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Punjab (PTB) · Quarter book test · Free

1st Year Principles of Accounting 1st Quarter Book Paper

40 marks · 1 hour · 28 questions. Covers: 4 chapters (CHAP 1: Introduction to CHAP 4: Journal: The original Book Of Entry).

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1st Year Principles of Accounting 1st Quarter Book Paper

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

Name: ____________Roll No: ________Class/Section: ________Date: ________Total marks: 40Time: 1 hour

Q1. Multiple choice questions (Attempt all · 12 × 1 = 12)

  1. Modern accounting is based on:

    1. Matching concept

    2. Dual aspect concept

    3. Cost concept

    4. Going concern concept

  2. Purchased goods on credit and for cash will affect:

    1. Cash and goods

    2. Cash and creditors

    3. Cash, creditors  and owner’s equity

    4. Cash, goods and creditors

  3. Goods returned to Ahmad should be debited to:

    1. Sales return account

    2. Ahmad account

    3. Purchase return account

    4. Purchase account

  4. Ahmad, a account is an example of:

    1. Personal account

    2. Real account

    3. Nominal account

    4. None of these

  5. A type of business in which a merchant purchases goods and sells it in the same position is called:

    1. Trading concern

    2. Service concern

    3. Manufacturing concern

    4. None of these

  6. When there is no question of meeting the value of a transaction, it will be known as:

    1. Cash Transaction

    2. Credit Transaction

    3. Paper Transaction

    4. None of these

  7. Discount received from Ali should be debited to:

    1. Discount received account

    2. Ali account

    3. Discount account

    4. Discount allowed

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

    1. Accounting

    2. Book-keeping

    3. Account

    4. Accountancy

  9. Net income is equal to:

    1. Assets-Liabilities

    2. Revenues+Expense

    3. Revenue-Income

    4. Revenues-Expenses

  10. Every transaction affects:

    1. One item

    2. Two items

    3. Three items

    4. So many items

  11. Purchased a motorcycle by the proprietor for his personal use should be debited to:

    1. Purchases account

    2. Motorcycle account

    3. Proprietor’s Personal account

    4. Drawings account

  12. Debit the decrease in:

    1. Asset, Expenses

    2. Revenue, Capital and Liabilities

    3. Assets, Capital and Liabilities

    4. Expenses, Capital and Liabilities

Q2. Short questions (Attempt any 8 of 12 · 8 × 2 = 16)

  1. Define debtor.

  2. Define the term “Journal”.

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

  4. Liabilities of a business Rs:150,000 which are 0.25 of proprietorship what will be the amount of: a)Assets  b) Capital.

  5. Define accountancy.

  6. Calculate 10% trade discount on sales of Rs 50000.

  7. Define “Real or Property accounts”.

  8. If assets Rs, 80000 and liabilities Rs, 50,000, identify the amount of capital.

  9. Write down the kinds of business.

  10. What is journalizing?

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

  12. Define the term “equity”.

Q3. Long questions (Attempt any 3 of 4 · 3 × 4 = 12)

  1. Prepare accounting equation on the basis of the following:

    (a) Mr. Ferooz started business with Goods Rs. 40,000, Building Rs. 100,000 and Cash Rs. 110,000.
    (b) Purchased goods on account for Rs. 30,000.
    (c) Sold goods on account for Rs. 40,000.
    (d) Cash of Rs. 20,000 deposited into bank.
    (e) Paid cash to supplier of goods Rs. 20,000.
    (f) Paid telephone bill Rs. 4,000 by cheque.

  2. Record the following transactions in journal.

    Oct 01, 2022:    Umar started business with a capital of Rs. 148,000.
    Oct 02, 2022:    Purchased goods for Rs. 28,000 on credit from Amjad.
    Oct 10, 2022:    Sold goods to Aslam for Rs. 18,000.
    Oct 14, 2022:    Cash given to Amjad Rs. 27,600 and received discount Rs. 400.
    Oct 19, 2022:    Received cash from Aslam Rs. 17,600 in full settlement of account.

  3. 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.

  4. Show the effects of the following transactions on the accounting equation of Mr. Qaiser:

    (a) Commenced business with cash Rs. 2,00,000.
    (b) Purchased goods for cash Rs. 40,000.
    (c) Purchased typewriter for cash Rs. 20,000.
    (d) Rent paid in advance Rs. 17,000.
    (e) Commission received in advance Rs. 3000.
    (f) Sold goods for cash Rs. 20,000 costing Rs. 17,000.