Q.1:- What is Artificial Personal Account? Give one Example. (1)
Q.2:- If accounting information is based on facts and it is verifiable by documents it has the quality of- (1)
(a) Relevance (b) Reliability
(c) Understandability (d) ComparabilitY
Q.:3- Current Liabilities do not include:- (1)
(a) Bills Payable (b) Creditors
(c) Outstanding Exps. (d) Debentures
Q.4:- Goods costing Rs. 30,000 supplied to Mohan at a profit of 25% on sales less trade discount @ 5% will be credited to sales A/c with: (1)
(a) Rs. 35,625 (b) Rs. 38,000
(c) Rs. 37,500 (d) Rs. 34,200
Q.5:- What do you mean by Double Entry System? (1)
Q.6:- What do you mean by Accounting? Explain any two drawbacks of it. (3)
Q.7:- Mr. Rajeev started business as on 1st April 2014 with Cash of Rs. 1,50,000, goods Rs. 40,000 and Furniture Rs. 60,000. During the year the following transactions took place:-
(i) 20% of the above goods sold at a profit of 25% out of which 50% was received in cash.
(ii) Provide Depreciation on Furniture @ 10%.
(iii) Bought Motorcycle for personal use Rs. 40,000.
Prepare Accounting Equation from the above particulars. (6)
Q.8:- Journalise the following transactions in the books of Khanna Furniture House. (6)
April.1:- Commenced Business with Cash of Rs. 4,50,000, Goods Rs. 1,50,000 and Machinery Rs. 2,00,000.
April.6:-Purchased goods for Cash Rs. 30,000.
April.15:- Provide interest on Capital @ 6%
April.23:- 2 Dining Table @ Rs. 15,000 each sold to Gupta Bros.
April 28:- Purchased 4 Sofa Set @ Rs. 24,000 each from Rastogi Furniture Mart and payment made by cheque.
April 30:- Depreciate Machinery by 10%.
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