PRELIM

Q1)     Select the most appropriate alternatives from those given below and rewrite the statements.                                                                                                                          (4)

1)            A commodity in which a trader deals is known as _____

a)    Expenditure                    b) goods                    c) income

2)            Amount which is not recoverable from customers is known as ____

a)    Debts                                b) bad debts              c) doubtful debts.

3)            Amount withdrawn by the owner for his personal expenses is called ____

a)    Cash                                 b) Drawings              c) Assets.

4)            The process of recording a business transaction in the journal is called____

a)    PADMA.jpgPosting                            b) Journalizing         c) Balancing

Q2:      Define or Explain the following terms:            (any three)                                        (6)

1)            Bad Debts

2)            Narration

3)            Assets

4)            Insolvent

5)            Goods

 

Q3:      Journalise the following transactions in the books of Orpita.                              (10)

2015 August

1          Started business with cash ` 50,000, Machinery ` 25,000, furniture ` 30,000 and Printer ` 35,000/-

2          Sold goods of ` 10,000/- to Sanjay @ 10% TD

3.         Purchased goods of ` 20,000/- from Dhiraj @ 5% TD and 2% CD on cash

4.         Paid for Salary ` 6,000/-, Rent ` 5,000/- and Advertisement ` 2,000/-.

5.         Cash Sales ` 5,000/-

6.         Cash purchases ` 9,000/-

7.         Deposited into Bank of India ` 5,000/- and opened a current account

 

12.       Received commission of `2,000 from Mandhya.

14.       Sold goods for cash `5,000 at 2% cash discount.

16.       Purchased goods `6,000 at 10% trade discount and 5% cash discount.

22.       Received `4,950 from Chanda in full settlement of `5,000.

26.       Withdraw `800 for self use.

 

Q4: Journalise the following transactions in the books of Mrs. Jani, Post them

into ledger and Balance the same.                                                                                           (20)

2014

July.1 Started business with cash ` 75,000, goods ` 20,000 and Furniture worth ` 15,000

PADMA.jpg

2          Deposited into bank ` 25,000.

3          Purchased goods from Deepa ` 15,000 less 5% T.D.

5          Sold goods to Rupa ` 20,000 less 3% T.D

7          Paid Salary ` 2,000 by cash

15        Cash Purchase ` 5,000

17        Cash Sales ` 10,000.

22        Purchased goods from Deepa on credit ` 15,000.

25        Paid telephone charges ` 1,750

 

 

 

Q5: Record the following transactions in Purchase Book, Sales Book, Purchase Return Book, Sales Return Book of Vinayak and Prepare Purchase A/c, Sales A/c, Purchase Return A/c and Sales Return A/c.                                                                                       (10)

2015

Feb.1. Bought goods of ` 10,000 from Mr. A at 10% T.D.

2.         Returned goods of ` 500 to Mr. A (gross value)

3.         Invoiced goods of ` 8,000 to Mr. B at 5% T.D

4.         Mr. B returned to us goods of ` 400 (gross)

5.         Mr. Shah purchased from us goods of ` 3,000 at 2% T.D

6.         Mr. Shah returned goods of ` 294 net.

7.         Mr. Modi sold to us goods of ` 4,000 at 5% T.D

8.         Retuned good of ` 500 (gross) to Mr. Modi.

9.         Purchased goods of ` 2,000 from Ravi on credit.

10.       Sold goods of ` 3,000 to Dhiraj on credit.

 

 

 

 

 

 

 

 

 

: Best of Luck :