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Basic Accounting Procedure - Journal Entries - DPP 01 (Of Full Chapter)

The document outlines basic accounting procedures related to journal entries, covering various statements and their validity regarding accounting principles. It includes questions about the nature of accounts, such as nominal and real accounts, and provides a numerical analysis of transactions for a company. Additionally, it asks for journal entries and the nature of accounts involved in those entries.

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71 views10 pages

Basic Accounting Procedure - Journal Entries - DPP 01 (Of Full Chapter)

The document outlines basic accounting procedures related to journal entries, covering various statements and their validity regarding accounting principles. It includes questions about the nature of accounts, such as nominal and real accounts, and provides a numerical analysis of transactions for a company. Additionally, it asks for journal entries and the nature of accounts involved in those entries.

Uploaded by

SWAPNIL BIND
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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4/24/24, 3:22 PM CA_DPP

Sampurna 2.0 Jan 2025


Accounting
DPP-01
Basic Accounting Procedures - Journal Entries

Q1 State with reasons whether the following Q17 Goods worth t 600 taken by the proprietor for
statement is true or false: personal use should be credited to purchase
In Accounting Equation Approach, Equity + account.
Long Term Liabilities = Fixed Assets + Current
Q18 Rent paid account is a Nominal Account
Assets - Current Liabilities
whereas, Rent received account is a Real
Q2 In the Traditional Approach, a debtor becomes Account.
receiver.
Q19 Goods worth � 600 taken by the proprietor for
Q3 The rule of nominal account states that all personal use should be credited to Capital
expenses & losses are recorded on credit side. Account.

Q4 Journal Proper is also called subsidiary book. Q20 Capital+ Long Term Liabilities = Fixed Assets+
Current Assets+ Cash - Current Liabilities
QS Capital account has a debit balance.
Q21 NUMERICAL :
Q6 Purchase account is a nominal account.
Analyse transactions of M/s Sahil & Co. for the
Q7 All the personal & real account are recorded in month of March, 2023 on the basis of double
P&LAcc. entry system by adopting the following
approaches:
QS Asset side of balance sheet contains all the (A) Accounting Equation Approach.
personal & nominal accounts. (B) Traditional Approach.
Transactions for the month of March, 2023 were
Q9 Capital account is personal account.
as follows (figures are in '000):
Q10 Journal is also known as book of original entry. Sahil introduced capital through bank of t
4,000.
Q11 Patent Rights is in the nature of Nominal
Cash withdrawn from the City Bank t 200.
Account.
Loan oft 500 taken from Mr. Y.
Q12 Goodwill is not a fictitious asset. Salaries paid for the month of March, 2023, t
300 and t 100 is still payable for the month of
Q13 Goodwill is a current asset. March, 2023.
Furniture purchased t 500.
Q14 Outstanding expenditure is a nominal account.
What conclusions one can draw from the
Q15 Patent Right is in the nature of Real Account. above analysis?

Q16 The return of goods by a customer should be


debited to Return Outward Account. Q22 Journalise the following transactions. Also state
the nature of each account involved in the
Journal entry.

cunoMEA
St:RVICE
Android AP-P- I iOS AP-P- I PW Website

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