CBSE

Class 11 Accountancy
BASAVA INTERNATIONAL SCHOOL
UNIT TEST-1

1. Amit has incurred an expense of Rs. 5,000 towards repairs.However, the amount is yet it
to be paid.How will it be shown in the accounting equation?
2. Give an example of a transaction which increases one liability and decreases another.
3. Amount which the firm owes to outsiders is known as ____________.
4. The term sales is used only for the sales of and is never used for the sale of _______.
5. a. Godrej Ltd. imported from Germany one machinery for sale in India and another
machinery for production purpose. How will you treat them?
b. Mr Jaspal Singh dealing in electronic goods sold 20 TV sets costing Rs. 30,000 each at
Rs. 40,000 each. Out of this Rs. 5,00,000 were received in cash and the balance is not
yet received.State the amount of revenue.
c. Mr Dinnath who owed us Rs. 50,000 became insolvent and paid only 40% of this
amount.What is the term used for the amount not received?
6. Briefly explain the following terms(any two) with example:
a. Expense
b. Business transaction
c. Revenue
7. a. Yogesh commenced business on 1st April,2011 with a capital of Rs. 5,00,000 and a
Loan of Rs. 1,00,000 borrowed from Citi Bank.On 31st March 2012, his assets were Rs.
8,00,000.Calculate his closing capital and profits earned during the year.
b. If in the above case, the proprietor had introduced fresh capital of Rs. 40,000 and had
withdrawn Rs. 10,000 for personal purposes calculate his profits.
8. Show the accounting equation on the basis of the following transactions:
a. Started business with Cash Rs. 60,000 and goods Rs. 30,000.
b. Purchased goods for Cash Rs. 40,000 and on credit Rs. 25,000.
c. Goods costing Rs. 48,000 sold at a profit of 33 1/3% .3/4 payments received in cash.
d. Goods costing Rs. 20,000 sold at a Loss of 5%, out of which Rs. 12,000 received in cash.
e. Paid Rent Rs. 4,000 and Salary Rs. 6,000.
f. Received Cash from Debtors Rs. 15,000.
g. Paid telephone bill amounting to Rs. 800.

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