Unit Test

Class:-F.Y.BMS

Exam seat No:-

Subject:-Introduction of financial account

Time:-45 m.

Maximum Marks:- 20

N. B.: 1. All questions are compulsory.

Ques:-1][A] Fill in the Blanks
[ 2 marks]
1) The simple meaning of __________________is keeping or maintaining some special
books known as the books of account. [Book-keeping, Accounting, Planning]
2) A Businessman deals with other parties in exchange of goods or ___________
[Product, Service, and Quality].
3)______________has a significant effect in determining and presenting the financial
position and result of operation of an enterprises. [Revenue, Income, Depreciation]
4)Goodwill is Intangible_____________. [Assets, Liabilities, Income]
5) Fixed capital is required for ______________.[Fixed Liability ,Fixed asset ,Income ]
Ques:- 1] [B] True OR False .
marks]
1) All expenses are credited.
2) Depreciation means the less in value of assets over a period by using.
3) Expenditure are two types (I) capital and (II) Revenue.
4) All assets are the capital in nature.
5) All income are debited on profit and loss account.
Ques:-2] Answer in one sentences
[ 5 marks ]
1) Define Book-Keeping?
2) What are Conventions?
3) What is Asset?
4) Explain Working Capital.
5) Explain Personal Account.

[2

Ques:- 3] Answer the following question ( Any Two )

[ 10 marks ]
1) What is Golden Rule? Explain in details .With diagram.
2) Anil purchased following Plant & Machinery on various dates:1|1|2006
50000
1|7|2007
20000
1|10|2008
40000
1|4|2008
60000
31|12|2009
100000
On 1|7|2009 he sold the machine bought on 1|1|2006 for Rs.40000.
He writes off depreciation, on Reducing Balance method system which he has
estimated to be 15% P.a.
Prepare Machinery account in the Ledger of Anil .for the year
2006,2007,2008,2009.
3) Enter the following transaction in MR.Medimix Journal.
1) Mr.Parikh commenced business with a loan of Rs.30000 from Mr.Nathan.
2) Purchased office premises for Rs.20000 from Mr.John, 50% of the balance was
paid in cash on which 5%,Discount was allowed , the remaining 50%,being due in 3
months .Mr.Parikh also paid Rs.300 on account of rent, rates and taxes to Mr. John.
3) Mr. Govinda sent a bill of Rs.500 for repairs done by him to premises.
4) Goods worth Rs.10000 werw destroyed by fire and a claim for the same was
lodged with the Insurance Company.
5) The Insurance company admitted the claim for Rs.6000 only.

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