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11th Accountancy Monthly Test - 2 ( subsidiary books - I )

MABS Institution

11th Accountancy Monthly Test - 2 ( subsidiary books - I )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

______ is one of the most important books, in which credit purchases of goods are recorded.

Purchase book
Sales book
Purchases returns book
None of these

The year of Negotiable Instrument Act is _____

1981
1881
1851
1956

The statement sent to the suppliers on account of return of goods is known as_______.

Debit Note
Credit Note
Journal Proper
None of the above

On 1^st January 2013, Chandran draws a bill on Sundar for 3 months, its due date is___________.

31^st March 2013
1^stApril 2013
4^thApril 2013

_____ in duplicate is prepared in the name of the buyer when goods are returned

Credit note
Debit note
Both 'a' and 'b'
None of these

Days of grace are _____ in number.

three
four
five
nine

On 1st January 2017, if kennedy draws a bill on Sundar for three months, its due date is _____

4^th April, 2017
1^st April, 2017
31^st March, 2017
None of the above

The discount allowed, at the time of receiving money from the customers before the expiry period is _____

Cash discount
Trade discount
Both
None of these

___________is the statement prepared by the seller of goods.

Voucher
Receipt
Invoice
Ledger

A periodic total of the purchases book is posted to the _______

debit side of the purchases account
debit side of the sales account
credit side of the purchases account
credit side of the sales account

Part - B

Generic 2 - Answer All Question

What is Subsidiary book?

What is an invoice?

What business documents are needed to maintain the subsidiary books?

Calculate due date.

Date of the bill Period

1.3.2018 2 months

12.07.2018 1 month

01.10.2018 30 days

Distinguish between sales book and sales account.

What is due date?

What is journal proper ?

Part - C

Generic 3 - Answer All Question

What are the various types of subsidiary books?

Explain the purpose of journal proper with examples.

What are the features of a bill of exchange?

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.

Mention the subsidiary books in which the following transactions are recorded.
(i) Sale of goods for cash
(ii) Sale of goods on credit
(iii) Purchases of goods on credit
(iv) When the proprietor takes goods for personal use
(v) Goods returned to suppliers for which cash is not received immediately
(vi) Asset purchased as credit.

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.

Part - D

Generic 5 - Answer All Question

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%

Enter the following transactions in the sales book and sales returns book of M/s. Guhan & Sons, who is a textile dealer.

2017May 2   Sold to MIs. Karan & Co., on credit

  100 pieces towels @ Rs 280 per piece

  200 metres shirtings @ Rs 270 per metre

May 5   Sold to MIs. Veeran & Sons on credit

  10 pieces ready-made dress @ Rs 1,500per piece

May 16   Sold to M/s. Jain & Sons on credit

  50 blankets @ Rs 240 each

May 20   Damaged 10 pieces towels returned by Karan & co. and cash not paid

May 25   Sold old furniture to MIs. Saran & Co., on credit Rs 18,000

May 27   Returned 2 pieces ready-made dresses by M/s. Veeran & Sons due to inferior quality and cash not paid

Enter the following transactions in proper special journal of M/s. Saveetha & Co. 2017.

2017 March 1   Purchased 80 bags of wheat from Shruti @ Rs 2,200 per bag, less trader discount 10% as per Invoice No. 70

March 7   Bought 40 bags of rice form Beula @ Rs 3,200 per bag, less trader discount 5% per invoice No. 72

March 12   Sold to Sheela 35 bags of wheat @ Rs 2,600 per bag as per Invoice No. 75

March 15   Returned to Shruthi 5 bags of wheat as per Debit Note No.7

March 17   Sold to Apoorva 20 bags of wheat @ Rs 2,700 per bag. Less trade discount 10% as per Invoice no. 86

March 20   Sheela returned 5 bags of wheat as per Credit Note no. 10

March 24   Bought 20 bags of rice from Neela @ Rs 3,400 per bag as per Invoice no. 74

March 25   Apoorva returned 4 bags of wheat

March 27   Sold to Pooja 30 bags of rice @ Rs 3,700 per bag less trade discount 10.% as per Invoice No. 90.

March 29   Returned to Neela 4 bags of rice as per debit Note No.8

From the following information, prepare purchase day book and purchases returns book for the month of June 2017 and post them into ledger accounts in the books of Robert Furniture Mart.

2017 June 1   Purchased from Balu Traders 20 chairs @ Rs 150 each on credit

June 13   Bought from Sub ash @ Co., on credit

  2 Almirah @ Rs 3,100 each

  10 tables @ Rs 1,500 each

  15 chairs @ Rs 200 each

  Less: 10 % Trade discount on all items

  Add: Freight charges Rs 220

June 21   Returned 2 damaged chairs to Balu Traders and cash not received

June 24   Purchased from Sunrise Furniture Mart on credit

  25 Almirahs @ Rs 1,300 each

June 27   Purchased from Mouli Traders on credit

  10 executive tables @ Rs 3,275 each

June 29   Returned 3 Almirahs to Sunrise Furniture Mart and cash not received

Enter the following transactions in returns inward book of Magesh a textile dealer:

2017

April 6   Returned by Shankar 30 shirts each costing Rs 150.due to inferior quality.

April 8   Amar Tailors returned 10 T-shirts, each costing Rs 100, on account of being not in accordance with their order.

April 21   Prema Stores returned 12 Salwar sets each costing Rs 200; being not in accordance with order.

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 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.,

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