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11th Standard English Medium Accountancy Subject Books of Prime Entry Creative 2 Mark Questions with Solution Part - I updated Creative Questions

Published on: 13/05/2022

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

How are Personal Accounts classified?

What is Owner's Equity? Give an equation for calculating owner's equity.

What is meant by external liabilities?

Give the Meaning of Debit note.

What is Cash Receipt?

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Answers Key:

Generic 2

5 x 2 = 10

Personal Accounts are further classified as :
(i) Natural Personal Account
(ii) Artificial Personal Account and
(iii) Representative Personal Account

(i) Owner's Equity means the amount invested by the owner of the business in the form of Cash and Assets.
(ii) Owner's Equity = Amount invested by the Owner (Cash + Assets) - Drawings + Profit on Sale of Goods - Loss on Sale of Goods - Expenses + Incomes

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

(i) A debit note is prepared by the buyer and it contains the date of the goods returned, name of the supplier, details of the goods returned and reasons for returning the goods.
(ii) Each debit note is serially numbered.
(iii) A duplicate copy or counterfoil of the debit note is retained by the buyer.

(i) Cash Receipt is a document that shows the amount, date and details of cash purchases and cash sales or other cash transactions.
(ii) Business persons receive cash receipt for cash purchases and issue cash receipt for each sales.