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MAEERS MIT JUNIOR COLLEGE, LONI KALBHOR

I Unit Test Examination


Date: 30.09.2016
Time : 2 hrs.
Subject: Book- Keeping & Accountancy
Marks: 50

Q1. Attempt any three of the following:


(15)
A. Fill in the blanks
(05)
1.
2.
3.
4.
5.

Amount which is irrecoverable from the customers is known as _____________


_________ is prepared from the balances in ledger accounts.
Carried down (c/d) balance indicates ______________ balance.
In trial balance total of debit side must be _____________ to the total of credit side.
All entries are posted from journal to _____________.

B. Give one word for the following


(05)
1.
2.
3.
4.
5.

Page number of ledger.


Left hand side of an account
Transfer of journal entry from journal to ledger.
Brief explanation of entry.
Discount which is earned in payment of cash or allowed in receipt of cash.

C. State whether the following statement are true or false.


(05)
1.
2.
3.
4.
5.

Ledger is known as the book of original entry.


Trade discount is recorded in the books of account showing separate accounts.
Loan account is personal account.
Every transaction has only one effect.
An order placed for the goods, entry is passed/ recorded in the books of account

D. Answer the following in one sentence


(05)
1.
2.
3.
4.
5.

What is an account?
What is a trial balance?
In which order the transactions are recorded in journals?
State the meaning of Debit balance?
What is the meaning of ledger folio?

Q2. Journal the following transaction in the books of Mr. Kapadia


(15)
2005 Jan 1
Balances on 1st Jan 2005
Cash at bank 2,00,000, Cash in hand 2,500, Computer 90,000, Land & Building 1,80,000,
Sundry Debtors 15,000, Bills receivable 10,000, Sundry creditors 14,000, Bills payable 5,000.
1.

Started business with cash 25,000 and furniture 10,000.

4.

Purchased goods for cash 10,000 at 10% trade discount and 5% cash discount.

8.

Sold goods for cash 15,000 at 2 % cash discount.

10.

Received interest 1,500 and commission 2,000.

18.

Paid rent 700 and electricity bill 300.

22.

Purchased goods from Sohan for 8,000 and from Mohan 4,000.

23.

Returned goods to Mohan of 3,000.

24.

Goods worth 1,000 distributed as free sample.

25.

Paid 3,000 to Sohan in full settlement of 3,050.

26.
Goods worth 15,000 destroyed by fire and insurance company settled our claim at
12,000.
28.

Bought furniture from Varsha for 5,000 and paid amount in cash and balance payable.

28.

Sold goods to Kalpesh for 5,000 at 20% trade discount.

29.

Mr. Kalpesh became insolvent and only 40% amount due received from his private estate.

Q3. From the following transaction prepare necessary ledger accounts in the
books of Ms. Rathi and balance them preparing trial balance
(20)
2011 April
1.

Started business with cash 20,000 and Machinery 30,000.

2.
Purchased goods from Bhushan 30,000at 10% trade discount and paid 1/3rd amount in cash
after getting 5% cash
discount.
5.

Cash purchases 3,000 at 5% cash discount.

5.

Paid life insurance premium of 1,200on the life of proprietor

8.

Sold goods on credit to Mr. Mahendra for 8000 at 12.5% trade discount.

9.

Goods costing 250 distributed as free sample.

10.

Received cash from father-in-law as gift with which purchased shares of Infosys Co.

12.

Paid wages 7,000 to Rahul .

15.

Paid salaries by cash3,000 and rent by cheque 4,000.

25.
Bought goods of 48,000 from Mr. Rajiv and paid half the amount and earned 5% cash
discount.
28.

Withdrew cash for personal use 2,000.

31.

Opened bank account in Bank of India by depositing 7,000.