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11th Standard CBSE Accountancy - Recording of Transaction - II Four Marks and Six Marks Questions | QB365

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11th Standard CBSE Accountancy - Recording of Transaction - II Four Marks and Six Marks Questions

Published on: 08/10/2019

Recording of Transaction - II

Download CBSE Class 11th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 11th Standard CBSE Accountancy

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Questions:

Generic 4

5 x 4 = 20

In the following Sales Book, determine the missing information:

Sales Book
Date	Particulars	Details (Rs)	Amount (Rs)
2017 April 3	M/s Gupta & Verma: 30 shirts @ rs 1,500 each	...
	20 trousers @ Rs 3,000 each	...
		...
	Less: Trade Discount @ 10%	...	...
April 20	M/s. Mohan Lal & Sons
	50 shirts @ Rs 1,500 each		...
April 23	M/s Rajesh & Sons 100 shirts @ Rs 1,750 each	...
	10 overcoats @ Rs 5,000 each	...
		...
	Less: Trade Discount @ 10%	...
April 30	... ...Cr.		...

Name the books of original entry where the following transactions will be recorded with reasons thereof:
(i) Goods purchased form Geeta Rs 50,000 on credit.
(ii) Purchase of furniture on credit for use in shop.
(ill) Provision for doubtful debts created @ 5% on debtors with book value of Rs 10,000.
(iv) Defective goods sold to Bina on credit worth Rs 7,000 were returned by her.

How will you make posting into ledger from a Simple Cash Book?

Prepare a Cash Book with Cash and Bank Columns from the following transaction:

2017	Particulars	Rs
Jan. 1	Cash in hand Rs 5,000, Bank overdraft Rs 1,000
Jan. 2	Deposited into bank	1,000
Jan. 3	General Expenses paid	600
Jan. 7	Purchased goods from Mudit on credit	2,000
Jan. 10	Drew from bank for personal use	1,200
Jan. 12	Paid to Mudit in full settlement	1,800
Jan. 15	Recovered from Sunny, who owe Rs 3,000	1,500

Enter the following transactions in a two column cash book:
(i) Commenced business with cash Rs 50,000.
(ii) Deposited in bank Rs 40,000.
(iii) Received cash from Mohan Rs 950 in full settlement of a debt of Rs 1,000.
(iv) Bought goods for cash Rs 10,000.

Generic 6

4 x 6 = 24

What is petty cash book? Write the advantages of petty cash book.

Enter the following transactions in a simple Cash Book of. Lata, Delhi ;

2018	Particulras	Rs.
Jan. 01 Jan. 02 Jan. 03 Jan. 03 Jan. 05 Jan. 07 Jan. 10 Jan. 27 Jan. 31	Started Business with Cash Opened a bank account and deposited Purchased goods for cash for Rs 20,000 plus CGST and SGST @ 6% each from Kala Electricals, Delhi Sold goods of Rs 5000 plus IGST @ 12% to Ram of Chandigarh on credit. Received from Ram Paid Rent of Rs 4000 plus CGST and SGST @ 6% each Withdrew cash from bank Purchased furniture in Cash Rs 15000 plus CGST and SGST @ 6% each from a trader of Delhi Paid Salaries	1,00,000 50,000 3000 7000 5,000

Enter the following transaction in Cash Book with bank column :

2013	Particulars	Rs.
Sept. 01 Sept. 01 Sept. 04 Sept. 08 Sept. 13 Sept. 16 Sept. 17 Sept. 20 Sept. 24 Sept. 27 Sept. 30 Sept. 30	Bank balance Cash balance Purchased goods by cheque Sale of goods for cash Purchased machinery by cheque Sold goods and received cheque (deposited on same day) Purchase goods from Mridula in cash Purchase stationery by cheque Cheque given to Rohit Cash withdrawn from bank Rent paid by cheque Paid salary	42,000 15,000 12,000 6,000 5,500 4,500 17,400 1,100 1,500 10,000 2,500 3,500

Enter the following transactions of M/S Rama Prasad in Cash Book:

Date	Particulars
Dec. 1	Cash-in-hand Rs 4000
	Bank overdraft Rs 1000
Dec 3	Received a cheque from Ramlal on account Rs 290 and allowed him discount Rs 40
Dec. 7	Ramlal's cheque deposited in Bank
Dec. 10	Withdrew from bank for office use Rs 800
Dec. 12	Paid bill payable by cheque Rs 600
Dec. 15	Cheque received from Chandulal of Rs 400 and allowed him discount Rs 100
Dec. 20	Issued a cheque for petty cash Rs 100

Generic 3

1 x 3 = 3

10.

What is contra entry in Cash book? How can you deal this entry while preparing double colurnn cash book?

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Answers Key:

Generic 4

5 x 4 = 20

Sales Book
Date	Particulars	Details (Rs)	Amount (Rs)
2017 April 3	M/s Gupta & Verma: 30 shirts @ rs 1,500 each	45,00
	20 trousers @ Rs 3,000 each	60,000
		1,05,000
	Less: Trade Discount @ 10%	10,500	94,500
April 20	M/s. Mohan Lal & Sons
	50 shirts @ Rs 1,500 each		75,000
April 23	M/s Rajesh & Sons 100 shirts @ Rs 1,750 each	1,75,000
	10 overcoats @ Rs 5,000 each	50,000
		2,25,000
	Less: Trade Discount @ 10%	22,500	2,02,500
April 30	Sales A/c ...Cr.		3,72,000

(i) Purchase Book
Reason: Because Goods are purchased on credit
(ii) Journal Proper
Reason: Furniture is purchased on credit
(iii) Journal Proper
Reason: This can not be recorded in subsidiary books.
(iv) Returns Inward/Sales Return Book
Reason: Goods received back due to defect.

Cash Book is a book of original entry, therefore, transactions recorded in Cash Book must be posted into ledger. While posting from simple Cash Book, following points should be kept in mind:
(i) Cash Book is a subsidiary book as well as a principal book. It serves as a Cash Book as well as a Cash account. Therefore, cash account is not prepared in the Ledger.
(ii) Transactions recorded on the Debit side of Cash Book are posted to the credit side of the effected accounts in ledger by writing the words "By Cash Account" in the 'Particulars' column.
(iii) Transactions, recorded on the Credit side of Cash Book, are posted to the Debit side of the accounts in the ledger by writing the words "To Cash A/c" in the 'Particulars' column.

Dr. Cash Book Cr.
Date	Particular	L.F.	Cash Rs	Bank Rs	Date	Paticular	L.F	Cash Rs	Bank Rs
2017					2017
Jan. 1	To Bal. b/d		5,000	-	Jan. 1	By Bal. b/d		-	1,000
Jan. 2	To Cash A/c	(C)	-	1,000	Jan. 2	By Bank A/c	(C)	1,000	-
Jan. 15	To Bad debts		-	-	Jan. 3	By Gen. Exp.		600	-
	recovered		1,500	-	Jan. 10	By Drawings		-	1,200
Jan.31	To Bal. c/d		-	1,200	Jan. 12	By Mudit		1,800	-
					Jan.31	By Bal. c/d		3,100	-
			6,500	2,200				6,500	2,200

Dr. Cash Book Cr.
Particular	L.F.	Cash	Bank	Particular	L.F.	Cash	Bank
To Capital A/c		50,000		By Bank A/c	C	40,000
To Cash A/c	C		40,000	By purchases A/c		10,000
To Mohan		950		By Balance c/d		950	40,000
		50,950	40,000			50,950	40,000

Generic 6

4 x 6 = 24

A book which is used to record the small payments such as for telegrams, taxi-fare, cartage etc.
Advantages of Petty Cash Book
(i) Saving of time and efforts of chief cashier :
The chief cashier is not required to deal with petty disbursements. He can concentrate on cash transaction; involving large amount of cash. It saves time and labour and helps chief cash discharge, his duties more effectively.
(ii) Effective control over cash disbursements :
Cash control becomes easy because of division of work. The head cashier can control big payments directly and petty payments by keeping a proper check on the petty cashier. This way the chances of making frauds and embezzlements become very difficult.
(iii) Convenient Recording :
Recording of petty disbursement in the main cash book makes it bulky and unmanageable. Further, the Materiality principle requires that insignificant details need not be given in the main cash book. This way the cash book reveals only material and useful information.
According of such small payments becomes easy as the totals of different types of expenses are posted to ledger. It also saves time and effort of posting individuals items in the ledger. In nutshell it can be stated that preparation of petty cash book is a cost reduction control measure.

In the books of Lata, Delhi
Dr. Cash A/c Cr.
Date	Particulars	Amount (Rs)	Date	Particulars	Amount(Rs)
2018			2018	By Bank A/c	50,000
Jan. 01	To Capital A/c	1,00,000	Jan. 02	By Purchase A/c	20,000
Jan. 05	To Ram	3,000	Jan. 03	By Input CGST A/c	1,200
Jan. 08	To Sales A/c	10,000	Jan. 03	By Input SGST A/c	1,200
Jan. 08	To Output CGST A/c	600	Jan. 03	By Rent A/c	4,000
Jan. 08	To Output SGST A/c	600	Jan. 07	By Input CGST A/c	240
Jan. 10	To Bank A/c	7,000	Jan. 07	By Input SGST A/c	240
			Jan. 07	By Furniture A/c	15,000
			Jan. 27	By Input CGST A/c	900
			Jan. 27	By Input SGST A/c	900
			Jan. 27	By Salaries A/c	5,000
			Jan. 31	By Balance c/d	22,520
			Jan. 31
		1,21,200			1,21,200
Feb. 01	To Balance b/d	22,520

In the Books of.....
Dr. Cash Book Cr.
Date	Particulars	L.F	Cash (Rs)	Bank (Rs)	Date	Particulars	Cash (Rs)	Bank (Rs)
2013
Sept. 01	ToBalance b/d		15,000	42,000	Sept. 04	By Purchase A/c	-	12,000
Sept. 08	ToSales A/c		6,000	-	Sept. 13	By Machinery A/c	-	5,500
Sept. 16	To Sales A/c		-	4,500	Sept. 17	By Purchase A/c	17,400	-
Sept. 27	To Bank A/c	C	10,000	-	Sept. 20	By Stationery A/c	-	1,100
					Sept. 24	By Rohit	-	1,500
					Sept. 27	By Cash A/c	-	10,000
					Sept. 30	By Rent A/c	-	2,500
					Sept. 30	By Salaries A/c	3,500	-
					Sept. 30	By Balance A/c	10,100	13,900
			31,000	46,500			31,000	46,500
Oct. 01	To Balance b/d		10,100	13,900

Dr. In the Books of A/s Rama Prasad Cash Book Cr.
Date	Particulars	L.F.	Cash	Bank	Date	Particulars	L.F.	Cash	Bank
Dec. 1	To Balance b/d		4,000	-	Dec. 1	By Balance b/d		-	1,000
Dec. 7	To Cheque in Hand		-	290	Dec. 10	By Cash A/c	C	-	800
Dec.10	To Bank A/c	C	800	-	Dec. 12	By Bills Payable A/c		-	600
Dec. 15	To Chandulal		-	400	Dec. 20	By Petty Cash A/c		-	100
Dec. 31	To Balance c/d		-	1,810	Dec. 31	By Balance c/d		4,800	-
			4,800	2,500				4,800	2,500

Generic 3

1 x 3 = 3

10.

Contra entry is highlighted in cash book by writing the word 'C' in L.F. column on both the sides of cash book indicating both the aspect of these entry i.e., Debit and Credit completed in the cash book itself. Such entries are not posted to the ledger accounts.