FIRST B.COM ACCOUNTS, THEORY
First
B.Com Accounts Revision Material
1. Write journal
entries for the following transactions.
1. Started business with cash Rs 50000
2. Goods purchased for cash Rs.
30000
3. Furniture purchased for cash Rs. 5000
4. Sold goods for Cash Rs. 10000
5. Sold goods to Naresh Rs. 10000
6. Goods purchased from Vinod Rs.
5000
7. Goods sold to Anil and allowed
him trade discount @ 10% Rs. 6000
8. Cash received from Naresh from
full settlement Rs. 7600
9. Cash paid to Vinod Rs 1900,
received discount from him Rs. 100
10. Paid cash into Bank Rs. 80000
11. Purchase of machinery and
payment of cheque Rs. 20000
12. Paid wages Rs. 300
13. Withdrew for private use Rs 1700
14. Paid creditors Rs. 10000
15. Sold goods on cash (cost price
was Rs. 3000) Rs. 4000
16. Purchased furniture Rs. 500
17. Received cash for dividend on
security Rs. 200
2. You
are required to complete the gaps in the following table.
S.No. Assets Liabilities Capital
1 25600 3600 ?
2 56000 9800 ?
3 33600 ?? 25000
4 39200 ?? 32900
5 ?? 12600 38400
3. You
are required to complete the gaps in the following table.
S.No. Assets Liabilities Capital
1 11000 33800 ??
2 ??? 34400 66800
3 72200 ?? 57000
4 239000 30800 ??
5 176000 ??? 124000
4.. Prepare Three column Cash Book.
August 1 Balance of Cash Rs. 3500
Bank
balance Rs. 2500
5 Cheque received from Pondy Rs. 5000,
discount allowed Rs. 250
8 Goods purchased for cash Rs. 1500
10 Paid to Roy through cheque Rs. 1000,
discount allowed by him 100
12 Salaries paid to staff Rs. 2000
18 Cash withdrew from bank Rs 5000
25 Purchased typewriter by cheque Rs 5000
5. Prepare Three column Cash Book.
August 1 Balance of Cash Rs. 1900
Bank
balance Rs.
2000
3 Cash
sales Rs.
1000
5 Issued
cheque to Giri Rs.
550, discount Rs. 50
8 Paid
for stationery Rs.
200
10 Received
cheque from Krishna Rs. 425, discount
Rs. 75
13 Sold
old furniture Rs.
400
15 Purchased
goods from Kiran Rs. 700
17 Deposited
Krishna’s cheque into Bank
20 Paid
by cheque to Akbar Rs. 350, discount received Rs. 50
23 Taken
cash from bank for office use Rs. 600
25 Received
cash from Kiran Rs. 650, discount Rs. 50
27 Received
commission Rs. 800
29 Received
cheque from Murali 700, discount 100
Cheque
deposited into bank
31 Paid
Rent Rs. 500
6. Prepare Three column Cash Book.
August 1 Balance of Cash Rs.
2000
Bank
balance Rs.
1000
3 Deposited cash into bank Rs. 500
5 Paid cheque to Suresh Rs.
450, discount Rs. 50
8 Received cheque from Rahim Rs. 350(Cheque deposited)
10 Received Rs. 900 from Anand in full
settlement of his account Rs. 1000
12 Withdrawn cash from bank Rs. 900
15 Paid Interest Rs. 400
18 Received commission Rs. 500
21 Paid cash into bank Rs. 600
24 Cash received from Singh Rs. 450, discount Rs. 50
27 Purchased stationary and issued a cheque
Rs. 400
28 Sold old machinery Rs. 800
31 Paid salaries Rs. 300
7. Prepare Three
column Cash Book.
August 1 Balance of Cash Rs.
16000
Bank balance Rs. 7000
3 Cash purchases Rs. 600
5 Received a cheque of Rs. 400 from Prabhakar and gave him
discount of 25
8 Cash sales Rs. 1200
10 Received cheque of Rs. 100 from Venue
for interest
12 Salary paid to the manager by cheque Rs.
450.
15 Withdrew from bank for personal use Rs.
300
18 Purchased a bicycle for office use Rs.
300
21 Paid office rent Rs. 80
24 Goods sold for Cash Rs. 900
27 Purchased government bonds Rs. 700
28 Received commission Rs. 175
29 Gave a cheque to Ajantha for
advertisement Rs 60
30 The cheque received from Prabhakar on 5th
was dishonoured.
31 Cash in excess of Rs. 2000 was paid into
the bank.
8.
Prepare Analytical Petty Cash book from the following particulars.
March 1 Balance of Cash Rs.
75
Received
advance from cashier Rs. 125
3 Tiffin expenses Rs.
10
5 Postal stamps purchased Rs.
5
9 Bus charges Rs.
8
11 Tea expenses Rs. 6
14 Auto charges Rs. 10
18 Tea expenses Rs. 6
21 Paid to Rajesh Rs. 20
26 Paid telegram to Mumbai Rs. 15
28 Refreshment to guests Rs. 20
30 Paid repairing charges Rs. 10
31 Postal cards and covers Rs. 10
9. Prepare Analytical
Petty Cash book from the following particulars.
April 1 Received a cheque of Rs. 900 for petty expenses
8 Postage
Rs. 16
12 Stationery Rs. 50
18 Advertisements Rs. 90
20 Wages Rs.35
22 Wages
paid Rs. 20
24 carriage Rs. 28
26 Conveyance Rs. 14
28 Travelling
exp Rs. 150
29 Postage Rs.
100
30 Office
cleaning Rs. 20
31 Telegram
Rs. 40
31 Sent
registered notice to the land lord Rs.
6
10.
Prepare Bank Reconciliation Statement from the following particulars as on
31.3.2008
a. Overdraft Balance as per pass
book Rs. 540
b. Cheques drawn but not presented
for payment till 31st March, 008, Rs. 2800
c. Cheque paid into bank but not
collected till 31st March, 2008 Rs. 3900
d. Interest on overdraft as per pass
book was not entered in cash book Rs. 20
e. Insurance premium paid by bank
but not entered in cash book Rs. 400
f. Interest on investments collected
by bank credited in pass book only Rs. 500
11. The cash book of
Smt. Aruna showed an overdrat of Rs. 18000 on 31.12.08. From the following
particulars, prepare a bank reconciliation statement as on 31.12.08.
a. Cheques deposited by her were Rs.
6400. However, the cheques amounting to Rs. 3800 were not collected in
December, 008.
b. A cheque received from Gopal for
Rs. 2080 was dishonoured. This information reached Smt. Aruna in the first week
of January 2009.
c. Credits made in the pass book by
bankers Rs. 800
d. Cheques issued in December 2008
for Rs. 10000, but not presented before due date were Rs. 9000
e. Bank charges Rs. 50, interest on
overdraft Rs. 150 and interest credit Rs. 25 appearing in the pass book alone.
12. The bank pass book
of a trader showed an overdraft for Rs. 4500 on 31.3.2008 and a difference was
noted when compared with the balance as per cash book. On a careful scrutiny
the following facts were noticed.
a. Cheques deposited for Rs. 7500
but were not credited by the bank before 31.3.2008.
b. Cheques issued for Rs. 3850 were
presented for payment on 4th April, 2008,.
c.
Bank column total of debit side of the cash book folio 36 for Rs 65950 was
carried forward to the next
folio as Rs. 56950.
d. Withdrawn column of the bank pass
book was added Rs. 600 excess.
e. A cheque for Rs. 3500 withdrawn
from bank but recorded in the cash book as Rs. 5300.
f. Bank charges Rs. 150 debited by
the bank but not recorded in cash book.
You
are required to prepare a Bank Reconciliation statement as at 31.3.2008 and
ascertain the balance as shown by the cash book on that date.
13. Prepare Bank
Reconciliation statement from the following data as on 31.3.2008.
a. Balance as per pass book on
31.3.2008 overdrawn Rs. 9204.
b. Cheques drawn on 31.3.2008 but not cleared till March
2008 Rs. 3225, Rs. 745 and Rs. 926
c. Bank overdraft interest charged
on 28.3.2008 not entered in the cash book Rs. 1610
d.
Cheques received on 26.3.2008 entered on 26.3.2008 entered in the cash book not
deposited to bank till 3rd April, 2008 Rs. 11322 and Rs. 1730.
e. Chequ received for Rs. 35 entered
in cash book twice.
f. Bill receivable was sent to bank for
collection on 28.3.2008 and was entered in the cash book forth with but the
proceeds were not credited in bank pass book till 3rd April, 2008
Rs. 2980
g.
A periodic payment by bank of Rs. 80 under standing instruction not credited in
the bank cash book.
h.
Cheques deposited on 30th March, 2008 dishonoured but the entry for
dishonor was not made in the cash book Rs. 1890.
14. On
31.3.2008, the pass book of X a debit balance of Rs. 41000. Prepare a Bank
Reconciliation Statement with the following information
a. Cheques amount to Rs. 15600 were drawn on 27th
January 2008 out of which cheques for Rs. 11000 were cashed upto 31st
January 2008.
b. A wrong debit
of Rs. 800 has been given by the bank in pass book.
c. A cheque for
Rs. 200 was credited in pass book but was not recorded in cash book.
d. Cheques for
Rs. 21000 were deposited for collection. But cheques for Rs. 7400 have been
credited in pass book of 5th February 2008.
e. A cheque for
Rs. 1000 returned dishonoured and were debited in pass book only.
f. Interest and
bank charges amounted to Rs. 100 and were not accounted for in cash book.
15. The pass
book shows a favourable balance of Rs. 15510 as on 31st December, 2007. On comparing the same with his cash book
following difference were noticed. Calculate the bank balance as per cash book.
a. A cheque for Rs. 1450 received
from Swathi & Co was entered twice in the cash book.
b. Bills discounted, got dishonoured
Rs. 500
c. The receipts column of the cash
book has been over added by Rs. 940
d. Several cheques totalling Rs.
6000 were issued to different suppliers.
Of these, cheques worth Rs. 1500 were debited in pass book on 2nd
January, 2008 and Rs. 2500 on 4th January. The balance being debited before
31st December 2007.
e. Uncredited cheque Rs. 1000
f. A cheque of Rs. 400 was credited
in pass book but was not recorded in cash book.
16.
Prepare Bank Reconciliation statement.
a.
Pass book showed a debit balance Rs. 9550 as on 31.3.2008.
b. Cheque issued on 11.3.2008 for
purchased for Rs. 5900 was credited in the pass book as Rs. 5400 on 25.3.08.
c. A bill of Rs 2500
discounted at 5% flat was returned dishonoured and was wrongly credited in the
pass book on 27.3.2008.
d. An amount of Rs.
850 paid in cash, towards salary was wrongly posted to the salary amount as Rs.
1850.
e. A cheque for Rs.
2150 received from Mr. Z was entered twice in the cash book on 20.3.2008 but
the cheque was not collected by the bankers till 31.3.2008
f. A cheque for Rs.
1725 appears to have been deposited directly by Mr. Clock on 20.3.2008 was
returned dishonoured on 30.3.2008.
17. From the following
particulars, prepare a BRS on 31.12.2008.
a. Balance as per pass book (debit
balance) Rs. 12900
b. Cheques drawn on 30.12.2008, but
not presented till January 2nd, 2009, Rs. 4190, Rs. 790 and Rs. 350.
c. Bank charged interest on
overdraft on 26.12.2008, not entered in cash book 2200
d. Cheque Rs. 40 entered in the
debit side of the cash book twice.
e. A periodic payment by bank of Rs.
80 under standing instructions not entered in cash book.
f. Cheques received but not sent to
bank for collection as on reconcile day Rs.7000
g. Bills receivable sent for
collection to the bank, but not yet received any intimation from bank, Rs.
3440.
h. Cheque deposited for collection,
was dishonoured but no entry in the cash book
Rs. 7320.
18.
Rectify the following errors through the suspense account wherever necessary.
a. Stock sold to rama for Rs. 3000.
This transaction was not recorded.
b. Purchase book was undercast by
Rs. 300
c. Old furniture sold for Rs. 200 is
debited to purchases account.
d. Rs. 230 received from Mohan was
posted to his account as Rs. 320.
e. Sales to Narayana for Rs. 102 has
been posted to his account as Rs. 120.
19. Pass necessary
entries to rectify the following errors after preparation of Trial balance.
a. Rs. 1500 received from Gopal has
been wrongly credited to Bhoopal account
b. The purchases book was undercast
by Rs. 1000
c. Repairs to Machinery Rs. 800,
were debited to Machinery account.
d.
Discount allowed to Mahipal Rs. 200 correctly entered in cash book, has not
been posted to his account.
e. Bill receivable from Mr. Anil Rs.
1000 was entered in the bills payable book.
20. Write
the rectification entries for the following errors.
a. Purchase book was overcast by Rs.
300
b Travelling expenses Rs. 350 was
posted in the account Rs. 530
c. Furniture cost Rs. 500 has been
debited to general expenses account.
d. Rs. 500 withdrawn for personal
use has been debited to general expenses account.
e. Insurance paid Rs. 150 debited to
rent account.
21. The following
mistakes were located in the books of a concern after its books were closed and
a suspense account was opened in order to get the trial balance agreed.
a. Sales day book was overcast by
Rs. 100
b. A sale of Rs. 50 to X was wrongly
debited to the account of Y.
c. General expenses of Rs. 18 were
posted in the general ledger as Rs. 80.
d. A bill receivable for Rs. 155 was
passed through bill payable books. The bill given by P.
e. Legal expenses Rs. 119 paid to
Mr. D were debited to his personal account.
f. Cash received from C has been
debited to G Rs. 150.
g.
While carrying forward the total of one page of the purchases book to the next,
the amount of Rs. 1235 was written as Rs. 1325.
Find
out the nature and amount of the suspense account and pass entries for the
rectification of the above errors in the subsequent year’s book.
22. The trial balance
of a firm is out by Rs. 2344 (excess credit) the following errors were found. You are required to pass journal entries to
correct them and prepare suspense a/c.
a. Sale to Ram for Rs. 1500 was
credited to his account.
b.
Goods worth Rs. 165 returned by a customer, taken into stock, but no entry was
made for their return.,
c. Purchase of Rs. 697 was posted to
the debit of the seller Krishnan as Rs. 629.
d. Furniture sold for Rs. 1540 was
posted to the credit of sales account.
e. Purchase returns book has been
cast short by Rs. 1200.
f.
Cheque received for Rs. 890 from Ganesh was dishonoured and while passing entry
for dishonor it was posted to the credit of Ganesh as Rs. 980.
g.
Discount of Rs. 1050 allowed to Lakshmi was not entered in the discount column
of cash book not posted in the account of lakshmi.
23. A book keeper
finds that the totals of his trial balance do not agree by Rs. 480. He
temporarily debit this amount to a suspense account. On an examination of the
books by the accountant, the following errors are discovered.
a.
Rs. 220 the total of the sales returns book, has been posted to credit of the
purchases return account.
b. Total of the credit side of
Gupta’s account has been added up Rs. 40 too much.
c.
An item of Rs. 60, written off as a bad debt from Rao account has not been
debited to bad debts account.
d.
A receipt of Rs. 53 from Devi has been entered in the cash book correctly, but
has been posted to the personal account as Rs. 13.
e. The sales book has been undercast
by Rs. 20.
Pass journal entries to rectify the
errors and show suspense account.
24. Rectify the
errors if any from the following.
a. Total of the purchase book is Rs.
1000 excess.
b.
Discount allowed by Atmaram Rs. 15 correctly entered in cash book, has not been
posted to his account.
c.
Sales of goods Rs. 200 to Suri has been entered in the sales book and debited
to Suri Account.
d.
Purchase of furniture, Rs. 600 has been entered in the purchases book and credited
to the party’s account.
e. While posting a sale of Rs. 300
to Ram, his account has been debited.
25. From
the following trial balance prepare final account for the year ended
31.12.2008.
Particulars Debit Credit
Purchases, sales 125000 175000
Returns 1000 4700
Rent 2500 500
Opening stock 15000
Debtors, creditors 30000 25000
Salaries 22500
Wages 10800
Machinery 10000
Furniture 10000
Cash 29400
Interest 2500
Discount 5000 1000
Drawings, capital 6300 63800
270000 270000
Adjustments:
1. Closing stock value Rs. 12000 2. Outstanding salaries Rs. 1500
3. Prepaid Rent
Rs. 500 4.
Provide reserve for bad debts 5%
5. Provide depreciation on machinery
10%.
26. From
the following trial balance prepare final account for the year ended
31.12.2008.
Particulars Debit Particulars Credit
Purchases 25200 Sales 61604
Furniture
1600 Capital 35000
Wages
3500 Purchase returns 225
Machinery 20000 Creditors 3900
Opening stock 17525 Bank
overdraft 3000
Sales returns
1200 Bills payable 2000
Debtors 10400
Carriage on purchases
200
Salaries 10600
Carriage on sales 503
Rent and taxes 2001
Cash at bank
8000
Drawings
5000
105729 105729
Adjustments:
1. Closing stock Rs. 16800 2. Outstanding salaries
Rs. 400
3. Prepaid rent Rs. 201
4. Write off Rs. 400 as bad debts
and create 5% reserve for bad debts.
5. Depreciate Machinery by 10%
6. Interest on capital 5% and
interest on drawings 10% is to be provided.
7. Provide 2% as reserve for
discount on creditors.
27. From the following trial balance prepare
final account for the year ended 31.12.2008.
Particulars Debit Particulars Credit
Cash 13500 Capital 60000
Goodwill 20000 Creditors 10000
Factory insurance
2000 Commission
received 7500
Audit charges 1500 Sales 130000
Debtors 20000 Return outwards 2000
Wages
5000 Interest received 5000
Opening stock 12000 Outstanding
salaries 2500
Machinery 30500 Bills
payable 3500
Purchases 95000
Carriage inwards 2500
Salaries 12500
Office Rent
5000
Rent paid in advance
1000
220500 220500
Adjustments:
1. Closing stock Rs. 16800 2. Outstanding wages Rs.
1000
3.Write off Rs. 2000 as bad debts
and provide 5% reserve for doubtful debts
4. Depreciate Machinery by 10% 5. Provide Interest on capital 5%
6. Commission to be received Rs. 200
28. From the following trial balance prepare
final account for the year ended 31.12.2008.
Particulars Debit Particulars Credit
Purchases 50000 Sales 120500
Returns
2000 Creditors 15000
Rent & Taxes 3000 Mortgage
loan 20000
Debtors 30000 Capital 70000
Salaries 20000 Outstanding rent 2000
Carriage
1000 Interest received 7000
Wages 10000 Reserve for bad debts 1000
Machinery 30000
Furniture 10000
Drawings
5000
Bad debts
4000
Insurance
5000
Motive power
2500
Cash in hand 30000
Depreciation on machinery
6000
Prepaid insurance
1000
Closing stock 25000
235500 235500
Adjustments:
1. Interest on capital 5%, interest on
drawings 10% is to be provided.
2. Write off bad debts Rs. 2000
3. Create a reserve of Rs. 1000
towards bad and doubtful debts.
4. Interest received in advance Rs.
1000
29. From the
following trial balance prepare final account for the year ended 31.12.2008.
Particulars Debit Particulars Credit
Purchases 70000 Sales 100000
Sales returns
1000 Capital 80000
Carriage inwards 500 Purchase
returns 2000
Salaries
1500 Creditors 25000
Rent and insurance 1500 Commission 2000
Debtors 36000 RBD 2100
Machinery 50000 Bills
payable 5000
Furniture
9000
Cash at bank 20000
Opening stock 20000
Bad debts
5000
Wages
1100
Advertisements 500
216100 216100
Adjustments:
1. Closing stock Rs. 10000 2. Create 5% reserve for doubtful
debts.
3. Outstanding salaries Rs. 200
4. Depreciation @ 10% on Machinery
and 5% on furniture is to be provided
5.
Fire accident destroyed goods worth Rs. 5000 and insurance company agreed to pay Rs.
4000.
30. From the
following trial balance prepare final account for the year ended 31.12.2008.
Particulars Debit Particulars Credit
Machinery 20000 Sales 80000
Opening stock 8000 Purchase returns 600
salaries
6000 Creditors 8000
Purchases 50600 Discount 600
Sales returns 800 Capital 40000
Carriage inwards 1600 RBD 800
Carriage outwards
2500 Outstanding wages
1800
Debtors 21000
Furniture
5000
Taxes, insurance 1200
Wages
4000
Drawings
1800
Bad debts
2000
Cash in hand
7000
Prepaid insurance 300
131800 131800
Adjustments:
1. Closing stock Rs. 12000 2.
Outstanding salaries Rs. 400
3. Further bad debts to Rs. 1000 4. Create 5% Reserve for doubtful
debts.
5. Provide 10% depreciation on
furniture and machinery.
6. Goods worth Rs. 2000 are used by
Raju for his family use.
31. From the
following trial balance prepare final account for the year ended 31.12.2008.
Particulars Debit Credit
Purchases, sales 125000 175000
Returns 1000 4700
Rent 2500 500
Opening stock 15000
Debtors, creditors 30000 25000
Salaries 22500
Wages 10800
Machinery 10000
Furniture 10000
Cash 29400
Interest 2500
Discount 5000 1000
Drawings, capital 6300 63800
270000 270000
Adjustments:
1. Closing stock value Rs. 15000 2. Rent to be received Rs. 500
3. Bad debts Rs. 1000 4. Provide reserve
for bad debts 2000
5. Provide depreciation on machinery
5000 and on furniture Rs. 1500
32. From
the following particulars of Mr. Vamsi prepare final accounts of the year ended
31.3.2009 by taking into account the following adjustments.
1. Closing Stock Rs. 20000; 2.
Provide 5% depreciation on machinery; 3. Interest on capital 6%; 4. 5%
provision is to be made for doubtful debts; 5. There was a fire accident in the
month of March and destroyed goods worth Rs. 4000 and insurance company agreed
to pay Rs. 2500.
Particulars Debit Credit
Stock 6000
Purchases, sales 42000 65000
Machinery 38000
Furniture 6000
Advertisements 1400
Audit fee 800
Printing and stationery 3200
Returns 1500 800
Wages 6200
Cash at bank 1200
Bills payable 8000
Bank overdraft 12000
Debtors, creditors 24000 10000
Capital 80000
Interest received 750
Buildings 32650
Factory rent 1200
Insurance 900
Bad debts and RBD 700 500
177050 177050
33. The
cochin Consignment account in the books of Ranaji of Bombay showed a debit
balance of Rs 1500 representing the cost of 10 bycycles on 1.1.2009. On March1,
Ranaji sent a further consignment to Cochin of 40 bicycles costing Rs 160 each.
The freight and other charges Rs. 210. On 1st June, the Cochin agent
sent an account sales showing that 8 bicycles from the old stock realized Rs.
140 each and 25 bicycles from the second consignment realized Rs. 200 each and
15 bicycles remained in stock unsold. Two bicycles from the old stock being
unsaleable at Cochin were returned to Bombay, for which the Cochin agent sent
is separate debit note for Rs. 30 being expenses incurred by him. The Cochin
agent is entitled to a selling commission of 5% which covers all out of pocket
expenses in respect of the consignment. Show the consignment account.
34. On
1.7.2010 Radio house of Delhi consigned 200 radios to Benerjee Bros. of
Calcutta. The cost of each radio was Rs. 400. Radio house paid Rs. 5000 for
freight ad insuranc. On 7th July, 2010 Benerjee Bros. accepted a 3
months bill drawn upon them by Radio house for Rs. 50000. Benerjee Bros. paid
Rs. 2200 as rent and Rs. 1300 for advertisement and upto 31st Dec.2010
(on which date radio house close their books) they sold 180 radios at Rs. 500
each. Benerjee Bros. were entitled to a commission of 5% on sales.
Prepare necessary accounts to record the above transactions in the
books of Delhi Radio House.
35. Atlas Ltd.
Forwarded on 1st January 2011, 100 bicycle to Gupta and Co. of
Lucknow to be sold on behalf of atlas Ltd. The cost of one bicycle was Rs. 250
but the invoice price was Rs.300. Atlas Ltd. Incurred Rs. 1000 on freight and
insurance and received Rs. 10,000 as advance from Gupta and Co. Gupta and Co.
paid Rs.500 an octroi and carriage, Rs. 400 as rent and Rs. 300 as insurance
and had disposed of 80 bicycles for Rs. 25,000 by 30th June 2011.
Gupta and Co. is entitled to commission as sales at 5% on proforma invoice
price and 25% of any surplus price realized. Gupta and Co. remitted the amount
due from them by a bank draft
You are required to give journal
entries to record the above transactions in the books of the consignor and
consignee and also write up the ledger accounts in the books of both the
parties.
36. Rani consigned
1,000 radio sets costing Rs. 900 each to Vani, her agent on 1st
January, 2008. Rani incurred the following expenditure on sending the
consignment carriage Rs. 6,500, freight Rs. 9000, and insurance Rs. 3250,. Vani
received the delivery of 950 radio sets. Account sales subsequently revealed
that 750 set were sold for Rs. 9, 00,000 and Vani’s expenses were Rs. 3,000 for
carriage and Rs. 7,500 for customs duty. She is also entitled to a commission @
6% on sales Rani could get only Rs.35, 000 from insurance company for the lost
radio sets prepare Consignment A/c.
37. Arun of Meerut
consigned 100 sewing machines to Sanjay of Ranchi to be sold on his risk. The
cost of one sewing machine was Rs.150 but the invoice price was Rs.200. Arun
paid freight Rs. 600 and insurance in transit Rs.200.
Sanjay sent a bank draft to Arun for
Rs. 10,000 as advance payment and letter sent an account sales showing that 80
sewing machines were sold at Rs. 220 each. Expenses incurred by Sanjay were:
Carriage inward Rs.25, octri Rs. 75, godown rent Rs.500 abd advertisement Rs.
300. Sanjay is entitled to a commission of 5% on sales.
Prepare Consignment a/c and
Consignee a/c in the books of Arun.
38. On 1st January 2009
Sudha of Srinagar consigned goods value of Rs. 20000 to Indira of Warangal.
Sudha paid cartage and other expenses Rs. 1500. On 1st April 2009, Indira sent
account sales with following information.
a. 50% of the goods sold for Rs.
15000.
b. Indira incurred expenses
amounting to Rs. 750.
c. Indira is entitled to receive
commission @ 5% on sales
d. Bank draft enclosed for the
balance due. Prepare the necessary ledger accounts in the
books of Sudha.
39. Varma of Vijayawada
consigned goods of value of Rs. 20000 to Ananth of Ahmedabad. Varma paid forwarding charges Rs. 1000 and
drew a bill of two months of Ananth for Rs. 10000. The bill was discounted with
bankers for Rs. 9500. Ananth sent the account sales of the consignment starting
that the entire stock was sold for Rs. 28000, agent commission Rs. 2000 and a
bank draft for the balance. Prepare necessary ledger accounts in Varma books.
40. Ameer of Surat
consigned goods to Praveen of Patna the value of Rs. 50000 and invoiced the
same proforma at 20% above cost. Ameer
paid Rs. 800 for carriage and Rs. 600 for insurance. Ameer drew on Praveen for Rs. 20000 of 2
months bill and received Praveen’s acceptance.
Later Ameer received account sales from Praveen stating the following. Total goods sold for Rs. 70000 and the
sales expenses Rs. 1000 and his commission 5% on sales.Praveen deducted all
above and sent a cheque for remaining balance.
Prepare necessary account in the books of Ameer.
41.
On 1st January 2008
Sridhar sold goods to Ravi for Rs. 6000 and drew upon him a bill at two
months
for the amount. Ravi accepted the bill and returned to Sridhar. On the
due date Ravi expressed his inability
to honour the bill and offered to pay Rs. 2000 in cash and to accept a
new bill
for the balance plus interest at 12% p.a for three months. Sridhar
agreed to the proposal. Pass necessary journal entries in the books
of Sridhar.
42. Bharat of Chirala
consigned 200 bales of Tobacco @ 250 each to Vikram of Vijayawada. Bharat paid cartage and freight etc Rs.1250.
Bharat drew a bill on Vikram for 3 months for Rs. 30000. Vikram sold the entire
consignment and rendered account sales showing that the goods realised Rs.
60000 out of which he deducted his charges Rs. 400 and commission at 5% on
sales. Make entries in the journal and
show necessary ledger accounts in the books of Bharat.
43. On
January 15, 2009 Vijaya of Hyderabad sent 400 Bicycles to be sold on
consignment to Ravi of Warangal. The
Bicycles were invoiced at Rs. 1000 per each carriage and other expenses Rs.
6000. Vijaya received the following account sales.
15th March - 100 Bicycles were sold
at Rs. 1450 per piece on which 5% commission was charged and Rs. 3750 were
deducted as expenses.
10th April - 150 Bicycles were sold
at Rs. 1400 per piece on which 5% commission was charged and Rs. 2900 were
deducted as expenses incurred after 15th March.
Prepare consignment account and
other accounts in the books of Vijaya.
44. Arun of Ahmedabad
consigned 100 sewing machines to Sarma of Bidar to be sold on his risk. The cost of one sewing machine was Rs. 150,
but the invoice price was Rs. 200. Arun paid Rs. 800 towards freight and
insurance. sarma sent a draft to Arun
for Rs. 8000 as advance and later sent an account sales showing that 80 sewing
machines were sold at Rs. 210 each. Expenses incurred by Sarm were Rs. 200.
Sarma is entitled to a commission of 5% on sales.
Pass necessary ledger accounts in
the books of Arun.
45. Samatha of
Hyderabad consigned 100 cycles to Kavitha of Kanur to be sold on behalf of
Samatha. The cost of each cycle was Rs.
300, but the invoice price was Rs. 350. Samatha incurred Rs. 2000 on freight
and insurance and received Rs. 20000 as advance from Kavitha. Kavitha paid Rs. 500 as Octroi and carriage
Rs. 500 as an rent and Rs. 500 as insurance and disposed of 75 cycles for Rs.
30000. Kavitha is entitled to a
commission @ 10% on sales . Kavitha
remitted the amount due to him by a bank draft.
Prepare necessary ledger accounts in the books of Samata.
46. ‘A’ of Ahmedabad and
‘B’ of Bombay enter into a Joint venture to consign 100 bales to ‘C’ at
Calcutta to be sold on their Joint account. They agree to share profits or
losses equally. ‘A’ sent 50 bales valued at Rs. 60,000 and pays freight and
expenses Rs. 1200. ‘B’ sent 50 bales valued at Rs. 55,000 and pays expenses for
Rs. 900.
All the bales reached Calcutta in
time. However, 5 bales were found to have been tampered with during the
transit. ‘A’ recovered Rs. 3,000 from the insurance company, ‘C’ sold remaining
bales for Rs. 1, 35,000. He charged 3% as selling commission and deducted Rs.
1500 towards expenses. He remitted the balance amount to ‘A’ by D/D on State
Bank of India payable at Ahmedabad. ‘A’ settled the account by ‘B’ by bank
draft. Prepare accounts in the books of
‘A’.
47. A and B enter into
joint venture. A agrees to bring capital in cash: Accordingly a joint bank
account is opened by A for a sum of Rs. 80,000. B buys goods worth Rs. 50,000
as part of his share capital. Further goods worth Rs. 1,18,000 were purchased
from C paying Rs. 60,000 and balance by a promissory note signed by a and B.
The goods were sent to Calcutta for
sale. Expenses totaling Rs. 5000 were incurred in sending the goods. Part of
the goods damaged and a sum of Rs. 25,000 were sold for Rs. 2, 20,000.
Prepare J/V a/c and J/B a/c.
Assuming that the promissory note was fully honoured.
48. A and B enter into
a joint venture to ship goods abroad. A sends goods to the value of Rs. 1,000
pays freight Rs.100 and sundry expenses Rs. 150. These transactions take place
on 1st January. 2006. B sends goods valued at Rs. 750, on Feb. 1st
and pays freight and insurance Rs.80 and sundry expenses Rs.50. B advances to A
on March 1st April Rs.450 on account of venture. A receives amount
sales and remittance and net proceeds for whole of the goods amounting to
Rs.2500 on 1st April. Final settlement between A and B is made on
30thy April, 2006, show the transactions of the venture calculating interest at
5% p.a. in months.
49. On 1st
October, 2006 Hiren bought a parcel of precious stony for Rs. 85,000. He
consigned it to Dhiren who agreed to share with him equally the profit and loss
in the venture. Hiren paid Rs. 900 on account of carriage and insurance. He
drawn on Dhiren at 3 months for Rs. 40,000 on account, discounting the bill on
4th October, 2006 for Rs. 39,600. Discount is borne by them equally.
On receipt of the stony on 3rd
October, Dhiren paid for insurance Rs. 300 and Rs. 800 for cutting and
polishing. On 28th February, 2007. Dhirun sold the stones for Rs.
1,05,000 his expenses being Rs.900. On 31st March, he sent to Hiren account
sales along with a bank draft for the amount due to him.
Write up the accounts as they would
appear in the books of Hiren and Dhirum respectively.
50. A and B enter into
Joint venture sharing profit 3/5 and 2/5. A is to purchases timber in Madya
Pradesh and forward it to B in Delhi. A purchases timber worth Rs. 10,000 and
pays Rs. 1,000 as expenses. B received the concerned and immediately accepted
A’s draft for Rs. 8,000. A gets discounted for Rs. 7,850 B sold the timber for
Rs. 16,000. He has to spend Rs. 350 for fire insurance and Rs. 300 for other
expenses. Under the agreement he is entitled to a commission of 5% sales. Give
Ledger accounts in the books of A.
51. A and B enter into
joint venture. A agrees to bring capital in cash. Accordingly a joint bank
account is opened by A for a sum of Rs. 80,000. B buys goods worth Rs. 50,000
as part of his share of capital. Further goods worth Rs. 1, 18,000 were
purchased from C paying Rs. 60,000 and balance by a promissory note signed by A
and B.
The goods were sent to Calcutta for
Sale. Expenses totaling Rs.5000 were incurred in sending the goods. Parts of
goods were damaged and sums of Rs. 25,000 were recovered from the insurance
company. The balance goods were sold for Rs. 2, 20,000. Prepare Ledger
accounts.
52. On 1.1.2007 Ramesh
bought a machine for Rs. 46,000 and installed it by incurring Rs. 4,000 towards
installation expenses. On 1st July, 2007 he purchased additional
machinery worth Rs., 35000 on 31.12.2009. He sold the machinery purchased on 1st
July 2007 for Rs. 20000. Ramesh decided to write off depreciation @ 10% as per
fixed instalment method Prepare machinery account for 3 years assuming that the
accounting year closes on 31st December every year.
53. A firm desires to
debit its profit and loss account with a uniform figure every year in respect
of repairs and renewals. It expects that considering the life of the asset in
question Rs. 10000 will be average amount
to spent per year. Actual repairs are Rs. 1000 in the first year, Rs 2300 in
second year and Rs. 3700 in the third year. Show the Provision for Repairs and
Renewals account.
54. Reddy acquired a
machine on 1st July 2006 at a cost of Rs. 140000 and spent Rs. 10000
on its installation. The firm writes off depreciation at 10% of the original
cost every year. The books are closed on 31st December every year.
Show the machinery account and depreciation account for four years.
55 A firm desires to
debit its profit and loss account with a uniform figure every year in respect
of repairs and renewals. It expects that considering the life of the asset in
question Rs. 40000 will be average
amount to spent per year. Actual repairs are Rs. 4000 in the first year, Rs
9200 in second year and Rs. 14800 in the third year. Show the Provision for
Repairs and Renewals account.
56. X Ltd., has
purchased a second hand machinery on 1.2.08 for Rs. 50000, paid Rs. 11000 for
its overhauling and Rs. 5000 for its installation which was completed by 31st
March, 2008.
The
company provides depreciation on its machinery at 15% p.a an diminishing
balance method from the date it is put to use and closes its books as 31st
December every year.
As
1st January, 2009 a repair work was carried out as the machine and
Rs. 5000 was paid for th same. The machine was sold as 31st October,
2010 for a sum of Rs. 11000 and amount of Rs. 1000 was paid as dismantling
charges.
57. X limited provided
Rs. 10000 as reserve for repairs and renewals every year The actual expenses
incurred by them for repairs and renewals in 2008 was Rs. 5000, in 2009 was Rs.
8000 and in Rs. 12000. You are required to prepare the reserve for repairs and
renewal account for the years ending 31st December, 2010.
58. A manufacturing
concern, whose books are closed on 31st March, purchased machinery
for Rs. 150000 on 1st April 2003. Additional machinery was acquired
for Rs. 40000 on 30th September, 2004 and for Rs. 25000 on 1st
April 2006. The machinery which was purchased for Rs. 40000 on 30th
September, 2004 was sold for Rs. 34000 on 30th September, 2006.
Giver
the machinery account for the year ending 31st March, 2007 taking
into account depreciation at 10% p.a on the written down value
59 On July1, 2006 X
Ltd., purchased second hand machine for Rs. 60000 and reconditioned the same by
spending Rs. 9000. On January 2007 a new machine was purchased for Rs. 36000.
On June30, 2008 the machine purchased on January1, 2007 was sold for Rs. 24000
and another machine was installed at a cost of Rs. 45000. The company writes
off 10% on original cost every year on 31st March, Show the
machinery account.
60. A firm desires to debit its profit and loss
account with a uniform figure every year in respect of repairs and renewals. It
expects that considering the life of the asset in question Rs. 20000 will
be average amount to spent per year.
Actual repairs are Rs. 2000 in the first year, Rs 4600 in second year and Rs.
7400 in the third year. Show the Provision for Repairs and Renewals account.
61. Krishna purchased a machinery for Rs. 75000 on
1.9.03 and paid Rs. 5000 for its installation charges. He closes his accounts
on 31st March of every year. He adopts the method of depreciating
the machine @ 20% p.a. under diminishing balance method. Show the machine
account and depreciation account for four years.
62. A firm desires to debit its profit and loss
account with a uniform figure every year in respect of repairs and renewals. It
expects that considering the life of the asset in question Rs. 40000 will
be average amount to spent per year.
Actual repairs are Rs. 4000 in the first year, Rs 9200 in second year and Rs.
1400 in the third year. Show the Provision for Repairs and Renewals account.
5 MARKS THEORY QUESTIONS
1.Explain the advantages of computerized accounting. Vikas Degree College,Nrt
Advantages:
a.
The
main advantage of computer is that it works with high speed. It provides
accurate information to the required persons in short time.
b.
It
provides upto date information to management and enables them to take decisions
at correct time.
c.
It
saves time, manual labour and reduces the recurring expenses.
d.
In
computerized accounting, transactions entered are automatically processed,
posted into ledger and accounts are balanced. Hence it is easy to present final
accounts to management at any time without any difficulty.
2. What do you mean by suspense account?
When ledger balances are posted in
trial balance on debit and credit sides, the sum of the balances in both sides
should be equal. If they are not equal, it implies that there are some errors
in the balances obtained from ledger accounts.
The difference between debit and
credit sides is temporarily placed in suspense account. Later, when the errors
are located, they are rectified through the suspense account. Ultimately, the
suspense account should not be left with any balance.
3. Explain the process of creating ledger using tally.
Ledgers are actual accounts to which
all individual transactions are allotted. For starting any transaction, first
we have to create concerned ledger. For creating ledger, we have to mention the
link between ledgers and groups. First we have to mention the group under which
the particular ledger appears on the screen. For example, if we want to create
a ledger for ‘printing and stationery’, we have to mention that group under
which printing and stationery is displayed. That item comes under the group
‘indirect expenses’ when we are creating a particular ledger, a pop up menu
consisting of various groups appears on screen. Now we have to select ‘indirect
expenses’ from the ledger groups.
4. What are the differences between consignment and sale?
Consignment Sale
1.
Ownership: Ownership remains with
the consignor 1.Ownership
passes to the buyer.
2.
Relation: Relation is that of
principal and agent. 2.
Relation is that of buyer & seller.
3.
Risk: Risk is not transferred to the
consignee. 3. Risk is
transferred to the buyer.
4.
Order: There is no order from the
consignee. 4. There
must be order from buyer.
5.
Commission: Consignee gets
commission on sale. 5. Buyers
gets discount on purchase.
6.
Profit or loss: It arising from the
articles is that of the 6. After
the sale, the profit or loss
Consignor.
Arising from the articles is that
of
buyer.
7.
Returns: Goods may be returned, if not sold. 7. Goods once sold can’t be returned
5. What is need for preparing Bank
Reconciliation Statement?
Bank Reconciliation statement is a statement
which contains a complete and satisfactory explanation of the difference in
balances as per the cash book and bank statement. A BRS is to be prepared
whenever a bank statement is received and is prepared on a particular / stated
date.
Need for Bank reconciliation
statement:
1.
It
reflects the actual bank balance position.
2.
It
helps to detect any mistake in the cash book and in the pass book.
3.
It
prevents frauds in recording the balancing transactions.
4.
It
explains any delay in the collection of the cheques.
5.
It
identifies valid transactions recorded by one party but not by the other.
6.
Write the differences between Provision and Reserve.
Provision Reserve
1.
Provision
is a charge to P/L account 1.
Reserve is an appropriation of profit.
2.
Creating
of provisions decrease the 2.
Creation of reserves increases the
The funds of the
business. Working capital of the business.
3.
Provision
is made because of legal 3.
Creation of reserve is a matter of financial
Necessity. Prudence and to save the
business
Concern from prospective
losses.
4.
Provisions
can be made irrespective of 4.
Reserves cannot be created when the
the fact whether the
business has earned business has
incurred losses.
Profits or not.
5.
Provisions
are set aside to make 5.
Reserves are created for general
Necessary
adjustments in the future purposes to safeguard the business
against
known and expected losses. Against unexpected losses in future
and thereby to strengthen financial
condition of the business.
7.State the method of rectification of
errors.
a. Before preparation of trial balance:
If it is a double sided error a suitable entry will be passed in order to
reverse the effect and to bring about correct situation. If it is single sided
error then it is not possible to pass double entry for its rectification and
hence rectification will be made directly in the ledger by debiting (or)
crediting the account affected by error.
b. After preparing trial balance: If
the errors remain undetected at the time of preparing trial balance a
difference may arise in totals. Such difference will be transferred to a newly
opened suspense account. One sided errors will be rectified by passing a
journal entry through suspense account and two sided errors will be rectified
by passing the reverse entry.
c. After preparation of final accounts:
If errors are not found out even after preparing trial balance, then the final
accounts may be prepared by showing suspense account in the balance sheet.
Later if the errors are detected in the next year then capital account will be
affected if the error is committed in revenue account and if an error affected
an asset or liability then those accounts will be debited or credited for
rectification. Further if these are one side errors then suspense account will
be debited or credited.
8. What are the rules for debit and credit
for different types of accounts?
An
account is a summary of the record of all the transactions relating to a
person, asset, expense or gain. It has two sides – the left hand side is called
‘debit’ and the right hand side is called ‘credit’ side. Accounts are
classified into three heads: i) Real accounts, ii) Personal accounts, iii)
Nominal accounts.
In
order to decide which account is to be debited and which account is to be
credit for the purpose of recording any particular transaction, the first
important point is to see which class of accounts are affected by that
transaction. Having ascertained that the following rules debit and credit will
have to be followed.
i.
Real Accounts: Accounts relating to
properties or assets are known as real accounts. The rule for writing up a real
account a ‘Debit what comes in, Credit what goes out’.
ii.
Personal account: Accounts relating to persons, firms, companies are
known as personal accounts. Personal accounts may be:
a.
Accounts
of natural persons such as Mahesn, Ramesh etc.
b.
Accounts
of artificial persons such as State Bank, Tata Limited etc.,
c.
Representative
personal accounts such as outstanding salaries, prepaid insurance etc.,
The
rule for writing up a personal account is ‘Debit the received and Credit the
giver’.
iii. Nominal
accounts:
Accounts relating to expenses, losses, incomes and gains are known as nominal
accounts. E.g : wages, salaries, commission etc., A separate account is
maintained for each item of expense loss, income or gain. Vikas Degree College,Nrt
The rule for writing up nominal
accounts is ‘debit all expense and losses and Credit all incomes and gains’.
Real account and nominal account
together called as impersonal accounts.
9. Write about Straight line method and
written down value methods of depreciation.
Fixed installment method: According to
this method, the depreciation of fixed assets is written off in equal annual
installments over a period of its life. So as to reduce the asset account to
nil (or) to its scrap value at the end of the estimated life of the asset.
Diminishing balance method: Under this
method, the amount of depreciation is calculated as a fixed percentage of the
reducing or diminishing value of the asset standing in the books at the
beginning of the year. So as to bring down the book value of the asset to its
residual value. Since depreciation is based on the diminishing value of the
asset, it is heavier in the initial period and goes on reducing year after
year.
10. Explain briefly about various types of
commissions paid to consignee.
General commission: It is the reward to
the agent for selling goods on behalf of consignee. This commission is normally
fixed as percentage on sales and thus more the sales, more is the commission
earned by the agent. Besides a normal commission at a certain rate on sales,
agent may be allowed following commission also.
DelcredEre commission: This commission is allowed to the agent in
order to cover the risk of loss due to bad debts. Once an agent is authorized
for such a commission, he becomes liable to all losses on account of
non-recovery of debts and consignor ceases to be responsible for any loss of
this type. This is normally calculated on total sales unless it is specifically
agreed to between the principal and the agent that delcredere commission shall
be allowed on credit sales only.
Overriding commission: It is an extra
commission in addition to normal commission. It is also calculated on total
sales. This commission is normally granted only when the consignor wants his
agent to work hard to push a new line of product in the market.
11. What are the differences between book
keeping and accounting?
Book-keeping
is the art of recording business transactions and accounting is the analysis
and interpretation of book keeping records. Differences between book keeping
and accounts are:
Book Keeping Accounting
1.
It is the recording phase of an accounting 1.
It is summarizing phase of an account
system. system.
2.
It is basis for accounting. 2.
It is the basis for business language.
3.
Persons responsible for book-keeping 3.
Persons responsible for accounting are
are called book keepers. called accountants.
4.
It does not require any special skill or 4.
It required special skill and knowledge.
knowledge.
5.
The main aim is to prepare original book 5.
The main aim is to record, analyze and
of accounts. Interpret the business transactions.
6.It follows
generally accepted accounting 6.
Various firms follow various methods of
concepts and conventions. reporting and interpretation.
7.It does not give
the complete picture of the 7. It
gives the complete picture of the
Financial condition of the business unit.
financial condition of the business unit.
12. What is meant by Depreciation? Give its
causes.
Fixed
assets of a business concern like Building, Machinery etc, are acquired for use
in business. These assets gradually lose their value on account of wear and
tear (or) due to lapse of time. This loss (or) decrease in value of fixed
assets is called ‘Depreciation’. It is a reduction in the book value of an
asset due t wear and tear. According to Pickles ‘Depreciation may be defined as
the permanent and continuous diminution in the quality, quality (or) value of
an asset.
Causes of Depreciation: Vikas Degree College,Nrt
a. Wear and tear due to
actual use. Vikas Degree College,Nrt
b.
Efflux
of time i.e., more passage of time will cause a fall in the value of an asset,
irrespective of its use. Ex: Lease, patent rights etc.,
c.
A
new inventions or a permanent change in demand may render the asset useless.
d.
Try
in market price.
e.
Accidents.
f.
In
the case of mines they lose their value due to periodical extraction of
quantity of materials from them.
13. Explain the functions of accounting.
a. Keeping systematic records: The
first function of accounting is to keep systematic record of financial
transactions, to post them to ledger accounts and ultimately prepare final
statements.
b. Protecting properties of the business:
The second function of accounting is to protect the property of the business.
An authorized dissipation of assets of the firm will bring it to the threshold
of insolvency. An accountant thus has to design such a system of accounting
which will protect its assets from an unjustified and unwarranted use.
c. Communicating the results: The third
function of accounting is to communicate the results obtained from arranging of
data to interested parties like proprietors, investors, creditors, employee,
government officials and researchers.
d. Meeting legal requirements: The
fourth and last function of accounting is to devise such a system as will meet
legal requirements. Under the provisions of law, a businessman has to file
various statements. E.g.: Income tax returns, returns for sales tax purpose and
so on. Accounting system aims at fulfilling this requirement of law.
14. What are the objectives of accounting?
The
following are the main objectives of accounting.
i)
To
keep a permanent, accurate and complete record of business transactions of a
business firm in scientific manner.
ii)
To
calculate profit or loss during a specific period by maintaining complete
records of incomes, expenses and losses.
iii)
To
ascertain the financial position of the business concern by preparing the
financial statements.
iv)
To
provide information for legal and tax purposes.
v)
To
review business policies in the light of past records.
vi)
To
measure the efficiency and performance of staff by analyzing the financial
statements.
15. Explain the process of recording vouchers
using tally.
In
tally we record all the transactions using vouchers. A voucher is a documentary
support of transaction. In manual system we record a journal entry and is posted
to ledger accounts and finally prepare trial balance.
In
tally the manual process is processed through different types of vouchers like
ContraF4, Payment voucher F5, Receipt voucher F6, Voucher F7, Sales voucher F8,
Purchase voucher F9, Memos F10, etc.
There
are pre-defined vouchers in tally. Each voucher has a different function and
are programmed in such a way that it take care of rest of the accounting
process one you feed in the transaction using voucher. We can alter vouchers
and create new one to suits as per out needs.
For
recording transactions select the type of voucher.
Gateway
of tally -------- Accounting voucher.
Write
date, Ref: Dr, Cr Accounts,.
Amount
and Narration.
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