1.
State and explain the types of Accounts under
modern classification.
2.
What are Representative Personal Accounts? Give
one example.
3.
What is the rule of recording transactions in:
a.
Personal Accounts
b.
Real Accounts
c.
Nominal Accounts
4.
What are Artificial Personal Accounts? Give one
example
5.
A credit balance always signifies a balance in
Liabilities account. Is it correct?
6.
Why are the rules of debit and credit same for
liability and capital?
7.
What is an Account?
8.
“Every debit must have a corresponding credit.”
Explain.
9.
To record a purchase of an asset, why Asset
account is debited?
10.
Drawings made by the owner mean a decrease in
the proprietor’s capital. Is it correct.
SECTION-B
PRACTICAL QUESTIONS
1.
Classify the following accounts under personal,
real or nominal accounts:
i.
Commission paid
ii.
Commission Accrued
iii.
Discount Allowed
iv.
Sales A/c
v.
Bank Overdraft
vi.
Debtors
2.
Identify the two accounts involved in the
following transactions. Also indicate which account will be debited and which
account will be credited with reasons for each.
Rs.
1.
Sohan started business with cash 2,00,000
2.
Purchased a machine 80,000
3.
Purchased Goods for Cash 50,000
4.
Purchased goods on credit from Sen 40,000
5.
Paid Cash to Sen 32,000
6.
Salaries paid to staff 18,000
7.
Rent paid 4,000
8.
Deposited cash into bank to open an account 60,000
9.
Interest received 6,000
3.
Classify the following accounts both according
to
(i) Traditional Approach
(ii) Modern Accounting Equation Approach
1.
Capital introduced 2. Goods Purchased
3. Carriage on Purchases 4. Sales
5. Rent paid 6.
Rent received
7. Interest received 8.
Interest paid
9. Discount allowed 10.
Discount received
11. Repairs 12.
Cash received
13. Drawings 14.
Bad debts
15. Advertising Expenses 16. Bad
Debts Recovered
17. Goodwill 18.
Wages
19. Prepaid Insurance 20.
Expenses outstanding
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