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11th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - II 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

10 x 2 = 20

What do you mean by errors?

Give a specimen of 'triple column cash book'.

Explain the principle on which the agreement of trial balance is based.

A Company purchased a plant for Rs. 1,00,000. The useful life of the plant is 5 years and the residual value is Rs. 10,000. Find out the rate of depreciation under fixed percentage on original cost method.

On 15^th December, one of his customers made online payment to Magesh's current account, amounting to Rs. 1,000. There was no entry in the cash book for this.

Why the purchase of typewriter is not recorded? How do you record this transaction?

Identify some of the accounting concepts in this case study.

What do the following Journal Entries mean?
Tamil Selvi A/c Dr.
To Sales A/c

Prepare Kavitha's account from the following details.

2015 June		Rs
1	Credit Balance of Kavitha's A/c	8,000
15	Amount paid to Kavitha	6,000
18	Goods purchased from Kavitha on Credit	10,000
20	Paid to Kavitha	5,750
	Discount allowed	250
25	Goods purchased from Kavitha	10,000

10.

Mr. Suresh, an electronic good dealer, gifted a microwave of value Rs 40,000 to his friend Roshan and recorded it in books as drawings. Is he correct?

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Answers Key:

Generic 2

10 x 2 = 20

Errors means recording or classifying or summarising the accounting transactions wrongly or omissions to record them by a clerk or an accountant unintentionally.

Dr. Cashbook with cash, discount and bank columns or Triple Column Cash Book Cr.
Date	Receipts	R.N.	L.F.	Amount Rs.			Date	Payments	V.N.	L.F.	Amount Rs.
Date	Receipts	R.N.	L.F.	Discount allowed	Cash	Bank	Date	Payments	V.N.	L.F.	Discount received	Cash	Bank

Basis for the trial balance agreement: The fundamental principle of the double entry system is that every debit has a corresponding credit of equal amount and vice-versa.
Therefore, the total of all debit balances in different accounts must be equal to the total of all credit balances in different accounts, (Le.,) the total of the two columns should tally (agree).

Amount of Depreciation = \(\frac { Total\ cost\ -\ Scrap\ value }{ Estimated\ Life } \)
= \(\frac { 1,00,000-10,000 }{ 5 } \) = Rs 18,000
Rate of Depreciation = \(\frac { Annual\ Depreciation }{ Original\ cost } \times 100\)
= \(\frac { 10,000 }{ 1,00,000 } \times 100\)
= 18%

Wrong credit in cash book is Rs.1,000
Instead of personal bank account he can open business bank account (i.e.) current account

The purchase of typewriter is not recorded in purchase book because purchase of assets cannot be recorded in purchase book. It must be recorded in Journal proper.

1. Money measurement concept.
2. Going concern concept.
3. Matching concept.
4. Realisation concept
5. Accrual concept.

Sold goods to Tamil Selvi.

Dr Kavitha Account Cr
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
2015 June 15	To Cash A/c		6,000	2015 June 1	By Cash A/c		8,000
20	To Cash A/c		6,000	18	By Purchases A/c		10,000
30	To Balance c/d		16,000	25	By Purchases A/c		10,000
			28,000				28,000
				2015 July 1	By Balance b/d		16,000