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Test Ch-05 Accounting Equation

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42 views2 pages

Test Ch-05 Accounting Equation

Uploaded by

Khushboo Pal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Time - 1 Hr. Accountancy - Test M.M.

- 25
(Chapter – Accounting Equation)
Class – XI

Q.01 - Which of the following systems is the Accounting Equation based on? [1]
a) Triple-entry system of accounting
b) Single-entry system of accounting
c) Double-entry system of accounting
d) None of the above

Q.02 - Which of the following accounts will be affected by a transaction where the company receives from a
debtor? [1]
a) Owner’s equity and cash
b) Owner’s equity and debtors
c) Debtors and cash
d) None of the above

Q.03 - X commenced business on 1st April, 2013 with a capital of ₹6,00,000. On 31st March, 2014 his assets
were worth ₹8,00,000 and liabilities ₹50,000. Find out his closing capital. [1]
(a) ₹7,50,000
(b) ₹2,00,000
(c) ₹5,50,000
(d) None of these

Q.04 - Sold goods costing ₹75,000 at a profit of 33⅓ % in cash - [1]


(a) Increase in cash by ₹1,00,000 and decrease in stock by ₹75,000 and increase in capital by ₹25,000
(b) Increase in cash by ₹75,000 and decrease in stock by ₹75,000
(c) Increase in cash by ₹1,00,000 and increase in stock by ₹1,00,000
(d) Increase in stock by ₹75,000 and decrease in cash by ₹1,00,000

Q.05 - Goods costing ₹48,000 sold at a profit of 25% on sales to Ram, ¾th received in cash. Capital of ₹ ---
---------will be increased in accounting equation. [1]

Q.06 - Goods costing ₹50,000 sold at a loss of 20% on cost, ₹12,000 received in cash then debtors will
ncreased by ₹ --------------. [1]

Q.07 - Goods costing ₹48,000 sold at a profit of 25% on sales to Ram, ¾th received in cash. Cash ₹----------
---will be increased in accounting equation. [1]

Q.08 – At the end of the year 2008, the capital of Rajeev was ₹64,000 and liabilities were ₹16,000. During
the year his profits were ₹15,000 and drawings were ₹5,000. Find his assets in the beginning and at the end
of 2008 and capital in the beginning of the year. Liability shown at the end of the year also existed in the
beginning of the year. [2]

Q.09 – Give the transaction which causes: - [3]


a) Increase in Assets and Decrease in assets
b) Decrease in assets and decrease in capital
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c) Increase in liability and decrease in other liability

Q.10 - Anil had following transactions. Use accounting equation to show the effect of the given transactions
on his assets, liabilities and capital and also prepare balance sheet: - [5]
i. Commenced business with cash ₹50,000
ii. Purchased goods for cash ₹20,000 and credit ₹30,000
iii. Sold goods for cash ₹40,000 (costing ₹30,000)
iv. Rent paid ₹500, whereas rent still outstanding ₹100
v. Bought furniture ₹5,000 on credit from M/s Satnam Furniture.
vi. Bought refrigerator for ₹5,000 for personal use.
vii. Paid ₹4,900 to M/s Satnam Furniture in final settlement.
viii. Cash deposited in bank ₹2,000
ix. Provide depreciation ₹300 on furniture.
x. Goods lost by fire ₹500

Q.11 - Show the Accounting Equation on the basis of the following transactions and prepare the Balance
Sheet at last. [8]
i. Shri Ram commenced business with Rs 30,000.
ii. Paid rent in advance Rs 1,200.
iii. Purchased a typewriter for Rs 4,200.
iv. Bought furniture from M/s Mohan Furnitures on credit for Rs 1,800.
v. Purchased goods from Sohan for cash Rs 21,000.
vi. Sold goods to Shyam for cash for Rs 24,000 (costing Rs 18,000).
vii. Bought goods from Ramesh for Rs 18,000.
viii. Sold goods to Shyam costing Rs 18,000 for Rs 30,000.
ix. Purchased household goods for Rs 9,000 giving Rs 3,000 in cash and the balance through a
loan.
x. Goods destroyed by fire (Cost Rs 300, Sale Price Rs 360).
xi. Paid half the amount owed to Mohan Furniture.
xii. Paid cash for Rs 300 for loan and Rs 180 for interest.
xiii. Withdrew goods for personal use (cost Rs 300, sale price Rs 360).
xiv. Received Rs 29,700 from Shyam in full settlement.
xv. Paid Rs 17,820 to Ramesh in full settlement.

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