TN STATEBOARD 11th ACCOUNTANCY UNIT 3
TEST
BOOKS OF PRIME ENTRY UNIT TEST
TEST 3
PADVIKSHA BLOG
TOTAL MARKS: 40
I Multiple Choice Questions (MCQ) (Mark- 5 x 1 = 5)
Write all questions
1. When cash or cheque is deposited in bank, a form is to be filled by a customer is called as …………….
(a) Pay – in – slip
2. Outsider’s equity is otherwise called as …………….
(b) Liabilities
3. Goodwill is an example of accounts …………….
(d) Intangible real
*Fill in the Blanks*
4. Dr.’ is abbreviation of ‘addebitare’.
5. Capital account is an example of Personal account.
II Very short answer questions. (5x2=10)
Write all questions
1. What is accounting equation?
Answer: Accounting equation is a mathematical expression which shows that the total of assets is equal to the total of liabilities and capital. This is based on the dual aspect concept of accounting. This means that total claims of outsiders and the proprietor against a business enterprise will always be equal to the total assets of the business enterprise
2. What is real account?
Answer: All accounts relating to tangible and intangible properties and possessions are called real accounts.
3. What is cash receipt and Invoice?
Book page no; 27 and 28
4. What is Debit Note & Credit Note?
Book page no; 29 and 30
5. State the two approaches of recording Transactions?
There are two approaches for recording transactions, namely, i) Accounting equation approach and ii) Traditional approach.
III Short answer questions. (3 X 5 = 15)
Write all questions
1. Write a note on:
Pg no 33 and 34
· ATM
· NEFT
· Credit Card
2. What is an Account? Classify the accounts with suitable examples.
Answer:
1. Asset account: Any physical thing or right owned that has a monetary value is called asset. The assets are grouped and shown separately; for example, Land and Buildings account, Plant and Machinery account.
2. Liability account: Financial obligations of the enterprise towards outsiders are shown under separate heads as liabilities; for example, creditors account, expenses outstanding account
3. Capital account financial obligations of a business enterprise towards its owners are grouped under this category; for example, capital contributed by owner.
4. Revenue account: Accounts relating to revenues of an enterprise are grouped under this category, for example: revenues from sale of goods, rent received.
5. Expense account: Expenses incurred and losses suffered for earning revenue are grouped under this category; for example, purchase of goods, salaries paid.
3. What is the accounting treatment for Rent paid for the Owner personal use?
Drawings A/c Dr.
To Cash A/c
4. State the Golden Rules of Accounting.
5. Explain Advantages of journal.
Book pg.no 56
IV. Long Answer question (2 x 5 = 10)
Write all questions
1. Create an accounting equation on the basis of the following transactions:
(i) Rakesh started business with a capital of ` 1,50,000
(ii) Deposited money with the bank ` 80,000
(iii) Purchased goods from Mahesh and paid through debit card ` 25,000
(iv) Sold goods (costing ` 10,000) to Mohan for ` 14,000 who pays through debit card
(v) Commission received by cheque and deposited the same in the bank ` 2,000
(vi) Paid office rent through ECS ` 6,000
(vii) Sold goods to Raman for ` 15,000 of which ` 5,000 was received at once
2. Karthick has a hotel. The following transactions took place in his business. Journalise them.
Jan. `
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 proprietor’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
