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11th Accountancy Books of Prime Entry Important Questions

Published on: 15/02/2019

Books of Prime Entry Important Questions

Download Tamil Nadu 11th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 11th Standard - Accountancy

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Questions:

Multiple Choice Question

10 x 1 = 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

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

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

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

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

(a)

personal accounts

(b)

real accounts

(c)

nominal accounts

(d)

capital accounts

_________ is a negotiable instrument.

(a)

Cheque

(b)

Cash

(c)

Discount

(d)

Premium

________ is prepared in three copies.

(a)

Debit Note

(b)

Credit Note

(c)

Receipts

(d)

Invoice

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

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

10.

'Cash withdrawn by the proprietor from the business for his personal use' causes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

Generic 2

5 x 2 = 10

11.

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?

12.

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

13.

What is Cheque?

14.

What is meant by external liabilities?

15.

Give the golden rules of double entry accounting system.

Generic 3

5 x 3 = 15

16.

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

17.

Write the transactions from the Journal Entries
Cash A/c Dr.
To Bank A/c

18.

Supply the missing amounts on the basis of accounting equation.

Assets	=	Liabilities + Capital
Rs. 20,000	=	Rs.15,000 + ?

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.

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

Generic 5

3 x 5 = 15

21.

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.

22.

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

23.

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

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Answers Key:

Multiple Choice Question

10 x 1 = 10

(a)
Murthy A/c

(b)
Rs.10,000

(b)
Rs.1,00,000

(a)
personal accounts

(a)
Cheque

(d)
Invoice

(a)
Minimum of two accounts

(b)
Outstanding salary A/c

10.

(a)
Decrease in assets and decrease in owner's capital

Generic 2

5 x 2 = 10

11.

i) If a transaction has the effect of decreasing an asset, the decrease will be recorded as credit because all the assets have debit balance. So if asset decreases, it is credited.
(ii) For example, when an asset is decreased because of depreciation, in that case asset account is credited

12.

Cash paid into bank

13.

(i) Cheque is a negotiable instrument. Cheque book is issued by bank to its customers to use it for making payment.
(ii) By issue of cheque, a bank is directed to pay a specific amount of money from a person's account to the person in whose favour the cheque has been issued.
(iii) Each cheque book has record slips for entering the details of cheques issued.

14.

The total amount of debts payable by a business to the outsiders are called external liabilities. (e.g.) creditors, bills payable etc

15.

Golden rules of double entry system
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

Generic 3

5 x 3 = 15

16.

SI.No	Items	Classification
(a)	Capital	Personal account
(b)	Building	Real account
(c)	Carriage inwards	Nominal account
(d)	Cash	Real account
(e)	Commission received	Nominal account
(f)	Bank	Personal account
(g)	Purchases	Nominal account
(h)	Chandru	Personal account
(i)	Outstanding wages	Personal account

17.

Amount drawn from bank for office use.

18.

Assets	=	Liabilities + Capital
Capital	=	Assets - Liabilities
	=	Rs. 20,000 - Rs. 15,000
Capital	=	Rs. 5,000

19.

(a) Assets	=	Capital + Liabilities
Rs. 1,00,000	=	Rs .80,000 + Rs .20,000
(b) Assets	=	Capital + Liabilities
Rs. 2,00,000	=	Rs. 1,60,000 + Rs .40,000
(c) Assets	=	Capital + Creditors
Rs. 2,40,000	=	Rs .60,000 + Rs. 80,000

20.

S.No.	Particulars	Types of Account
a	Capital	Personal A/C
b	Purchases	Real A/C
c	Goodwill	Real A/C
d	Copy right	Real A/C
e	Latha	Personal A/C
f	State Bank of India	Personal A/C
g	Electricity Charges	Nominal A/C
h	Dividend	Nominal A/C
i	Ramesh	Personal A/C
j	Outstanding rent	Personal A/C

Generic 5

3 x 5 = 15

21.

Accounting Equation
S.No.	Transaction	Asset =		Capital Rs.+	Creditors Rs.
S.No.	Transaction	Cash Rs.	Stock Rs.	Capital Rs.+	Creditors Rs.
(i)	Purchased goods on credit		+25,000		+25,000
	Equation		+25,000		+25,000
(ii)	Rent paid	-2,000		-2,000
	Equation	-2,000	+25,000	-2,000	+25,000
(iii)	Commission received	+500		+500
	Equation	-1,500	+25,000	-1,500	+25,000
	Total	+25,000		+23,500

22.

Date	Particulars		Debit	Credit
2016 Jan 1	Cash A/c	Dr	50000
	To Capital A/c			50000
	(Being the amount invested into the business)
2	Purchases A/c	Dr	10000
	To Cash Alc			10000
5	Purchases A/c	Dr	6000
	To Mohan A/c			6000
	(Being credit purchases from Mohan)
7	Bank A/c	Dr	5000
	To Cash A/c			5000
	(Being cash paid into bank)
10	Furniture A/c	Dr	2000
	To cash A/c			2000
	(Being the purchase of furniture)
20	Suresh A/c	Dr	5000
	To Cash A/c			5000
	(Being credit sales Suresh)
25	Cash A/c	Dr	3500
	To SA/cs A/c			3500
	(Being Cash SA/cs)
26	Mohan A/c	Dr	3000
	To Cash A/c			3000
	(Being cash paid to Mohan)
31	Salaries A/c	Dr	2800
	To Cash			2800
	(Being Salaries paid)

23.

S.No.	Transaction	Cash	Stock	Machine	Debtors	Prepaid Insurance	Total Assets		Total Liabilities	Capital	Liabilities
i)	Started Business with Cash, Stock and Maintenance	+ 20,000	+12,000	+8,000						+40,000
	Balance	+ 20,000	+12,000	+8,000						+40,000
	Equation						+40,000	=	+40,000
ii)	Cash purchases	- 6,000	+6,000
	Balance	+ 14,000	+ 18,000	+8,000						+40,000
	Equation						+40,000	=	+40,000
iii)	Cash Sales	+ 2,500	- 2,000							+500
	Balance	+ 16,500	+16,000	+8,000						+40,000
	Equation						+40,500	=	+40,500
iv)	Credit Purchases		+ 7,000								+ 7,000
	Balance	+ 16,500	+23,000	+8,000						+40,500	+ 7,000
	Equation						+47,500	=	+47,500
v)	Payment Made	- 6,900								+100	-7,000
	Balance	+ 9,600	+23,000	+ 8,000						+40,600	0
	Equation						+40,000	=	+40,600
vi)	Credit Sales		-5,400		+6,000					+600
	Balance	+9,600	+17,600	+8,000	+6,000					+41,200
	Equation						+41,200	=	+41,200
vii)	Cash Receipt	+ 5,800			-6,000					-200
	Balance	+ 15,400	+17,600	+8,000	0					+41,000
	Equation						+41,000	=	+41,000
viii)	Salaries Paid	- 4,000								-4,000
	Balance	+ 11,400	+17,600	+8,000	0					+37,000
	Equation						+37,000	=	+37,000
ix)	Wages outstanding									-400	+400
	Balance	+ 11,400	+17,600	+8,000	0					+36,600	+400
	Equation						+37,000	=	+37,000
x)	Prepaid Insurance					+100				+ 100
	Balance	+ 11,400	+17,600	+8,000	0	+100				+36,700	+400
	Equation						+37,100	=	+37,100