Aarambh PRO 2025 Accountancy Unit Test - 01 PDF

Unit Test - 01 arambh PRO 2025 Aa Date: 17/07/2024 Time: 45 Min...

Unit Test - 01 arambh PRO 2025 Aa Date: 17/07/2024 Time: 45 Min. Total Marks: 25 Accountancy Instructions There are 10 questions in this test, and all are compulsory. Q 01 to 05 are very short answer type questions of 1 mark each. Q 06 to 08 are short answer type questions of 3 Marks each. Q 05 and Q 06 are long answer type questions of 5 Marks and 6 marks respectively Questions Q1. Give two characteristics of a business transaction. Q2. Mention any one difference between Accounting and Accountancy. Q3. ‘Do not anticipate a profit but provide for all possible losses’- State and explain the principle behind. Q4. Mention any one limitation of Accounting Standard. Q5. What is the purpose of source documents in business? Q6. Prepare an Accounting Equation from the following: (i) Started business with cash of Rs 1,00,000 (ii) Purchased goods for cash Rs 20,000 and on credit Rs 30,000 (iii) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both at profit of 20% Q7. Distinguish between expense and expenditure. Q8. State the difference between the Accrual Basis of Accounting and the Cash Basis of Accounting? Q9. Prepare the journal from the following transactions of Ram Mohan: 2017 March 3 Bought goods for cash of the list price of ₹ 80,000 at 10% trade discount and 2.5% cash discount. 5 Sold goods for cash of the list price of ₹ 1,00,000 at 15% trade discount and 3% cash discount. 6 Sold goods to Nagpal of the list price of ₹ 50,000 at 20% trade discount. 8 Nagpal returned one-fourth of the above goods 10 Nagpal settled the account by paying cash under a discount of 5% Q10. Pass entries in the books of Mr. Gopal assuming CGST @6% and SGST @6%: (i) Gopal purchased goods for ₹ 1,50,000 from outside the State and made payment by cheque. (ii) He sold goods for ₹ 1,00,000 outside the State on Credit (iii) He sold goods for ₹ 1,80,000 locally on credit. (iv) Paid telephone bill for ₹ 5,000 by cheque. (v) He purchased an air-conditioner for his office for ₹ 25,000 and paid the amount by cheque. (vi) Payment made of balance amount of GST.