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11th Standard English Medium Accountancy Subject Books of Prime Entry Creative 5 Mark Questions with Solution Part - I

Published on: 30/06/2021

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Questions:

Generic 5

5 x 5 = 25

Journalise the follow ing transactions in the books of Tmt. Jaya. 2016

2016 Jan		Rs
1	Tmt. Jaya commenced business with cash	50,000
2.	Purchased goods for cash	10,000
5	Purchased goods from Mohan on credit	6,000
7	Paid into Bank	5,000
10	Purchased furniture	2,000
20	Sold goods to Suresh on credit	5,000
25	Cash Sales	3,500
26	Paid to Mohan ·on account	3,000
31	Paid salaries	2,800

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

Pass Journal Entries in the books of Ragu from the following transactions:

2016 June
1	Ragu started business with cash Rs.80,000; goods Rs.40,000 and furniture Rs.20,000.
2	Sold goods to Nandu of the list price of Rs.20,000 at trade discount of 10%.
3	Nandu returned goods on the list price of Rs.4,000
8	Received from Nandu Rs.14,150 in full settlement in his account
10	Purchased goods from Mohan of the list price of Rs.10,000 at 15% Trade discount.
13	Returned goods to Mohan of the list price Rs.1,000
16	Settled his account of Mohan by paying cash, under discount of 4%.
18	Purchased goods from Ajay Rs.5,000; Sanjay Rs.10,000.
19	Paid Cash to Ajay Rs.1,900 and discount received Rs.100.
20	Paid 9,800 to Sanjay in full settlement of his account
20	Bought a 'Table Fan' for Rs1,200 for the domestic use of Raghu.
25	Sold goods for cash of the list price of Rs.8,000 at 10%, Trade Discount and 3% cash Discount
30	Paid Rent Rs.800; Trade expenses Rs.700 and Travelling expenses Rs. 380.

Show the effects of the following business transactions on the accounting equation.

		Rs
i)	Anitha started business with cash Rs.20,000; goods Rs.12,000 and machine	8,000
ii)	Bought goods for cash	6,000
iii)	Sold goods costing Rs.2,000 for	2,500
iv)	Purchased goods from Ramani on credit	7,000
v)	Payment made to Ramani in full settlement	6,900
vi)	Sold goods to Rajan on credit costing Rs.5,400 for	20,000
vii)	Received from Rajan 5,800 in full settlement of his account	6,000
viii)	Salaries paid	4,000
ix)	Wages Outstanding	400
x)	Prepaid Insurance	100

Mohit has the following transactions, prepare accounting equation

		Rs
i)	Business started with Cash	1,75,000
ii)	Purchased goods from Rohit	50,000
iii)	Sold goods on credit to Manish (Costing Rs.17,500)	20,000
iv)	Purchased furniture for office use	10,000
v)	Cash paid to Rohit in full settlement	48,000
vi)	Cash received from Manish	20,000
vii)	Rent paid	1,000
viii)	Cash withdrew for personal use	3,000

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Answers Key:

Generic 5

5 x 5 = 25

Date	Particulars		Debit	Credit
2016 Jan 1	Cash A/c	Dr	50000
	To Capital A/c			50000
	(Being the amount invested into the business)
2	Purchases A/c	Dr	10000
	To Cash Alc			10000
5	Purchases A/c	Dr	6000
	To Mohan A/c			6000
	(Being credit purchases from Mohan)
7	Bank A/c	Dr	5000
	To Cash A/c			5000
	(Being cash paid into bank)
10	Furniture A/c	Dr	2000
	To cash A/c			2000
	(Being the purchase of furniture)
20	Suresh A/c	Dr	5000
	To Cash A/c			5000
	(Being credit sales Suresh)
25	Cash A/c	Dr	3500
	To SA/cs A/c			3500
	(Being Cash SA/cs)
26	Mohan A/c	Dr	3000
	To Cash A/c			3000
	(Being cash paid to Mohan)
31	Salaries A/c	Dr	2800
	To Cash			2800
	(Being Salaries paid)

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

Date	Particulars	Debit Rs.	Credit Rs.
2016 June 1	Cash A/c Dr. Purchases A/c Dr. Furniture A/c Dr. To Capital A/c (For business started with Cash, Goods & Furniture)	80,000 40,000 20,000	1,40,000
2	Nandu A/c Dr. To Sales A/c (For goods sold less trade discount)	18,000	18,000
3	Sales Return A/c Dr. To Nandu A/c (For goods returned by Nandu Rs.4,000 less 10%)	3,600	3,600
8	Cash A/c Dr. Discount A/c Dr. To Nandu A/c (For Cash received and Discount allowed)	14,150 250	14,400
10	Purchases A/c Dr. To Mohan A/c (For goods purchased on Credit)	8,500	8,500
13	Mohan A/c Dr. To Purchases return A/c (For goods returned to Mohan Rs.1,000 less 15%)	850	850
16	Mohan A/c Dr. To Cash A/c To Discount A/c (For Cash paid and Discount received)	7,500	7,344 306
18	Purchases A/c Dr. To Ajay A/c To Sanjay A/c (Credit Purchases)	15,000	5,000 10,000
19	Ajay A/c Dr. To Cash A/c To Discount A/c (For Cash paid and discount received)	2,000	1,900 100
20	Sanjay A/c Dr. To Cash A/c To Discount A/c (For Cash paid to Sanjay and discount received)	10,000	9,800 200
20	Drawings A/c Dr. To Cash A/c (For table fan bought for Domestic use)	1,200	1,200
25	Cash A/c Dr. Discount A/c Dr. To Sales A/c (For goods worth Rs.8,000 sold at 10% Trade Discount and 3% Cash Discount)	6,984 216	7,200

S.No.	Transaction	Cash	Stock	Machine	Debtors	Prepaid Insurance	Total Assets		Total Liabilities	Capital	Liabilities
i)	Started Business with Cash, Stock and Maintenance	+ 20,000	+12,000	+8,000						+40,000
	Balance	+ 20,000	+12,000	+8,000						+40,000
	Equation						+40,000	=	+40,000
ii)	Cash purchases	- 6,000	+6,000
	Balance	+ 14,000	+ 18,000	+8,000						+40,000
	Equation						+40,000	=	+40,000
iii)	Cash Sales	+ 2,500	- 2,000							+500
	Balance	+ 16,500	+16,000	+8,000						+40,000
	Equation						+40,500	=	+40,500
iv)	Credit Purchases		+ 7,000								+ 7,000
	Balance	+ 16,500	+23,000	+8,000						+40,500	+ 7,000
	Equation						+47,500	=	+47,500
v)	Payment Made	- 6,900								+100	-7,000
	Balance	+ 9,600	+23,000	+ 8,000						+40,600	0
	Equation						+40,000	=	+40,600
vi)	Credit Sales		-5,400		+6,000					+600
	Balance	+9,600	+17,600	+8,000	+6,000					+41,200
	Equation						+41,200	=	+41,200
vii)	Cash Receipt	+ 5,800			-6,000					-200
	Balance	+ 15,400	+17,600	+8,000	0					+41,000
	Equation						+41,000	=	+41,000
viii)	Salaries Paid	- 4,000								-4,000
	Balance	+ 11,400	+17,600	+8,000	0					+37,000
	Equation						+37,000	=	+37,000
ix)	Wages outstanding									-400	+400
	Balance	+ 11,400	+17,600	+8,000	0					+36,600	+400
	Equation						+37,000	=	+37,000
x)	Prepaid Insurance					+100				+ 100
	Balance	+ 11,400	+17,600	+8,000	0	+100				+36,700	+400
	Equation						+37,100	=	+37,100

S.No.	Transaction	Cash	Stock	Debtors	Furniture	Total Assets		Total Liabilities	Creditors	Capital
i)	Started Business with Cash	+1,75,000	0	0	0					+1,75,000
	Balance	+1,75,000								+1,75,000
	Equation					+1,75,000	=	+1,75,000
ii)	Purchased goods from Rohit		+ 50,000						+50,000
	Balance	+1,75,000	+ 50,000						+50,000	+1,75,000
	Equation					+2,25,000	=	+2,25,000
iii)	Sold goods on credit Manish		-17,500	+ 20,000						+ 2,500
	Balance	+1,75,000	+ 32,500	+ 20,000					+50,000	+1,77,500
	Equation					+2,27,500	=	+2,27,500
iv)	Purchase furniture for office use	- 10,000			+ 10,000
	Balance	+1,65,000	+ 32,500	+20,000	+ 10,000				+50,000	+1,77,500
	Equation					+2,27,500	=	+2,27,500
v)	Cash paid to if Rohit in full settlement	- 48,500							-50,000	+ 1,500
	Balance	+1,16,500	+ 32,500	+ 20,000	+ 10,000				0	+1,79,000
	Equation					+1,79,000	=	+1,79,000
vi)	Cash received from Manish	+ 20,000		-20,000
	Balance	+1,36,500	+ 32,500	0	+ 10,000				0	+1,79,000
	Equation					+1,79,000	=	+1,79,000
vii)	Rent Paid	-1,000								-1,000
	Balance	+1,35,500	+ 32,500	0	+ 10,000				0	+1,78,000
	Equation					+1,78,000	=	+1,78,000
viii)	Cash withdrew for Personal use	- 30,000								- 30,000
	Balance	+ 1,05,500	+ 32,500	0	+ 10,000				0	+1,48,000
	Equation					+1,48,000	=	+1,48,000