11th Accountancy Monthly Test - 1 ( Books of Prime Entry )

MABS Institution

11th Accountancy Monthly Test - 1 ( Books of Prime Entry )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

The incorrect accounting equation _________

Assets = Liabilities + Capital
Assets = Capital + Liabilities
Liabilities = Assets + Capital
Capital = Assets - Liabilities

Transaction can be classified into _ transaction and _ transaction.

cash, credit
purchases, sales
cash, purchase
none of these

Murali account is an example for ______

personal A/c
real A/c
nominal A/c
none of these

Nominal Account relates to_________.

Drawings A/c
Impersonal A/c
Capital A/c
Bank A/c

Credit purchases of furniture will be recorded through which Voucher?

Transfer voucher
Compound voucher
Complex voucher
None of these

Amount owned by the proprietor is called

Assets
Liabilities
Capital
Drawings

Out of the following statements, identify the wrong statement.

Real & Personal accounts are transferred to Balance Sheet
Nominal accounts are transfer to profit and loss account
Cash account is not opened separately in the ledger
Rent account is a personal account and outstand rent account is a Nominal Account

The accounts relating to expenses, losses, revenues and gains are calle______________

Nominal accounts
Real accounts
Personal accounts
Tangible Real accounts

Which one of the following equation is correct__________.

Owner's Equity = Liability+ Asset
Owner's Equity = Asset-Liability
Liability = Owner's Equity + Asset
Asset = Owner's Equity - Liability

Kautilya's Arthasastra was written in__________.

5^thCentury
4^thCentury
18^th Centuiy

Part - B

Generic 2 - Answer All Question

Give the golden rules of double entry accounting system.

What is accounting equation?

What is meant by Narration?

What is Pay-in-Slip?
What is Cash Receipt?

What is traditional approach?

What is a receipt?

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

Mention the five categories of accounts.

What is meant by journalising?

Part - C

Generic 3 - Answer All Question

Trader sold goods on credit to one of his customers for Rs 2,000. After two days, the customer returned some of the goods worth Rs 300, which were in damaged condition. The trader received back the goods. Later, when the customer paid Rs 1,700, the trader demanded for full payment. He forgot about the returned goods. How can this situation be avoided

Classify the following items into personal, real and nominal accounts: (a) Freight, (b) Carriage, (c)Ammaiyappan, (d) Drawings, (e)Advertisement, (f) Furniture, (g) Computer, (h) Xerox machines, (i) Repair charges, (j) Saravana stores.

Write the transactions from the Journal Entries
Interest A/c Dr
To Bank Loan A/c

Supply the missing amounts on the basis of accounting equation.

Assets = Liabilities + Capital

? = Rs.5,000 + Rs.10,000

Assets	=	Liabilities + Capital
?	=	Rs.5,000 + Rs.10,000

Crossed cheque is preferred to a bearer cheque. Why?

What are the advantages of Double Entry System?
Explain the. rules for journalising.

What is the accounting treatment for insurance premium paid on the life of the proprietor?

The position of businessman on 30th June 2014 was as follows:
Cash Rs.5,000;
Debtors Rs.20,000;
Machinery Rs.60,000;
Stock Rs.25,000;
Capital Rs.75,000.
Calculate his Liabilities.

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

Part - D

Generic 5 - Answer All Question

Pass Journal Entries in the books of Ragu from the following transactions:

2016 June

1 Ragu started business with cash Rs.80,000; goods Rs.40,000 and furniture Rs.20,000.

2 Sold goods to Nandu of the list price of Rs.20,000 at trade discount of 10%.

3 Nandu returned goods on the list price of Rs.4,000

8 Received from Nandu Rs.14,150 in full settlement in his account

10 Purchased goods from Mohan of the list price of Rs.10,000 at 15% Trade discount.

13 Returned goods to Mohan of the list price Rs.1,000

16 Settled his account of Mohan by paying cash, under discount of 4%.

18 Purchased goods from Ajay Rs.5,000; Sanjay Rs.10,000.

19 Paid Cash to Ajay Rs.1,900 and discount received Rs.100.

20 Paid 9,800 to Sanjay in full settlement of his account

20 Bought a 'Tabie Fan' for Rs1,200 for the domestic use of Raghu.

25 Sold goods for cash of the list price of Rs.8,000 at 10%, Trade Discount and 3% cash Discount

30 Paid Rent Rs.800; Trade expenses Rs.700 and Travelling expenses Rs 380.

2016 June
1	Ragu started business with cash Rs.80,000; goods Rs.40,000 and furniture Rs.20,000.
2	Sold goods to Nandu of the list price of Rs.20,000 at trade discount of 10%.
3	Nandu returned goods on the list price of Rs.4,000
8	Received from Nandu Rs.14,150 in full settlement in his account
10	Purchased goods from Mohan of the list price of Rs.10,000 at 15% Trade discount.
13	Returned goods to Mohan of the list price Rs.1,000
16	Settled his account of Mohan by paying cash, under discount of 4%.
18	Purchased goods from Ajay Rs.5,000; Sanjay Rs.10,000.
19	Paid Cash to Ajay Rs.1,900 and discount received Rs.100.
20	Paid 9,800 to Sanjay in full settlement of his account
20	Bought a 'Tabie Fan' for Rs1,200 for the domestic use of Raghu.
25	Sold goods for cash of the list price of Rs.8,000 at 10%, Trade Discount and 3% cash Discount
30	Paid Rent Rs.800; Trade expenses Rs.700 and Travelling expenses Rs 380.

Veena is a dealer in textiles. On January 1, 2018, her business showed the following balances: Cash in hand: Rs 20,000; Bank balance: Rs 70,000; Stock: Rs 15,000 following are the transactions made during January 2018. Show the effect of the transactions on accounting equation.
a) Purchased goods (readymade shirts) on credit from Subbu Rs 20,000
(b) Goods returned to Subbu and no cash is received Rs 5,000
(c) Goods (shirts) costing Rs 1,600 was sold to Janani on credit Rs 2,000
(d) Janani returned 1 shirt of sales value Rs 500
(e) Janani deposited the money due in cash deposit machine in a bank Rs 1,500
(f) Insurance on building paid through net banking Rs 1,000
(g) Insurance on building paid through net banking Rs 100

For the following transactions, show the effect on accounting equation.
(a)Raj Started business with cash Rs.40,000
(b)Opened bank account with a deposit of Rs.30,000
(c) Bought goods from Hari on credit for Rs.12,000
(d) Raj withdrew cash for personal use Rs.1,000
(e) Bought furniture by using debit card for Rs.10,000
(f) Sold goods to Murugan and cash received Rs.6,000
(g) Money withdrawn from bank for office use Rs.1,000

The capital and liabilities of a trader were Rs.1,00,000 and Rs. 50,000 respectively. Calculate the value of assets.

Record the following transactions in the journal of Tmt. Bhanumathi.

2016 Feb Rs

3 Bought goods for cash 84,500

7 Sold goods to Dhanalakshmi on credit 55,000

9 Received commission 3,000

10 Cash Sales 1,09,000

12 Bought goods from Mahalakshmi 60,000

15 Received five chairs from Revathi & Co. at Rs. 400 each

20 Paid Revathi & CO., cash for five chairs

28 Paid Salaries 10,000

Paid Rent 5,000

2016 Feb		Rs
3	Bought goods for cash	84,500
7	Sold goods to Dhanalakshmi on credit	55,000
9	Received commission	3,000
10	Cash Sales	1,09,000
12	Bought goods from Mahalakshmi	60,000
15	Received five chairs from Revathi & Co. at Rs. 400 each
20	Paid Revathi & CO., cash for five chairs
28	Paid Salaries	10,000
	Paid Rent	5,000

Journahse the following transactions in Mr. Nallappan's Journal. 2014, March

Date Rs.

1 Mr. Nallappan started business with 25,000

3 Received cash from Selvaraj 10,000

5 Opened current account with ICICI Bank 5,000

10 Bought goods for 5,000

15 Sold goods for 12,500

18 Paid rent 2,500

25 Paid salary 5,000

28 Withdrew cash fro in bank 5,600

30 Insurance premium paid 1,200

Date		Rs.
1	Mr. Nallappan started business with	25,000
3	Received cash from Selvaraj	10,000
5	Opened current account with ICICI Bank	5,000
10	Bought goods for	5,000
15	Sold goods for	12,500
18	Paid rent	2,500
25	Paid salary	5,000
28	Withdrew cash fro in bank	5,600
30	Insurance premium paid	1,200

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.

Fill in the missing information in the following journal entries.

Date Particulars L.F` Debit Rs Credit Rs

1.1.18 ................... A/c Dr 20,000

To .............. A/c 20,000

(Being 10 free samples of sarees worth Rs. 2,000 given

7.1.18 .................... A/c Dr .................

To.................... A/c ...............

(Being worth Rs. 6000 goods taken for office use)

10.1.18 .................... A/c Dr ....................

To.................... A/c ...............

(Being purchased goods worth Rs. 10,000 and paid through debit card)

15.1.18 .................... A/c Dr 10,000

To.................... A/c 10,000

(Bill drawn on X & Co. and accepted)

178.18
.................... A/c Dr 7,000

To.................... A/c 7,000

(Bills received from Ramesh dishonoured)

18.1.18 ...................A/c Dr 9,500

To.................... A/c 9,500

(Goods returned by Suresh)

25.1.18 ...............A/c Dr ...............

To ....................A/c ................

(Rs. 5000 Goods sold to Ram on credit)

27.1.18 ...............A/c Dr 7,800

To .....................A/c 7,800

(Goods taken for personal use)

30.1.18 ................A/c Dr 15,000

To ...................A/c 15,000

(Being Rent paid)

31.1.18 ...................A/c Dr 17,500

To.....................A/c 17,500

(Sold goods to Sam and received through riet banking)

31.1.18 .......................A/c Dr 19,000

To..................A/c 19,000

(Purchased goods from Ram and paid through NEFT)

Journalise the following transactions of Mrs. Radha

2017 Jan Rs

1 Mrs. Radha commenced Business with cash 30,000

2 Paid into bank 21,000

3 Purchased goods by cheque 15,000

7 Drew cash from bank for office use 3,000

15 Purchased goods from Siva 15,000

20 Cash sales 30,000

25 Paid to Siva 14,750

Discount Received 250

31 Paid rent 500

Paid Salaries 2,000

2017 Jan		Rs
1	Mrs. Radha commenced Business with cash	30,000
2	Paid into bank	21,000
3	Purchased goods by cheque	15,000
7	Drew cash from bank for office use	3,000
15	Purchased goods from Siva	15,000
20	Cash sales	30,000
25	Paid to Siva	14,750
	Discount Received	250
31	Paid rent	500
	Paid Salaries	2,000

Mr. Nagendra Babu had the following transactions. Use accounting equation to show their affect on assets, liabilities and capital:
(i) Invested Rs. 1,00,000 in cash.
(ii) Purchased shares of A Ltd. for Rs.5,000.
(iii) Purchased land for Rs. 15,000, giving Rs. 5,000 in cash and the balance through a loan.
(iv) Sold A Ltd shares costing Rs. 2,000 for Rs. 2,500.
(v) Purchased a computer for Rs. 10,000.
(vi) Received commission Rs. 4,000

Comment

Add Comment

Date	Particulars		Debit Rs	Credit Rs
1.1.18	................... A/c	Dr	20,000
	To .............. A/c			20,000
	(Being 10 free samples of sarees worth Rs. 2,000 given
7.1.18	.................... A/c	Dr	.................
	To.................... A/c			...............
	(Being worth Rs. 6000 goods taken for office use)
10.1.18	.................... A/c	Dr	....................
	To.................... A/c			...............
	(Being purchased goods worth Rs. 10,000 and paid through debit card)
15.1.18	.................... A/c	Dr	10,000
	To.................... A/c			10,000
	(Bill drawn on X & Co. and accepted)
178.18	.................... A/c	Dr	7,000
	To.................... A/c			7,000
	(Bills received from Ramesh dishonoured)
18.1.18	...................A/c	Dr	9,500
	To.................... A/c			9,500
	(Goods returned by Suresh)
25.1.18	...............A/c	Dr	...............
	To ....................A/c			................
	(Rs. 5000 Goods sold to Ram on credit)
27.1.18	...............A/c	Dr	7,800
	To .....................A/c			7,800
	(Goods taken for personal use)
30.1.18	................A/c	Dr	15,000
	To ...................A/c			15,000
	(Being Rent paid)
31.1.18	...................A/c	Dr	17,500
	To.....................A/c			17,500
	(Sold goods to Sam and received through riet banking)
31.1.18	.......................A/c	Dr	19,000
	To..................A/c			19,000
	(Purchased goods from Ram and paid through NEFT)

InstaQB

Institutions

12th Standard English Medium

12th Standard Tamil Medium

11th Standard English Medium

11th Standard Tamil Medium

10th Standard English Medium

9th Standard English Medium

8th Standard English Medium

7th Standard English Medium

Class XII

Class XI

12Th Standard

11Th Standard

10Th Standard

9Th Standard

11th Accountancy Monthly Test - 1 ( Books of Prime Entry )

MABS Institution

11th Accountancy Monthly Test - 1 ( Books of Prime Entry )-Aug 2020

Part - A

Multiple Choice Question - Answer All Question

The incorrect accounting equation _________

Transaction can be classified into _______ transaction and _______ transaction.

Murali account is an example for ______

Nominal Account relates to_________.

Credit purchases of furniture will be recorded through which Voucher?

Amount owned by the proprietor is called

Out of the following statements, identify the wrong statement.

The accounts relating to expenses, losses, revenues and gains are calle______________

Which one of the following equation is correct__________.

Kautilya's Arthasastra was written in__________.

Part - B

Generic 2 - Answer All Question

Give the golden rules of double entry accounting system.

What is accounting equation?

What is meant by Narration?

What is Pay-in-Slip?

What is Cash Receipt?

What is traditional approach?

What is a receipt?

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

Mention the five categories of accounts.

What is meant by journalising?

Part - C

Generic 3 - Answer All Question

Classify the following items into personal, real and nominal accounts: (a) Freight, (b) Carriage, (c)Ammaiyappan, (d) Drawings, (e)Advertisement, (f) Furniture, (g) Computer, (h) Xerox machines, (i) Repair charges, (j) Saravana stores.

Write the transactions from the Journal Entries Interest A/c Dr To Bank Loan A/c

Supply the missing amounts on the basis of accounting equation. Assets = Liabilities + Capital ? = Rs.5,000 + Rs.10,000

Crossed cheque is preferred to a bearer cheque. Why?

What are the advantages of Double Entry System?

Explain the. rules for journalising.

What is the accounting treatment for insurance premium paid on the life of the proprietor?

The position of businessman on 30th June 2014 was as follows: Cash Rs.5,000; Debtors Rs.20,000; Machinery Rs.60,000; Stock Rs.25,000; Capital Rs.75,000. Calculate his Liabilities.

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

Part - D

Generic 5 - Answer All Question

The capital and liabilities of a trader were Rs.1,00,000 and Rs. 50,000 respectively. Calculate the value of assets.

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.

Comment

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Tamilnadu Stateboardszs - Class

Transaction can be classified into _ transaction and _ transaction.

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

Write the transactions from the Journal Entries
Interest A/c Dr
To Bank Loan A/c

Supply the missing amounts on the basis of accounting equation.

Assets = Liabilities + Capital

? = Rs.5,000 + Rs.10,000

The position of businessman on 30th June 2014 was as follows:
Cash Rs.5,000;
Debtors Rs.20,000;
Machinery Rs.60,000;
Stock Rs.25,000;
Capital Rs.75,000.
Calculate his Liabilities.

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

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.