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Chapters
2: Conceptual Framework of Accounting
▶ 3: Books of Prime Entry
4: Ledger
5: Trial Balance
6: Subsidiary Books - 1
7: Subsidiary Books - 2
8: Bank Reconciliation Statement
9: Rectification of Errors
10: Depreciation Accounting
11: Capital and Revenue Transactions
12: Final Accounts of Sole Proprietors - 1
13: Final Accounts of Sole Proprietors - 2
14: Computerised Accounting
![Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board chapter 3 - Books of Prime Entry - Shaalaa.com](/images/accountancy-english-class-11-tn-board_6:5f2b1b2038084cf381bfa42c826a928c.jpg "Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board chapter 3 - Books of Prime Entry")
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Solutions for Chapter 3: Books of Prime Entry
Below listed, you can find solutions for Chapter 3 of Tamil Nadu Board of Secondary Education Samacheer Kalvi for Accountancy [English] Class 11 TN Board.
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 3 Books of Prime Entry Multiple choice questions [Pages 57 - 58]
Choose the correct answer:
Accounting equation signifies ___________.
Capital of a business is equal to assets
Liabilities of a business are equal to assets
Capital of a business is equal to liabilities
Assets of a business are equal to the total of capital and liabilities
‘Cash withdrawn by the proprietor from the business for his personal use’ causes ____________.
Decrease in assets and decrease in owner’s capital
Increase in one asset and decrease in another asset
Increase in one asset and increase in liabilities
Increase in asset and decrease in capital
A firm has assets of ₹ 1,00,000 and the external liabilities of ₹ 60,000. Its capital would be ___________.
₹ 1,60,000
₹ 60,000
₹ 1,00,000
₹ 40,000
The incorrect accounting equation is _____________.
Assets = Liabilities + Capital
Assets = Capital + Liabilities
Liabilities = Assets + Capital
Capital = Assets – Liabilities
Accounting equation is formed based on the accounting principle of _____________.
Dual aspect
Consistency
Going concern
Accrual
Real account deals with ____________.
Individual persons
Expenses and losses
Assets
Incomes and gains
Which one of the following is representative personal account?
Building A/c
Outstanding salary A/c
Mahesh A/c
Balan and Co. A/c
Prepaid rent is a ____________.
Nominal A/c
Personal A/c
Real A/c
Representative personal A/c
Withdrawal of cash from business by the proprietor should be credited to ____________.
Drawings A/c
Cash A/c
Capital A/c
Purchases A/c
In double entry system of book keeping, every business transaction affects _________.
Minimum of two accounts
Same account on two different dates
Two sides of the same account
Minimum three accounts
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 3 Books of Prime Entry Very short answer questions [Page 58]
What are source documents?
What is the accounting equation?
Write any one transaction which decreases the assets and decreases the liabilities
Write any one transaction which increases one asset and decreases another asset
What is meant by journalising?
What is the real account?
How are personal accounts classified?
State the accounting rule for the nominal account.
Give the golden rules of double entry accounting system.
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 3 Books of Prime Entry Short answer questions [Page 58]
Write a brief note on accounting equation approach of recording transactions.
What is an Account?
Classify the accounts with suitable examples.
What are the three different types of personal accounts?
What is the accounting treatment for insurance premium paid on the life of the proprietor?
State the principles of double-entry system of book-keeping.
Briefly explain about steps in journalising.
What is the double-entry system?
State the advantages of the double-entry system.
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 3 Books of Prime Entry Exercises [Pages 59 - 61]
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 1,00,000 = ₹ 80,000 + ?
Complete the accounting equation.
Assets = Capital + Liabilities
₹ 2,00,000 = ? + ₹ 40,000
Complete the accounting equation.
Assets = Capital + Creditors
? = ₹ 1, 60,000 + ₹ 80,000
For the following transactions, show the effect on the accounting equation.
- Raj started business with cash - ₹ 40,000
- Opened bank account with a deposit of - ₹ 30,000
- Bought goods from Hari on credit for - ₹ 12,000
- Raj withdrew cash for personal use - ₹ 1,000
- Bought furniture by using debit card for - ₹ 10,000
- Sold goods to Murugan and cash received - ₹ 6,000
- Money withdrawn from bank for office use - ₹ 1,000
Prepare accounting equation for the following transactions.
- Murugan commenced business with cash ₹ 80,000
- Purchased goods for cash ₹ 30,000
- Paid salaries by cash ₹ 5,000
- Bought goods from Kumar for ₹ 5,000 and deposited the money in CDM.
- Introduced additional capital of ₹ 10,000
What will be the effect of the following on the accounting equation?
- Sunil started business with ₹ 1,40,000 cash and goods worth ₹ 60,000
- Purchased furniture worth ₹ 20,000 by cash
- Depreciation on furniture ₹ 800
- Deposited into bank ₹ 40,000
- Paid electricity charges through net banking ₹ 500
- Sold goods to Ravi costing ₹ 10,000 for ₹ 15,000
- Goods returned by Ravi ₹ 7,500 (costing ₹ 5,000)
Create an accounting equation on the basis of the following transactions:
- Rakesh started business with a capital of ₹ 1,50,000
- Deposited money with the bank ₹ 80,000
- Purchased goods from Mahesh and paid through debit card ₹ 25,000
- Sold goods (costing ₹ 10,000) to Mohan for ₹ 14,000 who pays through debit card
- Commission received by cheque and deposited the same in the bank ₹ 2,000
- Paid office rent through ECS ₹ 6,000
- Sold goods to Raman for ₹ 15,000 of which ₹ 5,000 was received at once
Create an accounting equation on the basis of the following transactions:
- Started business with cash ₹ 80,000 and goods ₹ 75,000
- Sold goods to Shanmugam on credit for ₹ 50,000
- Received cash from Shanmugam in full settlement ₹ 49,000
- Salary outstanding ₹ 3,000
- Goods costing ₹ 1,000 given as charity
- Insurance premium paid ₹ 3000
- Out of insurance premium paid, prepaid is ₹ 500
Enter the following transactions in the journal of Manohar who is dealing in textiles:
| 2018 March | Particulars | ₹ |
| 1 | Manohar started business with cash | 60,000 |
| 2 | Purchased furniture for cash | 10,000 |
| 3 | Bought goods for cash | 25,000 |
| 6 | Bought goods from Kamalesh on credit | 15,000 |
| 8 | Sold goods for cash | 28,000 |
| 10 | Sold goods to Hari on credit | 10,000 |
| 14 | Paid Kamalesh | 12,000 |
| 18 | Paid rent | 500 |
| 25 | Received from Hari | 8,000 |
| 28 | Withdrew cash for personal use | 4,000 |
Pass journal entries in the books of Sasi Kumar who is dealing in automobiles.
| 2017 Oct | Particulars | ₹ |
| 1 | Commenced business with goods | 40,000 |
| 3 | Cash introduced in the business | 60,000 |
| 4 | Purchased goods from Arul on credit | 70,000 |
| 6 | Returned goods to Arul | 10,000 |
| 10 | Paid cash to Arul on account | 60,000 |
| 15 | Sold goods to Chandar on credit | 30,000 |
| 18 | Chandar returned goods worth | 6,000 |
| 20 | Received cash from Chandar in full settlement | 23,000 |
| 25 | Paid salaries through ECS | 2,000 |
| 30 | Sasi Kumar took for personal use goods worth | 10,000 |
Journalise the following transactions in the books of Ramesh who is dealing in computers:
| 2018 March | Particulars |
| 1 | Ramesh started business with cash ₹ 3,00,000, Goods ₹ 80,000 and Furniture ₹ 27,000. |
| 2 | Money deposited into bank ₹ 2,00,000 |
| 3 | Bought furniture from M/s Jayalakshmi Furniture for ₹ 28,000 on credit. |
| 4 | Purchased goods from Asohan for ₹ 5,000 by paying through debit card. |
| 5 | Purchased goods from Guna and paid through net banking for cash ₹ 10,000 |
| 6 | Purchased goods from Kannan and paid through credit card ₹ 20,000 |
| 7 | Purchased goods from Shyam on credit for ₹ 50,000 |
| 8 | Bill drawn by Shyam was accepted for ₹ 50,000 |
| 9 | Paid half the amount owed to M/s Jayalakshmi Furniture by cheque |
| 10 | Shyam’s bill was paid |
Raja has a hotel. The following transactions took place in his business. Journalise them.
| Jan. | Particulars | ₹ |
| 1 | Started business with cash | 3,00,000 |
| 2 | Purchased goods from Rajiv on credit | 1,00,000 |
| 3 | Cash deposited with the bank | 2,00,000 |
| 20 | Borrowed loan from bank | 1,00,000 |
| 22 | Withdrew from bank for personal use | 800 |
| 23 | Amount paid to Rajiv in full settlement through NEFT | 99,000 |
| 25 | Paid club bill of the proprietor by cheque | 200 |
| 26 | Paid electricity bill of the proprietor’s house through debit card | 2,000 |
| 31 | Lunch provided at free of cost to a charity | 1,000 |
| 31 | Bank levied charges for locker rent | 1,000 |
From the following transactions of Shyam, a stationery dealer, pass journal entries for the month of August 2017.
| Aug. | Particulars |
| 1 | Commenced business with cash ₹ 4,00,000, Goods ₹ 5,00,000 |
| 2 | Sold goods to A and money received through RTGS ₹ 2,50,000 |
| 3 | Goods sold to Z on credit for ₹ 20,000 |
| 5 | Bill drawn on Z and accepted by him ₹ 20,000 |
| 8 | Bill received from Z is discounted with the bank for ₹ 19,000 |
| 10 | Goods sold to M on credit ₹ 12,000 |
| 12 | Goods distributed as free samples for ₹ 2,000 |
| 16 | Goods taken for office use ₹ 5,000 |
| 17 | M became insolvent and only 0.80 per rupee is received in final settlement |
| 20 | Bill of Z discounted with the bank is dishonoured |
Mary is a rice dealer having business for more than 5 years. Pass journal entries in her books for the period of March, 2018.
| March | Particulars | ₹ |
| 1 | Cement bags bought on credit from Sibi | 20,000 |
| 2 | Electricity charges paid through net banking | 500 |
| 3 | Returned goods bought from Sibi | 5,000 |
| 4 | Cement bags taken for personal use | 1,000 |
| 5 | Advertisement expenses paid | 2,000 |
| 6 | Goods sold to Mano | 20,000 |
| 7 | Goods returned by Mano | 5,000 |
| 8 | Payment received from Mano through NEFT | 15,000 |
Solutions for 3: Books of Prime Entry
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board chapter 3 - Books of Prime Entry
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Concepts covered in Accountancy [English] Class 11 TN Board chapter 3 Books of Prime Entry are Introduction to Book of Prime Entry, Source Documents, Double Entry System, Transaction, Account, Approaches of Recording Transactions, Accounting Rules, Journal Entries.
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