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Class 11 Accountancy Challenge Test

The document is a Class 11 Accountancy Test covering key topics such as basic accounting terms, rules of debit and credit, journal entries, and the accounting equation. It includes various questions requiring definitions, classifications, journalization, and corrections of accounting entries. Additionally, it provides important notes on personal, real, and nominal accounts, as well as the dual aspect of transactions.

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4 views3 pages

Class 11 Accountancy Challenge Test

The document is a Class 11 Accountancy Test covering key topics such as basic accounting terms, rules of debit and credit, journal entries, and the accounting equation. It includes various questions requiring definitions, classifications, journalization, and corrections of accounting entries. Additionally, it provides important notes on personal, real, and nominal accounts, as well as the dual aspect of transactions.

Uploaded by

dhanusha.g1960
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Class 11 Accountancy Test

Based on: TS Grewal | Topics: Basic Terms, Rules of Debit & Credit, Journal, Accounting Equation

Q1. Define the following terms with suitable examples:

a) Capital b) Drawings c) Revenue d) Liability e) Expense

Q2. Classify the following into Asset, Liability, Expense, Income, or Capital:

a) Machinery b) Salary Outstanding c) Commission Received d) Rent Paid e) Owner's

Investment

Q3. State the rules of debit and credit for:

a) Personal Accounts b) Real Accounts c) Nominal Accounts

Q4. Journalise the following:

a) Started business with cash Rs.1,00,000

b) Bought goods for Rs.30,000 from Ramesh on credit

c) Sold goods to Suresh for Rs.50,000, received Rs.45,000 in cash and allowed Rs.5,000 as

discount

d) Paid rent Rs.5,000 and electricity Rs.2,000 in cash

e) Goods worth Rs.4,000 destroyed by fire, insurance claim accepted Rs.3,000

Q5. A debtor who owed Rs.20,000 became insolvent and only 60% was recovered. Pass the journal

entry.

Q6. Prepare an Accounting Equation from the following:

a) Started business with cash Rs.80,000

b) Purchased goods for cash Rs.20,000 and on credit Rs.10,000

c) Sold goods costing Rs.10,000 for Rs.15,000 (half cash, half credit)

d) Paid salary Rs.5,000 and rent outstanding Rs.2,000

e) Withdrawn Rs.3,000 cash for personal use


Q7. Correct the following entries:

a) Rent paid to landlord debited to Landlord A/c

b) Purchased computer recorded in Purchase Book

c) Salary paid to clerk wrongly debited to Wages A/c

Q8. Fill in the blanks:

a) __________ is the amount invested by the owner in the business.

b) Outstanding expenses are shown as __________ in the balance sheet.

c) Discount allowed is a __________ to the business.

d) Income received in advance is a __________.

e) Real accounts relate to __________ and __________.


Important Info to Note

Personal Account: Debit the receiver, Credit the giver.

Real Account: Debit what comes in, Credit what goes out.

Nominal Account: Debit all expenses & losses, Credit all incomes & gains.

Capital is a liability from the businesss point of view.

Drawings reduce capital.

Trade discount is not recorded in books, cash discount is.

Accounting Equation: Assets = Capital + Liabilities.

In dual aspect, every transaction affects at least two accounts.

Bad debts recovered are recorded as income.

Always mention narration in journal entries in exams!

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