HSC Arts (English Medium) 11th Standard - Maharashtra State Board Question Bank Solutions

On 1st April 2015 Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.

Answer in one sentence only.

What is an Account?

Answer in one sentence only:

What is Personal Account?

Answer in one sentence only:

State the meaning of Real 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.

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

Accounts of Expenses and Losses and Incomes and Gains.

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

The Assets which cannot be seen, touched or felt.

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.

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:

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.