11th Standard English Medium Accountancy Subject Books of Prime Entry Book Back 3 Mark Questions with Solution Part - I | QB365

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11th Standard English Medium Accountancy Subject Books of Prime Entry Book Back 3 Mark Questions with Solution Part - I

Published on: 08/06/2021

QB365 provides detailed and simple solution for every Book back Questions in class 11 Accountancy Subject. It will helps to get more idea about question pattern in every book back questions with solution.

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Std: 11th Standard - Accountancy

chapter: - Book back Questions

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Questions:

Generic 3

4 x 3 = 12

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

Show the accounting equation on the basis of the following transactions:
i) Ramya started business with Cash Rs.25,000
ii) Purchases goods from Harsha Rs.20,000
iii) Sold goods to Amala costing Rs.18,000 Rs.25,000
iv) Ramya withdrew from business Rs.5,000

State the principles of double entry system of book keeping.

What are the three different types of personal accounts?

Generic 5

1 x 5 = 5

What is double entry system? State its advantages.

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Answers Key:

Generic 3

4 x 3 = 12

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

S.no	Transaction	Cash	Stock	Debtors	Total Assets		Total Liabilities	Capital	Creditors
i)	Ramya started business	+25,000	-	-				+25,000
	Balance	+25,000						+25,000
	Equation				+25,000	=	+25,000
ii)	Credit purchases		+20,000						+20,000
	Balance	+25,000	+20,000					+25,000	+20,000
	Equation				+45,000	=	+45,000
ii)	Credit Sales		-18,000	+25,000				+,7000
	Balance	+25,000	+2,000	+25,000				+32,000	+20,000
	Equation				+52,000	=	+52,000
iv)	Cash withdraw for personal use	-5,000						-5,000
	Balance	+20,000	+2,000	+25,000				+27,000	+20,000
	Equation				+47,000	=	+47,000

Following are the principles of double entry system:
(i) In every business transaction, there are two aspects
(ii) The two aspects involved are the benefit or value receiving aspect and benefit or value giving aspect.
(iii) These two aspects involve minimum two accounts; at least one debit and at least one credit.
(iv) For every debit, there is a corresponding and equivalent credit. If one account is debited the other account must be credited.

Personal account:
Account relating to persons is called personal account. The personal account may be natural, artificial or representative personal account
a) Natural person's account: Natural person means human beings. Example: Vinoth account, Malini account.
(b) Artificial person's account: Artificial person refers to the persons other than human beings recognised by law as persons. They include business concerns, charitable institutions, etc. Example: BHEL account, Bank account.
(c) Representative personal accounts: These are the accounts which represent persons natural or artificial or a group of persons. Example: Outstanding salaries account, Prepaid rent account. When expenses are outstanding, it is payable to a person. Hence, it represents a person.

Generic 5

1 x 5 = 5

(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.