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Punjab (PTB) · Chapter test · Free

1st Year Principles of Accounting Chapter 3 TestAnalysis Of Business Transactions And Double Entry System

26 marks · 40 minutes · 20 questions. Covers: CHAP 3: Analysis Of Business Transactions And Double Entry System.

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1st Year Principles of Accounting Chapter 3 Test

1st Year · Principles of Accounting · Punjab (PTB)

Name: ____________Roll No: ________Class/Section: ________Date: ________Total marks: 26Time: 40 minutes

Q1. Multiple choice questions (Attempt all · 10 × 1 = 10)

  1. Ahmad, a account is an example of:

    1. Personal account

    2. Real account

    3. Nominal account

    4. None of these

  2. A summary of transactions relating to a person or thing:

    1. Accounting

    2. Book-keeping

    3. Account

    4. Accountancy

  3. Debit the decrease in:

    1. Asset, Expenses

    2. Revenue, Capital and Liabilities

    3. Assets, Capital and Liabilities

    4. Expenses, Capital and Liabilities

  4. Accounts which keep records of properties or things are called:

    1. Personal accounts

    2. Nominal accounts

    3. Real accounts

    4. None of these

  5. Cash invested in business by owner will increase:

    1. Cash

    2. Capital

    3. Liability

    4. Both a,b

  6. Purchased goods on credit increases the:

    1. Creditors

    2. Debtors

    3. Customer

    4. None of these

  7. Cash and personal accounts are maintained in:

    1. Single entry system

    2. Double entry system

    3. Multiple entry system

    4. None of these

  8. Accounts which keep records of expenses, gains and losses are called:

    1. Personal accounts

    2. Nominal accounts

    3. Real accounts

    4. None of these

  9. Discount allowed is:

    1. An asset

    2. A revenue

    3. A liability

    4. An expense

  10. A person who receive the benefit should be debited and who give the benefit should be credited is applied to:

    1. Personal accounts

    2. Real accounts

    3. Nominal accounts

    4. B and A

Q2. Short questions (Attempt any 6 of 8 · 6 × 2 = 12)

  1. Rules of debit & credit for liabilities, revenue & capital?

  2. Define “Real or Property accounts”.

  3. Discuss the rules of debit and credit for Personal, Real and Nominal accounts?

  4. "Cash received from Nabeel" analyze the transaction.

  5. Define the term “Account”.

  6. Purchase goods on account" analyze the transaction.

  7. What are “Personal account”?

  8. Rules of debit & credit for assets & expenses?

Q3. Long questions (Attempt any 1 of 2 · 1 × 4 = 4)

  1. Make the analysis of the following transactions and record them in various accounts by applying the rules of debit and credit.

    July 01, 2022: Invested Rs. 200,000 cash, building Rs. 150,000 and furniture Rs. 50,000.
    July 04 20225: Purchased goods for cash Rs. 88,000 subject to trade discount @ 10%.
    July 07 2022: Purchased goods from Ali & Sons for Rs. 10,000.
    July 12, 2022: Sold goods on account to Zain Rs. 16,000.
    July 15, 2022: Received cash from Zain Rs. 15,6000, discount allowed Rs. 400.
    July 16, 2022: Paid Ali & Sons against account Rs. 9,500, discount received Rs. 500.
    July 18, 2022: Goods taken away by the owner Rs. 7000.
    July 21, 2022: Paid salaries Rs. 1,000, Rent Rs. 1,200 and repairing charges for Rs. 800.
    July 30, 2022: Received commission Rs. 2,400.
    July 31, 2022: Goods distributed as free samples Rs. 2,000.

  2. Analyze the following transactions:

    (a) Rizwan commenced business with cash     Rs. 1,000,000
    (b) Purchased goods for cash     Rs. 300,000
    (c) Purchased office furniture for cash     Rs. 40,000
    (d) Paid advertising expenses     Rs. 4,000
    (e) Purchased goods from Adil & Sons     Rs. 28,000
    (f) Sold goods for cash     Rs. 72,000
    (g) Sold goods to Salman & Sons     Rs. 54,000
    (h) Received cash from Salman & Sons     Rs. 40,000
    (i) Paid cash to Adil & Sons     Rs. 20,000
    (j) Paid salary to Salesman     Rs. 3,000