MABS Institution
11th Accountancy Monthly Test - 1 ( Ledger )-Aug 2020
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Prepare Machinery A/c with the following transactions.
2012 Jan Rs 1 Machinery in hand 4,000 3 Purchased machinery for cash 4,000 30 Purchased machinery on Ram 6,000 -
What is balancing of an account?
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Prepare Furniture A/c from the following transactions
2016 Jan. Rs. 1 Furniture in hand 2,000 1 Purchased furniture for cash 4,000 30 Sold Furniture 400 -
What will happen to the ledger account postings? Do you think that it will continue for an indefinite period of time? Where will the accounting process stop?
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What is meant by opening entry?
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'Ledger is a principal Book of a Business' - Explain.
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What are the steps in posting?
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Prepare cash account from the following transactions for the month of January 2018. (Direct Ledger Posting)
Jan 1 Commenced business with cash Rs 62,000 3 Goods purchased for cash Rs 12,000 10 Goods sold for cash Rs 10,000 12 Wages paid Rs 4,000 25 Furniture purchased for cash Rs 6,000 -
Post the following transactions direct into ledger of Thiru. Gowri Shankar.
2016 Oct. Rs 1 Received Cash from Siva 75,000 7 Paid Cash to Sayeed 45,000 10 Bought goods for Cash 27,000 12 Bought goods on Credit from David 48,000 15 Sold goods for Cash 70,000 -
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Explain the procedure for balancing a ledger account.
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Distinguish between journal and ledger.
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On 15th March 2017, Ramesh paid Rs 13,800 in full settlement of his account Rs 15,000 due to his creditor Dinesh. Pass journal entry and prepare ledger accounts.
In the books of Ramesh Journal entry Date Particulars L.F. Debit Rs Credit Rs 2017 March 15 Dinesh A/c Dr. 15,000 To Cash A/c 13,800 To Discount received A/c 1,200 (Paid Dinesh in full settlement of his account) -
Indicate the nature of normal balance in the following accounts.
(a) Cash (b) Creditors (c) Sales (d) Furniture (e) Commission received (f) Debtors (g) purchases (h) Capital (i) Salaries and (j) Computer -
Post the following transactions direct into ledger of Akbar.
2018 March Rs 1 Bought goods for Cash 25,000 2 Sold goods for Cash 50,000 3 Bought goods for Credit from Gopi 19,000 5 Sold goods on Credit to Robert 8,000 7 Received from Robert 6,000 9 Paid to Gopi 5,000 20 Bought furniture for Cash 7,000 -
How is posting made from the journal to the ledger?
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Journalise the following transactions of Mr. Moorthi.
2014, June 3 Received cash from Ramkumar Rs 60,000 4 Purchased goods for cash Rs 15,000 11 Sold goods to Damodaran Rs 22,000 13 Paid to Ramkumar Rs 40,000 17 Received from Damodaran Rs 20,000 -
Journalise the following transactions in Thiru. Manikandan's books and post them to ledger and balance them.
2013, Aug. 5 Sold goods to Arumugam on Credit Rs 17,500 9 Bought goods for cash from Chellappan Rs 22,500 12 Met Travelling expenses Rs 2,500 15 Received Rs 80,000 from Sivakumar as loan 21 Paid wages to workers Rs 3,000 -
Journalise the following transactions and post them to ledger. On May 20, 2018, Ram paid salaries Rs 15,000; Electricity charges Rs 8,000 and wages Rs 2,000.
In the books of Ram Journal entries Date Particulars L.F. Debit Rs Credit Rs 2018 May 20 Salaries A/c Dr. 15,000 Electricity charges A/c Dr. 8,000 Wages A/c Dr. 2,000 To Cash A/c 25,000 (Expenses paid) -
Journalise the following transactions in Tmt. Rani's Journal and post them to ledger.
2003 Sep Rs 1 Tmt. Rani started business with 3,00,000 5 Opened a current account with Indian Overseas Bank 50,000 12 Bought goods from Tmt. Sumathi 90,000 18 Paid to Tmt. Sumathi 90,000 20 Sold goods to Tmt. Chitra 1,26,000 28 Tmt. Chitra settled her accounts -
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Journalise the following transactions in the Journal of Mr. Shanmugam, post them in the ledger and balance them
2013, Aug. 1 Started business with Rs 4,50,000 3 Goods purchased Rs 70,000 5 Goods sold Rs 51,000 10 Goods purchased from Rangasamy Rs 2,00,000 16 Goods returned to Rangasamy Rs 5,000 27 Settled Rangasamy's account -
Journalise the transactions given below and post them to ledger.
2017 October Rs. 18 Paid trade expenses 1,000 25 Bought postage stamps 100 30 Commission received 6,000 30 Rent paid 4,000
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Journalise the following in the Journal of Thiru. Gowri Shankar.
2013, Oct. 1 Received cash from Siva Rs 75,000 7 Paid cash to Sayeed Rs 45,000 10 Bought goods for cash Rs 27,000 12 Bought goods on credit from David Rs 48,000 15 Sold goods for cash Rs 70,000 -
Show the direct ledger postings for the following transactions:
2016 July 1 Shankar commenced business with a cash Rs 1,00,000 5 Sold goods for cash Rs 10,000 9 Wages paid Rs 6,000 19 Salaries paid Rs 8000 20 Advertisement expenses paid Rs 4,000 -
Journalise the following transactions and post them to ledger in the books of Raja.
2018 Mar Rs. 1 Sold goods to Senthil for cash 9,000 5 Sold goods to Murali on credit 4,500 9 Cash sales 6,000 18 Bought goods from Mani on credit 3,200 23 Received Rs.4,000 from Murali in full settlement of his account -
Journalise the following transactions in the books of Arun and post them to ledger accounts.
2017 Dec Rs. 1 Arun started his business with cash 10,000 3 Bought goods for cash 1,500 8 Sold goods to Krishna on credit 4,000 14 Purchased goods from Govind on credit 2,000 25 Received cash from Krishna 3,000 28 Cash paid to Govind 1,000