Hello Guys,
This is a worksheet full of questions based on the Double Entry System of Accounting. This will give you a brief idea about all accounting transactions occurring in a business in depth specifically regarding how journal entries make sense in a ledger account.
After the completion of ...
LEDGER
0.1. From the following information prepare Furniture Account, Arvind Account
and Bharti Account in the books of Suresh for June 2001.
Opening balance on 1st ]une. 2001
Furniture Account Rs. 30,000 Arvind Account (Dr) Rs. 17,000
BhartiAccount (Cr.) Rs. 12,000
June Purchased furniture from Meera Furniture against a cheque of Rs. 5,000
5 and paid carriage Rs. 600 cash.
Arvind invoice goods to Suresh Rs. 8000 (net) at 20% trade discount.
12 50% of goods purchased from Arvind are sold to Bhartiat a profit of 25%
of cost.
15 Furniture with book value Rs. 7,000sold against a cheque of Rs. 5,000.
19 Furniture at residence cost price Rs.6,400 is transferred to business by
Suresh for Rs. 5,800.
23 Received acheque from Arvind Rs. 3,500in settlement of Rs. 3,600.
27 Paid to Bharti the necessary amount to settle 50% of amount due.
30 Invoiced to Arvind goods Rs. 4,000and paid transportation on his behalf
Rs.200.
0.2. Journalise the following transactions in the books of Mr. Abhishek for the
month of January 2005. Alsoopen following accounts &balance them.
Cash A/c,Capital A/c, Furniture A/c, Drawings A/c, Discount Allowed A/c, Sundry
Income A/c,Salary A/c.
Jan 2. Mr. Abhishek has following Assets and Liabilities
Book debts Rs. 1,78,000 Pre-received Commission Rs. 2,700
Suppliers A/c. Rs. 87,000 Furniture A/c. Rs. 69,000
Stock ofgoods A/c Rs. 1,90,000 Cash A/c. Rs. 40,000
Loan from Mo, Karan A/C Rs. 50,000 Machinery A/c Rs. 1,80,000
Accrued wages a/cRs. 900 Bank balance Rs. 10,000
Cash sales @5% T.D &4% C.D. realised Rs. 95,760. 50% of the receipt
deposited in Bank.
7 Cheque Rs 7,900 issued to one of thesupplier Mr. Amar, whose account was
showing credit balance of Rs. 8,000 in full settlement.
10 Goods worth Rs. 42,000 purchased from Vinit @4% T.D and Vinit agreed
to give 2% C.D if the payment is made by 25th January 2005.
12 Life insurance premium of employees and Mrs. Abhishek paid cheque Rs.
3,000 &1,500 respectively.
13 Goods with selling price Rs. 6,300 were lost by fire and insurance company
did not admit 60% as claim. The selling price is 150% on cost.
17 Mr. Roshan with debit balance of Rs. 68,000 paid half in cash and half by
cheque we allowed him cash discount 5%.
20 Bank informed us about dishonour of Rs. Roshan's cheque.
, 23| Abhishek exchanged his personal asset worth Rs. 10,000 with Furniture for
business Rs. 8,000
24 Paid necessary amount to Vinit; 60% by cash and 40% by cheque.
Salary
of Rs. 8,000paid to employees in cash.
30| Received a bearer cheque of Rs. 1,200 for sundry income which was
immediately deposited in back.
Q.3. From the following balances and transactions of Abhay Traders, you are
required to prepare:
a) Journal for June, 2008. b) Prepare and balance.
() Cash A/c. (ii) Bank A/c. (ti) Sanjay A/c. (iv) Dhaanjay A/c.
(v)Machinery A/c. (vi) Profit on sale of machinery A/c.
2008 June, 1 Opening balance:
Cash A/c Rs. 24,000; Bank A/c Rs.31,600; Sanjay A/c (Debtor) Rs.21,000; Dhananjay
A/c (Creditor) Nil; Machinery A/C Rs. 2,15,000
|1 Sold goods worth Rs. 45,000(net) at Trade Discount 10% to Sanjay. He paid
Rs. 8,800 by cheque in full settlement of Rs.9,000.
3 Purchased goods worth Rs. 38,000 at trade discount 5% on credit from
Dhananjay. Abhay Traders paid Carriage Rs. 600incash.
5 Deposited cash intobank account.of the business Rs. 15,000.
Purchased Machinery worth Rs. 85,500 by cheque and paid incidental
expenses Rs. 4,500 in cash.
11 Sanjay returned goods worth Rs. 5,000 (gross). We returned these goods to
our supplier Dhananjay. These goods were 10% of purchases dated 3 June,
2008.
13 Cash was stolen from cash box. The shortage of cash was Rs. 2,400.
16|Machinery representing cost Rs. 16,000 and book value Rs. 10,200 was sold
against a cheque ata profit of Rs. 3,800.
19 Paid insurance for goods@2% of the amount of policy. The policy was taken
for Rs.64,000.
21 Withdrew Rs. 10,000 from bank A/c of the business; out of which Rs. 3,500
were for personal use of the owner.
27 Mayur transferred Rs. 24,000 from his Savings Bank A/c to the Current A/c of
the business.
30 Tenant, Mr. Jayesh paid rent Rs.6,000 by cheque.
0.4. Recordthe following transaction in Journalof Shubhangi for July 2002 and post
them in the following ledger accounts. (H. M)
(1) Motor car Account. (2) Furniture account. (3) Mohan's Account.
July, 1 Started business with the following asset and liabilities :
Cash Rs.20,000, Motor car Rs.25,000, Loan Taken Prakash Rs.10,000,
Premises Rs.50,000, Furniture Rs. 15,000, Bank Overdraft Rs.20,000,
Mohan A/c (Dr.) Rs.5.000.
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