Alpha Mathematics Institute

Class - XI Accountancy (Theory Base of Accounting)

Topic : Accounting Equation/Source Documents/Accounting Standards

1.

Give one definition of Accounting Standards (AS).

[1]

2.

Give any two objectives of Accounting Standards (AS).

[1]

3.

What is meant by Source Document?

[1]

4.

What is the main objective of Source Document?

[1]

5.

What is meant by Pay-in-slip?

[1]

6.

What is meant by Cash Memo?

[2]

7.

How would you define an Invoice or Bill?

[2]

8.

What is meant by a Debit Note?

[2]

9.

What is meant by a Credit Note?

[2]

10.

What is meant by Accounting Equation?

[2]

11.

Why are the rules of debit and credit are same for Capital and Liability?

[2]

12.

Calculate total assets if:

(i)
Capital Rs.80,000
(ii)
Creditors Rs.50,000
(iii) Revenue during the year Rs.1,00,000
(iv) Expenses during the year Rs.80,000

[2]

13.

Prepare Accounting Equation from the following:

(i) Commenced business with cash Rs. 1,75,000
(ii) Goods purchased on credit Rs.45,000
(iii) Payment made to creditors in full settlement Rs. 43,750.
(iv) Furniture purchased for office use Rs. 50,000

[4]

14.

Prepare Accounting Equation from the following:

(i)
Vinod Started business with cash Rs.36,000
(ii)
Purchased goods for cash Rs.10,000 and on credit Rs.4,000
(iii) Sold goods for cash Rs.8,000 (costing Rs.4,800)
(iv) Rent paid Rs.2,000 and Rent outstanding Rs.400

[4]

15.

Prepare Accounting Equation from the following:

(i)
Vinod Started business with cash Rs.20,000
(ii)
Paid Rent in advance Rs.600
(iii) Goods purchased in cash Rs.10,000 and on credit Rs.4,000
(iv) Sold goods for cash Rs.16,000 costing Rs.8,000
(v)
Paid Salary in cash Rs.900 and Salary outstanding Rs.200
(vi) Bought Motor Car for personal use Rs.6,000

[6]

Accountancy Challenge
Challenge : 1
Prepare Accounting Equation from the following:
(a) Vinod Started business with Cash Rs.3,00,000, Equipments Rs.1,00,000, Plant &
Machinery Rs.2,00,000 and Inventory worth Rs.1,20,000
(b) 1/3 of the above Inventory (goods) sold at a profit of 10% on cost and half of the payment
is received in cash.
(c) Depreciation charged on plant & machinery Rs.12,000 and on Equipments Rs.8,000
(d) Cash taken for personal use Rs. 40,000
(e) Interest on drawings charged @ 5%
(f) Goods sold to Ashish for Rs.20,000 and received a B/R for the same amount for 3 months
(g) Received Rs.20,000 from Ashish against the B/R on its maturity.

Challenge : 2
Prepare Accounting Equation from the following:
(i) Vinod started business with cash Rs. 2,50,000
(ii) Purchased goods for cash Rs.1,50,000 and on credit for Rs.2,50,000
(iii) Goods costing Rs.50,000 sold at a profit of 25% on cost, out of which 35,000 received in cash
(iv) Employees salary paid Rs.25,000
(v) Expenses outstanding Rs.5,000 and Accrued Interest Rs.7,500
(vi) Interest on Capital 5% per annum
(vii) Purchased a LED TV for personal use Rs.12,500.