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11th Accountancy Monthly Test - 3 ( Ledger )

MABS Institution

11th Accountancy Monthly Test - 3 ( Ledger )-Aug 2020

Time : 2.00 Hours

Part - A

Generic 2 - Answer All Question

Write short notes on 'Nil Balance'.

What is compound journal entry?

Define Ledger.

Explain nominal accounts.

A trader has been selling goods both on cash and credit bases. Most of the goods are sold on credit. The owner has lost track of 'who has to pay how much?' Is there any quick way to get this information?

What is a ledger?

What is the purpose of a Ledger?

Prepare Kavitha's account from the following details.

2015 June Rs

1 Credit Balance ofKavitha's Alc 8,000

15 Amount paid to Kavitha 6,000

18 Goods purchased from Kavitha on Credit 10,000

20 Paid to Kavitha 5,750

Discount allowed 250

25 Goods purchased from Kavitha 10,000

What is a Loose-Leaf Ledger?

What will happen if an account debited or credited is left out while posting from journal to ledger?

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 is debit balance?

Does debit always mean increase and credit always mean decrease?

What is meant by posting?

Part - B

Generic 3 - Answer All Question

Explain the procedure for balancing a ledger account.

What are the steps in posting?

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

Explain the posting of a compound journal entry with an example.

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.

How is posting made from the journal to the ledger?

Distinguish between journal and ledger.

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

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

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 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

What is ledger? Explain its utilities.

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)

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

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