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BK

The document consists of various accounting exercises including fill-in-the-blank questions, journal entries, cash book preparation, and subsidiary book preparation. It covers fundamental accounting concepts such as accounts, trial balance, and classifications of accounts. Additionally, it includes practical problems for journal entries and cash book management for a business scenario.

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saipatil12102007
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4 views2 pages

BK

The document consists of various accounting exercises including fill-in-the-blank questions, journal entries, cash book preparation, and subsidiary book preparation. It covers fundamental accounting concepts such as accounts, trial balance, and classifications of accounts. Additionally, it includes practical problems for journal entries and cash book management for a business scenario.

Uploaded by

saipatil12102007
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Q1.

(A) Fill in the blanks with the correct options: (5 Marks)

1. The process of recording transactions in a systematic manner is called _______________.

2. The document that serves as evidence of a transaction is known as a ________________.

3. A liability account normally has a _______________ balance.

4. The statement prepared at the end of the accounting period to determine the financial position is
called the _________________.

5. A ledger is a book of ____________ accounts.

Q1. (B) Give one word/term for the following: (5 Marks)

1. The accounting principle that requires the business to remain separate from its owner’s personal
transactions.

2. The journal entry that records the purchase of goods on credit.

3. The record in which cash receipts and payments are entered.

4. An account that is closed at the end of each accounting period and transferred to the profit and loss
account.

5. A document used to record the purchase returns.

Q1. (C) State True or False: (5 Marks)

1. A liability account appears on the credit side of the trial balance.

2. A purchase return is an example of a nominal account.

3. The source document for a sales transaction is a sales invoice.

4. In a double column cash book, the bank column is maintained to record all transactions related to
cash.

5. The principle of consistency in accounting means that the same accounting methods and principles
should be applied from one period to the next.

Q1. (D) Explain the following terms: (5 Marks)

1. Account

2. Trial Balance

3. Capital Account

4. Ledger

5. Revenue Expenditure

Q1. (E) Classification of Accounts into Personal, Real, and Nominal: (5 Marks)

Instructions: Classify the following accounts into Personal, Real, or Nominal accounts and explain briefly the
nature of each account type:

1. Furniture Account

2. Bank Account

3. Rent Account

4. Salaries Payable Account

5. Sales Account
Q2. Journal Problem: (10 Marks)

Instructions: Pass the necessary journal entries for the following transactions:

1. On 1st April 2023, Anil started business with ₹50,000 in cash and ₹20,000 worth of goods.

2. On 5th April 2023, he purchased goods worth ₹15,000 on credit from Ravi Traders.

3. On 10th April 2023, he paid ₹10,000 for rent.

4. On 15th April 2023, he sold goods costing ₹5,000 for ₹8,000 in cash.

5. On 20th April 2023, he withdrew ₹3,000 for personal use.

6. On 25th April 2023, he received ₹12,000 from Mohan in settlement of a debt.

Q3. Double Column Cash Book Problem: (7 Marks)

Instructions: Prepare a double column cash book from the following transactions for the month of April 2023:

1. April 1: Balance of cash in hand ₹8,000 and balance in the bank ₹12,000.

2. April 5: Cash sales ₹10,000.

3. April 10: Cash paid to Ravi Traders ₹6,000.

4. April 12: Bank deposit from Anil’s customers ₹5,000.

5. April 15: Cash paid for office expenses ₹3,000.

6. April 18: Paid cash to Mohan ₹2,000 for rent.

7. April 20: Bank transfer of ₹4,000 to Sohan & Co. on account.

8. April 25: Cash receipts from Mohan ₹3,000.

Q4. Subsidiary Book Problem: (8 Marks)

Instructions: Prepare the following subsidiary books from the given transactions for the month of April 2023:

1. Purchase Book

2. Sales Book

3. Purchase Return Book

4. Sales Return Book

Transactions:

1. April 2: Purchased goods on credit from Sohan & Co. ₹10,000.

2. April 5: Sold goods on credit to Ravi Traders ₹8,000.

3. April 10: Purchased goods from Mohan & Sons ₹12,000.

4. April 12: Sold goods to Anil & Co. ₹6,000.

5. April 18: Returned goods to Mohan & Sons ₹1,000.

6. April 22: Sales return from Sohan & Co. ₹1,500.

7. April 25: Purchase of office equipment on credit ₹2,000.

8. April 28: Sold goods on credit to Ravi Traders ₹5,000.

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