Reference no: EM132385708
Q. 1. Classify the following Accounts into Personal, Real & Nominal accounts.
a) Vinit's Capital A/c. b)Royalty A/c. c) Goodwill A/c. d) Loose tools A/c.e) Bank Interest A/c. f) Repairs to Motor Vans A/c. g) Carriage OutwardA/c. h) Advertisement A/c. i) Sumit's Loan A/c.j) Motor Vans A/c.k) Copyrights A/c. l) Property Taxes A/c.m) Office Equipments A/c.n) Bank Overdraft A/c. o) Computers A/c. p) Insurance A/c. q) FixturesA/c. r) Jaihind Collections A/c. s) Audit Fees A/c. t) Investment A/c.u) Brokerage A/c v) Petty Cash A/c. w) Live Stock A/c. x) Dividend A/c.y) Rajjesh A/c.
Q. 2. Explain the following concepts (any 5)
i) Going Concern ii) Dual Aspect iii) Business Entity iv)Realisationv) Money Measurement vi) Consistency
Q.3. Following are the transactions of Mrs. Ranee. Record in Journal, post to Ledger and prepare Trial Balance.
Started business with Rs.50000.
Bought goods from Reshma Rs.20000.
Sold goods to Rakhee Rs.15000 on credit
Returned goods to Reshma Rs.2000.
Defective goods of Rs. 1000 received from Rakhee
Cash Purchases Rs. 2000.
Cash Sales Rs.10000.
Received on account from Rakhee Rs. 10000.
Received Interest from Ashok Rs.2000.
Paid Salary Rs.3000.
Q. 4. From the following Ledger Accounts Balances, Prepare trial Balance
Account NameRs. Account NameRs.
Opening Stock 78000 Insurance 2000
Freehold Premises 150000 Commission recd. 10000
Plant & Machinery 45000 Office Expenses 7500
Wages 10000 Salaries 10000
Sundry Debtors 60000 Travelling Expenses 1000
Carriage 1900 Legal Expenses 1000
Factory Expenses 8000 Cash in Hand 4000
Royalty 1000 Cash at Bank 4200
Purchases 75000 Loan taken 30000
Factory Rent 7000 Office Rent 4000
Capital 80000 Sales 330000
Discount Allowed 400 Sundry Creditors 20000
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