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Practise Questions Work1

QUESTIONS ON BASIC ACCOUNTING

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cajishma
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25 views

Practise Questions Work1

QUESTIONS ON BASIC ACCOUNTING

Uploaded by

cajishma
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Q1.

Prepare Trading and Profit and Loss account and balance sheet on
M/s Royal Traders from the following balances as on March 31,
2024.

Particulars Debit (Rs.) Credit (Rs.)


Stock 20,000
Cash 5,000
Bank 10,000
Carriage on
Purchase 1,500
Machinery 1,00,000
Debtors 27,000
Postage 300
Sundry Expenses 1,700
Rent 4,500
Furniture 35,000
Drawings 9,000
Wages 55,000
Purchase 1,90,000

Creditors 10,000
Bills Payable 4,000
Capital 2,00,000
Sales 2,45,000
Total 4,59,000 4,59,000

Closing Stock Rs. 8,000


Q2

From the following trial balance of Mr. A. Lal, prepare trading, profit
and loss account and balance sheet as on March 31, 2024

Account Title Debit Credit


Amount Amount
Rs Rs
Stock as on April 01, 2023 16,000
Purchases and Sales 67,600 1,12,000
Returns inwards and outwards 4,600 3,200
Carriage inwards 1,400
General expenses 2,400
Bad debts 600
Discount received 1,400
Bank over draft 10,000
Interest on bank overdraft 600
Commission received 1,800
Insurance and taxes 4,000
Fuel expenses 200
Salaries 8,800
Cash in hand 4,000
Scooter 8,000
Furniture 5,200
Building 65,000
Debtors and Creditors 6,000 16,000
Capital 50,000

Closing stock Rs 15,000


Q3

Given the following balances of M/s Pawan Sales on 31/03/2024,


prepare the Trading and Profit & Loss Account and a Balance Sheet as
of that date.

Particulars Amount (₹) Particulars Amount (₹)


Drawings 8,000 Sales 2,58,000
Capital 48,000 Return Inwards 2,000
Sundry Creditors 80,000 Return Outwards 2,200
Sundry Debtors 1,26,000 Office Salaries 18,000
Bills Receivable 10,000 Manufacturing Wages 8,000
Opening Stock 90,000 Commission 9,000
Fixtures and Fittings 13,000 Trade Expenses 5,000
Cash in Hand 2,000 Rent 4,400
Machinery 24,800 Discount Received 8,000
Bank Overdraft 10,000 Bills Payable 14,000
Purchases 1,00,000

Additional Information:

Closing Stock on 31/03/2024: ₹ 1,04,000

Prepare the following:

1.Trading Account for the year ending 31/03/2024

2.Profit & Loss Account for the year ending 31/03/2024

3.Balance Sheet as on 31/03/2024


Q4

Journalise the following transactions, post them into Ledger, balance the
accounts and prepare a Trial Balance :−

DATE PARTICULARS (₹)


March 1 Shyam Sunder & Sons commenced business with
cash 80,000
2 Purchased goods for cash 36,000
3 Machinery purchased for cash 4,000
4 Purchased goods from :
Raghu 22,000
Dilip 30,000
6 Returned goods to Raghu 4,000
8 Paid to Raghu, in full settlement of his account 17,500
10 Sold goods to Mahesh Chand & Co. for ₹ 32,000 at
5% trade discount
13 Received cash from Mahesh Chand & Co. 19,800
Discount allowed 200
15 Paid cash to Dilip 14,850
Discount received 150
20 Sold goods for cash 25,000
24 Sold goods for cash to Sudhir Ltd. 18,000
25 Paid for Rent 1,500
26 Received for Commission 2,000
28 Withdrew by Proprietor for his personal use 5,000
28 Purchased a fan for Proprietor's house 1,200

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