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11th Accountancy Monthly Test - 1 ( subsidiary books - I )

MABS Institution

11th Accountancy Monthly Test - 1 ( subsidiary books - I )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

The protest certificate is issued by _____________.

Government
drawer
Notary Public

When a bill is drawn payable after a specified period the date on which the payment should be made is called _____

due date
bill of exchange
dishonoured bill
renewal of bill

A trader purchased goods for Rs. 4,000 at a discount of 5%. As he paid the amount immediately a cash discount of Rs.100 was also allowed. In this case, Purchases A/c is debited by:

Rs. 4,000
Rs. 3,800
Rs. 3,700
Rs. 3,900

Purchase of machinery is recorded in____________.

sales book
journal proper
purchases book

Goods of Rs.800 (sales price) sent on sale on approval basis were included in the sales book. The profit included in the sales was 25% on cost. Inventory with the party will increase our closing inventory by_____.

Rs. 600
Rs. 640
Rs. 680
Rs. 700

Transferring the title of the bill to another person is _____________.

discounting of bills
endorsement of bills
dishonour of bills

Sales book is used to record_____

all sales of goods
all credit sales of assets
all credit sales of goods
all sales of assets and goods

The cash discount allowed to a debtor should b e credited to_________.

Discount Account
Customer's Account
Sales account
None of the above

Goods returned to suppliers are recorded in ________.

sales book
purchases returns book
sales returns book

Entries in the purchases day book are made from invoices which are popularly known as _____

Invoice
Bills
Journals
Ledger

Part - B

Generic 2 - Answer All Question

What are the reasons for the return of goods?

What is credit note?

Distinguish between sales book and sales account.

Give one point of distinction between purchases book and Purchases Account.
What is due date?

What is Bills?

What is Subsidiary book?

Write notes on renewal of a bill of exchange.

What is trade discount?

Write notes on retiring of a bill.

Part - C

Generic 3 - Answer All Question

Give the format of purchases book.

Give specimens of the following:
(a) Purchases book,
(b) Sales book,
(c) Purchases return book,
(d) Sales return book.

What are the various types of subsidiary books?

Explain the purpose of journal proper with examples.

Write short notes on :
(a) Endorsement of a bill and
(b) Discounting of a bill
Write Short notes on (i) Renewal of a bill (ii) Retiring of a BiII.

Write a note on (i) Bills Receivable Book (ii) Bills Payable Book.

Enter the following transactions in the Purchases Book of M/s. Kannan Garments.

2011 Sep 5   Purchased from Gupta Bros. as per Invoice No. 171

  120 White Shirts @ Rs 95 each

  60 School Tie @ Rs 40 each

Sep 19   Purchased a computer for office use from Mis. Hari Tech for Rs 30,000 as per Invoice No.207

Sep 20   Purchased from Jain Bros. as per Invoice No. 180

     70 Pairs Socks @ Rs 18 each

  90 Skirts @ Rs 130 each

  Less: Trade Discount 10%

Sep 22   Purchases from Verma & Co. as per Invoice No. 261

  65 T-shirts @ Rs 115 each

  80 Trousers @ 180 each

  Less: Trade Discount 20%

Write the following transactions in proper subsidiary books of Mr Rajasekaran.

2014 May 10   Purchased goods from Raman Rs 15,000.

May 14   Returned goods to Raman Rs 500.

May 18   Purchased goods from Sekaran Rs 10,000.

May 20   Pradeep sold goods to us Rs 20,000.

May 24   Sent a Debit note to Sekaran for goods damaged in transit Rs 1,000.

Write notes on rectifying entries.

Part - D

Generic 5 - Answer All Question

Enter the following transactions in proper subsidiary books.

Rs.

2013,
March1 Purchased goods from Balaraman 2,000

2 Sold goods to Senthil 1,000

3 Goods purchased from Durai 1,000

5 Sold goods to Saravanan 700

8 Sold goods to Senthil 500

10 Purchased goods from Elangovan 600

14 Purchased goods from Parthiban 300

20 Sold goods to Sukumar 600

Record the following transactions in the purchases book of Raja Furniture:

2017

May 4 Purchased from Kasi Furnitures, Kanyakumari

  10 chairs @ Rs 300 each

  4 tables @ Rs 800 each

May 6   Purchased for cash from Welcome Furniture, Vellore

2 almirahs @ Rs 2,000 each

4. chairs @ Rs 200 each

Less: Trade discount @ 5%

May 10   Bought furniture from Murugan Furniture Mart, Nagapattinam

10 chairs @ Rs 250 each

5 tables @ Rs 750 each

Delivery and packing charges Rs 150

May 20   Purchased 2 computers for office use from Anandan & Co., Adyar on credit for Rs 5,550 each

May 25   Purchased from Gowtham & Co., Chennai

  10 chairs @ Rs 550 each

  15 steek cabinets @ Rs 2,000 each

Delivery charges Rs 200

Less: Trade discount @ 10%

From the following particulars prepare the sales book of Modern Furniture Mart.

2013, June 5 Sold on credit to Arvind & Co.,

20 tables @ Rs. 600 per table

20 chairs @ Rs. 300 per chair

7 Cash sales to Anand & Co.,

10 tables @ Rs. 300 per table

20 chairs @ Rs. 150 per chair

10 Sold to Baskar & Co., on credit

10 almirahs @ Rs. 3,000 per almirah

10 tables @ Rs. 200 per table

15 Sold old typewriter for Rs.1,000 to Madan on credit

20 Sold to Gopinatli on credit

10 tables @ Rs. 1,000 per table

2 revolving chairs @ Rs. 1,200 per chair

From the following information, prepare the necessary subsidiary books for Nalanda Book Stores.

2017 Dec. 1 Bought from M/s. Umadevi on credit

100 copies Business Statistics Book @ Rs.80 each

100 copies Accountancy Book @ Rs.150 each

Dec. 7 Sold to Sridevi & Co., on credit

240 copies Business Statistics @ Rs.90 each

250 copies Accountancy books @ Rs.170 each

Dec. 10 Bought from Subha & Co.,

40 Copies Economics books @ Rs.80 each

Less: 15% Trade Discount

Dec. 15 Returned to Mis. Vma Devi 10 copies of damaged Accountancy book for which cash is not received

Dec. 18 Sold to Gupta Bros., on credit

200 copies of Economics book @ Rs.95 each

Dec. 26 Returned 6 copies of Economics books to Subha & Co.,

From the following transactions write up the Sales day book of M/s. Ram & Co., a stationery merchant.

2017 Jan. 1 Sold toAnbu & Co., on credit 20 reams of white paper @ Rs 150 per ream

Jan. 2   Sold to Jagadish & Sons on credit 6 dozen pens @ Rs 360 per dozen

Jan. 10   Sold old newspapers for cash @ Rs 620

Jan. 15   Sold on credit MIs. Elango & Co., 10 drawing boards @ Rs 170 per piece

Jan. 20   Sold to Kani & Co., 4 writing tables at Rs 1,520 per table for cash

Record the following transactions in the sales book and sales returns book of M/s. Ponni & Co., and post them to ledger.

2017Aug 1   Sold goods to Senthil as per Invoice No. 68 for Rs 20,500 on credit

Aug 4   Sold goods to Madhavan as per Invoice No. 74 for Rs 12,800 on credit

Aug 7   Sold goods to Kanagasabai as per Invoice No. 78 for Rs 7,500 on credit

Aug 15   Returns inward by Senthil as per Credit Note no. 7 for Rs 1,500 for which cash is not paid

Aug 20   Sold goods to Selvam for Rs 13,300 for cash

Aug 25   Sales returns of Rs 1,800 by Madhavan as per Credit Note No. 11 for which cash is not paid

Enter the following transactions in the purchases and sales books ofKannan, an automobile dealer, for the month of December 2017.

2017 Dec. Rs

1 Bought from Sumathi gearboxes on credit 17,800

4   Sold goods to Rani on credit 15,200

6   Purchased goods on credit from Mani 7,000

10   Sold goods on credit to Saranya 12,500

17   Sold goods to Hussain on credit 13,250

21   Purchased goods on credit from Raghunathan   10,000

26   Sold goods to Shyam for cash 3,000

From the following transactions of Ram Home Appliances for July 2017 prepare purchases book and ledger accounts connected with this book:

2017

July 5 Purchased on credit from Kannan & Co.

50 iron boxes @ Rs 500 each

10 grinders @ Rs 3,000 each

July 6 Purchased for cash from Siva & Bros.

  25 fans @ Rs 1,250 each

July 10 Purchased from Balan & Co. on credit

  20 grinders @ Rs 2,500 each

  10 mixies @ Rs 3,000 each

Less: Trade discount @ 10%

Delivery charges Rs 1,000

July 20 Purchased on credit, one copier machine from Kumar for Rs 35,000

From the transactions given below, prepare the sales book of Kumar Stationery for July 2017.

2017

July 5 Sold on credit to Saravana Traders of Sayalkudi

  10 packs of A4 sheets @ Rs 250 per pack

  10 dozens of writing pads @ Rs 850 per dozen

Less: 10% trade discount for both

July 8   Sold to Raja for cash

15 packs of A4 sheets @ Rs 250 per pack

May 20   Sold to Mohan & Co. of Mudukulathur

5 white boards @ Rs 2,200 each

10 dozens of writing pads @ Rs 850 per dozen

July 23   Sold on credit to Narayanan old motor car for Rs 5,000

July 28   Sold to Kumaran for cash 15 packets of marker pens @ Rs 250 per packet

Enter the following transactions in the Sales book of Kamala Stores, a furniture shop.

2017 May 2   Sold to Naveen Stores, Trichy on credit 5 computer tables @ Rs 1,750 per table

May 9   Sold to Deepa & Co., Madurai on credit 6 dining tables @ Rs 1,900 per dining table

May 15   Sold to Rajesh 10 dressing tables @ Rs 2,750 each on credit

May 24   Sold to Anil 5 wooden tables @ Rs 1,250 per table on credit

May 27   Sold to Gopi 3 old computers @ Rs 3,500 each

May 29   Sold 50 chairs to Anil @ Rs 275 each for cash

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