Balbharati solutions for Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board chapter 2 - Meaning and Fundamentals of Double Entry Book-Keeping [Latest edition]

Answer in one sentence only:

What is Double Entry System?

Answer in one sentence only.

What is an Account?

Answer in one sentence only:

State the meaning of the Single Entry System.

Answer in one sentence only:

What is Personal Account?

Answer in one sentence only:

State the rule of Nominal Account.

Answer in one sentence only.

Give two examples of intangible assets.

Answer in one sentence only:

State the meaning of Real Account.

Answer in one sentence only:

Give two examples of income and gains.

Answer in one sentence only:

State the rule of Personal Account.

Answer in one sentence only:

How many methods of recording accounting information are there?

Write one word/term or phrase which can substitute the following statement.

Method of Accounting which records both aspects of the transaction.

Write one word/term or phrase which can substitute the following statement.

Right hand side of an account.

Write one word/term or phrase which can substitute the following statement.

Name of the account which is debited when proprietor uses business money for personal use.

Write one word/term or phrase which can substitute the following statement.

Accounts of Assets and Properties.

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Accounts of Expenses and Losses and Incomes and Gains.

Write one word/term or phrase which can substitute the following statement.

Left hand side of an account.

Write one word/term or phrase which can substitute the following statement.

The Assets which cannot be seen, touched or felt.

Write one word/term or phrase which can substitute the following statement.

Person who invented the Double Entry System.

Write one word/term or phrase which can substitute the following statement.

Incomplete system of recording business transactions.

Write one word/term or phrase which can substitute the following statement.

Scientific system of recording business transactions.

Select the most appropriate alternatives from the given below and rewrite the statement:

International Accounting day is observed on ______

Select the most appropriate alternatives from the given below and rewrite the statement:

Conventional system of accounting is ______

Select the most appropriate alternatives from the given below and rewrite the statement:

Every debit has corresponding ____________

Select the most appropriate alternatives from the given below and rewrite the statement:

Radha's Account is a type of ______ account.

Select the most appropriate alternatives from the given below and rewrite the statement:

Machinery Account is ______ account.

Select the most appropriate alternatives from the given below and rewrite the statement:

Goodwill is ______ asset.

Select the most appropriate alternatives from the given below and rewrite the statement:

Prepaid expenses is ______ account.

Select the most appropriate alternatives from the given below and rewrite the statement:

Debit the receiver, Credit the ____________

Select the most appropriate alternatives from the given below and rewrite the statement:

Debit what comes in, Credit what ______

Select the most appropriate alternatives from the given below and rewrite the statement:

Debit all ______ and Credit all income and gains.

State whether the following statement is True or False with reasons:

Outstanding expense is a nominal account.

State whether the following statement is True or False with reasons:

Capital account is a real account.

State whether the following statement is True or False with reasons:

Every debit has equal and corresponding credit.

State whether the following statement is True or False with reasons:

Discount received is a nominal account.

State whether the following statement is True or False with reasons:

Drawings account is a nominal account.

State whether the following statement is True or False with reasons:

Outstanding salary is a nominal account.

State whether the following statement is True or False with reasons:

Loan account is personal account.

State whether the following statement is True or False with reasons:

Goodwill account is a real account.

State whether the following statement is True or False with reasons:

Discount account is a nominal account.

State whether the following statement is True or False with reasons:

Personal transactions of proprietor are recorded in the books of account of the business.

State whether the following statement is True or False with reasons:

Motor car account is a Real Account.

State whether the following statement is True or False with reasons:

The rule of Nominal Account in Debit the receiver and Credit the giver.

State whether the following statement is True or False with reasons:

Bank loan account is a Nominal account.

State whether the following statement is True or False with reasons:

Assets = Capital + Liabilities

State whether the following statement is True or False with reasons:

Trademark account is a personal account.

Fill in the blank:

Increase in asset is debited and decrease in asset is ______

Fill in the blank:

Assets = Liabilities +______

Fill in the blank:

Increase in capital is credited and decrease in capital is ______

Fill in the blank:

Scientific and complete system of recording is known as ______

Fill in the blank:

Debit all expenses and losses, Credit all ______

Fill in the blank:

Land and Building account is ______ account.

Fill in the blank:

Cash Book and Personal Accounts are only maintained under ______ system.

Fill in the blank:

Debit what comes in and credit what goes out is the rule of ______ account.

Fill in the blank:

Travelling expenses account is ______ type of Account

Fill in the blank:

Every transaction has ______ effect.

Fill in the blank:

______ accounts are accounts of properties and assets.

Fill in the blank:

Laptop account is a ______ account.

Classify the following accounts under the types of Personal, Real and Nominal account:

Mr. Rohit’s capital A/c

Classify the following accounts under the types of Personal, Real and Nominal account:

Loose Tools A/c

Classify the following accounts under the types of Personal, Real, and Nominal accounts:

Drawing A/c

Classify the following accounts under the types of Personal, Real, and Nominal accounts:

Cartage A/c

 Classify the following accounts under the types of Personal, Real, and Nominal accounts:

Prepaid Rent A/c

Classify the following accounts under the types of Personal, Real and Nominal account:

Copyright A/c

Classify the following accounts under the types of Personal, Real and Nominal account:

Patent A/c

Classify the following accounts under the types of Personal, Real and Nominal account:

Outstanding Income A/c

Classify the following accounts under the types of Personal, Real and Nominal account:

Prepaid Expenses A/c

Classify the following accounts under the types of Personal, Real and Nominal account:

Commission Received A/c

Classify the following account under the types of Personal, Real and Nominal account:

Freight A/c

Classify the following account under the types of Personal, Real and Nominal account:

Plant and Machinery A/c

Classify the following account under the types of Personal, Real, and Nominal account:

Sundry Income A/c

Classify the following account under the types of Personal, Real and Nominal account:

Live Stock A/c

Classify the following account under the types of Personal, Real and Nominal account:

Goods distributed as free sample A/c

Classify the following account under the types of Personal, Real and Nominal account:

Radhika’s A/c

Classify the following account under the types of Personal, Real and Nominal account:

Outstanding Wages A/c

Classify the following account under the types of Personal, Real and Nominal account:

Loss on Sale of Furniture A/c

Classify the following account under the types of Personal, Real and Nominal account:

Bank of Maharashtra A/c

Classify the following account under the types of Personal, Real and Nominal account:

Loan A/c

Classify the following account under the types of Personal, Real and Nominal account:

Computer A/c

Classify the following account under the types of Personal, Real and Nominal account:

Legal Expenses A/c

Classify the following account under the types of Personal, Real and Nominal account:

Fixed Deposit A/c

Classify the following account under the types of Personal, Real and Nominal account:

Income Receivable A/c

Classify the following account under the types of Personal, Real and Nominal account:

Audit Fees A/c

Classify the following account under the types of Personal, Real and Nominal account:

Trademark A/c

Classify the following account under the types of Personal, Real and Nominal account:

Loss by fire A/c

Classify the following account under the types of Personal, Real and Nominal account:

Motor Car A/c

Classify the following account under the types of Personal, Real and Nominal account:

Income tax A/c

Classify the following account under the types of Personal, Real and Nominal account:

GST A/c (Goods and Service Tax)

Classify the following account under the types of Personal, Real and Nominal account:

Siddhivinayak Trust A/c

Classify the following account under the types of Personal, Real and Nominal account:

Office Equipment A/c

Classify the following account under the types of Personal, Real and Nominal account:

The stock of Stationery A/c

Classify the following account under the types of Personal, Real and Nominal account:

Indian Railways A/c

Classify the following account under the types of Personal, Real and Nominal account:

Income Received in Advance A/c

Classify the following account under the types of Personal, Real and Nominal account:

Dividend on Investment Advance A/c

Classify the following account under the types of Personal, Real and Nominal account:

Discount A/c

Classify the following account under the types of Personal, Real and Nominal account:

Raj & company A/c

Classify the following account under the types of Personal, Real and Nominal account:

Repairs A/c

Classify the following account under the types of Personal, Real and Nominal account:

Royalty A/c

Complete the following Accounting equation table.

Give necessary transactions for the following effect of increase and decrease in Assets, Capital and Liabilities.

Prepare a chart showing Analysis of the following transactions in a Tabular form according to the Traditional Approach:

1. Rajasaheb started the business with cash of ₹ 85,000.

2. Goods Purchased for cash ₹ 5,000.

3. Sold goods on credit worth ₹ 6,000 to Ramesh.

4. Cash deposited into Bank of Maharashtra ₹ 12,000.

5. Interest received ₹ 700 from Radhika.

6. Paid Rent ₹ 2,000 to the landlord.

7. Bought goods on credit from Birajmohan ₹ 7,000.

8. Withdrew cash from bank ₹ 1,000 for office use.

9. Purchased computer ₹ 9,000 for cash.

10. Paid Mobile bill (office) ₹ 500.

11. Sold old Mobile ₹ 2,000.

12. Received Rent ₹ 1,000 from the tenant.

Prepare Chart showing Analysis of the following transaction in a Tabular form according to Modern Approach.

1. Mr. Meghraj started the business with cash of ₹ 30,000.

2. Deposited cash into Bank of India ₹ 2,000.

3. Withdrew cash ₹ 1,000 for personal use.

4. Purchased goods on credit from Nilesh ₹ 2,000.

5. Cash purchases ₹ 3,000.

6. Paid Wages ₹ 400.

7. Purchased a chair for office use ₹ 3,200.

8. Sold goods to Mohan worth ₹ 1,200.

9. Withdrew Cash for Office use ₹ 3,000.

10. Sold old furniture ₹ 9,000.

11. Received Dividend of ₹ 1,000.

12. Paid for Printing bill book ₹ 200.

Give the accounting equation for the following transactions:

1. Mr. Vaibhav started the business with Cash of ₹ 1,00,000.
2. Purchased goods on credit from Rita Stores ₹ 9,000.
3. Purchased Laptop for office use ₹ 10,000.
4. Sold goods to Rina on credit ₹ 12,000.
5. Received Interest ₹ 2,500.
6. Paid Telephone bill ₹ 1,300.

Give the accounting equation for the following transactions.

1. Mr. Swaraj commenced business with a Bank balance of ₹ 1,10,000.
2. Purchased Furniture on credit from S.M Furniture Mart ₹ 25,000.
3. Bought goods on credit from Yuvraj ₹ 15,000.
4. Purchased Machinery ₹ 10,000.
5. Paid Electricity bill ₹ 3,500.
6. Goods destroyed by fire ₹ 1,500.

Show accounting equation for the following transactions:

1. Rohit started the business with cash of ₹ 50,000.

2. Bought goods on credit from Manoj ₹ 6,000.

3. Cash purchases ₹ 5,000.

4. Paid wages ₹ 3,000 to Casual labour.

5. Sold goods to Santosh ₹ 7,000 on credit.

6. Received Commission ₹ 1,000 from Vaishali.