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11th Standard Accountancy - Subsidiary Books I Two Marks Questions

Published on: 21/09/2019

Subsidiary Books I

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.

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Std: 11th Standard - Accountancy

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Questions:

Generic 2

10 x 2 = 20

As per the Rough Book, following transactions of M/s. Jain Fashion Wears are given you are required to make out the Sales Book.

2015 Feb 1	Sold to Mis. Om & Sons on Credit as per Invoice No. 182
	72 Kurtas @ Rs. 175 each
	45 Trousers @ Rs. 225 each
	Less: Trade Discount @ 5%
Feb 5	Sold to Deepti & Co. as per Invoice No.282
	50 long shirts @ Rs. 185 each
	65 Jeans @ Rs. 235 each
Feb 18	Sold to M/s. Gupta & Sons for cash as per Invoice No. 173
	20 Ladies Suits @ Rs. 115 each
	30 T-Shirts @ Rs. 405 each
	Less: Trade Discount 5%
Feb 20	Sold 5 Chairs @ Rs. 50 each to Mis. Kapil & Co. as per Invoice No. 381

Give the specimen of Sales Book.

Give the specimen of Purchases Returns Book.

Write notes on Parties involved in bill of exchange.

What is days of grace?

What is an invoice?

What is an opening entry ?

Define bill of exchange.

What is journal proper ?

10.

What is credit note?

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Answers Key:

Generic 2

10 x 2 = 20

**In the Books of M/s. Jain Fashion Wears Sales Book**
Date	Particulars	Outward Invoice No.	L.F.	Amount
Date	Particulars	Outward Invoice No.	L.F.	Details (Rs)	Total (Rs)
2015 Feb 1	M/s. Om & Sons	182
	72 Kurtas @ Rs. 175 each			12,600
	45 Trousers @ Rs. 225 each			10,125
				22,725
	Less : Trade Discount @ 5%			1,136	21,589
Feb 5	M/s. Deepti & Co.	282
	50 Long Shirts @ Rs. 185 each			9,250
	65 Jeans @ Rs. 235 each			15,273	24,525
	Sales A/c Cr.				46,114

Date	Particulars		L.F	Invoice No	Amount Rs
					Details	Total
Date of Sale	Name of the Customers and details of goods sold.		Posting reference		Detailed calculations	Net amount of the Invoice
	Sales A/c	Cr

Date	Particular		L.F.	Debit Note No	Amount (Rs)
					Details	Total
Date of return	Names of persons to whom goods are returned or from whom allowance is claimed and the details of goods returned.		Posting reference		Detailed calculations
	Purchases returns A/c	Dr

There are three parties to a bill of exchange as under:
(i) Drawer: The person who prepares the bill is called the drawer i.e., a creditor
(ii) Drawee: The person who has to make the payment or who accepts to make the payment is called the drawee i.e., a debtor.
(iii) Payee: The person who receives the payment is payee. He may be a third party or the drawer himself.

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

(i) Invoice is a business document or bill or statement giving the details of goods sold as to the quantity, quality, price, total value, etc.
(ii) Thus the invoice is a source document of prime entry both for the buyer and seller. It is purchase invoice or inward invoice for the buyer and sales invoice or outward invoice for a seller

(i) At the end of the accounting year, all nominal accounts are closed but the business has to be carried on with previous year's assets and liabilities.
(ii) Journal entry made in the beginning of the current year with the balances of assets and liabilities of the previous year is opening journal entry.

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".

Journal Proper is a residuary book which contains record of transactions which do not find a place in the subsidiary books such as cash book, purchases book, sales book, purchases returns book, sales returns book, bills receivable book and bills payable book.

10.

(i) A credit note is prepared by the seller and sent to the buyer when goods are returned indicating that the buyer's account is credited in respect of goods returned.
(ii) Credit note is a statement prepared by a trader who receives back from his customer the goods sold.
(iii) It contains details such as the description of goods returned by the buyer, quantity returned and also their value.