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Accountancy

This document contains accounting homework questions assigned to a Class XI student. Question 1 asks the student to prepare accounting equations and a balance sheet based on a series of business transactions. Question 2 asks the student to create accounting equations based on additional transaction information provided. Question 3 asks the student to explain accounting conventions and concepts. Question 4 asks the student to analyze the importance of accounting in daily life and surroundings. The remaining questions ask the student to distinguish between cash and accrual accounting, explain what a journal is, journalize transactions, and solve additional accounting problems.

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156 views

Accountancy

This document contains accounting homework questions assigned to a Class XI student. Question 1 asks the student to prepare accounting equations and a balance sheet based on a series of business transactions. Question 2 asks the student to create accounting equations based on additional transaction information provided. Question 3 asks the student to explain accounting conventions and concepts. Question 4 asks the student to analyze the importance of accounting in daily life and surroundings. The remaining questions ask the student to distinguish between cash and accrual accounting, explain what a journal is, journalize transactions, and solve additional accounting problems.

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LANCER'S CONVENT 2016

Class XI
Accountancy
Holiday Homework

Q1: Show the Accounting Equation on the basis of the following transactions and prepare a
Balance Sheet on the basis of the last equation.
i. Maharajan commenced business with cash ₹1,00,000
ii. Purchased goods for cash ₹70,000
iii. Cash withdrawn for personal use ₹ 5,000
iv. Purchased furniture for cash ₹ 3,000
v. Paid rent ₹2,000
vi. Sold goods for cash costing ₹45,000 60,000
vii. Paid to creditors ₹20,000
viii. Withdrew cash for private use ₹10,000
ix. Paid salaries ₹5,000
x. Sold goods on credit (cost price ₹.60,000) ₹ 80,000
xi. Interest on drawings @ 5%
xii. Interest on Capital ₹ 2000
Q2: Create an accounting equation on the basis of following information:
i. Commenced business with cash ₹ 50,000, goods worth₹ 20,000 and furniture ₹ 10,000.
ii. Sold goods to Rahul on credit costing ₹ 4,000 fo r₹ 5,000.
iii. Sold goods for Cash costing ₹ 10,000 for ₹ 16,000
iv. Paid Salary Rs. 5000 including advance of ₹ 3,000
v. Rent outstanding ₹ 3,000
vi. Issued Bill receivable to Rahul for ₹ 2000
vii. Charge depreciation on furniture ₹ 600
viii. Withdrawn goods for ₹ 1,000 for personal use
ix. Personal investment by owner ₹ 5,000
x. Goods destroyed by fire ₹ 200
xi. Introduced fresh capital ₹ 10,000
xii. Loan taken from Bank for ₹ 60,000
xiii. Prepaid interest ₹ 3000
xiv. Cash received against Bill receivable of Rahul.

Q3: Explain the accounting conventions and concepts with their implications in accounting
practices.
Q4: Accounting is a part of daily life. Analyze the importance of accounting in your
surroundings and life.
Q5: Distinguish between Cash and accrual basis of accounting.
Q6. What do you mean by journal? Why do we prepare journal?
Q7: Journalise the following transactions in the books of Sanjana :

1
LANCER'S CONVENT 2016
a) Started business with cash ₹ 1,50,000
b) Purchased goods for cash ₹ 20,000
c) Bought goods from Ruhi for ₹ 10,000
d) Salary outstanding Rs. 300
e) Paid to Ruhi in full settlement of his account (Rs. 10,000) Rs. 9,500
f) Commission received in advance Rs. 500
g) Prepaid insurance Rs. 200
h) Machinery purchased from Kumar for ₹ 50,000
i) Sold goods costing ₹ 12,500 at a profit of 20%.
j) Repair of Machinery ₹ 450
k) Withdrawn cash for personal use ₹ 4,000
l) Interest on Capital ₹ 3,500
m) Charge depreciation on furniture @ 10%.
n) Taken a bank loan for ₹ 30,000
o) Interest on drawings ₹825
p) Cash deposited into bank ₹ 6,000
q) Bought goods of list price of ₹ 80,000 less trade discount 15% from Amit and paid
cheque for 50% amount.
r) Purchased building for ₹ 2,00,000 by issuing cheque, however, brokerage charges 2%
and registration charges ₹10,000 paid in cash.
s) Sold goods to Riya of cost price of ₹ 3,000 at a profit of ₹ 3,500.

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