Amal International School

152, Dharmarama Road, off Havelock Road, Colombo-6.

Grade 10 Holiday Assignment Business and Accounting Studies

Admission No: …………………………….

2010

(A)

01) Use examples of products to explain the difference between the needs and wants?
02) Give an example of two products that satisfy a human need? State clearly which need in each case?
03) Explain barter system.
04) What are the drawbacks of barter system?
05) Differentiate needs and wants by its characteristics?
06) Give 4 examples for commodity manufacturing business?
07) Identify and describe the factors of production?
08) Name 3 stakeholders and their contribution towards the business?
09) What do you mean by business environment?
10) Choose a particular business you like and identify the internal and external environment?

(B) Write the double entries for the following transactions of Dilans business for the month of May 2018.
May 2018.
1. The owner brought Rs. 500,000 as capital to the business.
2. Bought office furniture worth Rs. 30,000 by cash.
3. Obtained a bank loan of Rs.35000.
4. Cash Sales Rs.60, 000.
9. Sold goods to Amal Rs15, 000 on credit.
12. The owner withdrew Rs.7000 for his personal use.
15. Repaid bank loan Rs.12000.
20. The owner brought additional capital ofRs. 70000 into business.
24. Cash purchases Rs 22000.
25. Paid insurance by cash Rs. 8000.
27. Received commission of Rs. 4500 by cash.
29. Paid electricity charges of Rs. 9000 by cash.

(C)Post the above transactions to the appropriate ledger accounts and tally them.

Holiday Assignment Grade 10 – Business Studies Page 1 of 1