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11th Accountancy Monthly Test - 3 ( Books of Prime Entry)

MABS Institution

11th Accountancy Monthly Test - 3 ( Books of Prime Entry)-Aug 2020

Time : 2.00 Hours

Part - A

Generic 2 - Answer All Question

Write anyone transaction which:
a) Decreases the assets and decreases the liabilities
b) Increases one asset and decreases another asset

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

What is accounting equation approach?

Give the golden rules of double entry accounting system.

Goods costing Rs.50,000 were returned to the supplier of goods as the goods were hazardous for the health of the consumers. Pass the Journal Entry.

What is bad debts?

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?

Do all the business units engage in credit transaction?

What is compound entry?

What is drawings?

What is Cheque?

What do you mean by L.F.? How do you fill in this column?

How are Bad debts recovered entered in the books of accounts

Part - B

Generic 3 - Answer All Question

State the different approaches in recording business 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

What are the three different types of personal accounts?

Briefly explain about steps in journalising.

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. rules for journalising.

Explain the features of double entry system.

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

Show the accounting equation on the basis of the following transactions:
i) Ramya started business with Cash Rs.25,000
ii) Purchases goods from Harsha Rs.20,000
iii) Sold goods to Amala costing Rs.18,000 Rs25,000
iv) Ramya withdrew from business Rs.5,000

Fill in the missing information in the following journal entries:

Date Particluar L.F Debit Rs Credit Rs

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

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

(Goods purchases for cash Rs.20,000)

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

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

To Niha A/c

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

Transactions of Sunil for the month of April are given below Journalise them.

2018 January Rs

1 Sumy started business with cash 3,00,000

3 Bought goods for cash 15,000

13 Sold goods to Abisha 4,500

20 Bought goods from Sumy 6,750

24 Received from Abisha 4,500

28 Paid cash to Sumy 6,450

30 Cash Sales for the month 24,000

30 Paid salary to Ram 9,000

30 Goods were returned to Karthick 10,000

State the principles of double entry system of book keeping.

Explain the meaning of Accounting Equation.

Radhika Traders started Business with the following on pt April 2017.
Assets: Cash Rs.8,000; Bank Rs.7,000; Stock Rs.30,000; Debtors Rs.40,000;
(Mono Rs.25,000 and Suman Rs.15,000) Furniture Rs.5,000 and Building Rs.25,000
Liabilities: Creditors Rs.18,000 (Suresh Rs.10,000 and Ramesh Rs.8,000) Pass the Journal Entry.

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