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Journal Entry Test

The document outlines various accounting exercises and problems for students, including calculating capital and profits, passing journal entries, and proving the accounting equation through transactions. It includes specific scenarios involving business operations, such as starting capital, loans, and various transactions for different businesses. Additionally, it requires the preparation of cashbooks and different types of books for recording purchases and sales.

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Arshita Banga
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11 views2 pages

Journal Entry Test

The document outlines various accounting exercises and problems for students, including calculating capital and profits, passing journal entries, and proving the accounting equation through transactions. It includes specific scenarios involving business operations, such as starting capital, loans, and various transactions for different businesses. Additionally, it requires the preparation of cashbooks and different types of books for recording purchases and sales.

Uploaded by

Arshita Banga
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

ACCOUNTING CLASSES BY SHALINI BANGA

2-D/97, NIT-2, Faridabad


9716515238 Total marks :40

Q.1
(a)​ Surender Mohan started business on 1st April, 2022 with Capital of 7,50,000 and a
loan of 2,00,000 taken from Punjab National Bank. On 31st March, 2023 his assets
were 15,00,000. No amount of loan was repaid during the year. Find out his Capital
on 31st March, 2023 and profits made or losses incurred during the year 2022-23.
(b)​ If in the above example,the proprietor had introduced additional capital of 1,25,000
and had withdrawn 40,000 for personal purposes, find out the profit. (3)

Q.2 Pass journal entries for the following. (3)

(A)

(B)

Q.3Prove that Accounting Equation is satisfied in all the following transactions of


Sameer Goel :
(i) Started business with Cash 1,00,000.
(ii) Paid rent in advance 3,000.
(iii) Purchased goods for cash 50,000 and Credit 20,000.
(iv) Sold goods for Cash 80,000 costing 40,000.
(v) Paid salary in cash 4,500 and salary outstanding 1,000.
(vi) Bought motor cycle for personal use 30,000. (3)

Q.4 Enter the following transactions in a two column cashbook with cash and bank column of
Miss Maria. (8)
Q.5 Enter the following transactions in the journal of Shankar Stores.
2023
April 1 Started business with 5,00,000; paid into bank 4,00,000.
April 4 Purchased goods for 1,40,000 in all, out of which half the goods was on
credit from Mr. Sudhir.
April 7 Purchased building for 2,00,000 and paid 2% brokerage on its purchase.
Also incurred 24,000 on its registration. Payment for building was made by cheque
and brokerage and registration charges were paid in cash.
April 12 Sold goods to Arun for 2,00,000. Arun pays one-fourth amount in cash.
April 14 A cheque of 1,48,000 is received from Arun in full settlement and the
cheque is immediately deposited into bank.
April 16 Paid stationery expenses *180.
April 17 Paid fire insurance premium on building by cheque 1,000 and Shankar's
life insurance premium by cheque 4,000.
April 20 Paid for office cleaning 200.
April 28 Received a sum of 2,500 being rent for a portion of the building let out.
April 28 Paid for advertisement in 'The Hindustan Times' 2,000. (10)

Q.6. Following transactions were recorded in the books of Darshan Traders. You have to
prepare purchase book, purchase return book, sales book and sales return book. (10)

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