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Questions:

Generic 5

10 x 5 = 50

Enter the following transactions m cash book WIth cash and bank columns. Balance the cash book.

2013, May	Rs.
1 Cash in hand	30,000
2 Paid into bank	10,000
3 Cash purchases	2,500
4 Loan obtained from Vasan	10,000
5 Cash deposited in bank	7,500
6 Cash sales	2,500
8 Rent paid by cheque	2,000
10 Cash withdrew for office use	4,000
14 Paid Nataraj Rs.300 by M.O.
15 Akilan directly paid into our bank account	3,000
25 Cash withdrawn from bank	5,000

Prepare Trial Balance as on 31.3.2014 from the books of Thiru. Sridhar.

Name of the account	Rs	Name of the account	Rs
Capital	1,49,000	Drawings	14,000
General Expenses	7,000	Building	22,000
Machinery	68,680	Stock	32,400
Power, Fuel	4,480	Insurance	2,610
Wages	14,400	Creditors	55,000
Bad debts	1,100	Loan (Cr.)	35,760
Sales	1,30,720	Purchases	94,000
Car	1,44,000	General Reserve	1,800
Commission (Cr.)	4,640	Car Expenses	3,600
Bills Payable	17,700	Cash	14,740
Bank Overdraft	28,600	Discount (Dr.)	210

Kumaran Brothers purchased a Machinery on 01-01-2016 for Rs. 5,00,000. On 01-01-2018 the Machinery was sold for Rs. 4,00,000. The firm charges depreciation at the rate of 15% per annum on Straight line Method. The books are closed on 31^st March every year. Prepare machinery account and depreciation account.

Visit a stationery shop nearby. Observe its business activities for a week. After having discussed with the shop keeper, prepare a list of purchased and sold items by the shop. Record them in the appropriate books.

From the following particulars, ascertain the balance that would appear in the bank pass book of Cotton World Ltd. at 31^st December 2015.
a) The bank overdraft as per Cash book on 31^st December, Rs. 1,26,800.
b) Interest on overdraft for 6 months ending 31^stDecember, Rs. 3,200 is entered in the pass book.
c) Bank charges of Rs 600 for the above period are debited in the pass book.
d) Cheques issued but not cashed prior to 31^stDecember amounted to Rs. 23,360.
e) Cheques paid into bank but not cleared before 31^st December, were for Rs. 43,400.
f) Interest on investments collected by the bank and credited in the pass book Rs. 24,000.

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.

Prepare trial balance as on 31.12.2017 from the following balances of Mr Balakrishnan.

	Rs		Rs
Capital	2,00,000	Repairs	2,400
Drawings	18,000	Office lighting	2,600
Furniture	64,500	Printing and Stationery	2,700
Stock at the beginning	62,050	Bank loan	17,500
Bills receivable	7,500	Computer	30,000
Bills payable	8,750	Debtors	46,500
Purchases	88,100	Cash in hand	17,000
Sales	1,35,450	Cash at bank	27,250
Discount allowed	7,100	General expenses	7,100
Discount received	3,500	Creditors	17,600

Journalise the following transactions in Tmt. Rani's Journal and post them to ledger.

2003 Sep		Rs
1	Tmt. Rani started business with	3,00,000
5	Opened a current account with Indian Overseas Bank	50,000
12	Bought goods from Tmt. Sumathi	90,000
18	Paid to Tmt. Sumathi	90,000
20	Sold goods to Tmt. Chitra	1,26,000
28	Tmt. Chitra settled her accounts

What do you mean by accounting concepts? Explain any five concepts.

10.

Explain the Accounting cycle

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Answers Key:

Generic 5

10 x 5 = 50

Date	Particulars	R.N.	L.F.	Amount Rs.		Date	Particulars	V.N.	L.F.	Amount Rs.
Date	Particulars	R.N.	L.F.	Cash	Bank	Date	Particulars	V.N.	L.F.	Cash	Bank
1.5.13	To Balance b/d			30,000		2.5.13	By Bank A/c		C	10,000
2.5.13	To Cash A/c		C		10,000	3.5.13	By Purchases A/c			2,500
4.5.13	To Vasan's Loan A/c			10,000		5.5.13	By Cash A/c		C	7,500
5.5.13	To Cash A/c		C		7,500	8.5.13	By Rent A/c				2,000
6.5.13	To Sales A/c			2,500		10.5.13	By Cash A/c		C		4,000
10.5.13	To Bank A/c		C	4,000		14.5.13	By Nataraj A/c (M.O)			300
15.5.13	To Akilan A/c				3,000	25.5.13	By Cash A/c		C		5,000
25.5.13	To Bank A/c		C	5,000		31.5.13	By Balance c/d			31,200	9,500
				51,500	20,500					51,500	20,500
1.6.13	To Balance b/d			31,200	9,500

Trial Balance of Thiru. Sridhar as on 31.03.2014
S.No.	Name of Account / Particulars	Debit balance Rs	Credit balance Rs
1	Capital		1,49,000
2	General expenses	7,000
3	Machinery	68,680
4	Power, Fuel	4,480
5	Wages	14,400
6	Bad debts	1,100
7	Sales		1,30,720
8	Car	1,44,000
9	Commission (Cr.)		4,640
10	Bills payable		17,700
11	Bills payable		28,600
12	Drawings	14,000
13	Building	22,000
14	Stock	32,400
15	Insurance	2,610
16	Creditors		55,000
17	Loan (Cr.)		33,760
18	Purchases	94,000
19	General Reserve		1,800
20	Car Expenses	3,600
21	Cash	14,740
22	Discount (Dr.)	210
	Total	4,23,220	4,23,220

Calculation of Profit or Loss on Sale of Machinery
Date	Particulars	Amount Rs
2016 Jan 01	Cost of the Machinery	5,00,000
2016 Mar 31	Less: Depreciation \(\left[ 5,00,000\times \frac { 15 }{ 100 } \times \frac { 3 }{ 12 } \right] \)	18,750
		4,81,250
2017 Mar 31	Less: Depreciation \(\left[ 5,00,000\times \frac { 15 }{ 100 } \right] \)	75,00
		4,06,250
2018 Jan 01	Less: Depreciation \(\left[ 5,00,000\times \frac { 15 }{ 100 } \times \frac { 9 }{ 12 } \right] \)	56,250
	Book Value	3,50,000
	Sales Value	4,00,000
	Profit	50,000

Machinery Account
Date	Particulars	Amount Rs	Date	Particular	Amount Rs
2016 Jan 01	To Bank A/c	5,00,000	2016 Mar 31	By Depreciation A/c	18,750
			2016 Mar 31	By Balance c/d	4,81,250
		5,00,000			5,00,000
2016 Apr 01	To Balance b/d	4,81,250	2017 Mar 31	By Depreciation A/c	75,000
			2017 Mar 31	By Balance c/d	4,06,250
		4,81,250			4,81,250
2017 Apr 01	To Balance b/d	4,06,250	2018 Jan 01	By Depreciation A/c	56,250
2018 Jan 01	To Profit & Loss A/c	50,000	2018 Jan 01	By Bank A/c	4,00,000
	(Profit on machinery)
		4,56,250			4,56,250

Depreciation Account
Date	Particular	Amount Rs	Date	Particular	Ampunt Rs
2016 Mar 31	To Machinery A/c	18,750	2016 Mar 31	By Profit & Loss A/c	18,750
		18,750			18,750
2017 Mar 31	To Machinery A/c	75,000	2017 Mar 31	By Profit & Loss A/c	75,000
		75,000			75,000
2018 Mar 31	To Machinery A/c	56,250	2018 Mar 31	By Profit & Loss A/c	56,250
		56,250			56,250

R.R. Store is a stationary shop in Kodambakkam, the following transactions have been recorded.

2017
April 1	Purchased on credit from Kumar traders
	10 packs of A4 sheets @ Rs. 150 per pack
	10 dozens of writing pads @ Rs. 500 per dozens
April 2	Purchased for cash from Rajan
	15 packs ofA4 sheets @ Rs. 175 per pack
April 3	Sold on credit to Vimal
	10 packs of A4 sheets @ Rs. 300 per pack
	10 dozens of writing pads @ Rs. 800 per dozens
April 4	Sold for cash to Malar
	10 packs of A4 sheets @ Rs. 250 per pack

Purchase book
Date	Particulars	Invoice No.	L.F.	Amount
Date	Particulars	Invoice No.	L.F.	Details (Rs)	Total (Rs)
2017
April 1	Kumar Traders
	10 packs of 4A sheets @ Rs. 150 per pack			1,500
	10 dozens of writing pads @ Rs. 500 per dozen			5,000	6,500

	Purchases A/c Dr.				6,500

Sales book
Date	Particulars	Invoice No.	L.F.	Amount
Date	Particulars	Invoice No.	L.F.	Details (Rs)	Total (Rs)
2017
April 3	Vimal
	10 packs of A4 sheets @ Rs. 300 per pack			3,000
	10 dozens of writing pads @ Rs. 800 per dozen			8,000	11,000

	Sales A/c Cr.				11,000

**In the books of Cotton World Ltd. Bank Reconciliation Statement as on 31.12.2015**
Particulars	Amount Rs	Amount Rs
Overdraft balance as per Cash book		1,26,800
Add: Interest on overdraft	3,200
Bank charges	600
Cheque paid into bank but not cleared	43400	47200
		1,74,000
Less: Cheque issued but not cashed	23,360
Interest on Investment	24000	47360
Overdraft balance as per pass book		126640

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

In the books of Mr. Balakrishnan Trial Balance as on 31.12.2017
S.No	Name of account	Debit balance Rs	Credit balance Rs
1	Capital		2,00,000
2	Drawings	18,000
3	Furniture	64,500
4	Stock at the beginning	62,050
5	Bills receivable	7,500
6	Bills payable		8,750
7	Purchases	88,100
8	Sales		1,35,450
9	Discount allowed	7,100
10	Discount received		3,500
11	Repairs	2,400
12	Office lighting	2,600
13	Printing and Stationery	2,700
14	Bank loan		17,500
15	Computer	30,000
16	Debtors	46,500
17	Cash in hand	17,000
18	Cash at bank	27,250
19	General expenses	7,100
20	Creditors		17,600
	Total	3,82,800	3,82,800

In the books of Tmt.Rani Journal Entries
Date	Particulars	Debit Rs.	Credit Rs.
2003 Sep. 1	Cash A/c Dr To Tmt. Rani's Capital A/c (Amount invested in business)	3,00,000	3,00,000
5	Indian overseas Bank A/c Dr. To Cash A/c (Bank account opened and amount paid into bank)	50,000	50,000
12	Purchases A/c Dr. To Tmt. Sumathi A/c (Credit purchases)	90,000	90,000
18	Tmt. Sumathi's A/c Dr. To Cash A/c (Tmt. Sumathi's account settled)	90,000	90,000
20	Tmt. Chitra A/c Dr. To Sales A/c (Credit sales)	1,26,000	1,26,000
28	Cash A/c Dr. To Tmt. Chitra A/c (Tmt. Chitra settled her account)	1,26,000	1,26,000

Ledger Account of Tmt.Rani Cash Account
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2003 Sep. 1	To Tmt. Rani's Capital A/c	3,00,000	2003 Sep. 5	By I.O.B. A/c	50,000
28	To Tmt. Chitra's A/c	1,26,000	18	By Tmt. Sumathi A/c	90,000
			31	By Balance c/d	2,86,000
		4,26,000			4,26,000
2003 Oct. 1	To Balance b/d	2,86,000

Tmt.Rani's Capital Account
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2003 Sep. 30	To Balance c/d	3,00,000	2003 Sep. 1	By Cash A/c	3,00,000
		3,00,000			3,00,000
			2003 Oct. 1	By Balance b/d	3,00,000

Indian Overseas Bank Account
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2003 Sep. 5	To Cash A/c	50,000	2003 Sep. 30	By Balance c/d	50,000
		50,000			50,000
2003 Oct. 1	To Balance b/d	50,000

Purchases Account
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2003 Sep. 12	To Tmt. Sumathi's A/c	90,000	2003 Sep. 30	By Balance c/d	90,000
		90,000			90,000
2003 Oct. 1	To Balance b/d	90,000

Tmt.Sumathi's Account
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2003 Sep. 18	To Cash A/c	90,000	2003 Sep. 12	By Purchases A/c	90,000
		90,000			90,000

Tmt.Chitra's Account
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2003 Sep. 20	To Sales A/c		1,26,000	2003 Sep. 28	By Cash A/c		1,26,000
			1,26,000				1,26,000

Sales Account
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2003 Sep. 30	To Balance c/d	1,26,000	2003 Sep. 20	By Tmt. Chitra's A/c	1,26,000
		1,26,000			1,26,000
			2003 Oct. 01	By Balance b/d	1,26,000

(i) Accounting principles are the rules of action or conduct which are adopted by the accountants universally. Such accounting principles are known as Generally Accepted Accounting Principles (GAAP).
(ii) Accounting concepts are bye-laws whereas conventions are guidelines based upon customs or usage. The important Accounting concepts are listed out below :
1. Business entity concept:
a) This concept implies that a business unit is separate and distinct from the persons who supply capital to it.
b) Based on this concept, accounts are prepared from the point of view of the business and not from the owner's point of view. Hence, the capital contributed by the owner is treated as a liability of the business.
c) This concept helps in keeping business affairs free from the influence of personal affairs of the owner.
2. Money measurement concept:
a) This concept implies that in Accounting, every transaction, or happening or event is recorded in terms of money.
b) In other words, only those transactions, which can be expressed in terms of money, are recorded in the accounts.
3. Going concern concept:
a) It is the basic assumption that b.usiness will continue for a quite long time and it will go on and will not be closed down or stopped for quite a long time.
b) Going concern concept influences Accounting practices in relation to valuation of assets and liabilities, depreciation of the fixed assets, treatment of outstanding and prepaid expenses and incomes.
4) Cost concept:
a) As asset is recorded in the books at the value of price paid for it at the time of its purchase and the cost paid will be the base for all further Accounting.
b) It is recorded at cost at the time of its purchase, but is systematically reduced in its value by charging depreciation.
5) Accounting period concept:
a) The true profit or loss earned by a business unit can be ascertained only when the business is liquidated.
b) But many persons such as proprietors, investors, creditors, employees and the government are interested in knowing the performance of the business unit.

10.

Accounting cycle is the sequence of steps involved in the accounting process. Accounting cycle starts with the identification and recording of financial transactions of an organisation and ends with the preparation of final accounts for the accounting year. The steps involved are:
(i) Identifying the transactions and journalising :
(1) The first step in the accounting process is identifying the financial transactions of a business.
(2) All the monetary transactions are recorded in the books of original entry called journals.
(ii) Posting and balancing:
(1) Transferring the entries from the journal. to the ledger is called posting.
(2) In the ledger, entries are made in each account after classifying them under common heads. Finding the difference between the total of the debit column and credit column of all the ledger accounts is called balancing.
(iii) Preparation of trial balance:
(1) The list of ledger balances namely trial balance is prepared as the next step.
(2) On the basis of ledger balances the financial statements are prepared.
(iv) Preparation of trading account:
(1) Next step is preparation of trading account for a particular accounting period.
(2) All the direct revenues and direct expenses are transferred to trading account.
(3) The balance in the trading account is the gross profit or gross loss.
(v) Preparation of profit and loss account:
(1) Profit and loss account is prepared next for a particular accounting period.
(2) All the indirect revenues and indirect expenses along with gross profit or gross loss are transferred to profit and loss account.
(3) The balance in the profit and loss account is the net profit or net loss.
(vi) Preparation of balance sheet:
(1) A statement showing the balances of assets and liabilities namely balance sheet is prepared as the final step in the accounting process.
(2) It is prepared on a particular date, normally, on the last day of the accounting period.