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11th Accountancy Monthly Test - 2 ( Books of Prime Entry )

MABS Institution

11th Accountancy Monthly Test - 2 ( Books of Prime Entry )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Owner's equity is otherwise called as___________

Capital
Creditors
Debitors
Assets

An amount of Rs.200 received from A credited to B would affect_________.

Accounts of A and B
A's Account
Cash Account
B's Account

Received cash for bad debts written off last year is credited to

Debtors A/c
Bad debts recovery A/c
Bad debts A/c
None

Financial position of a business concern is ascertained on the basis of_______.

Records Prepared under book - keeping process
Trial Balance
Accounting reports
None of the above

Transactions related to properties and assets are classified into _________.

personal A/c
real A/c
nominal A/c

Journal means___________

daily
monthly
yearly
weekly

Raman started business with Rs.60,000 as capital. The effect of the transaction would be ________

Increase in Asset, Decrease in Liability
Decrease in Asset, Increase in Liability
Increase in Asset, Increase in Liability
Decrease in Asset, Decrease in Liability

Nominal Account relates to_________.

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

Transactions related to individuals, firms, institutions are classified into _________.

personal A/c
real A/c
nominal A/c

_______ is prepared in duplicate and the original is sent to the seller.

Debit Note
Credit Note
Pay-in-slip
None of these

Part - B

Generic 2 - Answer All Question

What is accounting equation?

What are the nature of accounting

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

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

Is it necessary for Pearlita to maintain a separate bank account for business?

Write the transaction for following Journal entries.
a) Purchases A/c Dr.
To Bank
b) Drawings A/c Dr.
To Purchases A/c

If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as Credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?

Part - C

Generic 3 - Answer All Question

State the nature of account and show which account will be debited and which account will be credited? (1) Rent received, (2) building purchased, (3) Machinery sold, (4) Discount allowed, (5) Discount received.

Explain the meaning of Accounting Equation.

Indicate how assets, liabilities and capital are affected by each of the following transactions with an accounting equation.
i) Purchase of machinery for cash Rs.3,00,000
ii) Receipt of cash from a debtor Rs.50,000
iii) Cash payment of a creditor Rs.30,000

Write a brief note on accounting equation approach of recording transactions.

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

State the principles of double entry system of book keeping.

Fill in the missing information in the following Journal Entries.

Date Particulars L.F` Debit Rs Credit Rs

i) ................... /c Dr ..............

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

Goods purchased for Cash Rs.20 000)

ii) .................... A/c Dr ....................

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

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

(Received Rs.18,800 from Ramani in full settlement of the due Rs.19,000)

iii) .................... A/c Dr ....................

To .................... A/c 25,000

(Borrowed loan from Kumar)

iv) Cash A/c Dr 4,000

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

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

(Domu declared insolvent 40 paise in a rupee received for the due)

v) .................... A/c Dr ....................

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

(Depreciation on Machinery Rs.4,000)

Part - D

Generic 5 - Answer All Question

Enter the following transactions in the journal of Manohar who is dealing in textiles

2018 March Rs.

1 Manohar started business with cash 60,000

2 Purchased furniture for cash 10,000

3 Bought goods for cash 25,000

6 Bought goods from Kamalesh on credit 15,000

8 Sold goods for cash 28,000

10 Sold goods to Hari on credit 10,000

14 Paid Kamalesh 12,000

18 Paid rent 500

25 Received from Hari 8,000

28 Withdrew cash for personal use 4,000

Journalise the following transactions in the books of Thiru. Kalyanasundaram.

2017 Mar Rs

1 Sold goods on credit to Mohanasundaram 75,000

12 Purchased goods on credit from Bashyam 70,000

15 Sold goods for cash from David 50,000

20 Received from Mohanasundaram 70,000

25 Paid to Bashyam 50,000

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

Journalise the following transactions in the journal of Mr. Dhakshinamoorthy. 2017, April

Date Rs.

1 Mr. Dhakshinamoorthy started his business with 40,000

2 Bought goods from Janardhanan on credit for 15,000

5 Sold goods to Sampath on credit for 20,000

10 Purchased goods from Santhanam for cash 7,500

15 Cash paid to Janardhanan 5,000

18 Cash received from Sampath 10,000

25 Paid for stationery purchased 750

30 Received commission 500

Journalise the following transactions of Mr. ManL

2017 June Rs

3 Received cash from Ramkumar 60,000

4 Purchased goods for cash 15,000

11 Sold goods to Damodaran 22,000

13 Paid to Ramkumar 40,000

17 Received from Damodaran 20,000

20 Bought furniture from Jagadeesan 5,000

27 Paid rent 1,200

30 Paid Salary 2,500

Journalise the follow ing transactions in the books of Tmt. Jaya. 2016

2016 Jan Rs

1 Tmt. Jaya commenced business with cash 50,000

2. Purchased goods for cash 10,000

5 Purchased goods from Mohan on credit 6,000

7 Paid into Bank 5,000

10 Purchased furniture 2,000

20 Sold goods to Suresh on credit 5,000

25 Cash Sales 3,500

26 Paid to Mohan ·on account 3,000

31 Paid salaries 2,800

Raja has a hotel. The following transactions took place in his business. Journalise them.

January Rs

1 Started business with cash 3,00,000

2 Purchased goods from Rajiv on credit 1,00,000

3 Cash deposited with the bank 2.00,000

20 Borrowed loan from bank 1,00,000

22 Withdrew from bank for personal use 800

23 Amount paid to Rajiv in full settlement through NEFT 99,000

25 Paid club bill of the proprietor by cheque 200

26 Paid electricity bill of the proprieton's house through debit card 2,000

31 Lunch provided at free of cost to a charity 1,000

31 Bank levied charges for locker rent 1,000

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