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11th Standard English Medium Accountancy Subject Books of Prime Entry Book Back 5 Mark Questions with Solution Part - II

Published on: 09/06/2021

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Std: 11th Standard - Accountancy

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Questions:

Generic 5

5 x 5 = 25

Karthick opened a provisions store on 1st April, 2017. Journalise the following transactions in his books:

2017 April		Rs
1	Paid into bank for opening a current account	2,00,000
3	Goods purchased by cheque	40,000
5	Investments made in securities	40,000
6	Goods sold to Radha for Rs.20,000 and cheque received and deposited into bank
7	Amount withdrawn from bank for office use	15,000
10	Purchased goods from Kamala and cash deposited in CDM	10,000
12	Sold goods to Vanitha who paid through debit card	10,000
15	Interest on securities directly received by the bank	1,000
20	Insurance paid by the bank as per standing instructions	2,000
25	Sales made to Kunal who made payment through CDM	6,000

Pass journal entries in the books of Sasi Kumar who is dealing in automobiles

2017 Oct.		Rs
1	Commenced business with goods	40,000
3	Cash introduced in the business	60,000
4	Purchased goods from Arul on credit	70,000
6	Returned goods to Arul	10,000
10	Paid cash to Arul on account	60,000
15	Sold goods to Chandar on credit	30,000
18	Chandar returned goods worth	6,000
20	Received cash from Chandar in full settlement	23,000
25	Paid salaries through ECS	2,000
30	Sahil took for personal use goods worth	10,000

Create accounting equation on the basis of the following transactions:
(i) Opening balance on pt January, 2018 cash Rs.20,000; stock Rs.50,000 and bank Rs.80,000
(ii) Bought goods from Suresh Rs.10,000 on credit
(iii) Bank charges Rs.500
(iv) Paid Suresh Rs.9,700 through credit card in full settlement.
(v) Goods purchased on credit from Philip for Rs.15,000
(vi) Goods returned to Philip amounting to Rs.4,000

Create an accounting equation on the basis of the following transactions:
(i) Rakesh started business with a capital of Rs.1,50,000
(ii) Deposited money with the bank Rs.80,000
(iii) Purchased goods from Mahesh and paid through credit card Rs.25,000
(iv) Sold goods (costing Rs.10,000) to Mohan for Rs.14,000 who pays through debit card
(v) Commission received by cheque and deposited the same in the bank Rs.2,000
(vi) Paid office rent through ECS Rs.6,000
(vii) Sold goods to Raman for Rs.15,000 of which Rs.5,000 was received at once

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

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Answers Key:

Generic 5

5 x 5 = 25

Date	Particulars		Debit Rs	Credit Rs
2017 April 1	BankA/c	Dr	2,00,000
	To Cash A/c			2,00,000
	(Opening a current account)
3	Purchases A/c	Dr	40,000
	To Bank A/c			40,000
	(Goods purchased by cheque)
5	Investments A/c	Dr	40,000
	To Karthick capital A/c			40,000
	(Being investments made)
6	Cash A/c	Dr	20,000
	To Sales A/c			20,000
	(Sales made and cheque received).
	Bank A/c	Dr	20,000
	To Cash A/c			20,000
	(Cheque received from Radha and deposited in the CDM)
7	Cash A/c	Dr	15,000
	To Bank A/c			15,000
	(Amount withdrawn from bank for office use)
10	Purchases A/c	Dr	10,000
	To Bank A/c			10,000
	(Cash deposited in CDM)
12	Bank A/c	Dr	10,000
	To Sales A/c			10,000
	(Sales made and money credited through debit card)
15	Bank A/c	Dr	1,000
	To Interest on securities A/c			1,000
	(Interest on securities received by the bank)
20	Insurance A/c	Dr	2,000
	To Bank A/c			2,000
	(Insurance paid by the bank)
25	Bank A/c	Dr	6,000
	To Sales A/c			6,000
	(Sales made and money received through CDM)

Date	Particulars		Debit Rs	Credit Rs
2017 Oct 1	Stock A/c	Dr	40,000
	To Sasi Kumar's capital A/c			40,000
	(Business started with goods)
3	Cash A/c	Dr	60,000
	To Capital A/c			60,000
	(Capital introduced)
4	Purchase A/c	Dr	70,000
	To Arul's A/c			70,000
	(Credit Purchases)
6	Arul's A/c	Dr	10,000
	To Purchase return A/c			10,000
	(Goods returned to Arul)
10	Arul's A/c	Dr	60,000
	To Cash A/c			60,000
	(Cash Paid)
15	Chandar's Alc	Dr	30,000
	To SalesA/c			30,000
	(Credit Sales)
18	Sales Return A/c	Dr	6,000
	To Chandar's A/c			6,000
	(Goods returned from Chandar)
20	Cash A/c	Dr	23,000
	Discount A/c	Dr	1,000
	To Chandar's A/c			24,000
	(Received cash from Chandar)
25	Salaries A/c	Dr	2,000
	To Bank A/c			2,000
	(Paid salaries)
30	Drawings A/c	Dr	10,000
	To Purchases A/c			10,000
	(Being goods taken away by proprietor for personal use)

S.No.	Transaction	Cash Rs.	Stock Rs.	Bank Rs.	Total Assets Rs.	=	Total Liabilities Rs.	Capital Rs.	Creditors Rs.
i)	Opening balance	+20,000	+50,000	+80,000				+1,50,000
	Balance	+20,000	+50,000	+80,000				+1,50,000
	Equation				+1,50,000	=	+1,50,000
ii)	Credit Purchases		+10,000						+10,000
	Balance	+20,000	+60,000	+80,000				+1,50,000	+10,000
	Equation				+1,60,000	=	+1,60,000
iii)	Bank charges			-500				-500
	Balance	+20,000	+60,000	+79,500				+1,49,500	+10,000
	Equation				+1,59,500	=	+1,59,500
iv)	Paid Suresh in full settlement			-9,700				+300	-10,000
	Balance	+20,000	+60,000	+69,800				+ 1,49,800	0
	Equation				+1,49,800	=	+1,49,800
v)	Credit Purchases		+15,000						+ 15,000
	Balance	+20,000	+75,000	+69,800				+1,49,800	+ 15,000
	Equation				+1,64,800	=	+1,64,800
vi)	Goods returned		-4,000						-4,000
	Balance	+20,000	+71,000	+69,800				+1,49,800	+11,000
	Equation				+1,60,800	=	+1,60,800

S.No.	Transaction	Cash Rs.	Bank Rs.	Stock Rs.	Drs Rs.	Total Assets Rs.	=	Total Liabilities Rs.	Capital Rs.
i)	Started business with capital	+1,50,000							+1,50,000
	Balance	+1,50,000							+1,50,000
	Equation					+1,50,000	=	+1,50,000
ii)	Deposited money with the bank	-80,000	+80,000
	Balance	+70,000	+80,000						+1,50,000
	Equation					+1,50,000	=	+1,50,000
iii)	Purchased goods from credit card		-25,000	+25,000
	Balance	+70,000	+55,000	+25,000					+1,50,000
	Equation					+1,50,000	=	+1,50,000
iv)	Cash sales		-14,000	-10,000					+4,000
	Balance	+70,000	+69,000	+15,000					+1,54,000
	Equation					+1,54,000	=	+1,54,000
v)	Commission received by cheque		+2,000						+2,000
	Balance	+70,000	+11,000	+15,000					+1,56,000
	Equation					+1,56,000	=	+1,56,000
vi)	Paid rent by ECS		-6,000						-6,000
	Balance	+70,000	+65,000	15,000					+1,50,000
	Equation					+1,50,000	=	+1,50,000
vii)	Sold goods to Raman	+5,000		-15,000	+10,000
	Balance	+75,000	+65,000	0	+10,000				+1,50,000
	Equation					+1,50,000	=	+1,50,000

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