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Accounts Final Paper 3

The document consists of various accounting exercises including journal entries, ledger postings, cash book entries, and the preparation of final accounts. It covers topics such as adjusting entries, subsidiary books, rectification of errors, and depreciation accounting. Additionally, it includes a trial balance and adjustments for preparing final accounts for a business.

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Vishwa Karande
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37 views6 pages

Accounts Final Paper 3

The document consists of various accounting exercises including journal entries, ledger postings, cash book entries, and the preparation of final accounts. It covers topics such as adjusting entries, subsidiary books, rectification of errors, and depreciation accounting. Additionally, it includes a trial balance and adjustments for preparing final accounts for a business.

Uploaded by

Vishwa Karande
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Final Paper 3

Q1 A: Give the term or phrase which can substitute each of the following
statements: (5 Marks)

1. Amount invested in business by the proprietor.


2. The assets which cannot be seen, touched, or felt.
3. The process of recording transactions in the Journal.
4. A debit balance to Personal Accounts.
5. Statement of assets and liabilities.

Q1 B: State whether the following statements are true or false with reasons (Any
2) (5 Marks)

1. In every adjustment, at least there are three effects.


2. The process of recording a transaction in the Journal is called Posting.
3. Narration is not required for each and every entry.
4. Bank overdraft is an asset of the business.

Q1 C: Fill in the blanks (5 Marks)

1. Excess of gross profit over operating expenses is ___________.


2. The process of recording transactions into a Journal is called ___________.
3. The right-hand side of an account is called ___________ side.
4. A scientific and complete system of recording is known as ___________.
5. Gross profit is transferred to ___________ account.
Q.2 Journalize the following transactions in the books of Hero Enterprises. (10)

Journalise the following transactions in the books of Sankalp General Stores


2019
July
1 Started business with Cash Rs 1,00,000, Stock of Goods worth Rs 50,000,
and Computer Rs 50,000.
4 Purchased goods from Karina on credit Rs 10,000 at 5% trade discount.
10 Sold goods to Priyanka Rs 20,000 at 10% trade discount.
13 Paid into State Bank of India Rs 50,000.
15 Goods worth Rs 2,000 lost by theft.
18 Paid for Rent Rs 4,000.
20 Received Cash of Rs 17,500 from Priyanka in full settlement of her account.
25 Paid for Stationery purchased Rs 8,000
Q-3: Ledger posting of given transaction (journal not required) (10)

2019
Jan.
1 Balance due from Aparna Rs.60,000
4 Sold goods to Aparna Rs.15,000 at 10% Trade Discount.
7 Goods returned by Aparna Rs.1,500 (Gross)
11 Received crossed cheque from Aparna Rs.50000
17 Invoiced goods to Aparna Rs.12,000
25 Sold goods to Aparna in cash Rs. 6,000
30 Received cash from Aparna Rs.33,000 in full settlement of her account.
Q-4: Enter the following transactions in the Cash Book with cash and bank
columns in the books of Seema Traders
(10)
2019 Jan
01 Started business with Cash Rs 60,000
04 Cash deposited into Bank of India Rs. 25,000
06 Cash Purchases Rs.6,000
10 Purchased Computer for office use Rs.22,000
15 Sold goods to Rakesh & Co.
and received a bearer cheque of Rs.10,000
20 Rakesh's cheque deposited into Bank.
24 Paid Carriage 300
25 Cash withdrawn for personal use 3,000
30 Paid Rent by cheque 1,200

Q-5: Subsidiary Books (08)


Enter the following transactions in the books of Vijay in Purchase Book, Sales Book,
Purchase Returns Book and Sales Returns Book and Journal Proper for the month
of August 2018.
2018 Aug.
01 Purchased goods from Vikas Stores Rs 18,000 at 5% Trade Discount
02 Sold goods of Rs 9,000 to Prabhakar Traders
05 Veena sold goods of Rs 16,000 to us at 5% Trade Discount as per our order dated 28th
July,2018.
08 Sent a Debit Note to Vikas Stores Rs 1,600 (Gross) for goods returned.
10 Sold goods of Rs 12,000 on credit to Shamal & Sons at 6% Trade Discount.
18 Received Credit Note from Veena Rs 900 (Gross) for goods returned.
22 Sent Credit Note to Prabhakar Traders for Rs 1,500 for goods returned. Received Debit
note from Shamal & Sons for Rs 1,200 (Net) for goods returned.
23 Purchased goods of Rs 16,600 from Priya Stores and paid for Carriage Rs 150.
25 Purchased goods from Sadhana Stores Rs 12,000 and sold the same to Aradhana Stores
at a profit of 20% on cost.
28 Aradhana Stores returned goods of Rs 2,400 as they were defective and the same were
returned to Sadhana Stores.
31. Purchased Furniture for office use Rs 30,000 from Art Furniture Works on credit.
OR
Q-5: Rectify the following errors (08)
Rectify the following errors.
1) Sales return book was overcast by ` 800/-
2) Factory electricity bill ` 7,000/- paid but recorded twice in the books.
3) Total of Sales book was undercast by ` 900/-
4) Paid for Rent ` 825/- was wrongly posted to Rent account as ` 325/-
5) Wages paid for extension of Building ` 9,900/- was charged to wages account.
6) Paid carriage for purchase of Machinery ` 2,000/- was charged to carriage
account.
7) Life insurance premium of proprietor paid ` 1,500/- wrongly debited to
Insurance A/c
Q-6: Depreciation accounting (Journal Or Ledger entries) (10)
On 1st Jan 2015, Triveni Traders Raigad purchased a Plant for ` 12,000, and
installation
charges being ` 3,000. On 1st July 2016 another Plant was purchased for `
25,000, on 1st
April 2017 another Plant was purchased for ` 27,000, wages paid for
installation amounted
to ` 2,000. Carriage paid for the Plant amounted to ` 1,000.
Show Plant Account up to 31st March 2018 assuming that the rate of depreciation is
@10%p.a. on Straight Line Method
OR
Q-6: Bank Reconciliation (10)
From the following particulars prepare the Bank Reconciliation Statement as on
31st Jan 2019.
i) Debit balance as per Cash Book ` 48,000.
ii) Cheque of ` 37,000 was deposited and collected by the bank but not
recorded in Cash Book.
iii) Cash deposit of ` 26,200was recorded in cash column of Cash Book.
iv) Purchased furniture and payment by debit card ` 25,000, was not
recorded in Cash Book.
v) Online transfer was made to our creditors account `26,700 through IMPS, for which
no entry
was made in Cash Book.
vi) Telephone bill ` 7,250 and electricity bill ` 8,250 paid through online
banking, was not recorded in the Cash Book.
vii) Cheque received from Vinod for ` 28,600 paid into bank was dishonoured
on 27th Jan 2019 but advice was received only on 4th Feb 2019.

Q.6 Prepare Final accounts of Abdul Traders for the year ending 31st March,
2019 with the help of following Trial Balance and Adjustments. (12 Marks)

Trial Balance as on 31st March, 2019


Debit Balance Amount (₹) Credit Balance Amount (₹)

Salaries 10,000 Interest Received 2,400


Debit Balance Amount (₹) Credit Balance Amount (₹)

Purchases 71,400 Capital 1,60,000

Rent (11 months) 2,200 Sales 85,000

Machinery 56,000 Provision for Bad Debts 2,000

Advance against wages 4,000 Commissions Received 1,600

Opening stock 20,000 Bills Payable 9,200

Bad debts 1,000 Creditors 56,000

Prepaid Insurance 2,400

Wages 2,600

Loose Tools 26,000

Commission Receivable 400

Sundry Debtors 64,000

Cash 1,000

Bank 3,000

Drawings 7,600

Freight Inward 1,000

Bills Receivable 13,600

Loan to Aruna 30,000

Total 3,16,200 Total 3,16,200

Adjustments:

1. Closing stock valued at ₹89,600.


2. Outstanding expenses: Salaries ₹2,000, Wages ₹4,000.
3. Charge depreciation on Machinery @ 10%.
4. Bad debts written off ₹2,000 and create a provision for bad and doubtful debts @ 5% on Sundry
Debtors.

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