Answer the following questions:
Ø Meaning of accounting principles
Ø Basic accounting concepts
Ø Basis of accounting
Ø Utility of accounting standards
Ø International Financial Reporting Standards
(IFRS)
Ø
Show the effect of the following business transactions on assets,
liabilities and capital through accounting equations:
Commenced business with cash 2,000
Goods purchased on credit 700
Furniture purchased 300
paid to creditors 200
Amount withdrawn by the proprietor 400
Creditors accepted a bill for payment 150
Interest on capital 100
Transfer from capital to loan 500
Allotted shares to creditors 100
Ø :
Journalise the following transactions:
|
2017
Jan. 1
Jan. 3
Jan. 5
Jan. 9
Jan. 11
Jan. 15
Jan. 18
Jan. 22
Jan. 22
Jan. 30
Jan. 30
|
Started
business with cash
Paid into
Bank
Sold
goods to mohan
Goods
returned by mohan
Goods
purchased from Shyam
Goods
returned to shyam
Bought
furniture for office use by cheque
Purchased
goods for cash
Paid
cartage
Paid
interest on loan
Sold goods for Rs. 80,000 to Diwan for cash
and charged 8% sales tax.
|
Rs.
50,000
40,000
22,000
2,000
31,500
1,500
9,000
1,000
50
500
|
Ø
What is meant by the term cash book? How is it prepare?
Ø
Explain different types of cash book?
Ø
Give meaning of purchase book & sales book. Why
are they prepared?
Ø Prepare cash book from the following
information:
|
2006
|
|
|
|
March 1
March 1
March 3
March 4
March 6
March 7
March 9
March 10
March 12
March 14
March 16
March 18
March 25
March 27
March 28
March 29
March 31
|
Cash in hand
Cash at bank
Cheque received from
Naresh
Discount allowed
Cheque received from Naresh
was deposited into bank
Naresh’s cheque
dishonoured
Cheque paid to Ram
Discount received
Cash withdrawn from bank
for office use
Withdrawn from bank for
paying income tax
Cheque received from
Harish and endorsed it to Shivam on 13th March
Given a cheque to Amber for cash purchase of
furniture for office use
Cash purchase of Rs.
1,500 less 10% trade discount
Cheque received for sales
of Rs. 10,000 less 10% trade discount cheque was immediately deposited into
bank
Paid commission by cheque
Paid rent
Received bank interest
Paid bank charges
Paid into bank the entire
balance after retaining Rs. 500 at office.
|
5000
6000
3000
100
4000
200
2000
2500
4000
3000
2000
3000
1000
500
|
Ø
Prepare purchase return book from the following transactions:
2011
March 4 Returned to Roy & Co. Kolkata:
(Debit Note No.225)
2 Collapsible Chairs @ Rs. 200 each.
March 8 Returned to Mohan Furniture Ludhiana
(Debit Note No. 245)
4 Chairs @ Rs. 150 each
Less: 10% Trade Discount
March 15 Returned to Rao Ltd. Mumbai (Debit Note
No.315)
1 Steel Almirah of Rs. 4000.
Ø
Prepare Sales Return Book of Mohan Lal & Sons. Dehradun from the
following transactions:
2010
April 4 Goods returned by Rama & co.
(Credit Note No. 121)
10 shirts @ 200 each
Less : Trade Discount 10%
April 11 Allowance allowed to Goel Agencies on
account of mistake in invoice No. 1203 for Rs. 600 (Credit Note No. 122)
April 18 Rohit & Co. returned goods being
defective for Rs. 3,200 (Credit Note No. 123)
Ø Causes
of Differences in Bank Balance as per Cash Book and Pass Book.
Ø
What is meant by the term BRS? Explain.
Ø Importance
of Bank Reconciliation Statement.
Ø Prepare
Bank Reconciliation Statement from the following information:
1)
Overdraft as per Cash Book is Rs. 10,000 on 30th
June 2011.
(2)
Cheques deposited but not yet collected Rs. 3,000.
(3)
Chequs issued but not yet presented for payment of Rs. 3,000
(4)
Bank charges of Rs. 50 and Interest on overdraft of Rs. 250 are charged
by the bank.
(5)
A customer directly deposited Rs. 1,200 into the Bank.
(6)
Insurance Premium of Rs. 1,500 is paid by the bank as per
standing instructions.
Prepare Bank
Reconciliation Statement for the month of June 2011.
Ø What is meant by the term Depreciation?
Ø Explain methods of calculating depreciation
Ø Difference between straight line method and written down value method.
Ø
Soham purchased a machinery for Rs. 1,00,000
on 1st July, 2009. Another machine was purchased for Rs. 50,000 on 1st
January, 2011. Depreciation is charged at 10% p.a. by straight line method.
Accounts are closed on 31st December each year. Pass the necessary
Journal entries, show machinery A/c and Depreciation A/c for the year 2009,
2010, 2011.
(a)
When Provision for depreciation a/c is not maintained.
(b)
When
Provision for depreciation a/c is maintained.
Ø On 1st April, 2008, Jasmeet Ltd. purchased a machine for
Rs. 12,00,000. On 1st October, 2010, a part of machine purchased on
1st April, 2008 for Rs. 80,000 was sold for Rs. 45,000 and a new
machine was purchased for Rs. 1,58,000 on the same date. Company provides
depreciation @10% p.a. on written down value method. Prepare necessary ledger
accounts.
Ø Definition
of a bill of exchange.
Ø Advantages
of bill of exchange.
Ø
Justin sold good to Deeksha
on April 1, 2013 for Rs. 10,000 on credit and drew upon him a bill for
the same amount payable after 3 months. Deeksha accepted the bill and returned
into to Justin. On the due date bill was dishonoured.
Ø
Pass Journal entries in the books of Justin and Deeksha if
Case
I : Bill is retained by Justin till the date of maturity.,
Ø
Case
II : Bill is discounted by Justin from his
bank on 4th April, 2013 @ 6% per
annum.
Case
III : Bill is endorsed in favour of Khushi
on April, 4th, 2013.
Ø
Case IV : Bill
is sent to bank for collection on July 1, 2013.
Ø A sold goods to to B on May 1st, 2013 for ` 30,00 on
credit and drew upon him a bill for the same amount payable after 2 months. B
accepted the bill and returned it to A. On date of maturity, B fails to make
payment of bill. Noting charges amounted to ` 10.
Ø
Pan Journal Entries
in the books of A and B if.
Ø
|
Case
|
1 :
|
A retains the bill till the date of
maturity and also paid the noting charges.
|
|
Case
|
2 :
|
A discounts the bill from his bank on 4th
June @ 12% per annum. Noting
|
|
Charges has been paid by
bank.
|
||
|
Case
|
3 :
|
A endorses the bill n favour of C on June
1. C paid the noting charges.
|
|
Case
|
4 :
|
A sents the bill to his bank for collection
on July 1. Bank paid the noting
|
Charges.
Rs.
1.
Arjun started business with cash 50000
2.
Bought furniture 500
3.
Purchase goods on credit 4000
4.
Sold goods on cash costing Rs. 500 700
5.
Received rent 200
6.
Purchase goods for cash 1000
7.
Withdrew for personal use 700
8.
Paid to creditors 400
9.
Paid salaries 200
From
the following information prepare the Purchase Book of Moon Light House
Gurgaon.
2007
April
1 Purchased goods from Rajan
Electric Co. Pushp Vihar, Delhi (Invoice No.605)
16 Dozen bulbs @ Rs 90
per bulb
30 Water heaters @ 144
per heater
Less 10% of Trade
Discount.
April
12 Purchased from M/s
Sudharshan, Bombay Office Furniture worth Rs. 20,000.
April
18 Purchased goods from Surya
Electric House, Delhi (Invoice No. 2301)
10 Geyzers @ Rs. 5,000
each
04 Table fans @ Rs.
1,500 each
40 Electric Iron @ 220
each
Trade Discount 20%.
Sales Tax 8%.
April
20 Purchased from Aman Lights,
Surya Nagar GZB for cash (Invoice No. 640).
30 Dozen bulbs @ Rs. 70
each.
04 Ceiling fans @ 1,200
each.
April
27 Purchased goods from Radhey
Shyam Ltd. Delhi (Invoice No. 720)
30 Heaters @ Rs. 125
each.
70 Table fans @ Rs. 500
each
10
Ovens @ Rs. 1,855 
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