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Tutorial

This document provides practice questions for students learning principles of financial accounting. It includes multiple transactions for different businesses over various periods of time. Students are asked to record journal entries for the transactions, prepare ledger accounts, and trial balances. The goal is for students to gain experience recording basic accounting entries and preparing fundamental financial statements.

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Praween Bimsara
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31 views

Tutorial

This document provides practice questions for students learning principles of financial accounting. It includes multiple transactions for different businesses over various periods of time. Students are asked to record journal entries for the transactions, prepare ledger accounts, and trial balances. The goal is for students to gain experience recording basic accounting entries and preparing fundamental financial statements.

Uploaded by

Praween Bimsara
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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GENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITY

BSc. in Management and Technical Sciences – (Semester 1)

Principles of Financial Accounting (MF 1093)

Tutorial 2 – Accounting Entries, General Journal and Trial Balance

By: WDH De Mel

Question 1

Write journal entries, draw ledger accounts and prepare the trial balance as at 31st December
2014, for following transactions of Ravi’s Business.

I. Ravi started a business with cash – Rs. 90,000


II. Purchased goods on credit – Rs. 50,000
III. Purchased furniture for cash – Rs. 10,000
IV. Obtained a bank loan of Rs. 40,000
V. Sold goods costing Rs. 20,000 for Rs. 40,000
VI. Sold goods costing Rs. 20,000 on credit for Rs. 42,000
VII. Bought goods worth Rs. 20,000 by paying Rs, 15,000 in cash and balance on credit
VIII. Ravi drawn for personal use – Rs. 5000
IX. Paid as rent Rs. 1000
X. Paid salaries Rs. 3000
XI. Settled the amount owing to creditors Rs. 40,000
XII. Received from debtors Rs. 12,000

Question 2

Write journal entries, draw ledger accounts and prepare the trial balance for following
transactions of Kumar’s Business for the year ended 31st December 2016

I. 01/01/2016, Kumar invested Rs. 100,000 in cash and Rs. 50,000 worth of goods.
II. 05/01/2016, Obtained a bank loan amounting to Rs. 50,000
III. 08/01/2016, Purchased goods on credit worth Rs. 30,000 from Ashani
IV. 03/03/2016, Purchased from Rohan by paying Rs. 20,000 in cash
V. 04/03/2016, Paid electricity bill of Rs. 5,000
VI. 10/03/2016, Sold goods for cash amounting to Rs. 130,000
VII. 03/06/2016, Returned goods to Ashani worth Rs. 10,000
VIII. 08/06/2016, Sold goods to Ravi on credit for Rs. 20,000

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IX. 08/06/2016, Carriage outwards – Rs. 500
X. 10/06/2016, Returned goods to the business by Ravi worth Rs. 2,000
XI. 15/07/2016, Purchased furniture worth Rs. 10,000 on credit from Damro.
XII. 15/07/2016, Carriage Inwards amounted Rs. 1000

Question 3

Write journal entries for following transactions of Maheshi’s Business dealing in furniture for
the year ended 31st March 2016

I. Commenced the business by investing Rs. 500,000


II. Deposited Rs. 400,00 and opened up a bank account for the business
III. Purchased furniture to be sold from Dhinesh Furniture worth Rs. 150,000
IV. Paid rent of the business amounting to Rs. 30,000
V. Sold furniture for cash worth Rs. 100,000
VI. Purchased equipment worth Rs. 40,000
VII. Purchased furniture for office use amounting to Rs. 30,000
VIII. Settled the amount due to Dhinesh Furniture
IX. Paid owners house rent worth Rs. 10,000
X. Owner withdrew Rs. 5000 from the bank account

Practice Questions

Question 4

Write journal entries, for following transactions of Mohan’s Business for the year ended 31st
March 2016

I. Mohan commenced business by investing Rs. 750,000 in cash


II. He purchased goods on credit worth Rs. 55,000 from Rehan
III. Returned Rs. 2000 worth of goods to Rehan
IV. Carriage Inwards amounted to R. 1,000
V. Sold goods costing Rs. 25,000 for Rs. 35, 000
VI. Purchased furniture for cash Rs. 15,000
VII. Sold goods to Rankesh on credit for Rs 50,000
VIII. Carriage outwards amounted to Rs. 1,000
IX. Mohan invested further Rs. 20,000 in the business
X. Paid Rs. 30,000 to creditors
XI. Received cash from Rankesh Rs. 45,000
XII. Rent paid amounting to Rs. 10,000

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XIII. Purchased a computer for personal use worth Rs. 10,000
XIV. Received rent from tenants Rs. 15,000
XV. Owner withdrew Rs. 2,000 worth of goods from the business

Question 5

Following transactions occurred in the business of Malitha

I. On 1st October 2016, Malitha commenced a business by investing Rs. 500,000 in cash
and Rs. 100,000 worth of goods
II. On 5th October 2016, Malitha invested Rs. 100,000 worth furniture in the business
III. 8th October 2016, Bought equipment worth Rs. 50,000
IV. 15th October 2016, Purchased goods from Tharindu worth Rs. 50,000 by paying Rs.
20,000 on cash and balance on credit
V. 15th October 2016, Carriage inwards – Rs. 3000
VI. 19th October 2016, Returned goods to Tharindu which worth Rs. 2000
VII. 1st November 2016, Sold goods for cash Rs. 20,000
VIII. 5th November 2016, Sold goods worth Rs. 50,000 on credit to Ishan
IX. 6th November 2016, Carriage outwards – Rs. 1000
X. 10th November 2016, Returned goods worth Rs. 1000 by Ishan
XI. 15th November 2016, Paid owner’s house rent Rs. 5,000
XII. 20th November 2016, Paid rent of the business for the last quarter of the year. Monthly
rent amounts to Rs. 15,000.
XIII. 25th November 2016, Paid salaries worth Rs. 25,000.
XIV. 4th December 2016, paid telephone bill worth Rs. 15,000, out of which Rs. 5,000 is paid
in advance

Requirement

Prepare the General journal, for the quarter ended 31st December 2016

…………The End…………

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