Chemistry
History
Business Maths and Statistics
Computer Science
Accountancy
Computer Applications
History
Computer Technology
Commerce
Computer Applications
Computer Technology
Tamil
English
French
Tamilnadu Stateboard Standards
