SHARJAH INDIAN SCHOOL, JUWAIZA

Holiday Assignment June 2024

CLASS: XI
SUBJECT: ACCOUNTANCY

Instructions:
Submission Date: 26/08/2024
Holiday Assignment is to be prepared and submitted in A4 size paper and in a
Folder. (PROJECT WORK)

*WORKSHEET TO BE WRITTEN IN THE BACK SIDE OF THE NOTE BOOK

Chapter -1, Introduction to Accounting

1. Which of the following is not recorded in the books of account?

(a) Sales of goods (b) Payment of salary

(c) Quality of Staff (d) Purchase of goods (1)

2. Which of the following is not an internal user of Financial Statements?

(a) Board of Directors (b) Managers

(c) Employees (d) None of these (1)

3. Which is the last step of accounting as a process of information?

(a) Recording the transaction

(b) Preparation of financial statements
(c) Communication of information
(d) Analysis and interpretation of information (1)

4. starts where the book keeping ends. (1)

5. Define Book Keeping? (1)

6. Explain any three objectives of accounting. (3)

7. Write a short note on Double Entry System of Accounting. (3)
8. Write the difference between Book Keeping and Accounting (any five) (5)
9. What are the attributes (features) of accounting? (5)

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Chapter 2- Basic Accounting Terms

1. Which of the following term increases capital?

(a) Drawings (b) Expenses

(c) Loss (d) Profit (1)

2. Goods taken by the proprietor for personal use is

(a) Sale (b) Drawings ( c) Purchase (d) None of these (1)

3. Amount paid or payable against purchase of goods is

(a) Revenue expenditure (b) Capital Expenditure

(c) Both (a) and (b) (d) None of these (1)

4. A person who owes money to the firm for sale of goods is a (1)

5. Fall in value of an asset due to its use is termed as _______ (1)

6. Write a note on Types of Assets with an example (3)

7. A firm earns a revenue of Rs. 21,000 and the expenses to earn this revenue are
Rs. 15,000. Calculate its Income. Explain the term income. (3)
8. What are the main classes of Liabilities? Name three current liabilities (3)

Chapter 3- Theory Base of Accounting, Accounting Standards and Indian

Accounting Standards

1. Omission of paise and showing the round figures in financial statements is based on
…………… (1)
2. Consider the following data pertaining to Anaya Ltd.
Particulars Rs.
Coast Of Machinery Purchased on 1st April 2021 5,00,000
Installation Charges 50,000
Market Value as on 31st March 2022 8,00,000
While preparing the annual accounts, if the company values the machinery at Rs.
8,00,000 which principal is being violated by Ananya Ltd. (1)

3. Under which concept, Owner of business is treated as creditor to the extent of his
Capital? (1)

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 4. X Ltd. follows the written down value method of depreciating machinery year after
year due to
a) Comparability
b) Convenience
c) Consistency
d) All of these. (1)
5. Financial statements of an entity are prepared at regular intervals in accordance with
which accounting concept? (1)
6. According to which convention, depreciation is being charged as per one particular
method year after year? (1)
7. Name the concept under which advance received from the supplier is not taken as
income or Sale. (1)
8. What are the following terms stand for?
a) GAAP b) 1FRS c) ICAI (3)
9. Explain the following accounting concepts from the following:
(a) Accounting period concept. (b) Business entity concept. (c) Money measurement
concept (d) Matching concept (e) Conservatism concept (5)

Chapter 4- Bases of Accounting

1. How does the choice of accounting basis impact the financial statements of a business. (1)

2. Under which basis of accounting only cash transactions are recoded in the books. (1)
3. Discuss the impact of using cash basis accounting on the financial statements of a business.
How might this differ from using accrual basis accounting? (3)

4. Distinguish between Cash basis and Accrual basis of accounting. (4)

Chapter -5 , Accounting Equation

1. An increase in one asset is accompanied by
a) Decrease in another asset b) Increase in a liability
c) Increase in Capital d) All of these (1)

2. Purchase of machine by cash means

a) Decrease in asset and decrease in liability
b) Increase in asset and decrease in asset
c) Increase in asset and decrease in liability
d) Decrease in asset and increase in capital (1)

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3. Payment to creditors means
b) Increase in asset and decrease in liability
c) Decrease in asset and decrease in liability
d) Decrease in asset and increase in liability
e) Increase in asset and increase in liability (1)

4. Amount withdrawn by proprietor for personal use will cash and capital.
a. Increase b) Decrease c) No Change d) None of these (1)

5. An Accounting Equation is based on the principle. (1)

6. Liabilities and assets amount to Rs. 50,000 and Rs. 7,800 respectively. The
difference Amount shall represent .

(a) Creditors (b) Debentures (c) Profit (d) Capital (1)

7. Calculate the total assets if:

a. Capital is Rs. 40,000
b. Creditors are Rs. 25,000
c. Revenue during the period is Rs. 50,000
d. Expenses during the period are Rs. 40,000 (3)

8. Prepare Accounting Equation from the following: - (6)

(₹)
1. Sandeep started business with Cash 1,00,000
2. Purchased furniture for cash 5,000
3. Purchased goods for cash 20,000
4. Purchased goods on credit 36,000
5. Paid for rent 700
6. Goods costing ₹ 40,000 sold at a profit of 20% for cash

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 9. Show the Accounting Equation on the basis of the following transactions:

(₹)
(i) Manu started business with cash 50,000
(ii) Bought furniture for 500
(iii) Purchased goods on credit 4,000
(iv) Sold goods on cash (cost ₹ 500) for 700
(v) Received rent 200
(vi) Purchased goods for cash 1,000
(vii) Withdrew for personal use 700
(viii) Paid to creditors 400
(ix) Paid for salaries 200

Chapter -6 Accounting Procedures- Rules of Debit and Credit

1. Income received in advance is ........
a) Income (b)Expense (c) Asset (d)Liability (1)
2. Which of the following is a cash transaction?

(a) Sold goods

(b) Sold goods to Mr. R

(c) Sold goods to Mr. S on credit

(d) Sold goods to Mr. T on account (1)

3. A cash book always shows a

(a) Debit balance (b) Credit balance (c) Debit or credit balance (d) None of these (1)

4. How many columns are there in a Ledger (on one side) .

(a) Six (b) Four (c) Five (d) Seven (1)

5. Give Format of an Account. (3)

Explain rules of debit and credit. Both the traditional and Modern Approach.
6. From the following particulars, prepare the proprietor's Capital Account:
`
1st April, 2018 − Commenced business with cash 2,00,000
31st March, 2019 − Net Loss as per Profit and Loss 18,000
Account
31st March, 2019 − Drawings during the period 15,000

Balance the same and explain what the closing balance indicates. (4)
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7. From the following particulars, prepare the proprietor's Capital Account: (6)
2013 `
April 1 Started business with 45,000
May 10 Withdrew from business for personal use 10,000
July 15 Further Capital introduced 55,000
Nov. 30 Income tax paid 5,000
2014
Mar. 31 Profit for the year 30,000

Chapter 8 Journal
1. What is a journal? (1)
2. Recording of transactions into a journal is called ……………… (1)
3. Give Format of journal (4)
4. Pass following journal entries.

Dec 01, 2019:- Capital introduced to start business with Rs. 1,50,000,
Dec 03, 2019:- Bank account opened with SBI in the name of company for Rs. 30,000.

Dec 09, 2019:- Goods purchased from Nike for Rs. 26,400 in cash.
Dec 11, 2019:- Credit sales made to M/S David Enterprises India for Rs.12,657.
Dec 12, 2019:- Payment made for cartage of Rs 15,109. (5)
5. Pass the following Journal entries:

May 02, 2019:- Goods purchased from Rajesh for Rs. 59,000
May 06, 2019:- Goods Sold to Narmada for Rs. 24,000
May 12, 2019:- Insurance premium paid by cheque of Rs. 35,000
May 18, 2019:- Cheques received from Manu of Rs. 16,000
May 24, 2019:- Sam paid Rs. 14,000 in cash
May 25, 2019:- Payment of salary made in cash for Rs. 24,000

May 30,2019:- Goods purchased from John on credit for Rs. 32,000 (8)

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Art Integration:
Prepare a chart on Rules of Debit and Credit.

Project Work:
Select 20 transactions including different items and write Journal entry for it. Continuation
will be done after the reopening.
Project must be handwritten on an A4. One side only to be used and with proper margins.