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11th Accountancy Monthly Test - 4 ( Books of Prime Entry )

MABS Institution

11th Accountancy Monthly Test - 4 ( Books of Prime Entry )-Aug 2020

Time : 2.00 Hours

Part - A

Generic 5 - Answer All Question

Journalise the following transactions in the journal of Mr. Muthusankar. 2014, July

Date Rs.

1 Started business with 60,000

5 Cash paid into bank 20,000

7 Withdrew cash Rs.5000 for office use

8 Withdrew by cheque for personal use 500

10 Paid salaries by cheque 3,000

15 Furniture purchased by cheq 5,000

Journalise the following transactions of Mr. Ramakrishna's journal 2014, July

Date Rs.

1 Ramakrishna started his business with 1,00,000

2 Bought goods for cash 1,00,00

3 Bought goods on credit from Raja 20,000

4 Sold goods for cash 30,000

6 Sold goods to Babu Rs.40,000 on credit

8 Goods returned to Raja 1,000

10 Goods returned from Babu 2,000

15 Amount paid to Raja 10,000

20 Amount received from Babu 25,000

25 Paid for printing and stationery 5,000

26 Paid commission 3,000

27 Received interest 4,000

28 Settled Raja account by paying 8,500

29 Babu settled his account by paying 12,000

30 Withdrawn by the proprietor for the personal use 6,000

Ananth is a trader dealing in textiles. For the following transactions, pass journal entries for the month of January, 2018.

Jan. Rs

1. Commenced business with cash 70,000

2. Purchased goods from X and Co. on credit 30,000

3. Cash deposited into bank 40,000

4. Bought a building from L and Co. on credit 95,000

5. Cash withdrawn from bank for office use 5,000

6. Cash withdrawn from bank for personal use of Ananthu 4,000

7. Towels given as charities 3,000

8. Shirts taken over by Ananth for personal use 12,000

9. Sarees distributed as free samples 3,000

10. Goods (table clothes) used for office use 200

Give transactions with imaginary figures involving the following:
(i) Decrease in assets and decrease in capital
(ii) Increase in assets and increase in capital

Journalise the following transactions in the journal of Mr. Jesuraja and Raviraja. 2013, October

Date Rs.

1 As partners, Jesuraja and Raviraja started their business with Rs.25,000, Rs. 15,000 respectively

5 Opened a current account with bank of India 40,000

10 Paid rent by cheque 2,500

15 Machinery purchased for Rs. 20,000 by cheque

20 Amount withdrawn from bank 3,000

25 Received cheque from Mr. Ramamoorthy 12,000

28 Ramamoorthy cheque deposited into bank for collection 25,000

5 Sold goods for cash

30 Cheque received from Mr. Sundararajan Rs.7000 and immediately banked.

For the following transactions, show the effect on accounting equation.
(a)Raj Started business with cash Rs.40,000
(b)Opened bank account with a deposit of Rs.30,000
(c) Bought goods from Hari on credit for Rs.12,000
(d) Raj withdrew cash for personal use Rs.1,000
(e) Bought furniture by using debit card for Rs.10,000
(f) Sold goods to Murugan and cash received Rs.6,000
(g) Money withdrawn from bank for office use Rs.1,000

Journalise the following transactions in the books of Sundar who is a book seller

2017 Dec Rs

1 Commenced business with cash 2,00,000

2 Bought goods from X and Co. on credit 80,000

4 Opened a bank account with 50,000

5 Sold goods to Naresh who paid the amount through net banking 5,000

6 Sold goods to Devi who paid through credit card 7,000

7 Sold goods to Ashish on credit 700

8 Money withdrawn from bank through ATM for office use 1,000

9 Purchased a furniture and paid through debit card 2,000

10 Salaries paid by cash 6,000

11 Furniture purchased from Y for Rs25,000 and advance given 5,000

Selvi is a dealer in furniture. Show the accounting equation for the following transctions.
(i) Started business with cash Rs 1,00,000
(ii) Deposited cash into bank Rs 60,000
(iii) Borrowed loan from bank Rs 25,000 .
(iv) Bought goods and paid by cheque Rs 10,000
(v) Cash withdrawn for personal use Rs 5,000
(vi) Cash withdrawn from bank for office use Rs 3,000

Show the effect of following business transactions on the accounting equation.
(i) Anbu started business with cash Rs 20,000; goods Rs 12,000 and machine Rs 8,000
(ii) Purchased goods from Ramani on credit . Rs 7,000
(iii) Payment made to Ramani in full settlement Rs 6,900
(iv) Sold goods to Rajan on credit costing Rs 5,400 for Rs 6,000
(v) Received from Rajan Rs 5,800 in full settlement of his account
(vi) Wages outstanding Rs 400

Valluvar is a sole trader dealing in textiles. From the following transactions, pass journal entries for the month of March, 2018.

March Rs

1. Commenced business with cash
With goods. 90,000

2. Purchased 20 readymade shirts from X and Co. on credit. 60,000

3. Cash deposited into bank through Cash Deposit Machine 10,000

4. Purchased 10 readymade sarees from Y and Co. by cash 30,000

5. Paid X and Co. through NEFT 6,000

6. Sold 5 sarees to A and Co. on credit 4,000

7. A and Co. deposited the amount due in Cash Deposit Machine

8. Purchased 20 sarees from Z & Co. and paid through debit card 12,000

9. Stationary purchased for and paid through net banking. 6,000

10. Bank charges levied 200

Deri is a sole trader dealing in automobiles. From the following transactions, pass journal entries for the month of January, 2018.

Jan. Rs

1. Commenced business with cash
With goods
with buildings 1,00,000
2,00,000
5,00,000

2. Purchased goods from A and Co. on credit 3,00,000

3. Cash deposited into bank 80,000

4. Purchased goods from B and Co. and payment
made through credit card. 5,000

5. Paid A and Co. through RTGS

6. Sold goods to C and Co. and cheque received 50,000

7. Deposited the cheque received from C and Co. with the bank.

8. Purchased goods from Z & Co. and paid through debit card 12,000

9. Stationery purchased for and paid through net banking. 6,000

10. Income tax of Deri is paid by cheque 10,000

Create an accounting equation on the basis of the following transactions:
(i) Started business with cash Rs 80,000 and goods Rs.75,000
(ii) Sold goods to Shanmugam on credit for Rs.50,000
(iii) Received cash from Shanmugam in full settlement Rs. 49,000
(iv) Salary outstanding Rs.3,000
(v) Goods costing Rs.1,000 given as charity
(vi) Insurance premium paid Rs.3000
(vii) Out of insurance premium paid, prepaid is Rs.500

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