Science college Toba tek singh
First Year Principles of Accounting (Subjective part)
Time: Hours Marks:80
Section -1
2. Write short answer of any twenty five (25) parts of the following:
1. Different kinds of business? 2. What is capital?
3. What is the debit balance of the account? 4. What are intangible assets?
5. Define drawing? 6. What is journal?
7. Define book keeping. 8. Advantages of ledger.
9. Define trail balance. 10. What is the balance of account?
11. Define insolvency. 12. What is meant by due date?
13. What is cheque? 14. What is current account?
15. What is cash book? 16. What is cheque book?
17. What is bank? 18. Define contra entry.
19. Define balance sheet. 20. What is wages and salary?
21. Define fixed assets. 22. What is adjustment?
23. Define depreciation. 24. What is interest?
25. What are tangible assets? 26. What are accounting period?
27. What are debtors? 28. What are creditors?
29. What is entry? 30. What is accounting?
31. What is transaction? 32. What is narration?
33. What is discount? 34. What is sale?
35. What are bad debts? 36. What are liabilities?
Section – 11
Attempt any three questions. Carries equal (8) Marks.
3. Kamir start business with cash Rs 1,00,00
a. Purchase goods for cash Rs 50,000
b. Sold goods to saleem Rs. 10,000.
c. Brought office furniture Rs. 5000.
d. Paid rent Rs 2000.
e. Received commission Rs 1000
f. Received cash from saleem Rs 5000.
Required: Prepared journal, ledger and trail balance. (10+10+10)
4. Entry the following transaction in the simple cash book. (10)
2006 Rs
Jan. 1 Cash in hand 10,000
5 Received cash from saleem 500
6 Paid to jamil &co 200
7 Brought furniture for cash 1000
10 Paid rent 500
12 Cash sale 700
15 Received commission 100
20. Paid salary for the month 1000
5. Following is the trail balance of Aamir and co. on 31st December 2009 . (10)
Rs Rs
Opening stock 3800
Purchases 12900
Debtors 14895
Plant and machinery 1140
Return outward 400
Salaries 470
Rent and taxes 352
Repair 100
Wages 2580
Drawing 1260
Capital 10,000
Bank 850
Sales 17406
Cash 259
TOTAL 38606 38606
Adjustments:
A. Closing stock Rs. 2050 b. Repair payable Rs 50
c. Wages payable Rs. 660 c. Depreciation of plant 10%
d. Interest on capital 5%
Science college Toba tek Singh
First Year Accounting
[Objective] Marks: 20
1. any activity undertaken for the purpose of earning profit is called:
a. Dealing b. Performance c. Business
2. Book keeping provides the:
a. secondary information b. Primary information c. Final
3. Modern system of book keeping is:
a. single entry system b. Double entry system c. Both
4. Goods return by the customer is known:
a. Sale
5. Properties owned by business are known as:
a. Assets b. Incomes c. Liabilities
6. Cash discount is provided on:
a. Sale
7. Obligation of the business is known as:
a. Expanse b. Assets c. Liabilities
8. The owner of the business is known as:
a. Proprietor b. Sales man c. Agent
9. Assets, which physical existence, is called:
a. intangible asset b. Tangible asset current asset
10. Accounting is a language of:
a. Computer b. Business c. University
11. A parson from whom credit Purchase is made is called:
a. Debtor b. Creditor c. Banker
12. A parson who owes money to the business is called:
a. creditor b. Debtor c. Owner
13. Stock in trade is a:
a. Fixed assets b. Quick assets c. Current assets
14. Nominal account is related to:
a. Assets b. Expanse losses and income c. debtors
15. Personal account is related to:
a. Asset and liabilities b. Debtors and creditors c. Expanse
16. Real account is related to:
a. Assets b. Expanse c. Creditors
17. Purchase of building for cash related to:
a. Personal account b. Real account c. Nominal account
18. The person who owed money is:
a. A creditor’s b. A debtor’s c. An agent
19. Discount allowed is:
a. An assets b. An expanse c. An income
20. Cash sale to Mr. Aftab should be debited to:
a. cash a/c b. Mr. Aftab a/c c. Sale
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