{"id":28153,"date":"2019-11-01T15:28:22","date_gmt":"2019-11-01T09:58:22","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=28153"},"modified":"2019-11-04T15:41:05","modified_gmt":"2019-11-04T10:11:05","slug":"recording-of-transactions-i-class-11-accountancy-extra-questions","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/recording-of-transactions-i-class-11-accountancy-extra-questions\/","title":{"rendered":"Recording of Transactions – I Class 11 Accountancy Extra Questions"},"content":{"rendered":"
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Recording of Transactions – I Class 11 Accountancy Extra Questions. <\/strong>myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts. There chapter wise Practice Questions with complete solutions are available for download in\u00a0myCBSEguide<\/a>\u00a0<\/strong>website and mobile app. These Question with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years. There are around 4-5 set of solved Accountancy Extra questions from each and every chapter. The students will not miss any concept in these Chapter wise question that are specially designed to tackle Exam. We have taken care of every single concept given in CBSE Class 11 Accountancy\u00a0<\/a><\/strong>syllabus and questions are framed as per the latest marking scheme and blue print issued by CBSE for class 11.<\/p>\n<\/div>\n<\/div>\n

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Class 11 Accountancy Extra Questions<\/strong><\/p>\n

Download as PDF<\/a><\/strong><\/p>\n

CBSE Class 11 Chapter 3 Important Questions<\/h2>\n
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Ch-3 Recording of Transactions – I Vouchers, Journals & Ledgers<\/strong><\/p>\n

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  1. If total assets of a business are Rs\u00a02,60,000 and capital is Rs 1,60,000 calculate the outside liabilities.<\/li>\n
  2. If total assets of a business are Rs 2,60,000 and net worth is Rs 1,60,000. Calculate the creditors.<\/li>\n
  3. Do you think that a transaction can break the accounting equation?<\/li>\n
  4. State when is a capital account debited.<\/li>\n
  5. When proprietor withdraws cash for his\/her personal use what will be the effect on capital?<\/li>\n
  6. When an account is said to have a debit balance and credit balance?<\/li>\n
  7. Why is the evidence provided by source documents important to accounting?<\/li>\n
  8. Prepare the accounting equation on the basis of the following\n
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    1. \u00a0Started business with cash Rs 70,000.<\/li>\n
    2. Credit purchases of goods Rs 18,000.<\/li>\n
    3. Payment made to creditors in full settlement Rs 17,500.<\/li>\n
    4. Purchase of machinery for cash Rs 20,000.<\/li>\n<\/ol>\n<\/li>\n
    5. What entry (debit or credit) would you make to\n
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      1. increase revenue,<\/li>\n
      2. decrease in expense<\/li>\n
      3. record drawings,<\/li>\n
      4. record the fresh capital introduced by the owner.<\/li>\n<\/ol>\n<\/li>\n
      5. Analyse the effect of each transaction and prove that the accounting equation(A = L + C) always remains balanced.\n
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        1. Introduced Rs 4,00,000 as cash and Rs 25,000 by stock.<\/li>\n
        2. Purchased plant for Rs 1,50,000 by paying Rs 7,500 in cash and balance at a later date.<\/li>\n
        3. Deposited Rs 3,00,000 into the bank.<\/li>\n
        4. Purchased office furniture for Rs 50,000 and made payment by cheque.<\/li>\n
        5. Purchased goods worth Rs 40,000 for cash and for Rs 17,500 on credit.<\/li>\n
        6. Goods amounting to Rs 22,500 was sold for Rs 30,000 on cash basis.<\/li>\n
        7. Goods costing to 1 40,000 was sold for 1 62,500 on credit basis.<\/li>\n
        8. Cheque issued to the supplier of goods worth Rs 17,500.<\/li>\n
        9. Cheque received from customer amounting to Rs 37,500.<\/li>\n
        10. Withdrawn by owner for personal use Rs 12,500.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

          Ch-3 Recording of Transactions – I Vouchers, Journals & Ledgers<\/strong><\/p>\n

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          Answer<\/strong><\/p>\n

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          1. Total Assets = Capital +\u00a0Outside Liabilities<\/strong>
            \n2,60,000 = 1,60,000 +\u00a0Outside Liabilities
            \n2,60,000 –\u00a01,60,000 =\u00a0Outside Liabilities
            \nOutside Liabilities = 1,00,000<\/strong><\/li>\n
          2. Total Assets = Net worth – Creditors<\/strong>
            \nCreditors = Total Assets – Net worth
            \nCreditors = 2,60,000 – 1,60,000
            \nCreditors<\/strong> = Rs<\/strong>.\u00a01,00,000<\/strong><\/li>\n
          3. No<\/strong>, any transaction can only\u00a0change the\u00a0equation\u00a0but can’t break it. The Accounting equation remains equal.<\/li>\n
          4. A capital account is debited when there is a\u00a0loss and\u00a0when the owner\u00a0makes drawings.<\/li>\n
          5. Decrease in capital.\u00a0A drawing account is an accounting record maintained to track money withdrawn from a business by its owners.<\/li>\n
          6. The difference between the sum of the two sides of an account is called the\u00a0balance.\u00a0This is the most important part of an account as it shows value or position of asset, liability, capital, income or expenses of which the account is a record. If the total of the debit side exceeds the total of credit side then this would be represented by a\u00a0debit balance\u00a0and opposite is true for a\u00a0credit balance.<\/li>\n
          7. A source document is the original document that contains the details of a business transaction. A source document captures the key information about a transaction, such as the names of the parties involved, amounts paid (if any), the date, and the substance of the transaction. Source documents are frequently identified with a unique number, so that they can be differentiated in the accounting system. The pre-numbering of documents is particularly useful, since it allows a company to investigate whether any documents are missing.\u00a0Source documents are critical to auditors, who use them as evidence that recorded transactions actually occurred. A source document is also used by companies as proof when dealing with their business partners, usually in regard to a payments.<\/li>\n
          8. The\u00a0fundamental accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner’s equity\u00a0of a person or business. It is the foundation for the double-entry book keeping system. For each transaction, the total debits equal the total credits.\n

            Accounting equation<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
            Transaction<\/strong><\/td>\nAssets<\/strong><\/td>\n=<\/strong><\/td>\nLiabilties<\/strong><\/td>\n+<\/strong><\/td>\nCapital<\/strong><\/td>\n<\/tr>\n
            <\/td>\nCash<\/strong><\/td>\n+<\/td>\nStock<\/strong><\/td>\n+<\/strong><\/td>\nMachinery<\/strong><\/td>\n=<\/strong><\/td>\nCreditors<\/strong><\/td>\n+<\/td>\nCapital<\/strong><\/td>\n<\/tr>\n
            (i)Started business with cash Rs 70,000<\/td>\n70,000<\/td>\n+<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n70,000<\/td>\n<\/tr>\n
            New equation<\/strong><\/td>\n70,000<\/td>\n+<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n70,000<\/td>\n<\/tr>\n
            (ii) Credit purchases of goods Rs 18,000<\/td>\n0<\/td>\n+<\/td>\n18,000<\/td>\n+<\/td>\n0<\/td>\n=<\/td>\n18,000<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
            New equation<\/strong><\/td>\n70,000<\/td>\n+<\/td>\n18,000<\/td>\n+<\/td>\n0<\/td>\n=<\/td>\n18,000<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
            (iii) Payment made to creditors in full settlement Rs 17,500<\/td>\n(17,500)<\/td>\n+<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n=<\/td>\n(18,000)<\/td>\n+<\/td>\n500<\/td>\n<\/tr>\n
            New Equation<\/strong><\/td>\n52,500<\/td>\n+<\/td>\n18,000<\/td>\n+<\/td>\n0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n70,500<\/td>\n<\/tr>\n
            (iv) Purchase of machinery for cash Rs 20,000<\/td>\n(20,000)<\/td>\n+<\/td>\n0<\/td>\n+<\/td>\n20,000<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
            Final equation<\/strong><\/td>\n32,500<\/td>\n+<\/td>\n18,000<\/td>\n+<\/td>\n20,000<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
          9. The following entry will be made in the above case\n
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            1. Increase Revenue-Revenue account have always credit balance so credit entry will be made to record increase in revenue.<\/li>\n
            2. Decrease in Expense- Expense account always have a debit balance so credit entry will be made to record decrease in expenses.<\/li>\n
            3. Record Drawings- Drawings is a reduction of capital balance so debit entry will be made in capital account to record drawings.<\/li>\n
            4. Record the fresh Capital Introduced by the Owner- Capital account always have a credit balance so credit entry will be made to record increase in capital.<\/li>\n<\/ol>\n<\/li>\n
            5. \n

              The accounting formula serves as the foundation of double-entry book keeping. Also called the accounting equation or balance sheet equation, this formula represents the relationship between the assets, liabilities, and owners’ equity of a business. The equation shows that the value of a company’s assets always equals the sum of its liabilities and owners’ equity.\u00a0The accounting formula essentially shows what the firm owns (its assets) as purchased with either the money it owes to creditors (its liabilities) or by money its owners invest in the business (its owner’s equity\u00a0or capital). This relationship can be expressed in the form of a simple equation:<\/p>\n

              Assets = Liabilities + Owners’ Equity<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              <\/th>\n<\/th>\nAssets<\/th>\n=<\/th>\nLiabilities<\/th>\n+<\/th>\nCapital<\/th>\n<\/tr>\n<\/thead>\n
              S.No.<\/td>\nParticulars<\/td>\nCash<\/td>\n+Stock<\/td>\n+Plant<\/td>\n+Bank<\/td>\n+Furniture<\/td>\n+Debtors<\/td>\n=<\/td>\nCreditors<\/td>\n+<\/td>\nCapital<\/td>\n<\/tr>\n
              1<\/td>\nStarted business with Rs 4,00,000 as cash and Rs 25,000 by stock<\/td>\n4,00,000<\/td>\n+25,000<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n4,25,000<\/td>\n<\/tr>\n
              2<\/td>\nPurchased plant for Rs 1,50,000 by paying Rs 7,500 in cash and balance at a later date.<\/td>\n(7,500)<\/td>\n+0<\/td>\n+1,50,000<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n3,92,500<\/td>\n+25,000<\/td>\n+1,50,000<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n4,25,000<\/td>\n<\/tr>\n
              3<\/td>\nDeposited cash into the bank.<\/td>\n(3,00,000)<\/td>\n+0<\/td>\n+0<\/td>\n+3,00,000<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n92,500<\/td>\n+25,000<\/td>\n+1,50,000<\/td>\n+3,00,000<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n4,25,000<\/td>\n<\/tr>\n
              4<\/td>\nPurchased office furniture for Rs 50,000 and made payment by cheque.<\/td>\n0<\/td>\n+0<\/td>\n+0<\/td>\n(50,000)<\/td>\n+50,000<\/td>\n+0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n92,500<\/td>\n+25,000<\/td>\n+1,50,000<\/td>\n+2,50,000<\/td>\n+50,000<\/td>\n+0<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n4,25,000<\/td>\n<\/tr>\n
              5<\/td>\nPurchased goods worth Rs 40,000 for cash and for Rs 17,500 on credit.<\/td>\n(40,000)<\/td>\n+57,500<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n17,500<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n52,500<\/td>\n+82,500<\/td>\n+1,50,000<\/td>\n+2,50,000<\/td>\n+50,000<\/td>\n+0<\/td>\n=<\/td>\n1,60,000<\/td>\n+<\/td>\n4,25,000<\/td>\n<\/tr>\n
              6<\/td>\nGoods amounting to Rs 22,500 was sold for Rs 30,000 on cash basis.<\/td>\n30,000<\/td>\n(22,500)<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n7,500<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n82,500<\/td>\n+60,000<\/td>\n+1,50,000<\/td>\n+2,50,000<\/td>\n+50,000<\/td>\n+0<\/td>\n=<\/td>\n1,60,000<\/td>\n+<\/td>\n4,32,500<\/td>\n<\/tr>\n
              7<\/td>\nGoods costing Rs 40,000 was sold for Rs 62,500 on credit basis.<\/td>\n0<\/td>\n(40,000)<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n+62,500<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n22,500<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n82,500<\/td>\n+20,000<\/td>\n+1,50,000<\/td>\n+2,50,000<\/td>\n+50,000<\/td>\n+62,500<\/td>\n=<\/td>\n1,60,000<\/td>\n+<\/td>\n4,55,000<\/td>\n<\/tr>\n
              8<\/td>\nCheque issued to the supplier of goods worth Rs 17,500.<\/td>\n0<\/td>\n+0<\/td>\n+0<\/td>\n(17,500)<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n(17,500)<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n82,500<\/td>\n+20,000<\/td>\n+1,50,000<\/td>\n+2,32,500<\/td>\n+50,000<\/td>\n+62,500<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n4,55,500<\/td>\n<\/tr>\n
              9<\/td>\nCheque received from customer amounting to Rs 37,500.<\/td>\n0<\/td>\n+0<\/td>\n+0<\/td>\n+37,500<\/td>\n+0<\/td>\n(37,500)<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n0<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n82,500<\/td>\n+20,000<\/td>\n+1,50,000<\/td>\n+2,69,500<\/td>\n+50,000<\/td>\n+15,000<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n4,55,500<\/td>\n<\/tr>\n
              10<\/td>\nWithdrawn by owner for personal use Rs 12,500.<\/td>\n(12,500)<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n+0<\/td>\n=<\/td>\n0<\/td>\n+<\/td>\n(17,500)<\/td>\n<\/tr>\n
              <\/td>\nNew Equation<\/td>\n70,000<\/td>\n+20,000<\/td>\n+1,50,000<\/td>\n+2,69,500<\/td>\n+50,000<\/td>\n+15,000<\/td>\n=<\/td>\n1,42,500<\/td>\n+<\/td>\n4,38,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<\/ol>\n

              Class 11 Accountancy Chapter Wise Important Questions<\/h2>\n<\/div>\n
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              1. Introduction to accounting<\/a><\/li>\n
              2. Theory Base of Accounting<\/a><\/li>\n
              3. Recording of Transactions -I Vouchers, Journals & Ledgers<\/a><\/li>\n
              4. Recording of Transactions -II Cash Books & other Books<\/a><\/li>\n
              5. Bank Reconciliation Statement<\/a><\/li>\n
              6. Depreciation Provisions and Reserves<\/a><\/li>\n
              7. Bill of Exchange<\/a><\/li>\n
              8. Trial Balance and Rectification of Errors<\/a><\/li>\n
              9. Financial Statements -I Sole Proprietorship<\/a><\/li>\n
              10. Financial Statements -II Adjustments<\/a><\/li>\n
              11. Accounts from Incomplete Records<\/a><\/li>\n
              12. Computers in Accounting<\/a><\/li>\n
              13. Computerised Accounting System<\/a><\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                Recording of Transactions – I Class 11 Accountancy Extra Questions. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1418,1346],"tags":[1872,1848,1839,1838,1833,1832],"class_list":["post-28153","post","type-post","status-publish","format-standard","hentry","category-accountancy","category-cbse","tag-cbse-class-11-accountancy","tag-chapter-wise-questions","tag-extra-questions","tag-important-questions","tag-latest-exam-questions","tag-practice-questions"],"yoast_head":"\nRecording of Transactions - I Class 11 Accountancy Extra Questions<\/title>\n<meta name=\"description\" content=\"Recording of Transactions -I Class 11 Accountancy Extra Questions We have taken care of every single concept given in\u00a0Class 11 syllabus.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mycbseguide.com\/blog\/recording-of-transactions-i-class-11-accountancy-extra-questions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recording of Transactions - 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