Accounting Numerical
Topic: 1 Accounting Equation
Q.1
Q.2
Q.3
Topic: 2 Journal Entries
Q. 1. State, with reasons, whether the following events are transactions or not.
1. Mr. Mondal started business with capital (brought in cash) Rs. 40,000.
2. Paid salaries to staff Rs. 5,000.
3. Purchased machinery for Rs. 20,000 in cash.
4. Placed an order with Sen & Co. for goods for Rs. 5,000.
5. Opened a Bank account by depositing Rs. 4,000.
6. Received pass book from bank.
7. Appointed Sohan as Manager on a salary of Rs. 4,000 per month.
8. Received interest from bank Rs. 500.
9. Received a price list from Lalit.
Q.2 Analyze the following transaction and explain the accounts that will be debited or credited.
1. Ramesh started his business with cash 2. Borrowed from Nikhil
3. Purchased furniture 15. Received cash from a customer, Shyam
4. Purchased furniture from Mohan on credit 16. Paid salary by cheque
5. Purchased goods for cash 17. Received donation in cash
6. Purchased goods from Ram on credit 18. Paid to Ram by cheque
7. Sold goods for cash 19. Paid salary
8. Sold goods to Hari on credit 20. Paid rent by cheque
9. Received cash from Hari 21. Goods withdrawn for personal use
10. Paid cash to Ram 22. Paid an advance to suppliers of goods
11. Deposited into bank 23. Received an advance from customers
12. Withdrew cash for personal use 24. Paid interest on loan
13. Withdrew from bank for office use 25. Paid instalment of loan
14. Withdrew from bank for personal use 26. Interest allowed by bank.
Q.3 Journalize the following transactions for the month of January 2019
1. Invested in shares of Tata Cotton Mills Ltd. and paid for the same in cash Rs. 2,000.
2. Placed on order with Mr. Shah for goods to be received a month later Rs. 1,500.
3. Invoiced goods to Mr. Love worth Rs. 1,000 and allowed a trade discount of 2 per cent.
4. Carriage Rs. 25 and freight Rs. 70 were paid by the proprietor for the above goods but which are to
be charged to Mr. Love Account.
5. Paid rent to landlord of office premises- Rs. 150, which he spent on purchase of our goods.
6. Goods valued at Rs. 700 were delivered to Ahmedabad Merchants under instructions from Mr.
Gobind. They were to be charged to the latter’s Account.
7. Mr. Love paid Rs. 500 due from him, and the same was spent on purchasing goods from Mr. Deepu.
8. Sold one old motor car belonging to the proprietor for Rs. 5,000 and the amount was invested in
the business.
9. The proprietor paid Rs. 180 in full settlement of Mr. Manpreet for goods worth Rs. 200 purchased
by him for personal use.
10. Mr. Gobind was declared insolvent and paid Rs. 450 in full settlement. The balance Rs. 250 was
written off as a bad debt.
11. Mohinder our debtors, on our advice, directly paid Narinder, our creditor Rs. 2,000.
Q.4
Topic: 3 Journal Entries and Ledger
Q.1 Record the following transactions in the journal of Mr. Ramesh for December - 2022.
Date Particulars
Dec. 1 Started business with a capital of 50,000
Dec. 6 Paid into bank 20,000
Dec. 8 Purchased goods for cash 4,000
Dec. 9 Paid to Ram 1,980, Discount allowed by him - 20
Dec. 10 Cash sales 3,000
Dec. 12 Sold to Hari for cash 2,000
Dec. 15 Purchased goods from Ram 4,000
Dec. 18 Paid wages to workers 300
Dec.20 Received from Pankaj 1000, Allowed him discount Rs. 50
Dec. 22 Withdrawn from bank 3,000
Dec. 25 Paid Ram by cheque 500
Dec. 31 Withdrawn for personal use 200
Topic: 4 Journal Entries, Ledger, and Trial Balance
Journalize the following transactions in the books of trade. Also make their Ledgers and prepare a Trial
Balance.
Debit Balances as on Jan. 1, 2021: Cash in hand Rs. 8,000; Cash at Bank Rs. 25,000; Stock of goods Rs.
20,000; Furniture Rs. 2,000; Building Rs. 10,000; Sundry Debtors-Vijay Rs. 2,000, Anil Rs. 1,000 and Madhu
Rs. 2,000.
Credit Balances on Jan. 1, 2021: Sundry Creditors- Anand Rs. 5,000; Loan from Bablu Rs. 10,000.
