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Business and Accounting Studies - Grade 11 Worksheet 1: Record The Below Transactions in Accounts

The document provides instructions to record various business transactions in accounts. It lists 6 scenarios involving the capital investment, obtaining loans, purchases and sales of inventory, payment of expenses, and withdrawals by owners for 6 separate businesses. For each scenario, the transactions are listed that need to be recorded in the appropriate accounts to track the financial activities of the businesses.

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Dinukshiya Selvadurai
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32 views2 pages

Business and Accounting Studies - Grade 11 Worksheet 1: Record The Below Transactions in Accounts

The document provides instructions to record various business transactions in accounts. It lists 6 scenarios involving the capital investment, obtaining loans, purchases and sales of inventory, payment of expenses, and withdrawals by owners for 6 separate businesses. For each scenario, the transactions are listed that need to be recorded in the appropriate accounts to track the financial activities of the businesses.

Uploaded by

Dinukshiya Selvadurai
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BUSINESS AND ACCOUNTING STUDIES – GRADE 11

Worksheet 1
Record the below transactions in accounts.
01.
(i) Invested capital of Rs 500 000.
(ii) Obtained a bank loan of Rs 200 000.
(iii) Deposited Rs 100 000 in a fixed deposit account.
(iv) Paid rent Rs 10 000.
(v) Interest income of Rs 12 000.
(vi) Purchased good on cash basis for Rs 30 000.
(vii) Cash sales of Rs 20 000.
(viii) Owner withdrew Rs 15 000 cash.

02.
(i) Invested Rs 300 000 as capital.
(ii) Purchased goods on cash basis Rs 50 000.
(iii) Paid rent Rs 10 000.
(iv) Sold goods on cash basis Rs 60 000.
(v) Obtained a bank loan of Rs 300 000.
(vi) Bank loan interest paid Rs 5 000.
(vii) Paid electricity bill of Rs 5 000.
(viii) Owner withdrew Rs 10 000 worth goods.

03.
(i) Introduced capital of Rs 300 000.
(ii) Purchased building worth Rs 100 000.
(iii) Cash purchases for Rs 80 000.
(iv) Owner paid their personal telephone bill Rs 2 000.
(v) Cash sales of Rs 50 000.
(vi) Paid insurance Rs 7 000.
(vii) Cash sales Rs 20 000.
(viii) Received rent income of Rs 10 000.

04.
(i) Capital invested Rs 80 000.
(ii) Cash purchases of Rs 45 000.
(iii) Obtained a bank loan of Rs 50 000.
(iv) Bought furniture for Rs 10 000.
(v) Rent paid Rs 6 000.
(vi) Cash sales of Rs 40 000.
(vii) Cash taken for owners personal use Rs 5 000.
(viii) Advertising expenses paid 5 000.

05.
(i) Investing capital Rs 1 000 000.
(ii) Purchased furniture worth Rs 200 000.
(iii) Obtained a bank loan of Rs 500 000.
(iv) Purchased 50 machines for resale each costing Rs 20 000.
(v) Cash sales of machines worth Rs 350 000.
(vi) Paid water bill of Rs 20 000.
(vii) Paid salary Rs 100 000.
(viii) Paid rent Rs 10 000.

06.
(i) Invested Rs 1 000 000 as capital.
(ii) Obtained a bank loan of Rs 200 000.
(iii) Purchased motor vehicles for resale worth Rs 700 000.
(iv) Sold motor vehicles on cash for Rs 500 000.
(v) Received a rent income of Rs 12 000.
(vi) Paid bank loan interest Rs 7 000.
(vii) Paid advertising expenses Rs 10 000.
(viii) Owner withdrew Rs 15 000 cash.

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