11th Standard Syllabus & Materials

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

Published on: 29/06/2021

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Creative Questions in class 11 Accountancy Subject. It
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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

Classify the following under personal, Real and Nominal Account.

Mention the following transactions on the proper side of the kumar account.

What is the purpose of Balancing the ledger accounts?

What is the purpose of a Ledger?

Does debit always mean increase and credit always mean decrease?

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Answers Key:

Generic 2

5 x 2 = 10

(i) Furniture
(ii) Capital
(iii) Bank
(iv) Salary
Capital, Bank - Personal account
Furniture - Real Account
Salary - Nominal account

(i) googds sold to kumar on credit
(ii) goods returned by kumar
(iii) Cash received from kumar
(i) Debit side
(ii) Credit side
(iii) Credit side

After posting the transactions, the business person is interested to know the position of various accounts. For this purpose, the accounts are balanced at the end of the accounting period or after a certain period to ascertain the net balance in each account.

The purpose of a ledger account is to classify the transactions according to their nature and item.

No, it is not true. Debit does not always mean increase and credit does not always mean decrease. It depends upon the accounts involved.