Sunday, 27 May 2018
Business Studies,
Class XI
Assignment - Chapter –
1
Nature and Purpose of Business
MM: 30
Q1. Name the Auxiliary to trade which removes the hindrance
of:-
a)
Time
b)
exchange
c)
knowledge
d)
place
e)
risk (2)
Q2. What is the base of differentiating the economic and
non-economic activity? (1)
Q3. Why does a businessman willingly undertake business
risk?
(2)
Q4. Name the following
a)
The economic activity having risk element and
carried on to earn profit.
b)
The trade in which goods are imported and
exported to some other country (2)
Q5. Name the type of manufacturing industry in which:
a)
One material is separated into several useful
products
b)
Two or
more ingredients are combined into one product
c)
Production involves successive stages
(3)
Q6. Enumerate any three social responsibilities of business?
(3)
Q7. What are the three broad classifications of economic
activities? Explain all. (4)
Q8. Define Commerce. What are its different activities?
(4)
Q9. Compare business with profession and employment. (Write
any 4 points) (4)
Q10. Explain the concept of business risk and
its causes?
Entrepreneurship,
Class XI
Assignment - Chapter –
1
Entrepreneurship: Concept and Functions
MM: 27
Q1. Give any four managerial and promotional functions each
of an entrepreneur? (4)
Q2. Describe the process of Entrepreneurship? (4)
Q3. Explain any four advantages and disadvantages of
Entrepreneurship? (4)
Q4. Who is an Entrepreneur? Write its 10 characteristics.
(5)
Q 5.What is the need of Entrepreneurship in an economy?
Write five points in support of it. (5)
Q6. Explain and five set of myths about Entrepreneurship?
(5)
Sunday, 13 May 2018
ACCOUNTANCY ASSIGNMENT, CLASS XI
CHAPTER 5, ACCOUNTING EQUATION
1.”Accounting equation remains intact under all circumstances.” Justify the statement with the help of an example.
CHAPTER 5, ACCOUNTING EQUATION
1.”Accounting equation remains intact under all circumstances.” Justify the statement with the help of an example.
2. Prepare accounting Equation:
Rs.
a. Bill started business 12,00,000
b. Bought goods for cash 2,00,000
c. Bought goods on credit 3,00,000
d. Bought a machine 2,20,000
e. Sold goods (costing Rs. 40,000) 46,000
f. Sold goods (cost Rs. 12,000) and received a cheque 18,000
g. Charged depreciation on machine 4,000
h. Goods destroyed by fire 50,000
i. Purchased goods for Rs.20,000 and paid Rs.12,000 by cheque and balance in cash
j. Paid Telephone bill 3,000
k. Constructed night shelters for the homeless 21,000
3. Mr. Rameshwar Das started business on 1st Jan 2015 with a capital of Rs. 150000. During the year, the following transaction took place:
1. Furniture purchased for cash 2,00,000
2. Purchased goods from Manish for credit 2,50,000
3. Sold goods(costing Rs.1,00,000) to Mohan for cash 1,40,000
4. Additional capital introduced 2,00,000
5. Commission received in advance 20,000
6. Paid to creditors(Manish) Rs.2,25,000 in full settlement
7. Sold goods (costing Rs.1,50,000) for Rs. 1,80,000 out of which Rs. 50,000 received in cash.
8. Depreciation on furniture provided @ 10%.
4. Show accounting equation on the basis of following transactions:
a. Started business with cash Rs.10,000.
b. Paid rent in advance Rs.300.
c. Purchased goods for cash Rs. 5000 and credit Rs.2000.
d. Sold goods for cash Rs. 8000 (costing Rs.4000).
e. Paid salary in cash Rs. 450 and salary outstanding Rs. 100.
f. Bought motorcycle for personal use Rs. 3000.
5. Amit started business with cash investment of Rs.35000. The following business transactions have been recorded:
a. Paid 3 months advance rent for office accommodation Rs. 2100.
b. Bought car for office use Rs.21000.
c. Purchased office furniture Rs.7000.
d. Bought office typewriter from S.S.Comapny Rs. 3000.
e. Sold extra office furniture at cost to Amar Rs.1000.
f. Amar paid the amount of the bill at maturity and Amit paid half of the amount he owed to S.S. Company.
g. Collected Rs.6000 as commission.
h. Paid telephone bill amounting to Rs.150.
6. Pramod had the following transactions. Use accounting equation to show their effect on his assets, liabilities and capital:
a. Invested Rs.1,00,000 in cash.
b. Purchased equity shares in A Co. Ltd. For cash Rs,15000.
c. Purchased a land for Rs. 15,000, giving Rs.5,000 in cash and balance through loan.
d. Sold equity shares costing Rs.2000 for Rs.2500.
e. Purchased an old car for Rs.10,000 cash.
f. Received cash as commission Rs.4,000.
g. Paid cash for loan Rs.1000 and Rs.100 for interest.
h. Paid cash for domestic expense Rs.500.
i. Received cash for dividend on shares Rs.200.
7. On May1,2015 Mahendra opened a dry cleaning business. He completed the following transactions during the month of May:
a. Invested Rs.25000 in the business and deposited deposited the amount in the bank account.
b. Purchased an account cleaning supplies Rs. 1900.
c. Purchased for cash office equipment Rs.10,000.
d. Paid telephone bill Rs.250.
e. Billed customers for completed work Rs.2500.
f. Paid Rs.900 on account for cleaning supplies purchased in transaction (b).
g. Paid wages Rs2000.
h. Received Rs.1500 cash from customers previously billed in transaction (g).
8. Form the Accounting Equation:
a. Brij Mohan started business with cash Rs.1,00,000.
b. Brought goods for cash Rs.60,000.
c. 1/3rd of the above goods sold at a profit of 20% on cost.
d. Half of the payment received in cash.
e. Purchased typewriter for office use Rs. 15000.
f. Purchased goods on credit from X Rs.15000.
g. Paid salary Rs. 3000.
h. Paid to X Rs.15000.
9. The assets of A on 31st December,1996 were Rs.1,00,000. His liabilities were:
Creditors Rs.10,000 Bank overdraft Rs.8000, Bills Payable Rs.9000, outstanding salaries Rs.4000.
Calculate his capital on that date.
10. Calculate Total equity and Owner’s Equity:
a. Owner’s Equity at the beginning Rs120000.
b. Revenue during the period is Rs. 140000.
c. Equity of creditors is Rs.1,00,000.
d. Expenses during the period are Rs.1,30,000.
11. On 31st March 2015, the total assets and the external liabilities were Rs.1,00,000 and Rs.3000 respectively. During the year, the proprietor had introduced additional capital of Rs.10,000 and had withdrawn Rs.6000 for personal use. He made a profit of Rs.10,000 during the year. Calculate capital as on 1st April,2014.
12. Prove that the accounting equation is satisfied in all the following transactions of Suresh:
(a) Commenced business with cash Rs 36000.
(b) Paid rent in advance Rs 300.
(c) Purchased goods for cash Rs 18000 and credit Rs. 12000.
(d) Sold goods for cash Rs. 18000 costing Rs. 12000.
(e) Paid salary Rs 300
13. (a)Ramesh commenced business on 1st Jan. 2015 with a Capital of Rs. 5,00,000 and a loan of Rs. 1,00,000 borrowed from Citi Bank. On 31st Dec 2015, his assets were Rs. 8,00,000. Calculate his closing capital and profits earned during the year.
(b) If in the above case, the proprietor had introduced fresh capital of Rs. 40,000 and had withdrawn Rs. 10,000 for personal purposes, calculate his profits.
14. Show the accounting equation on the basis of following transactions and present a balance sheet on the last new equation balances:
Varun and Raj entered into a partnership agreement to deal in furniture. They contributed Rs.2,10,000 and Rs.1,50,000 as capital respectively. Other transactions were as under:
Rs.
a. Timber purchased by them 1,20,000
b. Wages paid to carpenters 90,000
c. Furniture sold(costing Rs.1,20,000) 1,50,000
d. Furniture sold on credit (costing Rs.27,000) 30,000
e. Amount received from debtors 29,700
Discount allowed 300
f. Timber purchased on credit 18,000
g. Furniture purchased 15,000
h. Payment to creditors Rs. 17,850 in full settlement
i. Amount withdrawn
Varun 6,000
Raj 3,000
ACCOUNTANCY ASSIGNMENT, CLASS XI
CHAPTER: 3, Accounting Concepts And Principles
CHAPTER: 3, Accounting Concepts And Principles
Q:1 Purchase of stationery even if it is kept in use for more than one year is shown as an expense but not shown as an asset. Which Accounting Principle does it relate to?
i) Matching Principle
ii) Historical Cost concept
iii) Revenue Recognition Concept
iv) Accrual Principle
Q:2 In cash basis of accounting, Machinery is shown in the books of accounts when it is paid for at the time of its purchase. It is not depreciated over its life. Which Accounting principle is ignored?
i) Historical Cost concept
ii) Accrual Principle
iii) Going Concern Concept
iv) Revenue Recognition Concept
Q:3 Salary of the current year is paid in the next financial year but it is recorded in the profit and Loss A/c of the current year and is used in calculating profit and loss. It adheres to the requirement of which accounting principle.
i) Matching Principle
ii) Accrual Principle
iii) Double Entry Concept
iv) Revenue Recognition Concept
Q:4 According thich principle, Closing stock is shown on the credit side of Trading A/c, as a deduction from purchase.
i) Historical Cost concept
ii) Accrual Principle
iii) Matching Principle
iv) Revenue Recognition Concept
Q:5 A Jeweler is left with a stock of gold at the end of the financial year which has a cost of Rs 50,000 but a market value of Rs 70,000. At what value the closing stock be shown and in adherence to which principle?
i) Rs 70,000 & Principle of conservatism and prudence
ii) Rs 70,000 and Matching Principle
iii) Rs 50,000 and & Principle of conservatism and prudence
iv) Rs 50,000 and Matching Principle
Q:6 Income tax paid by the owner on the firm’s income is treated as drawings. Which principle is followed?
i) Going Concern Principle
ii) Business Entity Concept
iii) Double Entry Concept
iv) Revenue Recognition Concept
Q:7 Mr X buys a TV set from an electronics showroom. He pays the amount immediately but agrees to take its delivery only after 15 days. The bill is made and given to buyer. After one week, the fire occurred in the godown causing complete damage to the TV set kept by Mr X. Can Mr X recover the money from the showroom owner.
i) Yes, Revenue Recognition
ii) No , Revenue Recognition
iii) Yes, Going Concern
iv) No , Going Concern
Q:8 Income received in advance is not treated as income but is shown as a liability. It is according to which accounting Principle?
i) Accrual Principle
ii) Historical Cost
iii) Going Concern
iv) Business Entity
Q:9 The principle that leads to the equality of Debit and Credit balances in Trial balance
i) Accrual Principle
ii) Dual Aspect
iii) Accounting Period
iv) Business Entity
Q:10 Apple files a suit against Samsung for infringement of patent laws. Apple is quite sure of receiving Rs 120 crore out of it. But the verdict has not been given by the court yet. Can Rs 120 crore be shown as an income.
i) Yes Accrual principle
ii) No, Prudence principle
iii) Yes, Prudence principle
iv) No, Accrual principle
Q:11 Purchase of machinery Rs 1,00,000 having a life of 10 years wrongly debited to purchase A/c. Which Accounting principle is violated?
i) Matching Principle
ii) Accrual Principle
iii) Going Concern
iv) Business Entity Concept
Q:12 Which Accounting principle is violated if an Account of Rs 400 withdrawn by the proprietor for his personal use has been debited to repairs A/c.
i) Consistency
ii) Going Concern
iii) Business Entity
iv) Dual Aspect
Q:13 According to which accounting principle Prepaid expenses is shown in the Balance Sheet not in Profit and Loss A/c.
i) Accrual
ii) Matching
iii) Accrual and matching both
iv) Revenue Recognition
Q: 14 Value of machine purchased on 1/4/2015 was Rs 1,00,000. The fair value of the machine is Rs 80,000 as on 31/03/2016. The life of the machine is 10 years. What is the amount of depreciation to be charged to P&L A/c as per a) Indian GAAP, b) IFRS
i) 20,000; 10,000
ii) 20,000; 10,000
iii) 10,000; 10,000
iv) 10,000; 20,000
Q: 15 Different Accountants may follow different accounting methods for same items like depreciation. This violates the Accounting principle of i)Prudence
ii) Objectivity
iii) Consistency
v) Objectivity & Consistency.
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