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ACCOUNTANCY

PREFACE
The home assignment , being given to the students , aims
at strengthening the concepts of each student through
reinforcement of topics covered in class lectures by
practicing the questions given in the assignment.
Three sample papers in each subject have been given.
The maximum benefit can be gained only if the student
goes through all the topics of fragment 1 thoroughly
before attempting the sample paper. The assignment will
not only act as a reinforcement tool but will also help the
students acquire the tendency of solving the entire paper
in one sitting, just like he/she sits in an examination for
three hours. Hence, improving student’s time
management skill in examination.

This assignment will also fetch the student 5 marks in


practical. The solutions of all the question papers given in
the home assignment have to be written on separate A-4
sheets.
For all the subjects , the assignments have to be
submitted in different folders respectively.
Last date to submit the assignment for each subject 5th
July ’19.
- PRINCIPAL
ASSIGNMENT - 1
ACCOUNTS : XI MARKS: 80

Note:- All question are compulsory.


Q.1 to Q20 are objective type carrying 1mark each.

Choose the correct answer


Q.1 Which qualitative characteristics of accounting information is reflected when accounting
information is clearly presented?
(a) Relevance (b) comparability
(c) Reliability (d) Understandability (1)
Q.2 Out of the following asset, which are is not an intangible asset? (1)
(a) Patents (b) Machinery
(c) goodwill (d) Trademark
Q.3 Provision for doubtful debts is made due to (1)
(a) Materiality Principle (b) Money measurement principle
(c) Consistency Principle (d) Prudence Principle
Q.4 In accruel basis of accounting recording is made of: (1)
(a) Cash transaction (b) Credit transaction
(c) both (a) and (b) (d) Neither (a) nor (b)
Q.5 An increase in one asset will result in (1)
(a) Decrease in another asset (b) Increase in a liability
(c) Increase in capital (d) Any of the above.
Q.6 Goods purchased on credit will lead to __________ in stock and creditors . (1)
Q.7 Increase in liability is recorded on the ___________________ side. (1)
Q.8 Pay –in-slip is a document used to deposit ________________ or cheques into the bank (1)
Q.9 According to the companies Act, 2013 companies are required to follow___________ basis of
accounting. (1)
Q.10 Accounting to the ____________________ principle , the stock is valued at lost or net realizable value
whichever is less. (1)
Q.11 Accounting Principles are rigid in nature. (1)
Q.12 Cash basis of accounting is considered the most scientific system of accounting . (1)
Q.13 Trade discount is the rebate allowed to the buyer for making early payment. (1)
Q.14 Accounting record only those transactions which are of financial nature. (1)
Q.15 Goods will drawn by owner for personal use is known as ‘Drawings’ (1)
Answer the following in one sentence :
Q.16 What is meant by Intangible Assets? (1)
Q.17 What do you mean by Bad debts? (1)
Q.18 Define Accounting. (1)
Q.19 What are current liabilities? (1)
Q.20 What is capital expenditure. (1)
Q.21 Give any three advantages of Accounting (3)
OR
Give any three limitations of accounting.
Q.22 Explain the meaning of following turns (any four) (3)
(a) Goods (b) Drawings (c) Current Assets
(d) Cash Discount (e) Liabilities
Q.23 Prepare ‘T’ shape account of machinery from the following transactions: (4)
(a) Purchase of machinery for cash Rs. 80,000.
(b) Machine destroyed by fire Rs. 10,000.
(c) Machine purchased on credit Rs. 20,000.
(d) Goods costing Rs. 15,000 sold at profit of Rs. 5,000.
Distinguish between book keeping and accounting.
Q.24 Show the following transaction in accounting equation. (4)
(a) Started business with cash Rs. 3,00,000 and goods Rs. 1,00,000.
(b) Purchased goods for Rs. 10,000 on credit
(c) Paid wages Rs. 2,000
(d) Goods costing Rs. 12,000 was sold for Rs 15, 000
Q.25 Give an examples for a transaction which results in (4)
(a) Increase in Assets and increase in liability.
(b) Decrease in the Assets and decrease in the liabilities.
(c) Increase in a Asset and decrease in other asset.
(d) Increase in Asset and increase in capital.
Q.26 Calculate total equity if: (4)
(i) Owner’s Equity in the beginning Rs. 2,00,000
(ii) Equity of creditors at the end Rs. 60,000
(iii) Revenue during the period is Rs. 120,000
(iv) Expenses during the same period are Rs. 70,000
Q.27 Show the accounting equation on the basis of the following transaction (4)
(i) Commenced business with cash Rs. 5,00,000
(ii) Purchased goods for Rs. 20,000 in cash and Rs. 10000 on credit.
(iii) Sold goods costing Rs. 3000 for Rs. 5,000 in cash.
(iv) Goods costing Rs. 1,000 withdrawn for personal by owner.
(v) Salaries paid Rs. 9,000.
(vi) Rent received Rs. 10,000.
Q. 28 Explain the concept of money measurement principle and accounting period principle. (4)
Q.29 Explain any four source document. (6)
OR
What do you mean by voucher? Explain different types of vouchers.
Q.30 Explain any three principles of Accounting. (6)
Q.31 Show Accounting equation from the following transactions (8)
(i) Started business with cash Rs. 50,000 and goods Rs. 25,000
(ii) Purchased furniture for cash Rs. 5,000
(iii) Purchased goods on credit Rs. 20,000
(iv) Sold goods costing Rs. 7,000 at 20% Profit on credit.
(v) Cash Rs. 3,000 and goods Rs. 4,000 withdrawn for personal use of owner.
(vi) Outstanding salaries Rs. 6,000.
(vii) Rent paid in advance Rs. 2,500
Q.32 On which side, the increase in the following accounts will be recorded? Also specify the nature
of account to which they belong. (8)
(i) Furniture Account (ii) Debts Account
(iii) Interest received account (iv) cash A/c (v) Bank A/c
(vi) Bills payable A/c (vii) Rent A/c (viii) Vivek (Proprietor)
OR
Show Accounting equation from the following transactions.
(i) Started business with cash rupees 1,00,000
(ii) Deposited in bank Rs. 60,000
(iii) Purchase goods from shyam Rs. 30,000
(iv) Sold goods costing Rs. 20,000 for 25000 to Pradeep
(v) Paid salary Rs. 6000
(vi) Commission received Rs. 7000
(vii) Rent outstanding Rs. 4000
(viii) Cash withdrawn for personal use Rs. 4000
ASSIGNMENT-2
ACCOUNTS : XI MARKS: 80
INSTRUCTIONS:-
(i) All questions are compulsory.
(ii) Attempt all parts of a particular question at one place.
(iii) Show your working clearly.
Q.1- The position of businessman was as follows:- cash Rs.5,000, Debtors Rs.20,000, machinery
Rs.60,000, stock Rs.25,000, capital Rs.75,000 calculate liabilities. 1
Q.2- Write the transaction for decrease in assets and decrease in capital. 1
Q.3- Give fundamental accounting equation. 1
Q.4- Name the side on which increase in capital is recorded in T-Shape a/c. 1
Q.5- If total assets of a business are Rs.10,00,000 and capital is Rs.4,00,000. Calculate creditors. 1
Q.6- What is full form of GAAP? 1
Q.7- What is accrual basis? 1
Q.8- Income is measured on the basis of which concept. 1
Q.9- Name any two external users of accounting information? 1
Q.10- Give any two objectives of accounting. 1
Q.11- How do we ascertain the financial position of the business? 1
Q.12- What is capital? 1
Q.13- Give to examples of Intangible Assets. 1
Q.14- What is trade discount? 1
Q.15- As per Income Tax Act, accounting period is : 1
(a)From 1st January to 31st December (b) From 1st April to 31st March
(c)From 1st July to 30th June (d) From Diwali to Diwali
Q.16.- According to which concept even the proprietor of the business is treated as a creditor of the
business : 1
(a) Going concern concept (b) Cost concept
(c) Business entity concept (d) Accounting period concept
Q.17- Due to which of the following , contingent liabilities are shown in the Balance Sheet : 1
(a) Dual Aspect Concept (b) Convention of full Disclosure
(c) convention of Materiality (d) Going concern concept
Q.18- Which of the following is capital expenditure? 1
(a) Wages (b) Wages paid for building construction
(c) Repair expenses of building (d) Advertisement Expenses
Q.19- Goods means:- 1
(a) Commodity to be bought and sold (b) Commodity to be bought but not to be sold
(c) Commodity to be used as an assets (d)All of Above
Q.20- A person who owns money to the firm is called……………………. 1
(a) Debtor (b) Creditor
(c) Supplier (d) Customers
Q.21- Distinguish between Fixed Assets and Current Assets. 3
Q.22- Difference between Book Keeping and Accounting. 3
Q.23- Define the following terminology: 4
(a) Drawing (b) Voucher (c) Gain (d) Debtors
Q.24- State Four needs of Accounting Standard. 4
Q.25- Give one example of each of the following transactions: 4
(a) Decrease in an assets and a liability.
(b) Increase in assets and capital.
(c)Decrease in assets and capital.
(d) Increase in an asset and a liabilities.
Q.26- Open ‘T’ shape account for Machinery and write the following on the proper side : 4
1. Machinery purchased for Rs.5,00,000.
2. Machinery sold Rs.1,20,000
3. Machinery discarded Rs.50,000
4.New Machinery purchased Rs.2,00,000
5.Machinery destroyed Rs.40,000.
Q.27- Prepare the Accounting Equation on the basis of the following transactions: 4
(a) Started Business with cash Rs.70,000.
(b) Credit purchase of goods Rs.18,000.
(c) Payment made to creditors in full settlement Rs.17,500.
(d) Purchase of machinery for cash Rs.20,000.
Q.28- Explain Four Qualitative characteristics of accounting information. 6
Q.29- Explain Four Benefits of Accounting Standards. 6
Q.30- Y started a business on 1st April 2013 with a Capital of Rs.2,00,000 and a loan of Rs.75,000 from
the bank. During the year, he had introduced additional capital of Rs.60,000 and had withdrawn
Rs.36,000 for personal purposes. On 31st March,2014 his assets were Rs.3,80,000. Find out his
capital as on 31st March ,2014 and profit earned during the year 2013-14. 6
Q.31- Show the accounting equation on the basis of the following transactions and also show the Balance
Sheet : 8
(i) Started business with Cash Rs.60,000 and Goods Rs.30,000.
(ii)Purchased goods for cash Rs.40,000 and on credit Rs.25,000.
(iii) Goods costing Rs.48,000 sold at a profit of 33.33%. Three-fourth payment received in cash.
(iv) Goods costing Rs.20,000 sold at a loss of 5%, out of which Rs.12,000 received in Cash.
(v) Paid Rent Rs.4,000 and Salary Rs.6,000.
(vi) Received Cash from Debtors Rs.15,000.
(vii) Paid telephone bill amounting to Rs.800
Q.32- Explain the following concepts: (any four):- 8
(a) Going Concern Concept (b) Business Entity Concept
(c) Dual Aspect Concept (d) Accounting Period Concept
(e) Matching Concept