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11th Accountancy Monthly Test - 2 ( Ledger )

MABS Institution

11th Accountancy Monthly Test - 2 ( Ledger )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

If Total of credit > Total of debit =

Debit balance
Credit balance
Nil balance
both (a) & (b)

The ledger account is prepared in ______________ format.

U
T
V
Vertical

Personal and real accounts are _____________

closed
balanced
closed and transferred
opened

Account having credit balance is closed by writing _____________

To Balance b/d
By Balance c/d
To Balance c/d

The term balance brought down is used in the name of ____________.

balance b/d
balanced c/d
debit balance
credit balance

Nominal Account having credit balance represents ___________________

income/gain
expenses/losses
assets
liabilities

Merchandise stolen by someone should be debited to_______

Sales account
Purchases account
Loss by theft account
None of the above

J. F. means ___________

Ledger page number
Journal page number
Voucher number
Order number

Real accounts always show _________________

debit balances
credit balances
both 'a' and 'b'
none of these

In a ledger account, when the debit total and credit total are equal it is called ________________

debit balance
credit balance
both 'a' and 'b'
nil balance

Part - B

Generic 2 - Answer All Question

What is balancing of an account?

Write short notes on 'Nil Balance'.

Define Ledger.
Explain the meaning of balancing an account.

What is meant by posting?

What is a ledger?

Classify the following under personal, Real and Nominal Account.

Part - C

Generic 3 - Answer All Question

What are the steps in posting?

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

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?
The following balances appeared in the books of Vinoth on Jan1, 2018
Assets: Cash Rs.40,000; Stock Rs.50,000; Amount due from Ram Rs.20,000; Machinery Rs.40,000 Liabilities: Amount of due to Vijay Rs.10000 Pass the opening journal entry an deposit them to Vinoth's Capital account.

Explain the significance of debit and credit balances of various types of accounts.

'Ledger is a principal Book of a Business' - Explain.

Part - D

Generic 5 - Answer All Question

Journalise the following transactions in the books of Tmt. Amutha.

2014, Jan. 1 Tmt. Amutha commenced business with cash Rs 50,000

2 Purchased goods for cash 10,000

5 Purchased goods from Mohan on credit 6,000

15 Sold goods for cash 7,000

20 Sold goods to Suresh on credit 5,000

25 Cash sales 3,500

26 Paid to Mohan on account 3,000

Prepare necessary ledger accounts in the books of Joy from the following opening entry:

In the books of Joy Journal entries

Date Particulars L.F. Debit Rs Credit Rs

2017

Jan 1 Cash A/c Dr. 45,000

Stock A/c Dr. 50,000

Sohan A/c Dr. 35,000

Furniture A/c Dr. 50,000

To Ram A/c 20,000

To Joy's capital A/c 1,60,000

(Balances of assets and liabilities brought forward)

Journalise the following transactions in the booksof Vasu and post them to ledger accounts.

2017 Nov.

1 Cash in hand Rs 1,00,000; Cash at bank: Rs 30,000

2 Vasu sold goods to Jothi for Rs 25,000 against a cheque and deposited the same in the bank

4 Received as commission Rs 5,000

8 Bank paid Rs 15,000 directly for insurance premium of Vasu.

15 Cash deposited into bank Rs 30,000

20 Cash withdrawn from bank for personal use Rs 45,000.

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

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

Post the following transactions direct into ledger of Thiru. Karthik and balance them.

2013, Oct. 1 Received cash from Ramesh R 1,60,000

20 Withdrew cash for personal use Rs 18,000

25 Received commission Rs 20,000

30 Paid rent Rs 5,000

31 Paid salary Rs 10,000

Thmizhanban started book selling business on 1st January 2018. Following are the traasactions took place in his business for the month of January 2018. Pass journal entries and prepare ledger accounts.

2018

Jan. 1   Started business with cash Rs 3,00,000

2   Opened bank account by depositing Rs 2,00,000

5   Goods bought from Tamilnadu Textbook Corporation for cash Rs 10,000

15   Sold goods to MM Traders for cash Rs 5,000

22   Purchased goods from X and Co. for Rs 15,000 and the payment is made through net banking

25   Sold goods to Y and Co. for Rs 30,000 and the payment is received through NEFT

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