Reference no: EM13870284
Q.1 Business transactions are recorded:-
(a) in chronological order
(b) weekly
(c) at the end of the month
Q.2 Trial Balance is prepared generally for a particular period which is ?
(a) week
(b) month
(c) Quarter
(d Year
Q.3 Goods returned of Rs. 500/- by Anil will be entered in-
(a) Purchases Book
(b) Purchases Returns A/c
(c) Sales Book
(d) Sales Returns Book
Q.4 Purpose of Sales Book is-
(a) To record all sales made by the firm
(b) To record payment due to creditors
(c) To record all credit sales made by the firm
(d) to record credit sales of goods made by the firm
Q.5 Salaries paid to staff will be debited to which A/c?
(a) Salary A/c
(b) Cash A/c
(c) Staff A/c
(d) Expense A/c
Q.6 A ledger is called a book of :-
(a) Primary entry
(b) Secondary entry
(c) Final entry
Q.7 A Ledger Account is prepared from:-
(a) events
(b) transactions
(c) Journal
Q.8 Cash book is used to record.
(a) All Cash receipts only.
(b) All Cash payments only
(c) All Cash & credits sales
(d) All receipts & payments of Cash
.Q.9 Why is Journal called a book of original entry?
Q.10 Transactions entered on the debit side of cash book are posted to which side of concerned ledger Account?
Q.11 If the total of the debit side of cash book exceeds the total on the credit side what does it indicate.
Q.12. What is the meaning of Imprest System of Petty Cash?
Q.13. What is meant by the term Trial Balance?
Q.14. Is Agreement of Trial Balance the final proof for accuracy of accounts?
Q.15. Name the two methods of preparing a Trial Balance.
Q.16. What is the meaning of Ledger?
Q.17. Prepare the Purchases Book From the following details:-
(a). Purchase of goods costing Rs. 5000 from M/s. Ramesh vide invoice no. 120 dated 15.09.2009
(b). Purchase of Fixed Assets costing Rs. 8000 from M/s. Renu vide invoice no. 016 dated 20.09.2009.
(c) Paid wages Rs. 600 in cash vide receipt no.16 dated 25.092009.
Q.18. Classify the following under the three types of accounts ( Real, Nominal or Personal):
(a) Drawings (b) Cash
(c) Capital (d) Machinery
(e) Bank (f) Depreciation
Q.19 . Give any three uses of a ledger.
Q.20 Differntiate between Journal and Ledger on the basis of any three points.
Q.21 Cash Book is both a Journal & a ledger (Explain)
Q.22.Give three examples of entries which appear in a 'Journal Proper'.
Q.23 . Write any three limitation of preparing a Trial Balance.
Q.24. State whether the following will have debit or credit balance ?
(a) Sales (b) Purchase Return (c) Capital (d) Salary
(e) Rent Paid (f) Purchases
Q.25. Enter the following transactions in a appropriate Subsidiary Books of Ramesh for the month of January 2009:
|
Date
|
Transactions
|
Rs.
|
|
Jan.1
Jan.5.
Jan.15
Jan.25
|
Sold goods to Ram
Purchased goods from Hari Ram
Returned goods to Hari Ram
Ram Returned Goods
|
5,000
2,000
500
800
|
Q.26. Rearrange the following steps in preparing ledger:
1. Enter the relevant amount in the 'amount' column .
2. Record the page no. of the Journal .
3. Identify in the Ledger the account in which transactions are to be recorded.
4. Enter the date of the transaction in the date column.
Q.27. Insert the following in Tabular Petty Cash Book. On 1St Feb. 2009 Rs. 40 were given to petty cash clerk.
|
Feb2009
|
Transactions
|
Amount (Rs.)
|
|
1.
2.
8.
12.
14.
15
|
Chowkidar's Wages
Pencils
Railways freight on Account of books
Postage Stamps
Telegrams
Sundry Expenses
|
15.00
5.25
2.31
1.25
2.44
0.56
|
28. What is the main objective of preparing a Trial Balance?
Q.29. Journalise the following transactions
|
Date
|
Transactions
|
Rs.
|
|
2009
Jan.1
Jan.3
Jan .7
Jan.20
Jan.25
Jan.30
|
Started business with cash
Sold Goods to Rohan
Goods purchased from Sohan
Paid Rent
Commission Received
Machinary purchased
|
50,000
40,000
20,000
500
200
10,000
|
Q.30. Pass the Journal Entries of M/s. Ram Traders. Post them to the Ledger from the following transactions:
|
Date
|
Transactions
|
Rs.
|
|
2009
April 1
April 3
April 5
April 15
|
Commenced Business with cash
Purchased Furniture
Goods purchased
Cash Sales
|
1,50,000
25,000
30,000
40,000
|
Q.31.From the following information, draw up a Trial Balance in the books of Shri Subhash Chand as on 31st March,2009:
|
Transactions
|
Rs.
|
Transactions
|
Rs.
|
|
Capital
Purchases
Cash in Hand
Cash at Bank
Electricity exp. Stationery
Office Equipment
Sundry Debtors
Machinery
Salaries
|
1,50,000
40,000
7,000
8,500
4,800
500
2,400
8,000
1,60,000
11,400
|
Sales
Sundry Creditor
Rent
Furniture
Bank Loan
Investment
Commission paid
Opening Stock
Commission Received
Postage & Telegram
|
1,05,400
5,000
2,000
16,000
10,000
6,000
1,050
3,200
1,200
750
|
Q.32.Prepare a Cash Book with discount column of Shri Shyam from the following transaction. Enter the following in Shri Shyam's Cash Book and show the Balance:
2009
March 1 Balance of cash in Hand Rs. 25,000
March 3 Rent paid Rs. 2,000
March 5 Purchased goods for cash Rs. 10,000
March 10 Stationery purchased Rs. 2,500
March 12 Sold Goods for Cash for Rs. 8,000
March 15 Cash received from Ram Rs. 980 and discount allowed Rs.20
March 18 Cash paid to Shyam Rs.950 and discount Received Rs.50
March 25 Wages Paid Rs. 2,000