Class XI Accounts Test Paper 2021

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SHORT ANSWER QUESTIONS 1. what ‘Books of Original Entry? *

1 point

2. What are compound journal entries? Give an example. *

1 point

3. What is trade Discount? Give an example. *

1 point

4. Distinguish between Trade Discount and cash Discount. *

1 point

5. Is it Possible to pass a single journal entry for two or more transactions? *

1 point

VERY SHORT ANSWER QUESTIONS 1. What is Journal? *

1 point

A journal is a book of original entry in which transactions are recorded in the order in The order in which they occur I,.e., in chronological order.

2. Why is the journal called a book of original entry? *

1 point

A journal is called a book of original (or Primary) entry because all transactions are entered First in this books

3. What is journalizing? *

1 point

The process of recording transaction in the journal is called journalising.

4. Give one advantage of journal. *

1 point

As transactions in journal are entered as and when they take place, the possibility of Omission of a transaction in the books of account is minimized.

5. Give one limitation of journal. *

1 point

When the number of transactions is large, it is not possible to record all the transactions in Journal. It will become bulky and voluminous.

6. what is narration? *

1 point

After each entry, a brief explanation of the transaction together with necessary details is Given. This explanation is called ‘Narration’.

7. What is ledger Folio or L.F.? *

1 point

Ledger Folio or L.F. is the page number of the ledger account where the posting has been Made from the journal. This page number of the ledger is recorded in the journal.

8. What is compound Journal Entry? *

1 point

Sometimes two or more transactions relating to one particular account take Place on the Same date. In such cases, instead of passing separate entries for all such transactions, only One entry is Passed Such a journal entry is termed as Compound Journal Entry.

9. What is Opening Entry? *

1 point

Opening entry is a compound entry which carries forward all the balances of assets and Liabilities of previous year to the current year.

10. What entry is assed for withdrawing of goods by the Proprietor for personal use. *

1 point

Drawings A/c Dr. To Purchase A/c

11. Which account should be debited, if wages are paid are paid for installation of a machine? *

1 point

Machine Account.

12. Hari gifted a set of six T-Shirts (made in his garments factory) to one of his friend. In which Accounts this transaction should be debited and credited? *

1 point

It will be debited to Drawings A/c and credited to Purchase A/c.

OBJECTIVE TYPE QUESTIONS A. Select the most suitable alternative : 1. Purchase of goods from X for cash should be credited to :- *

1 point

Purchase

Cash

2. Main object of preparing a ‘Journal’ is; *

1 point

To ascertain the financial positions of the business.

To journalise the cash transactions

To make posting inhe ledger

Record the business transactions first of all.

3. Personal accounts are related to: *

1 point

Assets and liabilities

Expenses losses and incomes

Debtors, Creditors etc,

4. Real accounts are related to *

1 point

Assets

Expenses, losses and incomes

Debtors, creditors etc.

5. Nominal Accounts are related to : *

1 point

Assets and Liabilities

Expenses, losses and incomes

Debtors, Creditors etc.

6. Goods worth Rs7,000 given away as charity would be credited to: *

1 point

Sales A/c

Purchase A/c

Charity A/c

Trustee A/c

7. Payment of Rs6,000 as wages to workmen for installation of a machine should be debited to: *

1 point

Wages A/c

Repairs A/c

Machinery A/c

8. What shall be the amount of capital if cash is s5,000; Furniture Rs12,000; stock Rs30,000 and Creditors Rs6,000. *

1 point

Rs 53,000

Rs47,000

Rs41,000

9. Gopal is our debtor for Rs10,000. He became insolvent and only 60 paise in a Rsis received From him. The balance of Rs4,000 would be entered to the: *

1 point

Debit of Discount A/c

Credit of Discount A/c

Debit of bad debts A/c

Credit of bad-debts A/c

10. Rs5,000 received from Mohan whose account was written off as bad in the previous year Should be credited to: *

1 point

Mohan’s A/c

Bad-debts A/c

Bad-debts Recorded A/c

None of these

11. Cash received from Kajal Rs36,000 after allowing her discount @ 10% Amount debited to Discount account will be credited to: *

1 point

Rs 3,600

Rs 4,000

Rs 4,400

Rs40,000

12. Loss of goods by fire should be credited to: *

1 point

Sales A/c

loss A/c

Profit & loss A/c

Purchase A/c

13. Goods costing Rs30,000 supplied to Mohan at a profit of 25% of sales price less trade Discount @ 5% will be credited to sales A/c with: *

1 point

Rs35,625

Rs 38,000

Rs37,500

Rs 34,200

14. Goods costing Rs20,000 is sold at profit of 20% on cost and trade discount is allowed @ 10% and cash discount of 10% is also allowed. Half the payment was received at the time of Sale. What is the amount of cash received at the time of sale? *

1 point

Rs 9,720

Rs10,800

Rs 11,880

Rs 10,820

15. Paid to Rahul on behalf of sanjay Rs12,000 will be debited to *

1 point

Rahul’s Personal Account

Sanjay’s Account

Drawings Account

Cash Account

16. Sold goods worth list price of Rs8,000 at 10% trade discount and 12% cash discount. 25% Received at the time of transaction only. The amount posted to discount account will be: *

1 point

Rs36 on Debit side

Rs144 on Credit side

Rs144 on Debit side

Rs 40 on credit side

17. Journal records the transactions of a firm in a *

1 point

Periodical manner

Chronological order

Summarised manner

Systematic order

18. Rent of Proprietor’s house paid from account on cash will *

1 point

Decrease the profit

Increase the profit

Reduce the capital of business

Reduce the cash as will as capital of the business.

(B) State whether the following statements are true or false: 1. Personal accounts always show debit balance. *

1 point

True

False

2. Nominal accounts always show debit balance . *

1 point

True

False

3. Real accounts generally show debit balance. *

1 point

True

False

4. Opening entry is passed for the first transaction of each day. *

1 point

True

False

5. Purchase Account is Always debited. *

1 point

True

False

6. Sales Accounts is always credited. *

1 point

True

False

7. Purchase Return Account is always debited. *

1 point

True

False

8. Sales Return Account is always credited. *

1 point

True

False

9. The system of recording transactions on the basis of their two-fold aspect is called double Account system. *

1 point

True

False

10. Goods bought for resale are referred to As sales. *

1 point

True

False

1 point

Sales

2. Goods taken by the proprietor for Personal use will be credited to …………….. A/c. *

1 point

Purchase

3. For goods returned by customer …………………… A/c is debited. *

1 point

Purchase

4. Fr goods returned by customer ……………… A/c is debited. *

1 point

Sale Return

5. Salary paid to mohan will be debited to …………….. A/c. *

1 point

Salary

6. Cash received from Surender as rent will be credited to ……………. A/c. *

1 point

Rent

7. Premium paid on the life insurance policy of the proprietor will be debited to ………. A/c *

1 point

Drawings

8. Outstanding rent will be debited to ……….. A/c. *

1 point

Rent

(D) Fill in the blanks :- 1. Rule of ……………. A/c is “debit what comes in and credit what goes out.” *

1 point

Real

2. Rule of ……………. A/c is “debited the receiver and credit the giver.” *

1 point

Personal

3. Rule of ………… A/c is “debit all expenses and losses and credit all incomes and gains.” *

1 point

Nominal

4. Journal is a book of …………. *

1 point

Original or Primary entry