Question No 02 Chapter No 1 - USHA Publication 11 Class

Question No 02 Chapter No 1 02. Identify the assets, liabilities, expenses and income from the following: Rent paid; Land and building; cash in hand; Creditors; Salary outstanding; Commission received; Furniture; Bank loan; Fright on purchase of goods; Debtors; Motor vehicles; Interest received; Bank balance The solution of Question No 02 Chapter No 1: - Rent Paid = Expense Land & building = Asset Cash in hand = Asset Creditors = Liability Salary outstanding = Liability Commiss

Question No 03 Chapter No 1 - USHA Publication 11 Class

Question No 03 Chapter No 1 3. From the following, identify the type of assets : Computer; Goodwill; Underwriting commission; Short term investment; cash at the bank; Patent right; Oil well; Fixtures; Prepaid commission; Bills receivable; Expenses on Fresh issue of shares The solution of Question No 03 Chapter No 1: - Statement showing the type of Assets Fixed Asset Current Asset Fictitious Asset Computer Short term investment Underwriting commission Goodwill Cash at bank Expenses o

Question No 04 Chapter No 1 - USHA Publication 11 Class

Question No 04 Chapter No 1 4. From the following, identify the type of liabilities : Long term loans; Creditors; Bills payable; Bank overdraft; Bonds; Bills endorsed on behalf of the Customer; Public deposits; Salary Due; Rent received in advance. The solution of Question No 04 Chapter No 1: - Statement showing the type of Liabilities: Fixed Liabilities Current Liabilities Fictitious Liabilities Long term loans Creditors Bills endorsed on behalf of a customer Bonds Bills payable

Question No 05 Chapter No 1 - USHA Publication 11 Class

Question No 05 Chapter No 1 5. Calculate the cost of goods sold from the following: Rs Rs Opening stock 10,000 Carriage inward 500 Net purchased 30,000 Closing stock 15,000 Wages 2,500 The solution of Question No 05 Chapter No 1: - Calculation of Cost of Goods Sold Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock = 10,000 + 30,000 + 2,500 + 500 – 15,000 = Rs 28,000 To understand more about Introduction to Accounting ple

Question No 06 Chapter No 1 - USHA Publication 11 Class

Question No 06 Chapter No 1 6. Calculate the cost of goods sold and gross profit from the following: Rs Rs Opening stock 5,000 Octroi duty 250 Net purchased 35,000 Closing stock 7,500 Wages 1,250 Sale 39,000 The solution of Question No 06 Chapter No 1: - Calculation of Cost of Goods Sold Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock = 5,000 + 35,000 + 1,250 + 250 – 7,500 = Rs 34,000 Calculation of Gross Profit Gross profi

Question No 07 Chapter No 1 - USHA Publication 11 Class

Question No 07 Chapter No 1 7. Ascertain the cost of goods sold and gross profit from the following: Rs Rs Opening stock 8,500 Indirect expenses 5,200 Purchase 30,700 Closing stock 9,000 Direct expenses 4,800 Sale 46,000 The solution of Question No 07 Chapter No 1: - Calculation of Coat of Goods Sold Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock = 8,500 + 30,700 + 4,800 – 9,000 = Rs 35,000 Calculation of Gross Profit Gros

Question No 08 Chapter No 1 - USHA Publication 11 Class

Question No 08 Chapter No 1 8. Find out the cost of goods sold and gross profit from the following figures relating to the year 2016-17 Rs Rs Opening stock 5,000 Indirect expenses 2,500 Purchase 12,500 Closing stock 1,000 Direct expenses 500 Sale 20,000 The solution of Question No 08 Chapter No 1: - Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock = 5,000 + 12,500 + 500 – 1,000 = Rs 17,000 Gross profit = Sales – Cost of goods so

Question No 09 Chapter No 1 - USHA Publication 11 Class

Question No 09 Chapter No 1 9. Find out the cost of goods sold, gross profit and net income from the following information Rs Rs Purchase (3,000 articles) 50,000 Electricity charges 1,200 Freight 3,000 Municipal taxes 400 Carriages 2,000 Stationary 500 Salaries 5,000 Furniture (estimated life 5 years) 24,000 Shop rent 1,000 Sales (2,700 articles) 64,000 Godown rent 1,000 The solution of Question No 09 Chapter No 1: - (i) Mechandise cost = Opening stock + Net purch

Question No 10 Chapter No 1 - USHA Publication 11 Class

Question No 10 Chapter No 1 10. From the following data of Harinder, find out the cost of goods sold and sales for the year 2016-17 Rs Opening stock 60,000 Purchases during year 1,60,000 Import duty 18,000 Closing stock 38,000 Gross profit 15% on cost The solution of Question No 10 Chapter No 1: - Calculation of cost of goods sold and sales Particular Amount Opening stock 60,000 + Purchases 1,60,000 + Import duty 18,000 2,38,000 - Closing stock 38,

Question No 11 Chapter No 1 - USHA Publication 11 Class

Question No 11 Chapter No 1 11. From the following data of Vikas, find out the cost of goods sold and sales for the year 2009-10 Rs Stock of goods on 1.4.2009 60,000 Purchases 1,50,000 Wages 10,000 Gross profit 30% on the cost The solution of Question No 11 Chapter No 1: - Calculation of cost of goods sold and sales Particular Amount Opening stock 60,000 + Purchases 1,50,000 + Wages 10,000 2,20,000 - Closing stock 40,000 Cost of goods sold 1,80,0

Question No 12 Chapter No 1 - USHA Publication 11 Class

Question No 12 Chapter No 1 12. From the following data of Hema , find out the cost of goods sold and sales for the year 2009-10 Rs Opening Stock 1,00,000 Purchases during the year 4,50,000 Purchased retune 30,000 Custom duty 18,000 Closing stock 58,000 Gross profit 25% on sales The solution of Question No 12 Chapter No 1: - Calculation of cost of goods sold and sales Particular Amount Opening stock 1,00,000 + Purchases 4,50,000 - Purchased retune (30,000)

Question No 13 Chapter No 1 - USHA Publication 11 Class

Question No 13 Chapter No 1 13. From the following data of Nargis, find out the cost of goods sold and sales for the year 2015-16 Rs Stock of goods on 1-4-2015 45,000 Purchases during the year 2,46,000 Purchased retune 31,000 Freight on purchased 10,000 Stock of goods on 31-3-2016 70,000 Gross profit 20% on sales The solution of Question No 13 Chapter No 1: - Calculation of cost of goods sold and sales Particular Amount Opening stock 45,000 + Purchases 2,46,000

Question No 02 Chapter No 1 - USHA Publication 11 Class

Question No 02 Chapter No 1 02. Identify the assets, liabilities, expenses and income from the following: Rent paid; Land and building; cash in hand; Creditors; Salary outstanding; Commission received; Furniture; Bank loan; Fright on purchase of goods; Debtors; Motor vehicles; Interest received; Bank balance The solution of Question No 02 Chapter No 1: - Rent Paid = Expense Land & building = Asset Cash in hand = Asset Creditors = Liability Salary outstanding = Liability Commiss

Question No 03 Chapter No 1 - USHA Publication 11 Class

Question No 03 Chapter No 1 3. From the following, identify the type of assets : Computer; Goodwill; Underwriting commission; Short term investment; cash at the bank; Patent right; Oil well; Fixtures; Prepaid commission; Bills receivable; Expenses on Fresh issue of shares The solution of Question No 03 Chapter No 1: - Statement showing the type of Assets Fixed Asset Current Asset Fictitious Asset Computer Short term investment Underwriting commission Goodwill Cash at bank Expenses o

Question No 04 Chapter No 1 - USHA Publication 11 Class

Question No 04 Chapter No 1 4. From the following, identify the type of liabilities : Long term loans; Creditors; Bills payable; Bank overdraft; Bonds; Bills endorsed on behalf of the Customer; Public deposits; Salary Due; Rent received in advance. The solution of Question No 04 Chapter No 1: - Statement showing the type of Liabilities: Fixed Liabilities Current Liabilities Fictitious Liabilities Long term loans Creditors Bills endorsed on behalf of a customer Bonds Bills payable

Question No 05 Chapter No 1 - USHA Publication 11 Class

Question No 05 Chapter No 1 5. Calculate the cost of goods sold from the following: Rs Rs Opening stock 10,000 Carriage inward 500 Net purchased 30,000 Closing stock 15,000 Wages 2,500 The solution of Question No 05 Chapter No 1: - Calculation of Cost of Goods Sold Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock = 10,000 + 30,000 + 2,500 + 500 – 15,000 = Rs 28,000 To understand more about Introduction to Accounting ple

USHA Publication +1 Elements of Book-Keeping Solutions Chapter No. 1 - Introduction to Accounting – Detailed Q&A

Q: Question No 01 Chapter No 1 - USHA Publication 11 Class

Question No 01 Chapter No 1 1. State whether the following are business transaction? (a) Jasbir Singh Started business with stock Rs 40,000 and Furniture RS 10,000. (b) Received an order for the sale of the goods Rs 30,000. (c) Goods sold for Rs 25,000 on credit. (d) Interest paid on loan taken for business Rs 1,000. (e) Paid tuition fees of the proprietor's daughter from the personal bank account Rs 1,800. (f) Paid rent of the residence of the proprietor from the business bank acc

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Quick Chapter Summary & Cheat Sheet

Get complete step-by-step solutions for USHA Publication +1 Elements of Book-Keeping - Chapter No. 1 - Introduction to Accounting. Study double-entry system details, practice timed problems, and verify answers directly.

💡 Double Entry Accounting Principles

Accounting Equation: Assets = Liabilities + Owner's Equity.
Dual Aspect Concept: Every transaction has a double effect (debit and credit).
Going Concern: Assumes the business will continue operations indefinitely.

Topics & Questions Solved:

Q1. Question No 01 Chapter No 1 - USHA Publication 11...
Q2. Question No 02 Chapter No 1 - USHA Publication 11...
Q3. Question No 03 Chapter No 1 - USHA Publication 11...
Q4. Question No 04 Chapter No 1 - USHA Publication 11...
Q5. Question No 05 Chapter No 1 - USHA Publication 11...
Q6. Question No 06 Chapter No 1 - USHA Publication 11...

Question No 01 Chapter No 1 - USHA Publication 11 Class

Question No 01 Chapter No 1

1. State whether the following are business transaction?

(a)	Jasbir Singh Started business with stock Rs 40,000 and Furniture RS 10,000.
(b)	Received an order for the sale of the goods Rs 30,000.
(c)	Goods sold for Rs 25,000 on credit.
(d)	Interest paid on loan taken for business Rs 1,000.
(e)	Paid tuition fees of the proprietor's daughter from the personal bank account Rs 1,800.
(f)	Paid rent of the residence of the proprietor from the business bank account Rs 2,000.
(g)	Proprietor planned to sell goods worth Rs 5,00,000 next year.
(h)	The commission received Rs 700.
(i)	Goods returned by customer Rs 1,000.

The solution of Question No 01 Chapter No 1: -

(a)	Yes, because starting a business with an investment of the stock and furniture is a business transaction.
(b)	No, because it is receipt of order only. Until the order is executed, it does not amount to a business transaction
(c)	Yes, because the sale has taken place. It is immaterial whether is on credit or for cash.
(d)	Yes, because the loan is taken for the business. Hence, the payment of interest is a business transaction.
(e)	No, because neither it is a business expense nor it is paid from the business bank account
(f)	Yes, because the payment is made from the bank account of the business though it is for personal purposes.
(g)	No, because it is only planning for the sale. The sale is yet to take place in future. Hence, it is not a business transaction
(h)	Yes, because business income in the form of the commission is earned. Moreover, cash in the hand of the business is also increased. Hence, it is a business transaction
(i)	Yes, because goods are returned by a customer of the business. The stock will increase and the amount from the debtor of the business will be an increase