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11th Accountancy Model Quarterly Question Paper

Published on: 03/09/2018

PER - QUARTERLY EXAMINATION - 2018.

Download Tamil Nadu 11th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

Questions + Answers key

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Std: 11th Standard - Accountancy

chapter: - Model Question paper

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Questions:

Multiple Choice Question

20 x 1 = 20

ASB was constituted in India in the year of __________.

(a)

1977

(b)

1978

(c)

1979

(d)

1976

On 1^st January, 2018, Kumar draws a bill on Ramar for 3 months, its due date is _________

(a)

4^th April, 2018

(b)

1^st April, 2018

(c)

31^st March, 2018

(d)

1^st March, 2018

The famous book "Arthasastra" was written by ___________

(a)

Kautilya

(b)

Chandrakupta

(c)

Luco Pacioli

(d)

Batlibai

Balance as per bank statement is Rs. 1,000. Cheque deposited, but not yet credited by the bank is Rs. 2,000. What is the balance as per bank column of the cash book?

(a)

Rs. 3,000 overdraft

(b)

Rs. 3,000 favourable

(c)

Rs. 1,000 overdraft

(d)

Rs. 1,000 favourable

Received cash for Bad debts written off last year is credited to ____

(a)

Bad debts A/c

(b)

Bad debts recovered A/c

(c)

Cash A/c

(d)

Debtors A/c

Goodwill is an example of ________

(a)

tangible real A/c

(b)

intangible real A/c

(c)

nominal A/c

(d)

none of these

On Jan 1^st2015, 1,000 given to petty cashier. He has spent Rs. 860 during the month of January. On Feb 1^st to make the imprest he will receive the cheque for ________

(a)

1,000

(b)

860

(c)

1,860

(d)

960

The year of Negotiable Instrument Act is _____

(a)

1981

(b)

1881

(c)

1851

(d)

1956

Days of grace are _____ in number.

(a)

three

(b)

four

(c)

five

(d)

nine

10.

In double entry system of book keeping, every business transaction affects

(a)

Minimum of two accounts

(b)

Same account on two different dates

(c)

Two sides of the same account

(d)

Minimum three accounts

11.

A firm has assets of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be

(a)

Rs.1,60,000

(b)

Rs.60,000

(c)

Rs.1,00,000

(d)

Rs.40,000

12.

If the debit and credit aspects of a transaction are recorded in the cash book, it is ______.

(a)

Contra entry

(b)

Compound entry

(c)

Single entry

(d)

Simple entry

13.

Trial balance is a_____

(a)

Statement

(b)

Account

(c)

Ledger

(d)

Journal

14.

Entry in which more than one transactions are recorded is called _______________

(a)

compound entry

(b)

single entry

(c)

double entry

(d)

journal entry

15.

Real accounts always show _________________

(a)

debit balances

(b)

credit balances

(c)

both 'a' and 'b'

(d)

none of these

16.

All the business transactions are recorded in the book of _______________

(a)

accounts

(b)

book keeping

(c)

transactions

(d)

none of these

17.

___________ involves recording business transactions of financial nature in the books of accounts.

(a)

Balance Sheet

(b)

Trial balance

(c)

book keeping

(d)

All the above

18.

Accounting is not a modern concept and it is as old as _____________

(a)

money

(b)

goods

(c)

services

(d)

all of these

19.

The profounder of double entry system of book-keeping is ___________

(a)

J. R. Batlibai

(b)

Luca Pacioli

(c)

Old Kesal

(d)

Menhar

20.

The root of financial accounting system is ______.

(a)

Social accounting

(b)

Stewardship accounting

(c)

Management accounting

(d)

Responsibility accounting

Generic 2

10 x 2 = 20

21.

Does every businessman need accounting knowledge?

22.

Complete the missing items.

	Assets Rs=	Liabilities Rs+	Capital Rs
(a)	30,000	20,000	?
(b)	60,000	25,000	?
(c)	?	25,000	30,000
(d)	?	10,000	80,000
(e)	25,000	?	15,000
(f)	40,000	?	30,000

23.

Define Trial balance.

24.

Write the transaction for following Journal entries.
a) Purchases A/c Dr.
To Bank
b) Drawings A/c Dr.
To Purchases A/c

25.

The firm of M/s. Long and Short has the following ledger balances on 1^st April 2014.

	Rs
Cash	20,000
Debtors	20,000
Stock	30,000
Creditors	16,000
Building	60,000
Capital	?

Pass the opening journal entry and find the capital?

26.

What is days of grace?

27.

What is cash discount?

28.

Define bill of exchange.

29.

Mention four types of subsidiary books.

30.

Define accounting.

Generic 5

15 x 5 = 75

31.

Journalise the following transactions of Mrs. Radha

2017 Jan		Rs
1	Mrs. Radha commenced Business with cash	30,000
2	Paid into bank	21,000
3	Purchased goods by cheque	15,000
7	Drew cash from bank for office use	3,000
15	Purchased goods from Siva	15,000
20	Cash sales	30,000
25	Paid to Siva	14,750
	Discount Received	250
31	Paid rent	500
	Paid Salaries	2,000

32.

Prepare accounting equation and balance, sheet on the basis of the following.

		Rs.
(i)	Pallavan started business with cash	60,000
(ii)	He purchased furniture	10,000
(iii)	He paid rent	2,000
(iv)	He purchased goodson credit from Mr.Mahendran	30,000
(v)	He sold goods (cost price f 20,000) for cash	25,000

33.

Enter the following transactions in a petty cash book of Mr. Murugan maintained on imprest system with analytical columns.

		Particulars	Rs
2018 Mar	15	Cash in hand	143
		Received from the chief cashier	607
	16	Bought stamps	25
	17	Paid cartage	40
	18	Tea and lunch expenses to customers	74
	19	Telegram sent	23
	20	Paid taxi hire	150
	21	Purchased envelopes	22
	22	Paid for repairs of typewriter	65
	23	Purchased one bottle of ink	12
	27	Paid Railway fare to manager	187
	31	Paid to coolie	20

34.

Prepare three column cash book of Mr. Raghavan from the following transactions and balance the cash book on 30^th June 2017.

	Particulars
2017 June 1	Cash in hand Rs. 50,000
	Bank overdraft Rs. 15,000
3	Paid into Bank Rs. 25,000.
5	Parthiban settled his account for Rs. 3,750, by giving a cheque for Rs. 3,690
8	Parthiban's cheque sent to bank for collection
10	Cash withdrawn from bank Rs. 8,000
14	Parthiban's cheque returned dishoIioured
15	Received from Ramesh a Currency note for Rs. 5,000 and gave him a Change for its.
18	Paid Rent Rs. 500
20	Bank Charges as per Pass book Rs. 150.
30	Deposited into bank all Cash in Excess of Rs. 5,000.

35.

Prepare a bank reconciliation statement of Mr. Gowtham from the following data as on 31.12.2017.
a) Balance as per cash book Rs. 12,500
b) Cheques issued but not presented for payment Rs. 900
c) Cheques deposited in bank but not collected Rs.1,200
d) Bank paid Insurance premium Rs. 500
e) Direct deposit by a customer Rs. 800
f) Interest on investment collected by bank Rs. 200
g) Bank charges Rs. 100

36.

From the following particulars of Raheem traders, prepare a bank reconciliation statement as on 31^st March, 2018.
(a) Overdraft as per cash book Rs. 2,500 On the same day the balance as per bank statement is Rs. 1,99,000.
(b) Interest on debentures of Rs. 700 was received by the bank directly.
(c) Amount received by bank through RTGS amounting to 2,00,000, omitted in the cash book.
(d) Two cheques issued for Rs. 1,800 and Rs.2,000 on 29^th March 2018. Only the second cheque is presented for payment.
(e) Insurance premium on car for Rs. 1,000 paid by the bank as per standing instruction not recorded in the cash book.

37.

Journalise the following transactions and post them to ledger in the books of Raja.

2018 Mar		Rs.
1	Sold goods to Senthil for cash	9,000
5	Sold goods to Murali on credit	4,500
9	Cash sales	6,000
18	Bought goods from Mani on credit	3,200
23	Received Rs.4,000 from Murali in full settlement of his account

38.

Mary runs a textile store. She has prepared the following trial balance from her ledger balances. Her trial balance does not tally. She needs your help to check whether what she has done is correct.

S.No.	Name of the account	Debit Balance Rs	Credit Balance Rs
1.	Capital	50,000
2.	Discount received		3,000
3.	Rent paid		15,000
4.	Salaries Paid	1,000
5.	Purchases of textiles		20,000
6.	Sale of textiles		30,000
7.	Salesmen commission paid		9,000
8.	Transport charges paid	6,000
9.	Cash balance	32,000
		89,000	77,000

39.

Record the following transactions in the sales book and sales returns book of M/s. Ponni & Co., and post them to ledger.

2017 Aug 1	Sold goods to Senthil as per Invoice No. 68 for Rs. 20,500 on credit
Aug 4	Sold goods to Madhavan as per Invoice No. 74 for Rs. 12,800 on credit
Aug 7	Sold goods to Kanagasabai as per Invoice No. 78 for Rs. 7,500 on credit
Aug 15	Returns inward by Senthil as per Credit Note no. 7 for Rs. 1,500 for which cash is not paid
Aug 20	Sold goods to Selvam for Rs. 13,300 for cash
Aug 25	Sales returns of Rs. 1,800 by Madhavan as per Credit Note No. 11 for which cash is not paid

40.

From the following information, prepare purchase day book and purchases returns book for the month of June 2017 and post them into ledger accounts in the books of Robert Furniture Mart.
2017 June 1 Purchased from Balu Traders 20 chairs @ Rs. 150 each on credit June 13 Bought from Sub ash @ Co., on credit 2 Almirah @ Rs. 3,100 each 10 tables @ Rs. 1,500 each 15 chairs @ Rs. 200 each Less: 10 % Trade discount on all items Add: Freight charges Rs. 220 June 21 Returned 2 damaged chairs to Balu Traders and cash not received June 24 Purchased from Sunrise Furniture Mart on credit 25 Almirahs @ Rs. 1,300 each June 27 Purchased from Mouli Traders on credit 10 executive tables @ Rs. 3,275 each June 29 Returned 3 Almirahs to Sunrise Furniture Mart and cash not received

41.

Mary is a rice dealer having business for more than 5 years. Pass journal entries in her books for the period of March, 2018.

March		Rs
1	Cement bags bought on credit from Sibi	20,000
2	Electricity charges paid through net banking	500
3	Returned goods bought from Sibi	5000
4	Cement bags taken for personal use	1,000
5	Advertisement expenses paid	2,000
6	Goods sold to Mano	20,000
7	Goods returned by Mano	5,000
8	Payment received from Mano through NEFT

42.

Prepare the trial balance from the following balances of Karthik as on 31^st March, 2017.

	Rs		Rs
Rent and Taxes	5,000	Rent	6,000
Discount allowed	350	General expenses	3,000
Capital	10,000	Legal expenses	2,000
Insurance premium	4,000	Purchases	40,000
Drawings	5,000	Sales	55,350

43.

Prepare accounting equation for the following transactions.
(a) Murugan commenced business with cash Rs.80,000
(b) Purchased goods for cash Rs.30,000
(c) Paid salaries by cash Rs.5,000
(d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
(e) Introduced additional capital of Rs.10,000

44.

Show the direct ledger postings for the following transactions:

2016 July
1	Shankar commenced business with a cash Rs. 1,00,000
5	Sold goods for cash Rs. 10,000
9	Wages paid Rs. 6,000
19	Salaries paid Rs. 8000
20	Advertisement expenses paid Rs. 4,000

45.

Discuss in detail the importance of accounting

Generic 3

9 x 3 = 27

46.

Fill in the missing information in the following journal entries:

Particluar	Debit Rs	Credit Rs
..........A/c Dr	..........
To ........... A/c		.............
(Goods purchases for cash Rs.20,000)
..................A/c Dr	...........
.................A/c Dr	...........
To Niha A/c
(Received Rs 18,800 from in full settlement of the due Rs 19,000)

47.

From the following information, prepare bank reconciliation statement to find out balance as per bank statement on 31^st March 2017.

	Particulars	Rs
(i)	Cheques deposited but not yet collected by the bank	500
(ii)	Cheque issued but not yet presented for payment	1,000
(iii)	Bank interest charged	100
(iv)	Rent paid by bank as per standing instruction	200
(v)	Cash book balance	300

48.

Prepare cash account from the following transactions for the month of January 2018. (Direct Ledger Posting)

Jan 1	Commenced business with cash Rs. 62,000
3	Goods purchased for cash Rs. 12,000
10	Goods sold for cash Rs. 10,000
12	Wages paid Rs. 4,000
25	Furniture purchased for cash Rs. 6,000

49.

Prepare a double column cash book from the following transactions of Mr. Gopalan.

	Particulars	Rs.
2017 July 1	Cash in hand	4,000
6	Cash purchases	2,000
10	Wages paid	40
11	Cash Sales	6,000
12	Cash received from Suresh and allowed him discount	1,980
19	Cash paid to Meena and discount received	20
27	Cash paid to Radha	2,470
28	Purchased goods for cash	2,070

50.

Point out the nature of the following Accounts.
a) Capital A/c;
b) Drawings A/c;
c) Machinery A/c;
d) Purchases A/c;
e) Wages A/c;
f) Bank A/c;
g) Outstanding rent A/c
h) Prepaid insurance A/c;
i) Bad debts A/c

51.

What are the difference between Cash Discount and Trade Discount?

52.

The following balances extracted from the books of Mr. Murali, as on 30.03.2016. Prepare trial balance.

	Rs		Rs
Sales	35,000	Audit Fees	1,000
Interest paid	350	Octroi duty	8,000
Returns inward	2,500	Land	90,000
Depreciation	2,400	Capital	60,000
Office rent	2,000	Bank overdraft	11,250

53.

Distinguish between journal and ledger.

54.

"Only monetary transactions are recorded in accounting". Explain the statement.

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Answers Key:

Multiple Choice Question

20 x 1 = 20

(a)
1977

(a)
4^th April, 2018

(a)
Kautilya

(b)
Rs. 3,000 favourable

(b)
Bad debts recovered A/c

(b)
intangible real A/c

(b)
860

(b)
1881

(a)
three

10.

(a)
Minimum of two accounts

11.

(d)
Rs.40,000

12.

(a)
Contra entry

13.

(a)
Statement

14.

(a)
compound entry

15.

(a)
debit balances

16.

(a)
accounts

17.

18.

(a)
money

19.

(b)
Luca Pacioli

20.

(b)
Stewardship accounting

Generic 2

10 x 2 = 20

21.

No, Every business man does not need accounting knowledge. The business man is called sole trader. If he has little accounting knowledge, is enough, but he should have business skill.

22.

	Assets Rs=	Liabilities Rs+	Capital Rs
(a)	30,000	20,000	10,000
(b)	60,000	25,000	35,000
(c)	55,000	25,000	30,000
(d)	90,000	10,000	80,000
(e)	25,000	10,000	15,000
(f)	40,000	10,000	30,000

23.

According to J.R. Batliboi "A trial balance is a statement, prepared with the debit and credit balances of the ledger accounts to test the arithmetical accuracy of the books".

24.

a) Purchased goods by cheque
b) Goods taken for personal use.

25.

Journal Entries
Date	Particulars		Debit Rs	Credit Rs
2014 April 1	Cash A/c	Dr	20,000
	Stock A/c	Dr	30,000
	Building A/c	Dr	60,000
	Debtors A/c	Dr	20,000
	To Creditors A/c			16,000
	To Capital A/c			1,14,000
	(Opening balance of assets and liabilities brought forward)

26.

In the calculation of the due date three extra days are added to the specified period of the bills called 'Days of grace".

27.

(i) Cash discount is allowed to the parties making prompt or immediate payment. It is discount allowed (loss) for the creditor and discount received (gain) for the debtor who makes payment
(ii) The discount is allowed when payment is received or made and hence the entry for discount is also passed with the entry of payment.

28.

According to the Negotiable Instruments Act, 1881, "Bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument".

29.

(i) Subsidiary books for entering cash transactions - Cash book.
(ii) Subsidiary books for entering non-cash transactions:
(a) Purchases book
(b) Sales book
(c) Purchase returns or returns outward book
(d) Sales returns' or returns inward book

30.

American Accounting Association has defined accounting as "the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information".

Generic 5

15 x 5 = 75

31.

Date	Particulars		Debit	Credit
2017 Jan 1	Cash A/c	Dr	30000
	To Capital A/c			30000
	(Being the amount invested in the business)
2	Bank A/c	Dr	21000
	To Cash A/c			21000
	(Being cash paid into bank)
3	Purchases A/c	Dr	15000
	To Bank A/c			15000
	(Being credit purchases from Mohan)
7	Cash A/c	Dr	3000
	To Bank A/c			3000
	(Being cash paid into bank)
10	Purchases A/c	Dr	15000
	To Siva A/c			15000
	(Being credit purchases from Siva)
20	Cash A/c		30000
	To SA/cs A/c	Dr		30000
	(Being cash sales)
25	Siva A/c	Dr	15000
	To Cash A/c			14750
	To Discount received A/c			250
	(Being Cash paid and discount availed)
31	Rent A/c	Dr	500
	To Cash A/c			500
	(Being rent paid)
31	Salaries A/c	Dr	2000
	To Cash			2000
	(Being Salaries paid)

32.

Accounting Equation

Sl.No	Assets		=	Capital	+	Liabilities
1.	Cash 60,000	+ Stock + Furnture + 0 + 0	= =	Capital 60,000	+ +	Creditors 0
2.	60,000 (-)10,00	+ 0 + 0 + 0 + 10,000		60,000 60,000	+ +	0 0
3.	50,000 (-)2,000	+ 0 + 10,000 + 0 + 0	= =	60,000 (-)2,000	+ +	0 0
4.	48,000 0	+ 0 + 10,000 + 30,000 + 10,000	= =	58,0000 58,000	+ +	0 30,000
5.	58,000 +25000	+ 30,000 + 10,000 (-) 20,000 + 0	= =	58,0000 +5,000	+ +	30,000 0
	73,000	+ 10,000 + 10,000	=	63,000	+	30,000
Equation = Assets Rs. 93,000 = Capital Rs. 63,000 + Liabilities Rs. 30,000

33.

Analytical Petty Cash Book
Dr. Analysis of Payments Cr.
Receipts	C.B.F.N.	Date	Particulars	V.N.	Total Payment	Postage and	Carriage	Printing & Stationary	Repairs	Sundries	L.F.	Personal Accounts
Rs	C.B.F.N.	Date	Particulars	V.N.	Rs	Rs	Rs	Rs		Rs	L.F.	Rs
		2018 Mar
143		15	To Balance b/d
607		15	To Cash
		16	By Stamps		25	25
		17	By Cartage		40		40
		18	By Tea and Lunch		74					74
		19	By Telegram		23	23
		20	By Taxi hire		150			150
		21	By Envelops		22				22
		22	By Repairs		65					65
		23	By Ink		12				12
		27	By Railway fare		187			187
		31	By coolie		20		20
					618	48	60	337	34	65	74
		31	By Balance c/d		132
750					750
		Apr
132		1	To Balance b/d
618		1	To Cash

34.

Dr. In the Books of Mr. Raghavan Cash Book (Three columns) Cr.
Date	Receipts	R.N.	L.F.	Amount			Date	Payments	V.N.	L.F.	Amount
Date	Receipts	R.N.	L.F.	Discount allowed Rs.	Cash Rs.	Bank Rs.	Date	Payments	V.N.	L.F.	Discount reveived Rs.	Cash Rs.	Bank Rs.
2017 June							2017 June
1	To Balance b/d				50,000		1	By Balance b/d					15,000
3	To Cash A/c		'C'			25,000	3	By Bank A/c		'C'		25,000
5	To Parthiban's A/c			60	3,690		8	By Bank A/c		'C'		3,690
8	To Cash A/c		'C'			3,690	10	By Cash A/c		'C'			8,000
10	To Bank A/c		'C'		8,000		14	By Parthiban's A/c					3,690
30	To Cash A/c		'C'			27,500	18	By Rent A/c				500
							20	By Bank charges A/c					150
							30	By Bank A/c		'C'		27,500
							30	By Balance c/d				5,000	29,350
				60	61,690	56,190						61,690	56,190
July 1	To Balance b/d				5,000	29,350

35.

**In the books of Mr. Gowtham Bank Reconciliation Statement as on 31.12.2017**
Particulars	Amount Rs	Amount Rs
Balance as per Cashbook Add: Cheque issued but not presented for payment Direct deposit by a customer Interest on investment collected by bank Less: Cheques deposited in bank but not collected Insurance premium paid by the banker Bank charges charged by the bank	900 800 200	12,500 19,000
	1,200 500 100	14,400 1,800
Balance as per bank statement		12,600

36.

Bank Reconciliation Statement as on 31st March 2018
Particulars	Amount Rs	Amount Rs
Overdraft as per cash book		2,500
Add: Amount received by bank	2,00,000
Insurance premium paid	1,000	2,01,000
		2,03,500
Less: Cheque issued but not presented	2,000
Interest on debentures of cash book	700
Cheque issued	1,800	4,500
Balance as per bank statement		1,99,000

37.

Journal Entries
Date	Particulars	Debit Rs	Credit Rs
2018 Mar. 1	Cash A/c Dr. To sales A/c (Cash Sales)	9,000	9,000
5	Murali A/c Dr. To Sales A/c (Credit sales)	4,500	4,500
9	Cash A/c Dr. To Sales A/c (Cash Sales)	6,000	6,000
18	Purchases A/c Dr. To Mani A/c (Credit purchases)	3,200	3,200
23	Cash A/c Dr. Discount allowed A/c Dr. To Murali A/c	4,000 500	4,500

Dr. Ledger Account Cash Account Cr.
Date	Particulars	Amount Rs	Date	Particulars	Amount Rs
2018 Mar. 1	To Sales A/c	9,000	2018 Mar. 31	By Balance c/d	19,000
9	To sales A/c	6,000
23	To Murali A/c	4,000
		19,000			19,000
2018 Apr. 1	To Balance b/d	19,000

Dr. Sales Account Cr.
Date	Particulars	Amount Rs	Date	Particulars	Amount Rs
2018 Mar. 31	To Balance c/d	19,500	2018 Mar. 1	By Cash A/c	9,000
			2018 Mar. 5	By Murali A/c	4,500
			2018 Mar. 9	By Cash A/c	6,000
		19,500			19,500
			2016 Jan. 1	By Balance b/d	19,500

Dr. Murali Account Cr.
Date	Particulars	Amount Rs	Date	Particulars	Amount Rs
2018 Mar. 1	To Sales A/c	4,500	2018 Mar. 23	By Cash A/c	4,000
				By Discount allowed A/c	500
		4,500			4,500

Dr. Purchases Account Cr.
Date	Particulars	Amount Rs	Date	Particulars	Amount Rs
2018 Mar. 18	To Mani A/c	3,200	2018 Mar. 31	By Balance c/d	3,200
		3,200			3,200
2018 Apr. 1	To Balance b/d	3,200

Dr. Mani Account Cr.
Date	Particulars	Amount Rs	Date	Particulars	Amount Rs
2018 Mar. 31	To Balance c/d	3,200	2018 Mar. 18	By Purchases A/c	3,200
		3,200			3,200
			2018 Apr. 1	To Balance b/d	3,200

Dr. Discount Allowed Account Cr.
Date	Particulars	Amount Rs	Date	Particulars	Amount Rs
2018 Mar. 23	To Murali A/c	500	2018 Mar. 31	By Balance c/d	500
		500			500
2018 Apr. 1	To Balance b/d	500

38.

Correct Trial Balance
S.No.	Name of account	Debit Balance Rs	Credit Balance Rs
1.	Capital		50,000
2.	Discount received		3,000
3.	Rent paid	15,000
4.	Salaries paid	1,000
5.	Purchases of textiles	20,000
6.	Sale of textiles		30,000
7.	Salesmen commission paid	9,000
8.	Transport charges paid	6,000
9.	Cash balance	32,000
	Total	83,000	83,000

39.

In the Books of M/s. Ponni & Co., Sales Book
Date	Particulars	Outward Invoice No.	L.F.	Amount
Date	Particulars	Outward Invoice No.	L.F.	Details (Rs)	Total (Rs)
2017 Aug 1	Senthil	68			20,500
Aug 4	Madhavan	74			12,800
Aug 7	Kanagasabai	78			7,500
	Sales A/cCr.				40,800

Dr. Ledger Account Sales Account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
				2017 Aug 31	By Sundries as per Sales Book		40,800

Dr. Senthil Account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 Aug 1	To Sales A/c		20,500

Dr. Madhavan Account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 Aug 4	To Sales A/c		12,800

Dr. Kanagasabai Account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 Aug 7	To Sales A/c		7,500

Sales Return Book
Date	Particulars	Credit Note No.	L.F.	Amount		Remarks
Date	Particulars	Credit Note No.	L.F.	Details (Rs)	Total (Rs)	Remarks
2017 Aug 15 Aug 25	Senthil Madhavan	7 11			1,500 1,800
	Sales return A/c Dr.				3,300

Dr. Ledger Account Sales return account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 Aug 31	To Sundries as per Sales return Book		3,300

Dr. Senthil Account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
				2017 Aug 31	By Sales Return A/c		1,500

Dr. Madhavan Account Cr.
Date	Particulars	J.F	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
				2017 Aug 25	By Sales return A/c		1,800

40.

Date Particulars Inward Invoice No. L.F Amount Details (Rs) Total (Rs) 2017 June 1 Balu Traders
20 Chairs @ Rs. 150 3,000 June 13 Sub ash & Co.,
2 Almirah @ Rs. 3,100 each
10 tables @ Rs. 1,500 each
15 chairs @ Rs. 200 each 6,200
15,000
3,000 24,200 Less : Trade discount 10% 2,420 21,780 Add : Freight Charges 220 22,000 June 24 Sunrise Furniture Mart
25 Almirahs @ Rs. 1,300 each 32,500 June 27 Mouli Traders 10 tables @ Rs. 3,275 each 32,750 Purchases A/c Dr 90,250 Dr. Ledger Accounts Purchases Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 30 To Sundries as per Purchases Book 90,250 Dr. Balu Traders Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 1 By Purchases A/c 3,000 Dr. Subash & Co.Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 13 By Purchases A/c 22,000 Dr. Sunrise Furniture Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 24 By Purchases A/c 32,500 Dr. Mouli Traders Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 1 By Purchases A/c 32,750 Purchases return book Date Particulars Inward Invoice No. L.F Amount Remarks Detail (Rs) Total (Rs) 2017 June 21 Balu Traders
2 Chairs @ Rs. 150 each 300 Damaged in transit June 29 Sunrise Furniture Mart
3 Almirahs @ Rs. 1,300 each 3,900 Damaged in transit Purchases returnsA/c Cr. 4,200 Dr. Ledger Account Purchases Return Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 30 By Sundries as per purchases return book 4,200 Dr. Balu Traders Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 21 To Purchases Return A/c 300 Dr. Mouli Traders Account Cr. Date Particulars J.F. Amount Rs. Date Particulars J.F. Amount Rs. 2017 June 29 To Purchases Return A/c 3,900

41.

In the books of Mary Journal Entries
Date	Particulars		Debit Rs	Credit Rs
2018 March 1	Cement bags A/c	Dr	20,000
	To Sibi A/c			20,000
	(Cement bags bought on credit)
2	Electricity charges A/c	Dr	500
	To Bank A/c			500
	(Electricity charged paid by net banking)
3	Sibi A/c	Dr	5,000
	To Purchases return A/c			5,000
	(Goods returned to Sibi)
4	Drawings A/c	Dr	1,000
	To Purchases A/c			1,000
	(Being goods taken for personal use)
5	Advertisements expenses A/c	Dr	2,000
	To Cash A/c			2,000
	(Advertisement expenses paid)
6	Mano A/c	Dr	20,000
	To Sales A/c			20,000
	(Credit sales)
7	Sales return A/c	Dr	5,000
	To Mono A/c			5,000
	(Goods returned to Mano)
8	Bank A/c	Dr	15,000
	To Mano A/c			15,000
	(Payment received from Mano through NEFT)

42.

In the books of Karthik Trial Balance as on 31.03.2017
S.No	Name of account	Debit balance Rs	Credit balance Rs
1.	Rent and Taxes	5,000
2.	Discount allowed	350
3.	Capital		10,000
4.	Insurance premium	4,000
5.	Drawings	5,000
6.	Rent	6,000
7.	General expenses	3,000
8.	Legal expenses	2,000
9.	Purchases	40,000
10.	Sales		55,350
	Total	65,350	65,350

43.

S.No.	Transaction	Cash Rs.	Stock Rs.	Total Assets Rs.	=	Total Liabilities Rs.	Capital Rs.
a)	Started business with cash	+80,000					+80,000
	Balance	+80,000					+80,000
	Equation			+80,000	=	+80,000
b)	Cash purchases	-30,000	+30,000
	Balance	+50,000	+30,000				+80,000
	Equation			+80,000	=	+80,000
c)	Paid salaries by cash	-5,000					-5,000
	Balance	+45,000	+30,000				+75,000
	Equation			+75,000	=	+75,000
d)	Deposited money in CDM	-5,000	+5,000
	Balance	+40,000	+35,000				+75,000
	Equation			+75,000	=	+75,000
e)	Introduced additional capital	+10,000					+10,000
	Balance	+50,000	+35,000				+85,000
	Equation			+85,000	=	+85,000

44.

Dr Ledger Account Cash Account Cr

Date	Particulars	J.F.	Amount Rs.	Date	Particulars	Amount Rs.
2017 July 1	To Sankar Capital A/c		1,00,000	2017 July 9	By Wages A/c	6,000
5	To Sales A/c		10,000	19	By Salaries A/c	8,000
				20	By Advertisement A/c	4,000
				31	By Balance c/d	92,000
			1,10,000			1,10,000
2017 Aug. 1	To Balance b/d	92,000

Dr Shankar Capital Account Cr

Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2017 July 31	To Balance c/d	1,00,000	2017 July 1	By Cash A/c	1,00,000
		1,00,000			1,00,000
			2017 Aug. 1	By Balance b/d	1,00,000

Dr Sales Account Cr

Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2017 July 31	To Balance c/d	10,000	2017 July 05	By Cash A/c	10,000
		10,000			10,000
			2017 Aug. 1	By Balance b/d	10,000

Dr Wages Account Cr

Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2017 July 9	To Cash A/c	6,000	2017 July 31	By Balance c/d	6,000
		6,000			6,000
2017 Aug. 1	To Balance b/d	6,000

Dr Salaries Account Cr

Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2017 July 19	To Cash A/c	8,000	2017 July 31	By Balance c/d	8,000
		8,000			8,000
2017 Aug. 1	To Balance b/d	8,000

Dr Advertisement Account Cr

Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2017 July 20	To Cash A/c	4,000	2017 July 31	By Balance c/d	4,000
		4,000			4,000
2017 Aug. 1	To Balance b/d	4,000

45.

Importance of accounting is enumerated as below :
(i) Systematic records :
1. All the business transactions are recorded in the books of accounts.
2. Any event or happening which has financial effects is included in the accounting records.
(ii) Preparation of financial statements :
Results of business operations and the financial position of the concern are provided by accounting periodically through the preparation of financial statements namely profit and loss account and balance sheet.
(iii) Assessment of progress :
Analysis and interpretation of financial statements can be done to assess the progress made in different areas and it also identify the areas of weaknesses.
(iv) Information to interested groups :
Accounting supplies appropriate information to different interested groups 'like owners, creditors, management, employees, financiers, tax authorities, and government.
(v) Taxation :
Accounting records are the basis source for computation and settlement of sales tax, income tax, and other local taxes.

Generic 3

9 x 3 = 27

46.

Particluar	Debit Rs	Credit Rs
Purchase A/c Dr	20,000
To Cash A/c		20,000
(Goods purchased for cash Rs. 20,000)
Cash Alc Dr	18,800
Discount Alc Dr	200
To Niha		19,000
(Received Rs18,800 from in full settlement of the due Rs 19,000)

47.

Bank reconciliation statement as on 31^st March, 2017
Particulars	Amount Rs.	Amount Rs.
Balance as per cash book		300
Add: Cheque issued but not yet presented for payment		1,000
		1,300
Less: Cheques deposited but not yet collected by the bank	500
Bank interest charged	100
Rent paid by bank as per standing instruction	200	800
Balance as per bank statement		500

48.

**Dr. Cash account Cr.**
Date	Particulars	Rs.	Date	Particulars	Rs.
2018			2018
Jan. 1	To Capital A/c	62,000	Jan 3	By Purchase A/c	12,000
10	To Sales A/c	10,000	12	By Wages A/c	4,000
			25	By Furniture A/c	6,000
			31	By Balanced c/d	50,000
		72,000			72,000

Feb 1	By Balance b/d	50,000

49.

Date	Receipts	Amount		Date	Payments	Amount
Date	Receipts	Discount allowed(Rs.)	Cash(Rs.)	Date	Payments	Discount received(Rs.)	Cash(Rs.)
2017 July 1	To Balance b/d		4,000	2017 July 6	By Purchases A/c		2,000
11	To Sales A/c		6,000	10	By wages A/c		40
12	To Suresh A/c	20	1,980	19	By Meena A/c	30	2,470
				27	By Radha A/c		400
				28	By Purchases A/c		2,070
				31	By balance A/c		5,000
		20	11,980			30	11,980
Aug 1	To Balance b/d		5,000

50.

a) Capital A/c - Personal Account
b) Drawings A/c - Personal Account
c) Machinery A/c - Real Account
d) Purchases A/c - Real Account
e) Wages A/c - Nominal Account
f) Bank A/c - Personal Account
g) Outstanding Rent A/c - Personal Account
h) Prepaid Insurance A/c - Personal Account
i) Bad Debts A/c - Nominal Account

51.

S.No	Basis of Distinction	Trade Discount	Cash Discount
1	Parties	It is a reduction granted by a manufacturer/supplier.	It is a reduction granted by a wholesaler to the Buyer.
2	Purpose	To help the retailer to earn some profit.	To encourage prompt payment within a stipulated period.
3	Time when allowed	It is allowed on the purchase of goods.	It is allowed when payment is made within the specified period
4	Disclosure	It is shown by way of deduction in the invoice itself.	It is not shown in the invoice.
5	Ledger Account	A separate account is not opened in the Ledger.	A separate account. is opened in the Ledger for discount received and discount allowed.

52.

**In the books of** **Mr.** **Murali Trial Balance as on 30.03.2016**
S.No	Name of account	L.F	Debit balance Rs	Credit balance Rs
1	Sales			35,000
2	Interest paid		350
3	Returns inward		2,500
4	Depreciation		2,400
5	Office rent		2,000
6	Audit Fees		1,000
7	Octroi duty		8,000
8	Land		90,000
9	Capital			60,000
10	Bank overdraft			11,250
	Total		1,06,250	1,06,250

53.

S.No.	Basis of Distinction	Journal	Ledger
1.	Book	It is the book of prime entry.	It is the main book of account
2.	Stage	Recording of entries in these books is the first stage	Recording of entries in the ledger is the second stage.
3.	Process	The process of recording entries in the books is called "Journalising".	The process of recording entries in the ledger is called "Posting".
4.	Transactions	Transactions relating to a person or property or expenses are spread over.	Transactions relating to a particular account are found together on a particular stage.
5.	Net effect	The final position of a particular account can not be found.	The final position of a particular account are found together on a particular stage.
6.	Tax authorities	Do not rely upon these books.	Rely on the ledger for assessment purpose.

54.

(i) Only financial transactions are to be recorded because it is due to Money Measurement concept, which states that only those transactions are to be recorded in the books of accounts which consist of cash.
(ii) Hence it is concerned with the Nominal value not the real value.
(iii) For example Mohan purchase television for Rs.12,000. So this, will recorded in journal entry book as it has cash transactions.