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CBSE 11th Standard Accountancy - Recording of Transaction - II Six Mark Question Paper

Published on: 24/09/2019

Recording of Transaction - II

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Questions:

Generic 6

5 x 6 = 30

Prepare a Purchase Return Journal (Book) from the following Transaction for January 2014.

January 2014		Rs
Jan. 5	Return Good to M/s Kartik Trader	1,200
Jan. 10	Good Return to Sahil Pvt. Ltd.	2,500
Jan. 17	Goods Return to M/s Kohinoor Traders for list Price Rs 2,000 Less 10% Trade Discount.
Jan. 28	Return Outward to M/s Handa traders	550

Explain the need for drawing up the special books.

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(deposited on same day) Purchase goods from Mridula in cash Purchase stationery by cheque Cheque given to Rohit Cash withdrawn from bank Rent paid by cheque Paid salary	42,000 15,000 12,000 6,000 5,500 4,500 17,400 1,100 1,500 10,000 2,500 3,500

From the following transactions, prepare Cash Book with Cash and Bank columns:

Date	Particulars
Feb. 1	Cash-in-hand Rs 7,500, Cash-at-bank Rs 8,000
Feb. 3	Discount a bill receivable for Rs 6,000 at 2% through Bank
Feb. 5	Bought goods for Rs 2,000 and paid by cheque
Feb. 15	Paid Trade expenses Rs .120
Feb. 16	Drew from Bank for office use Rs 1,000
Feb. 17	Sold goods for Rs 12,500 and received a cheque
Feb. 25	Paid Insurance Rs 100
Feb. 27	Cheque received on 17th deposited in Bank
Feb. 28	Received a cheque from John & Co. Rs 6,000
Feb. 28	Purchased 100 NSC for Rs 100 at Rs 95 each and paid by cheque.

Prepare a two column Cash Book with cash and bank column with following information:

Date	Particulars	Amount (Rs)
1-Apr-14	Cash in Hand	50,000
	Bank Overdraft	35,000
2-Apr-14	Cash Sales	30,000
4-Apr-14	Paid Salaries	5,000
8-Apr-14	Cash seposited into bank	10,000
10-Apr-14	Goods purchases from Ram Lal	10,000
12-Apr-14	Payment made to Ram Lal in full settlement	9,750
14-Apr-14	Goods sold to Ram	20,000
20-Apr-14	Received cheque from Ram and allowed him discount of Rs 200	19,800
24-Apr-14	Cheque received from Ram deposited into Bank
25-Apr-14	Withdrew cash from Bank for personal use	500
28-Apr-14	Paid rent by Cheque	5,000

Generic 3

2 x 3 = 6

What do you understand by balancing of account?

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

Generic 4

3 x 4 = 12

Record the following transactions during the week ending Dec. 30, 2014 with a weekly interest of Rs 500

Date	Particulars	Rs
Dec.24	Stationery	100
Dec.25	Bus Fare	12
Dec.25	Cartage	40
Dec.26	Taxi fare	80
Dec.27	Wages to Casual labour	90
Dec.29	Postage	80

Enter the following transaction in simple cash book for the year December 2017 :

Date	Particulars	Amt(Rs.)
Dec.	01 Cash in hand	7,750
Dec. 06	Paid to Sonu	45
Dec. 08	Purchased Goods	600
Dec. 15	Received cash from Prakash	960
Dec. 20	Cash sales	500
Dec. 25	Paid to S. Kumar	1,200
Dec. 30	Paid rent	600

10.

Describe the advantages of sub-dividing the journal.

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Answers Key:

Generic 6

5 x 6 = 30

Purchase Return (Journal) book
Date	Name of Supplier (Account to be debited)	Details (Rs)	Amount (Rs)
2014	M/s Kartik Traders	1200	1,20
Jan. 05	Sahil Pvt. Ltd.	2500	2,500
Jan. 10	M/s Kohinour Traders list	2000
Jan. 17	Less Trade Dis. 10%	200	1,800
Jan. 28	M/s Handa Traders	550	550
Jan. 31	Purchase Return Cr.		6,050

Need or importance of special purpose books :-
(i) Division of work-Since in the place of one single journal, a number of subsidiary books are maintained, accounting work is divided among number of specialised persons.
(ii) Specialisation and efficiency-People performing same task for longtime get expertise in it. There accounting is done more efficiently
(iii) Saving of time-Various accounting poruses can be undertaken simultaneously because of the use of number of books. This leads to saving of time.
(iv) Availability of Information-Since a separate book in maintained for each class of transaction, information relating to each class in available at one place.
(v) Facility is Checking-In cash, the trial balance does not apprise, locating the error and rectifying it becomes easy.
(vi) Accountability-Division of work results in assigning a particular job to a particular person. It an error is committed in recording, responsibility and accountabilities can be easily fixed.

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

In the Books of ---
Dr. Cash Book Cr.
Date	Particulars	L.F	Cash (Rs)	Bank (Rs)	Date	Particulars	L.F.	Cash (Rs)	Bank (Rs)
Feb. 1	To Balance b/d		7,500	8,000	Feb. 5	By Purchase A/c			2,000
Feb. 3	ToBills Receivable A/c			5,880	Feb. 15	By Trade Expense		120
Feb. 16	To Bank A/c	C	1,000		Feb. 16	By Cash A/c	C		1,000
Feb. 27	To Sales A/c			12,500	Feb. 25	By Insurance A/c		100
Feb. 28	To John & Co.			6,000	Feb. 28	By Investment (NSC) A/c			9,500
					Feb. 28	By Balance c/d		8,280	19,880
			8500	32,380				8,500	32,380

Dr. Cash Book Cr.
Date	Particulars	L.F.	Cash (Rs)	Bank (Rs)	Date	Particulars	L.F	Cash (Rs)	Bank (Rs)
1-Apr-14	To Balance b/d		50,000	-	1-Apr-14	By Balance b/d		-	35,000
2-Apr-14	To Sales A/c		30,000	-	4-Apr-14	By Salaries A/c		5,000	-
8-Apr-14	ToCash A/c	C	-	10,000	8-Apr-14	By Bank A/c	C	10,000	-
24-Apr-14	ToRam A/c		-	19,800	12-Apr-14	By Ram Lal		9,750	-
					25-Apr-14	By Drawings		-	500
					28-Apr-14	By Rent		-	5,000
					30-Apr-14	By Balance c/d		55,250
30-Apr-14	By Balance c/d			10,700	30-Apr-14	By Balance c/d		55,250
			80,000	40,500				80,000	40,500

Generic 3

2 x 3 = 6

Account in the ledger is periodically balanced, generally at the end of the accounting period, with the object of ascertaining the precise position of the business firm with regard to them. Balancing of an account means that the two sides are totalled and the difference between them is inserted on the side, which is shorter in order to market their totals equal. The word 'balance c/d' are written Against the amount of the difference between two sides. The amount, of balance is brought down in the next accounting period indicating that it is a continuing account, till finally settled or closed.
In case the debit side exceeds the credit side, the difference is written on the Credit side, if the 'credit side exceeds the debit side, the difference between the two appears on the debit side and is called debit and credit balance respectively. The accounts of expenses losses and gains/revenues are not balanced but are closed by transferring to profit and loss account.

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.

Generic 4

3 x 4 = 12

Petty cash Book
Amount Received Rs	Date	Particulars	Amount paid (Rs)	Telegram & Telephone	Conveyance	Stationery	Misc. Exp.
	2014
500	Dec. 01	To Cash
	Dec. 24	By Stationery	100			100
	Dec. 25	By Bus Fare	12		12
	Dec. 25	By Cartage	40		40
	Dec. 26	By Taxi fare	80		80
	Dec. 27	By Wages to casual
		By labour	90				90
	Dec. 29	By Postage	80	80
		Total	402	80	132	100	90
	Dec. 31	Balance c/d	98
500	2015		500
98	Jan. 01	To Balance b/d
402	Jan. 01	To Cash A/c

Dr Cash book Cr
Date	Particulars	Amount (Rs)	Date	Particulars	Amount (Rs)
2017			2017
Dec. 01	To Balance b/d	7,750	Dee. 06	By Sonu A/c	45
Dec. 15	To Prakash	960	Dec. 08	By Purchase A/c	600
Dec. 20	To Sales A/c	500	Dec. 25	By S.Kumar	1,200
			Dec. 30	By Rent A/c	600
			Dec. 31	By Balance c/d	6,765
		9,210			9,210

10.

Advantages of Sub-dividing the Journal:
(i) Division of work :
Since in the place of one journal there will be so many subsidiary books, the accounting work may be divided amongst a number of clerks.
(ii) Specialisation and efficiency :
When the same works allotted to a particular person over a period of time, he acquires full knowledge of it and becomes efficient in handling it. Thus, the accounting work will be done efficiently.
(iii) Saving of time:
Various accounting processes can be undertaken simultaneously because of the use of a number of books. This will lead to the work being completed quickly.
(iv) Availability of information :
Since a separate register or book is kept for each class of transactions, the information relating to each class of transactions will be available at one place.
(v) Facility in checking:
When the trial balance does not agree, the location of the error or errors is facilitated by the existence of separate books. Even the commission of errors and frauds will be checked by the use of various subsidiary books.