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11th Standard CBSE Accountancy Unit 3 Recording of Transaction - I Important Question Paper | QB365

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11th Standard CBSE Accountancy Unit 3 Recording of Transaction - I Important Question Paper

Published on: 26/07/2019

Recording of Transaction - I

Download CBSE Class 11th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 11th Standard CBSE Accountancy

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Std: 11th Standard CBSE - Accountancy

chapter: - Model Question paper

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Questions:

1 Marks

5 x 1 = 5

Give two examples of a voucher

What is meant by a voucher?

What is the role of source documents?

Define source documents.

Name the two types of vouchers. (Main Classification)

Generic 3

5 x 3 = 15

What is an invoice?

What is a cash memo?

Differentiate between source documents and vouchers

List any three source documents.

10.

What is a source document?

Generic 4

1 x 4 = 4

11.

Mohit has following transactions. Prepare Accounting Equation:

	Particulars	Rs
(i)	Business started with cash	1,75,000
(ii)	Purchased goods from Rohit	50,000
(iii)	Sold goods on credit to Manish (costing 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

Generic 6

2 x 6 = 12

12.

Record journal entries for the following transactions in the books of Anudeep of Delhi:
(i) Bought good Rs.2,00,000 from Kanta of Delhi (CGST @ 9% SGST @9%)
(ii) Bought good Rs.1,00,000 for cash from Rajasthan (IGST @ 12%)
(ill) Sold goods Rs.1,50,000 to Sudhir of Punjab (IGST @ 18%)
(iv) Paid for Railway Transport Rs.10,000 (CGST @ 5%, SGST @ 9%)
(v) Sold goods Rs.1,20,000 to Sidhu of Delhi (CGST @9%, SGST @9%)
(vi) Bought Air-condition for office use Rs.60,000 (CGST @9%, SGST @9%)
(vii) Sold goods 1,50,000 for cash to Suntil to Uttar Pradesh (IGST 18%)
(viii) Paid for Broadband services Rs.4,000 (CGST @9%, SGST @O%)
(ix) Bought good Rs.50,000 from Rajesh. Delhi (CGST @ 9% SGST @9%)

13.

The following transactions took place in the business of Mis Ram Furniture:
(i) Bought furniture for resale from Mis Amit Furniture for cash Rs.5,000
(ii) Sold goods to Ajay Rs.8,000.
Prepare accounting vouchers for recording the above transactions.

Multiple Choice Question

5 x 1 = 5

14.

When a entry is made in journal

(a)

Assets are listed first.

(b)

Accounts to be debited listed first.

(c)

Accounts to be credited listed first.

(d)

Accounts may be listed in any order

15.

The journal entry to record purchase of equipment for Rs.2,00,000 cash and a balance of Rs. 8,00,000 due in 30 days include

(a)

Debit equipment for Rs.2,00,000 and Credit cash 2,00,000

(b)

Debit equipment for Rs.10,00,000 and Credit Rs.2,00,000 and creditors Rs.8,00,00.

(c)

Debit equipment Rs.2,00,000 and Credit debtors Rs.8,00,000

(d)

Debit equipment Rs.10,00,000 and Credit cash Rs.10,00,000

16.

The journal entry to record the sale of services on credit should include:

(a)

Debit to debtors and credit to capital.

(b)

Debit to cash and Credit to debtors.

(c)

Debit to fees income and Credit to debtors.

(d)

Debit to debtors and Credit to fees income.

17.

The ledger folio column of journal is used to :

(a)

Record the date on which amount posted to a ledger account

(b)

Record the number of ledger account to which information is posted.

(c)

Record the number of amounts posted to the ledger account

(d)

Record the page number of the ledger account

18.

Double entry accounting requires that:

(a)

All transactions that create debits to asset accounts must create credits to liability or capital accounts;

(b)

A transaction that requires a debit to a liability account require a credit to an asset account;

(c)

Every transaction must be recorded with equal debits equal total credits.

Fill up / 1 Marks

5 x 1 = 5

19.

Issued cheque for Rs.70,000 to payoff on of the creditors. The account to be debited is _________

20.

Purchased new machine for Rs.1,170,000 and issued cheque for the same. The account to be debited is ___________

21.

Purchased office stationary for Rs.18,000.The account to be credited is _______

22.

Collected Rs.35,000 from debtors. The account to be credited is ________

23.

Issued a cheque for Rs.8,000 to pay rent. The account to be debited is _______

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Answers Key:

1 Marks

5 x 1 = 5

()
(i) Invoice
(ii) Cash memo

()
A voucher means a written evidence of a transaction that has taken place.

()
Source documents facilitate the identification of business transactions to be recorded in the books of accounts.

()
Source documents may be defined as the documents which provide evidence of the transaction.

()
(i) Debit vouchers
(ii) Credit vouchers

Generic 3

5 x 3 = 15

Invoice or Bill: Invoice or bill records the credit transactions related to sale or purchase. This is prepared when a firm purchases or sells the goods on credit. At the time, when the goods are sold by the business enterprise on credit, sale invoice is prepared in which all details of the credit sales viz. the quantity, rate and total amount, etc. are mentioned. Usually, invoices are made in triplicate, the main copy is sent to the purchaser, one copy is sent to the accounts department and another is kept by the business enterprise for record and future reference in the sales department.

Cash Memo : Sale and purchase are the main features of any business enterprise. For recording cash sales and cash purchases, cash memos serve as source documents. Cash memo is a source document in which all transactions pertaining to cash sales or purchase are to be recorded.

Cash Memo
Priyanka & Sons
Zero Road Allahabad
Quantity	Detail	Rate(Rs)	Amount(Rs)
5	Accountancy XI	180	900

Source documents are the documents which become the basis for recording transactions in the books of accounts
Voucher is documentary evidence in support of a business transaction. On the basis of source documents, entries are first recorded on the vouchers which are kept by all the firms in their own names. Each voucher is supported by a source document and serves as a documentary proof.

The following are the most common source documents:
(i) Voucher
(ii) Cheque
(iii) Pay-in-slip
(iv) Debit note
(v) Receipt
(vi) Invoice or Bill
(vii) Cash memo
(viii) Credit note.

10.

According to the verifiable objective principle of accounting, only those transactions should be recorded in the accounting books, which are evidenced and supported by business documents, so that the accounting data becomes verifiable and unbiased. The documents on the basis of which transactions are recorded in the book of original entry are called 'source documents'. These documents are written and considered authentic proof of the correctness of recorded transactions. These must be preserved for future reference and for the purpose of auditing and tax assessment. In case of any disputes, these serve as the legal evidence.

Generic 4

1 x 4 = 4

11.

No	Transaction	Assets = Liabilities + Capital
No	Transaction	Cash		Stock		Debtor		Furniture	=	Creditor	+	Capital
(i)	Started business with cash Rs.1,75,000	1,75,000	+	0	+	0		0	=	0	+	1,75,000
(ii)	Purchased goods from Rohit Rs.50,000	0	+	50,000	+	0		0	=	50,000	+	0
	New Equation	1,75,000	+	50,000	+	0		0	=	50,000	+	1,75,000
(iii)	Sold goods on credit to Manish (costing Rs.17,500) Rs.20,000	0	-	17,500	+	20,000		0	=	0	+	2,500
	New Equation	1,75,000	+	32,500	+	20,000	+	0	=	50,000	+	50,000
(iv)	Purchased furniture for office use.	(10,000)	+	0	+	0	+	10,000	=	0	+	0
	New Equation	1,65,000	+	32,500	+	20,000	+	10,000	=	50,000	+	1,77,500
(v)	Cash paid to Rohit in full settlement	(48,000)	+	0	+	0	+	0	=	50,000)	+	2,000
	New Equation	1,17,000	+	32,500	+	20,000	+	10,000	=	0	+	1,79,500
(vi)	Cash from Manish	20,000	+	0	+	(20,000)	+	0	=	0	+	1,79,500
	New Equation	1,37,000	+	32,500	+	0	+	10,000	=	1,79,500

Generic 6

2 x 6 = 12

12.

In the books of Anudeep Journal
Date	Particulars		Amount Dr(Rs)	Amount Cr(Rs)
(i)	Particulars A/c	Dr	2,00,000
	Input CGST A/c	Dr	18,000
	Input SGST A/c	Dr	18,000
	To Kanta
	(Being goods purchased from Kanta)
(ii)	Purchases A/c	Dr	1,00,000
	Input IGST	Dr	12,000
	To Cash A/c			1,12,000
	(Being goods purchased for cash)
(iii)	Sudhir	Dr	1,77,000
	To Sales A/c			1,50,000
	To Output IGST A/c			27,000
	(Being goods sold to Sudhir)
(iv)	Railway Transport Expenses A/c	Dr	10,000
	Input CGST A/c	Dr	500
	Input SGST A/c	Dr	500
	To Cash A/c			11,000
	(Being cash paid for Railway transport)
(v)	Sidhu	Dr	1,41,600
	To Sales A/c			1,20,000
	To Output CGST A/c			10,800
	To Output SGST A/c			10,800
	(Being goods sold to Sidhu of Delhi)
(vi)	Air-condition A/c	Dr	60,000
	Input CGST A/c	Dr	5,400
	Input SGST A/c	Dr	5,400
	To Cash A/c			70,800
	(Being air-condition purchased)
(vii)	Cash A/c	Dr	1,77,000
	To Sales A/c			1,50,000
	To Output IGST A/c			27,000
	(Being goods sold to Sunil for cash)
(viii)	Motor Cycle	Dr	50,000
	Input CGST A/c		7,000
	Input SGST A/c		7,000
	To Sash A/c			64,000
	(Being motor cycle purchased for office use)
(ix)	Broadband Service Charges A/c	Dr	4,000
	Input CGST A/c	Dr	360
	Input SGST A/c	Dr	0
	To Cash A/c			4,360
	(Being cash paid for broadband services)
(x)	Purchases A/c	Dr	50,000
	Input CGST A/c	Dr	4,500
	Input SGST A/c	Dr	4,500
	To Rajesh			59,000
	(Being goods purchased from Rajesh, Delhi)
	Total		10,52,760	10,52,760