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    ACC Assignment CH 2 and 5

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    Nathan David
    This document contains an accounting assignment with 7 multiple choice questions and 2 problems involving accounting equations and preparing a basic balance sheet. The questions cover topics like purchases, debtors, classification of expenditures, definitions of accounting terms like creditors and inventory, and transactions involving assets, liabilities, equity, revenues and expenses. Students are asked to identify accounting terms, classify transactions, explain concepts, and demonstrate that accounting equations balance after each transaction through calculations.

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    ACC Assignment CH 2 and 5

    Uploaded by

    Nathan David
    5 views1 page
    This document contains an accounting assignment with 7 multiple choice questions and 2 problems involving accounting equations and preparing a basic balance sheet. The questions cover topics like purchases, debtors, classification of expenditures, definitions of accounting terms like creditors and inventory, and transactions involving assets, liabilities, equity, revenues and expenses. Students are asked to identify accounting terms, classify transactions, explain concepts, and demonstrate that accounting equations balance after each transaction through calculations.

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    ACC Assignment Ch 2 and 5 (2)

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    This document contains an accounting assignment with 7 multiple choice questions and 2 problems involving accounting equations and preparing a basic balance sheet. The questions cover topics like purchases, debtors, classification of expenditures, definitions of accounting terms like creditors and inventory, and transactions involving assets, liabilities, equity, revenues and expenses. Students are asked to identify accounting terms, classify transactions, explain concepts, and demonstrate that accounting equations balance after each transaction through calculations.

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    5 views1 page

    ACC Assignment CH 2 and 5

    Uploaded by

    Nathan David
    This document contains an accounting assignment with 7 multiple choice questions and 2 problems involving accounting equations and preparing a basic balance sheet. The questions cover topics like purchases, debtors, classification of expenditures, definitions of accounting terms like creditors and inventory, and transactions involving assets, liabilities, equity, revenues and expenses. Students are asked to identify accounting terms, classify transactions, explain concepts, and demonstrate that accounting equations balance after each transaction through calculations.

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    FAHAHEEL AL WATANIEH INDIAN PRIVATE SCHOOL

    ACCOUNTANCY ASSIGNMENT CH 2 AND 5


    CLASS 11

    Q1 Purchases refers to the buying of


    (a) stationary for office use (b) assets for the factory (c) goods for resale (d) investment

    Q2 A person who owes money against sale of goods to a firm is known as


    (a) creditor (b) debtor (c) lender (d) None of these

    Q3 Classify the following as Capital Expenditure or Revenue Expenditure:


    (a) Salaries paid to the staff.
    (b) Purchase of machinery to manufacture goods.
    (c) Payment of wages to construct cycle shed.
    (d) Payment of electricity charges.

    Q4 Explain the term Creditors, Inventory and discount.

    Q5 Prepare Balance Sheet as on 31st March 2023 from the following information:
    Cash ₹ 25,000; Bank ₹ 38,000; Capital ₹ 74,000; Debtors ₹ 45,000; Outstanding
    expenses ₹ 4,000; Bank loan ₹ 40,000; Stock ₹ 30,000; Creditors ₹ 20,000.

    Q6 Rohit has the following transactions:


    (a) Commenced business with cash ₹ 1,50,000 and goods worth ₹ 40,000.
    (b) Purchased machinery on credit ₹ 40,000.
    (c) Purchased goods for cash ₹ 20,000.
    (d) Purchased car for personal use ₹ 80,000.
    (e) Paid to creditors in full settlement ₹ 38,000.
    (f) Sold goods costing ₹ 5,000 for ₹ 4,500 on credit.
    (g) Rent paid in advance ₹ 1,000
    (h) Commission received in advance ₹ 2,000
    Show that the Accounting Equation is satisfied in all the above transactions.

    Q7 Show the Accounting Equation on the basis of the following transactions and also show
    the Balance Sheet:
    1) Started business with cash ₹ 60,000 and bank balance ₹ 30,000.

    2) Purchased goods for cash ₹ 40,000 and on credit ₹ 25,000.


    3) Goods costing ₹ 48,000 sold at a profit of 25% to X.
    4) Paid rent ₹ 4,000 and salary ₹ 6,000.
    5) Received cash from X ₹ 15,000.
    6) Introduced fresh capital ₹ 40,000.
    7) Purchased Machinery ₹ 5,000 in cash.
    8) Paid cash for household expenses ₹ 1,000.
    9) Paid to creditor ₹ 20,000.
    10) Depreciation for Machinery provided at 10%.

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