SUMMER HOLIDAY HOMEWORK
CLASS – 11 C
Accountancy
1. Mr. X started a business for buying and selling of Computer and Computer Parts with 15,00,000 as an
initial investment and deposited into Bank. Of which, he paid 2,00,000 for furniture, ₹ 8,00,000 for buying
computers and computers parts. He employed a sales man and office clerk. At the end of the month, he
paid₹ 50,000 as their salaries. Out of the computer parts bought, he sold some computer parts for
3,50,000 for cash and some other computer parts for 3,00,000 on credit basis to Mr. Zed. Subsequently,
he bought computers of ₹ 2,50,000 from Baba Computers. In the first week of next month, there was a
fire accident and he lost 75,000 worth of computer parts. A part of the furniture, which cost 85,000, was
sold for ₹ 1,05,000.
From the above, answer the following:
(i) What is the amount of capital with which Mr. X started business?
(ii) What are the fixed assets he bought?
(iii) What is the value of the goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) What are the expenses?
(vi) What is the gain he earned?
(vii) What is the loss he incurred?
(viii) Who is the debtor? What is the amount receivable from him?
(ix) What is the total amount of expenses and losses incurred?
2. Determine if the following are Assets, Liabilities, Income, Expenses or none of the these:
Sales, Debtors, Creditors, Salary to manager, Discount to debtors, Discount allowed by creditors, capital.
Furniture, Machinery, Bank Loan, Cash at Bank, Investment, Goodwill, Outstanding Salary, Rent received
in advance, Stock, Carriage, Commission received, Bills Receivable, Land and Building, General Reserve,
and Bank overdraft.
3. Pass journal entry of the following:
(i) Started business with Cash ₹ 10,00,000
(ii) Deposited into Bank ₹ 3,00,000
(iii) Loan taken form bank ₹ 5,00,000 and deposited into bank.
(iv) Furniture purchased for ₹ 3,00,000
(v) Goods purchased for ₹ 1,00,000
(vi) Goods Purchased from Ramesh for ₹ 80,000
(vii) Goods purchased form Ramlal for cash for ₹ 20,000
(viii) Goods purchased from Ramesh for ₹ 1,00,000, at 20% trade discount and 2.5% Cash discount,
only 40% payment made immediately.
(ix) Goods sold to Ram for cash for ₹ 2,50,000
(x) Goods sold for ₹ 2,00,000
(xi) Goods sold to Ram for ₹ 50,000.
(xii) Goods sold to Ram for ₹ 80,000, at 25% trade discount and 5% cash discount, only 60% payment
received immediately.
(xiii) Cheque received from Ram for ₹ 20,000, (deposited next day into bank)
(xiv) Cheque received from Ram for ₹ 10,000 (deposited into bank same day)
(xv) Cheque issued to Ramesh ₹ 49,000; he allowed discount ₹ 1,000.
(xvi) Rent paid ₹ 15,000 on behalf of Ramesh.
(xvii) Ramlal who owed us ₹ 15,000 is declared insolvent and only 40 paise in a rupee is received from
his estate.
(xviii) Goods of ₹ 5,000 distributed as free sample.
(xix) Received cash from Mahesh ₹ 1,500 whose account was written off as bad debts last year.
(xx) Goods lost by fire ₹ 20,000 and insurance Co. accepted and paid claim of ₹ 18,000.
Economics
1. Explain the problem of " for whom to produce" with the help of suitable example.
2. How is production possibilities curve affected by unemployment in the economy? Explain
3. In what circumstances may the PPC shift away from the origin? explain.
4. Define Marginal opportunity cost. Explain the concept with a hypothetical numerical example.
5. Explain why consumer’s equilibrium is attained when the utility of a product in terms of money is equal
to its price.
6. Discuss briefly, using a hypothetical schedule the relation between Marginal utility and total utility.
