{"id":9541,"date":"2019-12-03T14:50:19","date_gmt":"2019-12-03T09:20:19","guid":{"rendered":"https:\/\/kseebsolutions.guru\/?p=9541"},"modified":"2021-07-02T15:44:16","modified_gmt":"2021-07-02T10:14:16","slug":"1st-puc-accountancy-question-bank-chapter-3","status":"publish","type":"post","link":"https:\/\/kseebsolutions.guru\/1st-puc-accountancy-question-bank-chapter-3\/","title":{"rendered":"1st PUC Accountancy Question Bank Chapter 3 Recording of Transactions I"},"content":{"rendered":"

You can Download Chapter 3 Recording of Transactions I Questions and Answers, Notes, 1st PUC Accountancy Question Bank with Answers<\/a> Karnataka State Board Solutions help you to revise complete Syllabus and score more marks in your examinations.<\/p>\n

Karnataka 1st PUC Accountancy Question Bank Chapter 3 Recording of Transactions I<\/h2>\n

1st PUC Accountancy Recording of Transactions I One Mark Questions and Answers<\/h3>\n

Question 1.
\nClassify the English system of accounts.
\nAnswer:
\nThe three types of accounts under English system are :<\/p>\n

    \n
  1. Personal account<\/li>\n
  2. Real account<\/li>\n
  3. Nominal account<\/li>\n<\/ol>\n

    Question 2.
    \nClassify the account under American system.
    \nAnswer:
    \nThe important classification of accounts under American system are :<\/p>\n

      \n
    • Assets A\/c<\/li>\n
    • Liability A\/c<\/li>\n
    • Equity or Capital A\/c<\/li>\n
    • income A\/c<\/li>\n
    • Expenses A\/c<\/li>\n<\/ul>\n

      Question 3.
      \nWhat is personal account?
      \nAnswer:
      \nTransactions between two persons called personal account. Here one person give benefits and another one receives benefits.<\/p>\n

      Question 4.
      \nMention the different types of persons under personal account.
      \nAnswer:
      \nThe different types of person in personal account are :<\/p>\n

        \n
      1. Natural person<\/li>\n
      2. Artificial person<\/li>\n
      3. Representative persons.<\/li>\n<\/ol>\n

        Question 5.
        \nWho is natural persons under personal account?
        \nAnswer:
        \nAll living individuals are natural persons. Example: Rama\u2019s a\/c, Bhima\u2019s a\/c etc.<\/p>\n

        \"KSEEB<\/p>\n

        Question 6.
        \nWho is artificial person under personal account?
        \nAnswer:
        \nArtificial or legal persons means institutions or body of individuals, which are considered as person in the eyes of law. example : companies, school, banks, etc.<\/p>\n

        Question 7.
        \nWrite the meaning of representative person.
        \nAnswer:
        \nThe person who represents the artificial person called representative person. Example : Debtors account, creditors account, capital account.<\/p>\n

        Question 8.
        \nWhat is real account?
        \nAnswer:
        \nThe accounts relating to properties, assets, and pocessions with which we carry on business comes under one head of accounts called Real a\/c. Example : Cash, goods, land and building, machinery, copy rights etc.<\/p>\n

        Question 9.
        \nWrite the meaning of tangible assets.
        \nAnswer:
        \nThe assets which we can see and touch called tangible assets. Example : Land and Buildings, machinery, goods, investments, etc.<\/p>\n

        Question 10.
        \nWhat is nominal account?
        \nAnswer:
        \nAn account related to incomes or gains and expenses or losses of business called nominal accounts.<\/p>\n

        \"KSEEB<\/p>\n

        Question 11.
        \nWrite any four examples for artificial persons a\/c
        \nAnswer:
        \nExample for artificial persons a\/c are :<\/p>\n

          \n
        1. Vijaya institute\u2019s a\/c<\/li>\n
        2. SAk college for commerce and management a\/c<\/li>\n
        3. Syndicate Bank a\/c<\/li>\n
        4. BHSHES a\/c.<\/li>\n<\/ol>\n

          Question 12.
          \nGive, any four examples for representative persons.
          \nAnswer:
          \nExample for representative persons a\/c are :<\/p>\n

            \n
          1. Debtors a\/c<\/li>\n
          2. Prepaid expenses a\/c<\/li>\n
          3. Capital a\/c<\/li>\n
          4. O\/s salary<\/li>\n<\/ol>\n

            Question 13.
            \nGive examples for real account.
            \nAnswer:
            \nExample for real a\/c are<\/p>\n

              \n
            • Buildings a\/c<\/li>\n
            • Plant and machinery a\/c<\/li>\n
            • Stock a\/c (iv) Cash a\/c<\/li>\n
            • Motor car a\/c<\/li>\n<\/ul>\n

              Question 14.
              \nGive any four examples for nominal a\/c.
              \nAnswer:
              \nExample for nominal a\/c are : –<\/p>\n

                \n
              1. Salary a\/c<\/li>\n
              2. Rent received a\/c<\/li>\n
              3. Printing and stationery a\/c<\/li>\n
              4. Commission received a\/c<\/li>\n<\/ol>\n

                Question 15.
                \nGive two examples for tangible and intangible fixed assets.
                \nAnswer:
                \nExample for Tangible Fixed assets are :<\/p>\n

                  \n
                • Plant a\/c<\/li>\n
                • Motor vechicle a\/c Example for intangible<\/li>\n<\/ul>\n

                  Fixed assets are :<\/p>\n

                    \n
                  • Goodwill a\/c<\/li>\n
                  • Trademarks a\/c<\/li>\n<\/ul>\n

                    Question 16.
                    \nDefine double entry system.
                    \nAnswer:
                    \nEric, I, kohler says \u201cIt is a two way expression of each transactions\u201d.<\/p>\n

                    \"KSEEB<\/p>\n

                    Question 17.
                    \nWhat is an accounting voucher?
                    \nAnswer:
                    \nAccounting voucher is a document, which contains the analysis of a transaction.<\/p>\n

                    Question 18.
                    \nWrite the meaning of accounting equation.
                    \nAnswer:
                    \nIt is followed at every stage of accounting. It means every debit every transaction as equivalent credit.<\/p>\n

                    Question 19.
                    \nWrite the accounting equation.
                    \nAnswer:
                    \nAssets = Liabilities + Capital (A = L + C).<\/p>\n

                    Question 20.
                    \nWhat is an account?
                    \nAnswer:
                    \nAn account is the summarised information of transactions relating to a person, goods or service<\/p>\n

                    Question 21.
                    \nGive the meaning of journal.
                    \nAnswer:
                    \nJournal is chief Book, in which all the transactions are recorded in chronological order (Date- wise).<\/p>\n

                    Question 22.
                    \nWhat is journalising?
                    \nAnswer:
                    \nRecording of a transactions in a jornal called journalising.<\/p>\n

                    \"KSEEB<\/p>\n

                    Question 23.
                    \nWhat is compound journal entry? Give on Example.
                    \nAnswer:
                    \nA journal entry which includes more than two or more debit or credit in single entry called compound Journal entry.
                    \nExample: Electricity a\/c Dr, Rent a\/c Dr, To cash a\/c<\/p>\n

                    Question 24.
                    \nWhat is meant by narration?
                    \nAnswer:
                    \nThe brief explanation about transaction after journal entry called narration.<\/p>\n

                    Question 25.
                    \nGive the format of a journal.
                    \nAnswer:
                    \nFormat:
                    \nJournal entries in the book of….
                    \n\"1st
                    \n<\/strong><\/p>\n

                    Question 26.
                    \nWhat is simple entry? Give Examples.
                    \nAnswer:
                    \nSimple journal entry involve only two accounts of which one account being debited and \u2022 another account account being credited.
                    \nExample : Cash a\/c\u00a0 Dr
                    \nTo Ramesh a\/c<\/p>\n

                    Question 27.
                    \nMention any one needs of journal.
                    \nAnswer:
                    \nTwo needs or importance of journals are :
                    \nJournal provides transactions in chronological order.<\/p>\n

                    Question 28.
                    \nWrite the meaning of source of documents in the book of a\/c.
                    \nAnswer:
                    \nSource of documents mean on which basis the transaction are recorded in the books of accounts.<\/p>\n

                    \"KSEEB<\/p>\n

                    Question 29.
                    \nMention any two source of document in the books of account.
                    \nAnswer:
                    \nThe source of documents for recording transactions are :<\/p>\n

                      \n
                    1. Bills<\/li>\n
                    2. Cash receipts<\/li>\n
                    3. Invoice<\/li>\n
                    4. Vouchers<\/li>\n<\/ol>\n

                      Question 30.
                      \nMention two method of recording business transactions.
                      \nAnswer:<\/p>\n

                        \n
                      1. Conventional or theoritical method of recording.<\/li>\n
                      2. English or modem method of recording.<\/li>\n<\/ol>\n

                        Question 31.
                        \nWhat is Ledger?
                        \nAnswer:
                        \nTransferring of entries from journal to the respective head of account as a group in chronological order called ledger.<\/p>\n

                        Question 32.
                        \nWhat is .posting?
                        \nAnswer:
                        \nIt is the process of transferring debit and credit entries from the journal to appropriate group (head of a\/c) in ledger.<\/p>\n

                        Question 33.
                        \nWhat is debit balance?
                        \nAnswer:
                        \nIf the debit side total of a ledger account is greater than its credit side total, the difference is called debit balance.<\/p>\n

                        Question 34.
                        \nWhat is credit balance?
                        \nAnswer:
                        \nIn the ledger account if the credit side of total is greater than debit side total, the difference is called credit balance.<\/p>\n

                        Question 35.
                        \nWhat is journal folio?
                        \nAnswer:
                        \nIt is the column of journal from where the entry is posted in simple words it is the page number of journal. The abbreviation of journal folio is \u2018JF<\/p>\n

                        Question 36.
                        \nWrite the need of balancing of ledger accounts.
                        \nAnswer:
                        \nBalancing of ledger helps to findout whether a particular account has received more benefits or given on a particular period.<\/p>\n

                        Question 37.
                        \nWhat is debit in ledger a\/c?
                        \nAnswer:
                        \nIt is a column in ledger. It is meant for recording the amount debited to this account.<\/p>\n

                        Question 38.
                        \nWhat is credit in ledger a\/c?
                        \nAnswer:
                        \nIt is a column in ledger. It is meant for recording the amount credited to this account.<\/p>\n

                        \"KSEEB<\/p>\n

                        Question 39.
                        \nWhat is an account?
                        \nAnswer:
                        \nAn account is summarised record of all transactions relating to a person, things, income or expenses for a particular period under periodical concept.<\/p>\n

                        Question 40.
                        \nWhat is balance brought down?
                        \nAnswer:
                        \nThe debit balance or credit balance which we have balanced in previous period \/ month recording brought down, the abbreviation of brought down is b\/d.<\/p>\n

                        Question 41.
                        \nWhat is balance carry down?
                        \nAnswer:
                        \nThe debit and credit balance which balanced in ledger in the current period \/ month may forwarded to next period such balance recorded as balance carry down, the abbreviation is c\/d.<\/p>\n

                        1st PUC Accountancy Recording of Transactions I Two Marks Questions and Answers<\/h3>\n

                        Question 1.
                        \nWrite the rule of personal account.
                        \nAnswer:
                        \nThe rule of personal a\/c is –
                        \n\u201cDEBIT THE RECEIVER –
                        \nCREDIT the Giver\u201d.<\/p>\n

                        Question 2.
                        \nWrite the rule of real account.
                        \nAnswer:
                        \nThe rule of real a\/c is –
                        \n\u201cDEBIT WHAT COMES IN
                        \nCREDIT WHAT GOES OUT\u201d<\/p>\n

                        Question 3.
                        \nWrite the rule of Nominal a\/c.
                        \nAnswer:
                        \nThe nominal a\/c rule is –
                        \n\u201cDEBIT ALL EXPENSES AND LOSSES
                        \nCREDIT ALL INCOMES AND GAINS\u201d<\/p>\n

                        Question 4.
                        \nWhat is assets?
                        \nAnswer:
                        \nAsset is the property or things of the business owned by business. Examples : Land and building, machinery, stock etc.<\/p>\n

                        Question 5.
                        \nWrite the meaning of liability.
                        \nAnswer:
                        \nLiabilities are obligations of the concern to pay outsiders due to purchase, funds received, services rendered etc. Example : creditors, O\/S salary, Bills payable, etc.<\/p>\n

                        Question 6.
                        \nWrite the rule of capital a\/c under American system.
                        \nAnswer:
                        \nCapital a\/c rule, under American system is :
                        \n\u201cDebit decrease in capital Credit increase in capital\u201d.<\/p>\n

                        \"KSEEB<\/p>\n

                        Question 7.
                        \nWrite the rule of assets a\/c under American system.
                        \nAnswer:
                        \n\u201cDebit increase in the asset
                        \nCredit Decrease in the Asset\u201d.<\/p>\n

                        Question 8.
                        \nWrite the rule of liabilities a\/c under American system.
                        \nAnswer:
                        \nLiabilities a\/c rule is \u21d2 \u201cDebit Decrease in the liability
                        \nCredit increase in the liability\u201d<\/p>\n

                        Question 9.
                        \nWrite the rule of expenses a\/c.
                        \nAnswer:
                        \n\u201cDebit increase in expenses
                        \nCredit decrease in expenses\u201d.<\/p>\n

                        Question 10.
                        \nWrite the rule of incomes a\/c.
                        \nAnswer:
                        \nIncome a\/c rule are \u21d2 \u201cDebit decrease in income
                        \nCredit increase in income\u201d<\/p>\n

                        Question 11.
                        \nGive any four examples for personal a\/c.
                        \nAnswer:
                        \nExamples for personal a\/c are :<\/p>\n

                          \n
                        1. Vijaya college a\/c<\/li>\n
                        2. Rama\u2019s a\/c<\/li>\n
                        3. Prepaid expenses a\/c<\/li>\n
                        4. Vijaya Bank a\/c<\/li>\n<\/ol>\n

                          Question 12.
                          \nWrite any two features of journal.
                          \nAnswer.
                          \nThe features of journal are<\/p>\n

                            \n
                          1. Journal is a day book or daily recording transaction book.<\/li>\n
                          2. Transactions are recorded systematically in chronological order (Date-wise).<\/li>\n<\/ol>\n

                            \"KSEEB<\/p>\n

                            1st PUC Accountancy Recording of Transactions I Six Marks Questions and Answers<\/h3>\n

                            Question 1.
                            \nState the three fundamental steps in the accounting process
                            \nAnswer:
                            \n\"1st<\/p>\n

                            Question 2.
                            \nWhy is the evidence provided by source documents important to accounting?
                            \nAnswer:
                            \nThe evidence provided by the source document is important in the following manners:<\/p>\n

                              \n
                            • It provides evidence that a transaction has actually occurred.<\/li>\n
                            • It provides important and relevant information about date, amount, parties involved and other details of a particular transaction.<\/li>\n
                            • It acts as a proof in the court of law.<\/li>\n
                            • It helps in verifying transactions during the auditing process.<\/li>\n<\/ul>\n

                              Question 3.
                              \nShould a transaction be first recorded in a journal or ledger? Why?
                              \nAnswer:
                              \na. A transaction should be recorded first in a journal because journal provides complete details of a transaction in one entry. Further, a journal forms the basis for posting the transactions into their respective accounts into ledger. Transactions are recorded in journal in chronological order, i.e. (Date wise) in the order of occurrence with the help of source documents.<\/p>\n

                              b. Journal is also known as \u2018Book of original entry, because with the help of source document, transactions are originally recorded in books. The process of recording the transactions in journal and then in ledger is presented in the below given flow chart.<\/p>\n

                              Question 4.
                              \nAre debits or credits listed first in journal entries? Are debits or credits indented?
                              \nAnswer:
                              \na. As per the rule of double entry system, there are two colums of \u2018Amount\u2019 in the journal format namely \u2018Debit Amount\u2019 and \u2018Credit Amount\u2019. The way of recording in a journal is quite different from normal recording. Journal entry is recorded in journal format in which the \u2018Debit Amount\u2019 column is listed before the \u2018Credit Amount\u2019 column.<\/p>\n

                              b. Credits are indented. Indentation is leaving a space before writing any word. Journal entry has its own jargon. While journalizing, in the \u2018Particulars\u2019 column of journal format, debited account is written first and credited account is in the next line leaving some space, which is indentation.<\/p>\n

                              Question 5.
                              \nWhy some accounting systems are called double accounting systems?
                              \nAnswer:
                              \nSome accounting systems are called double accounting systems because under this system there are two aspects of every transaction, i.e., every transaction has dual effect. Every transaction affects two accounts simultaneously, that is represented by debiting one account and crediting the other account. It is based on the fact that if there is receiver, there should be a giver.<\/p>\n

                              \"KSEEB<\/p>\n

                              Question 6.
                              \nGive a specimen of an account.
                              \nAnswer:
                              \n\"1st<\/p>\n

                              Question 7.
                              \nWhy are the rules of debit and credit same for both liability and capital?
                              \nAnswer:
                              \na. Every business acquires funds from internal as well as from external sources. According to the business entity concept, the amount borrowed from the external sources together with the internal sources like, capital invested by the proprietor, it termed as liability to the business. Business entity entity concept treats business and business owner separately.<\/p>\n

                              b. Capital of the owner is treated as liability to the business because the business has to repay the amount of capital to the owner, in case of closure of the business. As liability incurred is credited, in the same way, fresh capital introduced and net profit increases the owner\u2019s capital, and so, captial is credited.<\/p>\n

                              c. On the other hand, if liability is paid, it reduces liability, and so, it is debited. Similarly, drawings from capital and net loss reduce the capital, and so, capital is debited. Thus the rules of debit and credit are same for both liability and capital.<\/p>\n

                              Question 8.
                              \nWhat is the purpose of posting J.F numbers that are entered in the Journal at the time entries are posted to the accounts?
                              \nAnswer:
                              \nJ.F. number is the number that is entered in the ledger at the time of posting entries into their respective accounts. It helps in determining whether all transactions are properly posted in their accounts. It is recorded at the time of posting and not at the time of recording the transactions.<\/p>\n

                              The purpose of entering J.F. number in the ledger is because of the below given benefits.<\/p>\n

                                \n
                              • J.F. number helps in locating the entries of accounts in the journal book. In other words, J.F number helps to locate the position of the related journal entiy and subsidiary book in the journal book.<\/li>\n
                              • J.F. number in accounts ensures that recording in the books of original entry has been posted or not.<\/li>\n<\/ul>\n

                                Question 9.
                                \nWhat entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner.
                                \nAnswer:<\/p>\n

                                  \n
                                • Increase in revenue Increase in revenue is credited as it increases the capital. Capital has credit balance and if capital increases, then it is credited.<\/li>\n
                                • Decrease in expense Decrease in expense is credited as all expenses have debit balance. If expense decreases, then it is credited.<\/li>\n
                                • Record drawings Capital has credit balance; if the capital increases, then it is credited. If capital decreases, then it is debited. Drawings are debited as they decrease the capital.<\/li>\n
                                • Record of fresh capital introduced by the owner – credit Capital has credit balance, if capital increases, then it is credited. The introduction of fresh capital increases the balance of capital, and so, it is credited.<\/li>\n<\/ul>\n

                                  Question 10.
                                  \nIf a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?
                                  \nAnswer:
                                  \n1. If a transaction has a decreasing effect on an asset, then this decrease is recorded as credit. This is because, as all assets have debit balance and if assets decrease, then it is credited. For example, sale of furniture results in decrease in furniture (asset); so, the sale of furniture will be credited.<\/p>\n

                                  2. If a transaction has a decreasing effect on a liability, then this decrease is recorded as debit. This is because all liabilities have credit balance. If the liability increases, then it is credited and if the liability decreases, then it is debited. For example, payment to the . creditors results in a decrease in the creditors (liability); so, the creditors account will be debited.<\/p>\n

                                  Question 11.
                                  \nDescribe the events recorded in accounting systems and the importance of source documents in those systems?
                                  \nAnswer:
                                  \nIt is beyond human capabilities to memorise each financial transaction and that is why, source documents have their own importance in accounting system. They are considered as an evidence of transactions and can be presented in the court of law. Transactions supported by evidence can be verified. Source documents also ensure that transactions recorded in the books are free from personal biases.
                                  \nA few events that are supported by source document are given below.<\/p>\n

                                  a. Sale of goods worth \u20b9 20,000 on credit, supported by sales invoice\/bill
                                  \nb. Purchase of goods worth Rs 5,000 on credit, supported by purchase invoice\/bill
                                  \nc. Cash sales worth Rs 10,000, supported by cash memo
                                  \nd. Cash purchase of goods worth Rs 400, supported by cash memo
                                  \ne. Goods worth Rs 1000 returned by customer, supported by credit note
                                  \nf. Return of goods purchased on credit worth Rs 2000, supported by debit note
                                  \ng. Payment worth Rs 1,200 through bank, supported by cheques.
                                  \nh. Deposits into bank worth Rs 500, supported by pay-in slips<\/p>\n

                                  Out of the above events, only those events that can be expressed in monetary tenns, are recorded in the books of accounts. However, the non-monetary events are not recorded in accounts; for example, promotion of manager cannot be recorded but increment in salary can be recorded at the time when salary is paid or due.<\/p>\n

                                  Source document in accounting is important because of the below given reasons.<\/p>\n

                                  a. It provides evidence that transaction has actually occurred.
                                  \nb. It provides information about the date, amount and parties involved and other details of a particular transactions.
                                  \nc. It acts as evidence in the count of law.
                                  \nd. It helps in verifying the transaction during the auditing process.<\/p>\n

                                  \"KSEEB<\/p>\n

                                  Question 12.
                                  \nDescribe how debits and credits are used to analyses transactions.
                                  \nAnswer:
                                  \nDebit originated from the Italian word debito, which in turn is derived from the Latin word debeo, which means \u2018owed to proprietor\u2019 and credit comes from the Italian word credito, which is derived from the Latin word credo, which means belief, i.e., \u2018owed by proprietor\u2019. According to the dual aspect concept, all the business transactions that are recorded in the books of accounts have two aspects- debit and credit.<\/p>\n

                                  The dual aspect can be better understood by the help of an example; bought goods worth \u20b9 500 on cash. This transaction affects two accounts with the same amount simultaneously. As goods are brought in exchange of cash, so the cash balances in the business reduce by Rs 500, i.e. why the cash account is credited. Simultaneously, the amount of goods increases . by Rs 500, so purchases account will be debited. Debit and credit depend on the nature of accounts involved; such as assets, expenses, income, liabilities and capital. There are five types of Accounts.<\/p>\n

                                  Two fundamental rules are followed to record the changes in these accounts:<\/p>\n

                                  For recording changes in Assets\/Expenses (Losses)
                                  \na. \u201cIncrease in asset is debited, and decrease in asset is credited.\u201d
                                  \nb. \u201cIncrease in expenses\/losses is debited, and decrease in expenses\/ losses is credited.\u201d<\/p>\n

                                  For recording changes in Liabilities and Capital\/ Revenues (Gains):
                                  \na. \u201cIncrease in liabilities is credited and decrease in liabilities is debited \u201d
                                  \nb. \u201cIncrease in capital is credited and decrease in capital is debited.\u201d
                                  \nc. \u201cIncrease in revenue \/ gain is credited and decrease in revenue\/gain is debited.\u201d<\/p>\n

                                  Question 13.
                                  \nDescribe how accounts are used to record information about the effects of transactions?
                                  \nAnswer.
                                  \nEvery transaction is recorded in the original book of entry (journal) in order of their occurrence; however, if we want to know that how much we receive from our debtors or how much to pay to the creditors, it is not possible to determine at a single movement. Hence, we prepare accounts to know the position of business activities in the meantime. There are some steps to record transactions in accounts:<\/p>\n

                                  Step 1: Locate the account in ledger,
                                  \nStep 2: Enter the date of transaction in the date column of the debit side of Account.
                                  \nStep 3: In the \u2018Particulars\u2019 column of the debit side of Account, the name of corresponding account is to be written
                                  \nStep 4: Enter the page number of the ledger in the Journal Folio (J.F.) column of Account.
                                  \nStep 5: Enter the amount in the \u2018Amount\u2019 column.
                                  \nStep 6: Same steps are to be followed to post entries in the credit side of Account.
                                  \nStep 7: After entering all the transactions for a particular period, balance the account by totaling both sides and write the difference in shorter side, as \u2018Balance c\/d\u2019.
                                  \nStep 8: Total of account is to be written on either side.<\/p>\n

                                  Question 14.
                                  \nWhat is a journal? Give a specimen of journal showing at least five entries.
                                  \nAnswer:
                                  \nJournal is derived from the French word Jour, means daily records. In this book, transactions are recorded in order of their occurrence, i.e., in chronological order from the source document. It is also termed as the book of original entry and each transaction is termed as journal entry.
                                  \n\"1st<\/p>\n

                                  Date : Date of transaction is recorded in the order of their occurrence.
                                  \nParticulars: Details, of business transactions like, name of the parties involved and the name of related accounts are recorded.
                                  \nL.F.: Page number of ledger account when entry is posted.
                                  \nDebit Amount: Amount of debit account is written.
                                  \nCredit Amount: Amount of credit account is written.<\/p>\n

                                  \"KSEEB<\/p>\n

                                  Question 15.
                                  \nRecord the following in Journal Entry book
                                  \nApril 01 Started business with cash \u20b9 4,00,000
                                  \nApril 03 Open a bank account \u20b9 80,000
                                  \nApril 04 Purchase goods for cash \u20b9 1,00,000
                                  \nApril 05 Goods sold for cash \u20b9 1,20,000
                                  \nApril 06 Goods sold to Mr. X \u20b9 8,000
                                  \n\"1st
                                  \n\"1st<\/p>\n

                                  Question 16.
                                  \nDifferentiate between source documents and vouchers.
                                  \n\"1st<\/p>\n

                                  Question 17.
                                  \nAccounting equation remains intact under all circumstances. Justify the statement with the help of an example.
                                  \nAnswer:
                                  \nAccording to the dual-aspect concept, every transaction simultaneously, has two effects of equal amount, i.e. debit and credit. However, in any case, the equality of total assets with the total claims of business (sum of capital and liabilities) is not disturbed. This equality is algebraically represented as:
                                  \n\"1st
                                  \n\"1st<\/p>\n

                                  In any circumstance the above equation cannot be changed. For example,
                                  \nBusiness started with cash \u20b9 3,00,000<\/p>\n

                                  Cash A\/c Dr.
                                  \nTo Capital A\/c
                                  \nAssets = Liabilities + Capital
                                  \nCash = Liabilities + Capital
                                  \n(3,00,000) = NIL + 3,00,000<\/p>\n

                                  Assets decrease, as cash is invested into the business and capital increases. Thus the equality between LHS and RHS remains intact.<\/p>\n

                                  Goods purchased on credit \u20b9 60,000<\/p>\n

                                  Purchases a\/c Dr
                                  \nTo creditors a\/c
                                  \nAssets = Liabilities + Capital
                                  \nCash + Stock = Liabilities + Capital
                                  \n3,00,000 + 60,000 = 60,000 + 3,00,000
                                  \n3,60,000 = 3,60,000
                                  \nAssets increase as well as liability increases, without disturbing the equality.<\/p>\n

                                  Goods purchased with cash 50,000<\/p>\n

                                  Assets = Liabilities + Capital
                                  \nCash + Stock = Liabilities + Capital
                                  \n(3,00,000 – 50,000) + (60,000 + 50,000) = 60,000 + 3,00,000
                                  \n3,60,000 = 3,60,000<\/p>\n

                                  As goods are purchased for cash, so cash balance reduces by Rs 50,000, but on the other hand, stock balance increases by \u20b9 50,000. Thus the total balance of LHS remains equal to the total claims.<\/p>\n

                                  \"KSEEB<\/p>\n

                                  Question 18.
                                  \nWhat is double entry system? Explain the classification of accounts under American system.
                                  \nAnswer:
                                  \nDouble entry system is based on the dual aspect concept. It means every transaction has twosided effects, i.e., every debit has its credit. This system is explained by Luca Pacioli in his book Summa de Arithmetica Geometria Proportioniet Proportionalita, 1494. He said if one is receiver, then the other should be the giver.
                                  \nIn double entry system, accounts are classified as shown below.
                                  \n\"1st<\/p>\n

                                  1. Personal Accounts: It includes individual persons, firms, companies, and other institutions, such as Mr. A.M\/s ABC & Co. etc.
                                  \nRule of double entry system for personal accounts:<\/p>\n

                                    \n
                                  • Debit the receiver<\/li>\n
                                  • Credit the giver<\/li>\n<\/ul>\n

                                    For example:<\/p>\n

                                      \n
                                    1. Cash paid to Mr. A.
                                      \nA\u2019sA\/cDr.
                                      \nTo Cash<\/li>\n
                                    2. Cash received from Mr. X Cash A\/c Dr.
                                      \nTo Mr. X<\/li>\n<\/ol>\n

                                      2. Impersonal Accounts: It relates to non living things. Impersonal accounts are further classified as real accounts and nominal accounts.<\/p>\n

                                      1. Real Account – It includes all types of assets.
                                      \n\"1st
                                      \nTangible assets that can be seen and touched; for example, machinery, building, etc. –<\/p>\n

                                      2. Intangible assets that cannot be seen and touched; for example, goodwill, patent, etc. Rule of double entry system for real accounts:<\/p>\n

                                        \n
                                      • Debit what comes in.<\/li>\n
                                      • Credit what goes out.<\/li>\n<\/ul>\n

                                        For example:
                                        \nFurniture purchased for cash
                                        \nFurniture A\/c Dr.
                                        \nTo Cash A\/c<\/p>\n

                                        2. Nominal Account: It includes all expenses, losses, incomes and gains.
                                        \nRule of double entry system for nominal accounts:<\/p>\n

                                          \n
                                        • Debit all losses and expenses.<\/li>\n
                                        • Credit all gains and incomes.<\/li>\n<\/ul>\n

                                          For example;<\/p>\n

                                            \n
                                          1. Rent paid Rent A\/c Dr.
                                            \nTo Cash A\/c<\/li>\n
                                          2. Commission received. Cash A\/c Dr.
                                            \nTo Commission A\/c<\/li>\n<\/ol>\n

                                            1st PUC Accountancy Recording of Transactions I Twelve Marks Questions and Answers<\/h3>\n

                                            Question 1.
                                            \nUse accounting equation and find out missing figures with the following:
                                            \n\"1st
                                            \nAnswer:
                                            \n\"1st<\/p>\n

                                            Question 2.
                                            \nExplain the classification of accounting under English system of accounting.
                                            \nAnswer:
                                            \nAll financial business transaction have effect on two sides, namely receiving benefit and giving benefit. When this two hold effect is recorded systematically it become double entry- system. This system developed by England.<\/p>\n

                                            All the financial transactions can be classified in two groups.
                                            \nI. personal accounts.
                                            \nII. Impersonal accounts.<\/p>\n

                                            I. Personal a\/c: Transactions between two persons is called personal a\/c. Persons means it may be natural persons or firm, govt. Expand Institutions etc. Accounts relates to persons called personal a\/c. There are three types of persons. They are-<\/p>\n

                                            (a) Natural persons: The living individuals like me and you comes under natural persons.
                                            \n(b) Artificial persons: The persons who created by law established as per legal procedure called Artificial person. Ex : Companies, Firms, Banks, Co-operative Societies etc.
                                            \n(c) Representative person: The person’who are represent some person or groups called Representative person. Accrued expenses a\/c, o\/s expenses a\/c. prepaid expenses. o\/s Income, Income received in advance etc. are examples for representative person.<\/p>\n

                                            II. Real a\/c : These accounts relates to assets or properties are owned by a business. Real accounts may be classified as :
                                            \n(a) Tangible assets: The assets which can be see and touch called Tangible assets.
                                            \nEx : Land and Building, plant and machinery, furniture, stock, Vehicles, etc.<\/p>\n

                                            (b) Intangible assets: Assets which can\u2019t be seen or touch called intangible assets. Assets which do not have physical existence but can be bought and sold and benefited by business.
                                            \nExample : Goodwill, Trade mark, copy rights etc.<\/p>\n

                                            III. Nominal a\/c : The accounts of various expenses or losses and income or gain recorded called nominal a\/c. They cannot be seen or touched. It is intangible in nature. They are fictitious or not real or nominal. The expense which a business incurs and income earns in the activities of business. Nominal a\/c can classified as :<\/p>\n

                                            (a) Income or gain a\/c: Accounts of gain, revenue, income or profit recorded.
                                            \nExample : Discount received, rent received, commission received etc.
                                            \n(b) Expenses a\/c: Losses and expenses are recorded.
                                            \nExample : Salary, bad debts, Travelling expense, Depreciation etc.<\/p>\n

                                            \"KSEEB<\/p>\n

                                            Question 3.
                                            \nExplain the classifications of accounting under American system.
                                            \nAnswer:
                                            \nEvery business organisation have properties, liabilities capital. For running business it will earn certain income or revenue or has to incur expenses or losses.
                                            \nAs per American approach accounts of a business can classified into five heads. They are :-<\/p>\n

                                              \n
                                            1. Assets accounts.<\/li>\n
                                            2. Liabilities accounts.<\/li>\n
                                            3. Capital accounts.<\/li>\n
                                            4. Income accounts.<\/li>\n
                                            5. Expenses accounts.<\/li>\n<\/ol>\n

                                              (1) Assets accounts: Assets are properties of Business. The rights and resources owned by business for running its activities as per objectives come under Assets accounts. Example : Land and Building, Machinery, Furniture etc.<\/p>\n

                                              (2) Liabilities accounts: These are the amounts of credit or debt owed by business to external persons.
                                              \nExample : Creditors Bank loan, Bills payable, outstanding expenses etc.<\/p>\n

                                              (3) Capital accounts: It represent owner\u2019s fund or internal funds, owners claim on assets of the business. Capital is an excess of Assets over liabilities. It includes fund invested by owners, reserves and surplus. Capital is personal accounts of owner.<\/p>\n

                                              (4) Income accounts: Amount received or receivable by business from sale or service of its product. Example: Commission Discounts, Rent Interests, dividend received etc. These accounts are same as the \u201cNominal A\/c\u201d in English system.<\/p>\n

                                              (5) Expenses accounts: Amount paid or payable for service obtained by business from outsiders are recorded in these a\/c. These Expenses need for carrying out business operations. Example : Salary, Rent, Carriage, Advertising etc.<\/p>\n

                                              Question 4.
                                              \nWrite the rule of Debit and Credit under English system.
                                              \nAnswer:
                                              \n\"1st<\/p>\n

                                              Question 5.
                                              \nWrite the rule of Debit and Credit under English system.
                                              \nAnswer:
                                              \n\"1st<\/p>\n

                                              Question 6.
                                              \nClassify the following into (i) Personal a\/c (ii) Real and (iii) Nominal a\/c
                                              \nAnswer:
                                              \n(1) Land and Building – Real a\/c
                                              \n(2) Rama\u2019s a\/c. – Personal a\/c
                                              \n(3) Salaiya\/c – Nominal a\/c
                                              \n(4) State Bank of India – personal a\/c
                                              \n(5) Machinery\u2019s a\/c – Real a\/c
                                              \n(6) Renta\/c (8) Drawings a\/c
                                              \n(7) Furhiture\u2019s a\/c – Real a\/c
                                              \n(9) Wages a\/c – Nominal a\/c
                                              \n(10) Capital a\/c – personal a\/c
                                              \n(11) Stationery a\/ – Nominal a\/c
                                              \n(12) Cash a\/c – Real a\/c
                                              \n(13) o\/s commission a\/c – personal a\/c
                                              \n(14) Mysore mines a\/c – Real a\/c
                                              \n(15) Stock a\/c – Real a\/c
                                              \n(16) Goodwill a\/c – Real a\/c
                                              \n(17) Repairs a\/c – Nominal a\/c
                                              \n(18) Discount paid – Nominal a\/c
                                              \n(19) Loan a\/c – personal a\/c
                                              \n(20) Investment a\/c – Real a\/c
                                              \n(21) Motor vehicle a\/c -Real a\/c
                                              \n(22) Bad debts – Nominal a\/c
                                              \n(23) Bank a\/c – Real a\/c
                                              \n(24) Purchases a\/c – Real a\/c
                                              \n(25) Interest a\/c – Nominal a\/c
                                              \n(26) Loose tools a\/c – Real a\/c
                                              \n(27) Bank overdraft a\/c – personal a\/c
                                              \n(28) Postage a\/c – personal a\/c
                                              \n(29) Bills Receivable a\/c – Real a\/c
                                              \n(30) Provision for bad debts – personal a\/c
                                              \n(31) Bank loan a\/c – personal a\/c
                                              \n(32) Sales a\/c – Reala\/c
                                              \n(33) Rent received in advance- personal a\/c
                                              \n(34) Depreciation -Nominal a\/c
                                              \n(35) Goods loss on fire – Nominal a\/c
                                              \n(36) National college a\/c – personal a\/c
                                              \n(37) Fixed Deposit a\/c – Real a\/c
                                              \n(38) Purchase return – Real a\/c
                                              \n(39) Bad debts recovered – Real a\/c
                                              \n(40) Provision for Discount on creditors a\/c – personal a\/c
                                              \n(41) Bills payable a\/c – Real a\/c
                                              \n(42) Provision for Depreciation a\/c – personal a\/c
                                              \n(43) Rent Receivable – personal a\/c
                                              \n(44) Mangalore\u2019s Trading co – personal a\/c
                                              \n(45) Donation – Nominal a\/c
                                              \n(46) Depreciation Fund – Real a\/c
                                              \n(47) Sports club – personal a\/c
                                              \n(48) Sales Returns a\/c – Real a\/c
                                              \n(49) Discount Received a\/c – Nominal a\/c
                                              \n(50) Debtors a\/c – personal a\/c<\/p>\n

                                              Question 7.
                                              \nGive any six examples for personal a\/c.
                                              \nAnswer:
                                              \n(i) Ramesh a\/c
                                              \n(ii) Vijaya college a\/c
                                              \n(iii) SBI a\/c
                                              \n(iv) Rent Receivable a\/c
                                              \n(v) Commission payable
                                              \n(vi) Prepaid insurance<\/p>\n

                                              Question 8.
                                              \nWrite any six example for real a\/c.
                                              \nAns.
                                              \n(i) Land and building a\/c
                                              \n(ii) Plant and machinery a\/c
                                              \n(iii) Furniture a\/c
                                              \n(iv) Motor vechicle a\/c
                                              \n(v) Bills receivable a\/c
                                              \n(vi) Cash a\/c<\/p>\n

                                              Question 9.
                                              \nWrite any six items appear under nominal a\/c.
                                              \nAnswer:
                                              \n(i) Rent received
                                              \n(ii) Commission paid
                                              \n(iii) Salary a\/c
                                              \n(iv) Wages paid
                                              \n(v) Discount paid a\/c
                                              \n(vi) Discount received a\/c<\/p>\n

                                              \"KSEEB<\/p>\n

                                              Question 10.
                                              \nGive examples for assets.
                                              \nAnswer:
                                              \n(i) Land and Building a\/c
                                              \n(ii) Plant and machineiy a\/c
                                              \n(iii) Goodwill a\/c
                                              \n(iv) Stock in trade a\/c
                                              \n(v) Debtors a\/c
                                              \n(vi) Bills receivable a\/c<\/p>\n

                                              Question 11.
                                              \nWrite any six itmes of liabilities.
                                              \nAnswer:
                                              \n(i) Bank loan a\/c
                                              \n(ii) Bills payable a\/c
                                              \n(iii) Creditors a\/c
                                              \n(iv) Provision for tax a\/c
                                              \n(v) Outstanding salary a\/c
                                              \n(vi) Bank overdraft a\/c<\/p>\n

                                              Question 12.
                                              \nWrite any six expenses appear under profit and loss a\/c debit side.
                                              \nAnswer:
                                              \n(i) Salaiy paid
                                              \n(ii) Commission paid
                                              \n(iii) Discount paid
                                              \n(iv) Wages paid
                                              \n(v) Carriage a\/c
                                              \n(vi) Frieght a\/c<\/p>\n

                                              Question 13.
                                              \nWrite any six items appear under income side.
                                              \nAnswer:
                                              \n(i) Commission received
                                              \n(ii) Discount received
                                              \n(iii) Interest received a\/c
                                              \n(iv) Royalty received
                                              \n(v) Interest on drawings
                                              \n(vi) Divided received<\/p>\n

                                              Question 14.
                                              \nExplain the accounting cycles.
                                              \nAnswer:
                                              \n\"1st<\/p>\n

                                              The accounting cycle is based on accounting principles. The process of accounting are,<\/p>\n

                                                \n
                                              • Business transaction \/ Book keeping : The business transactions are recorded in chronological order. The transactions which are in term of money or moneys worth.<\/li>\n
                                              • Journal: The business transactions are classified as per the principles of accounts and write in a systematic manner in the chief books of accounts called journal. The process of writing entries called journal entries.<\/li>\n
                                              • Ledger: The transactions which are recorded in journal will be posted to Ledger where accounts are written up. The effect of debit and credit of transactions pertaining to each account is arrived at, in the form of balances.<\/li>\n
                                              • Trial balance : Trial balances extratted from ledger accounts are transterred to trial balance to findout the accuracy of the workdone from ledger accounts.<\/li>\n
                                              • Final accounts or financial statements : Preparation of financial statements like Trading accounts and profit and loss and appropriation accounts. Balance sheet is the final step or last step of accounting process.<\/li>\n<\/ul>\n

                                                Question 15.
                                                \nWrite the important features of journal.
                                                \nAnswer:
                                                \nThe features of journal are :-<\/p>\n

                                                  \n
                                                • Journal is a day book or daily recording transaction book.<\/li>\n
                                                • Transactions are recorded systematically in chronological order (Date-wise).<\/li>\n
                                                • It is a prime book or original entry or first entry Book.<\/li>\n
                                                • It analyse the transactions into debit and credit as per double entry system.<\/li>\n
                                                • Journal gives complete details about financial transactions.<\/li>\n
                                                • From journal Debit and credit item transfer to specific hedger, means ledger prepared with the help of journal only.<\/li>\n
                                                • For each and every transaction recording after it will end with narration.<\/li>\n
                                                • It contains proper columns or writing in specified format.<\/li>\n<\/ul>\n

                                                  Question 16.
                                                  \nWrite the recording process of journal.
                                                  \nAnswer:
                                                  \nJournal entries should be recorded with the help of transaction book or book-keeping. The important steps for recording journal entries are :<\/p>\n

                                                    \n
                                                  • Decide the nature of transactions from business point of view. Example : Cash or credit transaction.<\/li>\n
                                                  • Find out the two aspect or sides of transactions which a\/c should be debited and which a\/c (one) should be credited.<\/li>\n
                                                  • Identity the type or class of A\/c classify them into real, personal is nominal a\/c.<\/li>\n
                                                  • Determine how there a\/c are affected what come is and what goes out. or who recived benefit or give benefit or Expenses and income. .<\/li>\n
                                                  • Apply the concerned rule or write the journal entries.<\/li>\n<\/ul>\n

                                                    Question 17.
                                                    \nWrite the elements of journal entry format.
                                                    \nAnswer:
                                                    \nRecording process : Journal being a principal book, transactions are entered into it in a systematic manner. For this purpose it is presented in a columnar form providing columns for ease, of the following elemental of the transaction.
                                                    \n\"1st
                                                    \n\"1st<\/p>\n

                                                    \"KSEEB<\/p>\n

                                                    Question 18.
                                                    \nWrite the need \/ Advantages\/ merits \/ uses of journal.<\/p>\n

                                                      \n
                                                    • It provides date-wise record of all the transaction so that the reference of transaction will be quick and easy.<\/li>\n
                                                    • It gives whole record of all the transaction at one place.<\/li>\n
                                                    • By writing journal narration, it help to understand the purpose and nature of entry.<\/li>\n
                                                    • It avoids the making of immediate entries in the ledger book.-<\/li>\n
                                                    • It helps to avoid the mistakes or errors in the books of accounts.<\/li>\n
                                                    • It is necessary for recording the opening entries, closing entries and adjusting entries.<\/li>\n
                                                    • It helps to identity the errors which were in the books of accounts.<\/li>\n
                                                    • It is a book of prime entry or original entry.<\/li>\n<\/ul>\n

                                                      Question 19.
                                                      \nWrite the important steps of journalising.
                                                      \nSteps in Journalising.<\/p>\n

                                                        \n
                                                      1. First step : Firstly we have to find out two accounts involved in the transaction. While ascertaining the two accounts, the account of a person in whose books entries are recorded should not be taken into account.<\/li>\n
                                                      2. Second step : We have to find out whether the accounts are personal, real or nominal accounts.<\/li>\n
                                                      3. Third step : After the second step we have to apply the relevant rules of the each account which means the account should be credited or debited.<\/li>\n
                                                      4. Fourth step : Lastly we should pass the journal as stated earlier.<\/li>\n<\/ol>\n

                                                        Question 20.
                                                        \nWrite the important points to be noted before journalising.<\/p>\n

                                                          \n
                                                        • Though the proprietor or owner is the legal owner of the business, owner and business should treated two separate entities (Separate entity concept).<\/li>\n
                                                        • Business transaction are recorded in the view point of business not in the view point of proprietor.<\/li>\n
                                                        • The various terms used in a transaction such as commenced business, started business, capital introduced, capital brought in, etc. mean one and the same thing (capital) similarly withdraw, personal drawing, private purpose etc., are drawings a\/c.<\/li>\n
                                                        • Money borrowed from any outsiders including wife, relative, friends, should be treated as \u2018loan\u2019 account, similarly given also (loan given).<\/li>\n
                                                        • Goods a\/c – opening stock, purchases, sales, returns outwards or inwards and closing stock must be recorded as purchase, sales, purchase return and sales return respectively.<\/li>\n
                                                        • Purchase of Fixed assets should be recorded in fixed assets name only and it should not be recorded in purchase book example : plant and machinery a\/c<\/li>\n
                                                        • Cash paid or received from parties against the services is not recorded in their personal a\/c (names) but in the name of services Example : salary paid to \u2018x\u2019 a\/c<\/li>\n
                                                        • Trade Discount should not be recorded only cash discount should be recorded.<\/li>\n
                                                        • Some times the transactions are not clear. In that case the correct meaning should be understood.
                                                          \nExamples, (a) Purchase goods, not clear about cash, or credit. It should be treated as cash transaction.
                                                          \n(b) Purchase goods from \u2018Y\u2019. It is treated as credit transcation.<\/li>\n
                                                        • \u00a0Expenditure on fixed assets should not be recorded in the name of assets but in the name of service \u2018Repairs and maintenance\u2019 unless otherwise stated clearly.<\/li>\n<\/ul>\n

                                                          Question 21.
                                                          \nFill up the blanks:
                                                          \n(a) Cash A\/c Dr.
                                                          \nTo ________.
                                                          \n(Being Capital Introduced)
                                                          \nAnswer:
                                                          \nCapital a\/c<\/p>\n

                                                          (b) ________Dr.
                                                          \nTo Cash A\/c
                                                          \n(Being Cash paid into Bank)
                                                          \nAnswer:
                                                          \nBank a\/c<\/p>\n

                                                          (c) ________Dr.
                                                          \nTo Purchases A\/c
                                                          \n(Being goods withdrawn for personal use)
                                                          \nAnswer:
                                                          \nDrawings a\/c<\/p>\n

                                                          (d) Cash A\/c ………………… Dr.
                                                          \nTo________.
                                                          \n(Being goods sold for cash)
                                                          \nAnswer:
                                                          \nSales a\/c<\/p>\n

                                                          (e) ________Dr.
                                                          \nTo Commission A\/c
                                                          \n(Being commission received)
                                                          \nAnswer:
                                                          \nCash a\/c<\/p>\n

                                                          Question 22.
                                                          \nPrepare the personal account of Mr. Sagar in the books of Mr. Gopal.
                                                          \n\"1st
                                                          \nAnswer:
                                                          \nLedger a\/c in the books of Mr. Gopalimag
                                                          \n\"1st<\/p>\n

                                                          Question 23.
                                                          \nThe following transaction are in the books of Mohit, prepare accounting equation:
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 24.
                                                          \nRohit has the following transactions:
                                                          \n\"1st
                                                          \nPrepare the Accounting Equation to show the effect of the above transactions on the assets, liabilities and capital.
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Question 25.
                                                          \nUsing accounting equation to show the effect of the following transaction of M\/s Royal Traders.
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Question 26.
                                                          \nShow the following accounting Equation on the basis of the following transactions.
                                                          \n\"1st
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 27.
                                                          \nShow the effect of following transaction on the accounting equation:
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 28.
                                                          \nJournalise the following transactions in the books of Himanshu:
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Question 29.
                                                          \nJournalise the following transactions:
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Question 30.
                                                          \nJouranlise the following transaction in the books Harpreet Brose.:
                                                          \n(a) \u20b9 1,000 due from Rohit are now bad debts.
                                                          \n(b) Goods worth \u20b9 2,000 were by the proprietor.
                                                          \n(c) Charge depreciation @ 10% p.a fro two month on machine costing Rs. 30,000.
                                                          \n(d) Provide interest on capital of \u20b9 1,50,000 at 6% p.a fro 9 months.
                                                          \n(e) Rahul become insolvent, who owed is \u20b9 2,000 a final dividend of 60 paisa in a rupee is received form his estate.
                                                          \nBooks of Harpreet brose.
                                                          \nAnswer:
                                                          \n\"1st<\/p>\n

                                                          Question 31.
                                                          \nPrepare journal from the transaction given below :
                                                          \n(a) Cash paid for installation of machine Rs. 500
                                                          \n(b) Goods given as charity \u20b9 2,000.
                                                          \n(c) Interest change on capital @ 7% p.a when total capital were \u20b9 70,000.
                                                          \n(d) Received \u20b9 1,200 of a bad debts written off last year.
                                                          \n(e) Goods destroyed by fire \u20b9 2000
                                                          \n(I Rent outstanding \u20b9 1000
                                                          \n(g) Interest on drawings \u20b9 900
                                                          \n(h) Sudhir kumwr who owed me \u20b9 3,000 has failed to pay the amount. He pays me a compensation of 45 paisa in a rupee
                                                          \nCommission received in advance \u20b9 7000
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 32.
                                                          \nJournalese the following transaction, post to the ledger:<\/p>\n

                                                          \"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 33.
                                                          \nJournalise the following transactions is the journal of M\/s Goel Brothers and post them to the ledger.
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \nQuestion 34.
                                                          \nGive journal entries of M\/s Mohit traders, Post them to the ledger from the following transactions.<\/p>\n

                                                          \"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 35.
                                                          \nJournalise the following transaction in the Books of the M\/s Bhanu Traders and Post them into the ledger.
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Question 36.
                                                          \nJournalise the following transaction in the books of Sanjana and post them into the ledger:
                                                          \n\"1st
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 37.
                                                          \nJournalise the following transaction in the books of Transaction during the month of April 2005 were:
                                                          \nThe following balances of ledges of M\/s marble traders on April 1, 2014.
                                                          \nAnswer:
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Journal entires in the book of <\/strong>
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          Question Paper Problems<\/strong><\/p>\n

                                                          Question 1.
                                                          \nRecord the following transactions in the personal account of Deepa.\"1st
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n

                                                          Question 2.
                                                          \nJournalise the following transactions in the book of Manohar.
                                                          \n\"1st
                                                          \nAnswer:
                                                          \n\"\"
                                                          \n\"1st
                                                          \n\"1st
                                                          \n\"1st<\/p>\n

                                                          \"KSEEB<\/p>\n","protected":false},"excerpt":{"rendered":"

                                                          You can Download Chapter 3 Recording of Transactions I Questions and Answers, Notes, 1st PUC Accountancy Question Bank with Answers Karnataka State Board Solutions help you to revise complete Syllabus and score more marks in your examinations. Karnataka 1st PUC Accountancy Question Bank Chapter 3 Recording of Transactions I 1st PUC Accountancy Recording of Transactions …<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/9541"}],"collection":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/comments?post=9541"}],"version-history":[{"count":0,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/9541\/revisions"}],"wp:attachment":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/media?parent=9541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/categories?post=9541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/tags?post=9541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}