FINANCIAL AND MANAGEMENT ACCOUNTING

PRACTICE QUESTION SET FOR JOURNAL AND LEDGER

Question 1:

From the following transactions Prepare Journal entries and necessary ledger
accounts in the books of Mr. Joshi and balance the same.

2011 1 Started Business with Cash Rs 8,000.

July
4 Purchased goods on credit from Mr. Desmukh Rs 3,000 at
10% T.D.
6 Cash Sales Rs 4,000 at 5% C.D.
10 Paid Rent Rs 900.
15 Cash Purchases Rs 800.
20 Credit sales to Mr. Kulkarni Rs 2,700.
22 Paid cash to Mr. Deshmukh Rs 2,700.
23 Received cash from Mr. Kulkarni Rs 1,000.
31 Paid wages Rs 500.

Ms MANSI SRIVASTAVA Page 1

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 2:

From the following transactions prepare journal entries and ledger accounts of
cash, mahendra and mr dillip and balance them.

2011 1 Sachin started Business with Cash Rs 10,000 and Machinery Rs

Jan. 15,000
1 Purchased goods for cash Rs 3,000.
3 Sold goods for cash Rs 4,000.
5 Purchased furniture on credit from Poona Traders Rs 7,000.
8 Purchased goods on credit from Mr. Dilip Rs 2,000 at 10% T.D.
10 Sold goods on credit to Mr. Mahendra Rs 8,000 at 12.5% T.D.
15 Paid Rent Rs 600.
28 Withdraw cash for personal use Rs 1,000.
20 Paid cash to Mr. Dilip Rs 1,800.
25 Received cash from Mr. Mahendra Rs 6,800.
31 Paid to Miss Sunita Rs 400 for salaries

Ms MANSI SRIVASTAVA Page 2

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 3:

From the following transactions prepare Raja’s A/c in the books of Ravi.

2011 1 Raja‘s A/c shows Debit balance Rs 1,550 in the books

Jan of Ravi.
2 Sold goods to Raja Rs 2,000 at 5% T.D.
5 Received cash from Raja Rs 500.
8 Returned goods from Raja Rs 700.
31 Received Rs 2,000 from Raja in full settlement of his
account.

Question 4:

From the following transactions in the books of Mr. Kamble. Prepare Mr. Shinde’s
A/c. Balance the A/c at the end of each month.

2011 1 Mr. Shinde’s A/c shows Debit balance of Rs 600.

Jan
1 Sold goods to Mr. Shinde Rs 500.
5 Received Cash from Mr. Shinde Rs 500.
10 Credit sales to Mr. Shinde Rs 2,000.
25 Returned goods from Mr. Shinde Rs 250.
31 Received cash from Mr. Shinde Rs 750.
Feb. 1 Received crossed Cheque from Mr. Shinde Rs 1,100.
15 Credit sales to Mr. Shinde Rs 400.
28 Mr. Shinde settled his A/c by paying cash. Discount allowed
to him Rs 200.

Ms MANSI SRIVASTAVA Page 3

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 5:

Journalise the following transactions in the books of Mr. Akshay and prepare all
the necessary ledger.

1 Mr. Akshay started business with Cash Rs

2010 April
80,000.
4 Purchased goods form Mona Rs 28,000.
7 Deposited cash into Dena Bank Rs 39,000.

10 Sold goods to Dinesh Rs 41,000.

13 Purchased Laptop of Rs 30,000 in cash.

17 Paid Mona by cheque Rs 30,000.

20 Paid wages Rs 500

Ms MANSI SRIVASTAVA Page 4

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 6:

Journalise the following transactions in the books of Miss. Nivedita and prepare
ledger of Purchases only. 2010 May

1 Commenced business with Cash Rs 2,10,000.

4 Purchased goods for cash Rs 60,000.
5 Sold good for cash Rs 70,000.
9 Deposited into Bank of India Rs 1,00,000.
Paid for stationery Rs 10,000. (13 )
Purchased Computer with printer Rs 40,000.(17)
Purchased goods from Ravi for Rs 50,000 on credit.(20)
Paid for Office Rent Rs 2,000.(22)
Received Commission Rs 1,000.(25)
Withdrew from bank for office use Rs 50,000.(28)
Paid for salaries Rs 4,500. (30)

Ms MANSI SRIVASTAVA Page 5

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 7:

Journalise the following transactions in the books of Mantri.and prepare

ledger of kalpana and amit only.

2011 1 Commenced business with Cash Rs 1,20,000, Goods Rs. 60,000 and Furni
June Rs 65,000.
3 Opened a current account in Bank of Baroda by depositing Rs 75,000.
5 Cash purchases Rs 35,000.
9 Cash Sales Rs 55,000.
10 Purchased goods worth Rs 20,000 from Amit & Co. subject trade discount
2%
14 Credit sales to Kalpana Rs 15,000.
16 Paid cash to Amit & Co. Rs 9,500 who allowed us discount Rs 100.
19 Goods distributed as free samples of Rs 1,500.
21 Received Cash from Kalpana Rs 4,800 on account and allowed her cash
discount Rs 200.
24 Returned goods of Rs 750 to Amit & Co.
26 Purchased shares of Rs 15,000 of HDFC Bank.
29 Received goods returned by Kalpana Rs 200.
30 Rent paid by cheque Rs 7,000.

Ms MANSI SRIVASTAVA Page 6

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 8:

Journalise the following transactions in the books of Mr. Bipin and prepare
ledger of cash

2011 Started business with Cash Rs 3,25,000 Goods worth Rs 50,000 and Laptop
1
July 45, 000.
3 Deposited in Dena Bank Rs 1,50,000.
7 Bought goods on credit from Manish Rs 10,000 at 10% Trade discount.
11 Sold goods to Nitin of Rs 12,000 at 5% Trade Discount.
13 Goods worth Rs 900 burnt by fire.
17 Received cash of Rs 11,200 from Nitin in full settlement of his account.
20 Drew from bank Rs 4,000 for his personal purpose.
23 Paid cash Rs 9,300 to Manish in full settlement of his account.
25 Paid house rent Rs 2,500.
28 Sold goods worth Rs 12,000 to Dinesh who paid us Rs 8,000 on account.
31 Wages paid Rs 6,000.

Ms MANSI SRIVASTAVA Page 7

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 9:

Journalise the following transactions in the books of Mr. Arun.and prepare

ledger of bank, cash, nisha anf minakshi.

2010 Commenced business with Cash 75,000 and Goods Rs 20,000 and Furniture
1
Sept. 30,000.
2 Opened a current account in Bank of India by depositing Rs 50,000.
5 Purchased stationery of Rs 200.
6 Goods purchased from Nisha Rs 15,000.
9 Gave a cheque for Rs 15,000 to Nisha.
11 Sold goods to Minakshi of Rs 20,000.
Received a cheque for Rs 19,500 from our debtor. Minakshi in full settleme
14
her account.
16 Gave loan to Sanjay by cheque Rs 10,000 at 12% interest p.a.
Bought Laptop of Rs 36,000 in exchange of goods from Pande & Co. Goods
19
40,000 were given at 10% Trade Discount.
22 Purchased Printer of Rs 10,000, paying half the amount in cash from H.P.Lt
28 Uninsured goods worth Rs 700 destroyed by fire.
29 Paid office Rent Rs 2,000 to landlord.
30 Paid for Travelling expenses Rs 5,000.

Ms MANSI SRIVASTAVA Page 8

FINANCIAL AND MANAGEMENT ACCOUNTING

Question 10:

Journalise the following transactions in the books of Mr. Sancheti and prepare
ledger of machinery,purchases.

2011 Mr. Sancheti received Rs 50,000 from his uncle as a gift and deposited the
1
Oct. same into the account of business Bank of India A/c.
3 Purchased goods of Rs 15,000 from Mahesh.
5 Sold goods on credit to Suman for Rs 18,000.
7 Goods of Rs 600 being defective returned by Suman.
11 Remitted cash to Mahesh Rs 14,800 and received discount Rs 200.
Bought machinery from KK & Co. Rs 30,000 and half the amount paid
15
immediately.
17 Paid for repairs to Machinery Rs 400.
20 Purchased a horse for Rs 4,800 and carriage charges Rs 200 paid.
25 Withdrawn from bank Rs 5,000 for personal use.
Amount due from Girish Rs 900 is proved to be irrecoverable and has to be
27
written off as bad.
29 Paid for sales vouchers Rs 1,100.
31 Paid Insurance Premium Rs 6,000.

Ms MANSI SRIVASTAVA Page 9