Meaning and Fundamental of Book-keeping class 11 Test | Bk subject maharashtra board | Get Easy sentences

 

Hey guys 👦 ☺ 

Visit our YouTube channel for test video and you can also visit our website 😊 Clear this test and comment me about next test video which u guys are want 👍

Plz Note 📝 📋 

Answers are given in downwards so don't worry about answers and this test is about 25 marks I hope u will clear it 😊. 

Q.1 ) Fill in the blanks with correct answers. ( 5 Marks with any 5 )

1) Prepaid expenses is . . . . . . . . . . . . account.

a) Real b) Personal c) Nominal d) Income

  

  2) Goodwill is . . . . . . . . . . . . . . asset.

a) Tangible b) Current c) an intangible d) None of these

3) Every debit has corresponding .......

a) Debit b) Credit c) Right hand side d) None of these

4) Conventional system of accounting is . . . . . . . . . . . . . .

a) English entry system b) Double entry system c) Indian system d) None of these

5) International Accounting day is observed on . . . . . . . . . . . . . .

a) 10th November b) 12th November

c) 10th December d) 15th December

6) Debit all . . . . . . . . . . . . . . and Credit all income and gains.

a) Giver b) Expenses and losses c) Goes out d) None of these

Q.2) True and false with statement ( 4 marks with any 4 )

1) Outstanding expense is nominal account.

2) Capital account is a real account.

3) Every debit has equal and corresponding credit.

4) Discount received is a nominal account.

5) Drawings account is a nominal account.

Q.3) Name the Following. ( 5 marks with any 5 )

1) Left hand side of an account.

2) The Assets which cannot be seen, touched or felt.

3) Person who invented the Double Entry System.

4) Incomplete system of recording business transactions.

5) Scientific system of recording business transactions.

6) Right hand side of an account.

Q.4) Give the accounting equation for the following transactions.  ( 6 marks with 6) 

1. Mr. Swaraj commenced business with Bank balance ` ₹1,10,000.

2. Purchased Furniture on credit from S.M Furniture Mart ` ₹25,000.

3. Bought goods on credit from Yuvraj ` ₹15,000.

4. Purchased Machinery ` ₹10,000.

5. Paid Electricity bill ` 3,500.

6. Goods destroyed by fire ` ₹1,500.

READ MORE : BK-class-11-test-maharashtra-board

Q.5) Prepare Chart showing Analysis of the following transaction in a Tabular form according to Modern Approach.. ( 5 marks )

1. Mr. Meghraj started business with cash ` ₹30,000.

2. Deposited cash into Bank of India ` ₹2,000.

3. Withdrew cash ` ₹1,000 for personal use.

4. Purchased goods on credit from Nilesh ` ₹2,000.

5. Cash purchases ` ₹3,000.

6. Paid Wages `₹ 400.

7. Purchase a chair for office use `₹ 3.200.

8. Sold goods to Mohan worth ` ₹1,200.

9. Withdrew Cash for Office use ` ₹3,000.

10. Sold old furniture ` ₹9,000.

11. Received Dividend of ` ₹1,000.

12. Paid for Printing bill book `₹ 200.

Answers 

Q.1) 

1) Prepaid expenses is a Personal account.

2) Goodwill is is an intangible  asset.

3) Every debit has corresponding Credit.

4) Conventional system of accounting is Indian system.

5) International Accounting day is observed on 10th November.

6) Debit all expenses and losses and Credit all income and gains.

Q.2)

1) This statement is False.

The amount payable to a person is known as an outstanding expense in the business. As a person is involved, the outstanding expense is nothing but a personal account.

2) This statement is False.

Capital Account is a Personal Account because it represents owner of the business.

3) This statement is True.

As per the Dual aspect concept, every business transaction has a debit effect with equal and corresponding credit effect which is a base for the double-entry system 

4) This statement is True.

Discount received is an income for the business therefore discount received is a nominal account.

5) This statement is False.

Drawings mean amount withdrawn by the owner from business and the owner’s account is a personal account. Therefore, we can say that the drawings account is a personal account.

Q.3) 

1) Left hand side of an account. - Debit 

2) The Assets which cannot be seen, touched, or felt. - Intangible assets

3) The person who invented the Double Entry System. - LUCA D BARGO PACIOLI

4) Incomplete system of recording business transactions. - Single entry system

5) Scientific system of recording business transactions. - Double entry system

6) Right hand side of an account. - Credit