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The document outlines various business transactions for multiple entities, including M/s Mahadev & Sons, M/s Nanavati & Co., M/s Rekha Traders, Mr. Ramesh, Madhu Traders, and Mr. Gandhi. Each section details the financial activities, including cash transactions, purchases, sales, and other expenses, requiring the creation of journal entries for accounting purposes. The transactions span different dates and involve various amounts, highlighting the financial operations of each business.

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diluuu1999
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14 views

Copy of Journal Questions

The document outlines various business transactions for multiple entities, including M/s Mahadev & Sons, M/s Nanavati & Co., M/s Rekha Traders, Mr. Ramesh, Madhu Traders, and Mr. Gandhi. Each section details the financial activities, including cash transactions, purchases, sales, and other expenses, requiring the creation of journal entries for accounting purposes. The transactions span different dates and involve various amounts, highlighting the financial operations of each business.

Uploaded by

diluuu1999
Copyright
© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
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1. On January 2014, Mr.

Mahadev started business in the name of M/s Mahadev & sons by


bringing in cash of Rs. 50,000 of which Rs. 15,000 deposited in the Canara Bank.
During the month of January 2014 the following transactions took place:
January 3 : A loan of Rs. 50,000 taken from Canara Bank.
January 5 : Some materials worth Rs. 10,000 purchased for cash from Mr. Sohanlal.
January 7 : Furniture worth Rs. 17,500 and machinery worth Rs. 30,000 purchased.
January 8 : Rs. 10,000 paid as deposit for acquiring the premises.
January 9 : Rs. 1,000 paid towards telephone charges by cheque.
January 10 : A typewriter is bought for Rs. 4,500 from M/s Tiger Typewriters on credit
January 12 : Goods worth Rs. 26,500 sold.
January 15 : Goods worth Rs. 4,000 sold to Mr. Shiv.
January 16 : 50shares of Tata Steel Led @ Rs. 280 per share purchased.
January 18 : Mr. Shiv returned goods worth Rs. 100 being defective
January 20 : Rs. 3,750 received from Rs. Shiv after allowing him Rs. 150 as discount.
January 21 : Goods worth Rs. 5,500 purchased from Mr. Shyam and sold to Ravi Traders
for Rs. 6,200.
January 22 : Rs. 201 given as donation
January 25 : Rs. 5,300 paid as salaries to the staff members.
January 28 : Rs. 2,100 received from salesman for the goods sold after deducting his
travelling expenses of Rs. 175.

You are required to pass the journal entries in the journal of M/s Mahadev & Sons

2. The following transactions took place in the business of M/s Nanavati & Co. during April
2002. You are required to journalise them: -

April 1 Mr. Nanavati started business with Rs. 1,00,000 cash and a machine of Rs.
25,000. Out of Rs. 1,00,000 Rs. 50,000 deposited in the State Bank of India.
2 Goods worth Rs. 3,300 purchased from Mr. Chimanlal. Cash paid to him Rs.
1,000.
4 Stationery worth Rs. 250 purchased on cash
5 Goods sold to Padma Traders for Rs. 1500
10 Goods purchased from Mr. Soneji for Rs. 1500
11 Half of the goods purchased from Soneji sold to Mr. Kanji on a profit of Rs. 125
12 Rs.2150 paid to Mr. Chimanlal in full and final settlement of Rs. 2300
18 Mr. Nanavati brought in additional capital of Rs. 25,000 in cash
20 Goods worth Rs. 3000 sold to Mr. Raman at 10% Trade Discount and 5% Cash
Discount. Mr. Raman paid cash immediately
22 Mr. Kanji is declared insolvent and only 50 paise in a rupee could be recovered
from him

3. Journalise the following transactions in the books of M/s Rekha Traders – 2002

November 1 Started business with


Cash Rs. 5,00,000/-
Land Rs. 6,00,000/-
Machinery Rs. 1,50,000/-
2 Paid rent to the landlord Rs. 1450/-
4 Sold goods to Dinar for Rs. 6430/-
7 Purchased a building from Narendra for Rs. 2,00,000/-. Rs. 50,000 paid
immediately. The balance is payable in three equal annual instalments.
9 Withdrew cash of Rs. 500 for personal use.
11 Dinar returned goods worth Rs. 480.
15 Purchased furniture on credit from Randhir for Rs. 3,900/-
20 Received Rs. 5,900 from Dinar and allowed him a cash discount of Rs. 50.
22 Rs. 3800 paid to Randhir in full settlement of Rs. 3900
25 Rs. 500 received as commission
27 Rs.3000 incurred on advertising
29 Fire insurance premium of Rs. 1200 paid
30 Salaries paid to the staff Rs. 7800.

4. On April 1st, 2002 Mr. Ramesh started business by bringing in cash of Rs. 2,00,000/- out of
which, paid Rs. 80,000/- into the bank.

April 2 Bought furniture for Rs. 10,000/- and machinery Rs. 28,000/-.
4 Purchased goods for cash, Rs. 33,000/-
6 Sold goods worth Rs. 29000/-
9 Purchased goods from Sanjay & Co on credit Rs. 26000.
13 Sold goods to Shiva for Cash Rs. 21000 and allowed a cash discount of Rs. 300
16 Amount withdrawn from bank for personal use Rs. 5600
19 Withdrew cash from bank for business Rs. 7900
23 Bought goods from Mangesh Rs. 3000 and supplied them to Mandar for Rs.
4000
26 Mandar returned goods worth Rs. 400 which in turn were sent to Mangesh at
Rs. 300
28 Issued a cheque of Rs. 1800 for rent in favour of Mr. Smith
29 Paid for stationery bill, Rs. 950 and postage and telegram charges Rs. 592.
You are required to pass the journal entries for these transactions

5. Prepare the journal of Madhu Traders from the following transactions


Ms. Madhu commenced business on 1st August 2002, with cash Rs. 5,00,000/- building Rs.
60,000/- and a vehicle worth Rs. 80,000/-.

August 8 Purchased goods worth Rs. 5000 less 10% trade discount from MR. Sawant
11 Sold goods worth Rs. 8000 less 12% T.D. to Mr. Dhobi
16 Received cash Rs. 5500 from Mr. Dhobi
18 Paid Rs. 728 to Ms. Rose as advance against the supply of material by her.
23 Purchased goods worth Rs. 600 for cash on 5% cash discount terms
26 Sold goods worth Rs. 850 for cash on 4% cash Discount terms
30 Received Rs. 495 from Mr. Ramanujam as advance against the supply of
goods to him

6. Journalise the following transactions in the books of Mr. Gandhi


 Started business with a cash of Rs. 10,00,000 depositing in bank.
 Mr. Gandhi brought additional capital of Rs. 6000 in cash
 Brought furniture for Rs. 800 and machinery for Rs. 9500.
 Purchased goods from Vidhya & Co. on credit Rs. 18000
 Sold goods to Rajan worth Rs. 20500.
 Goods worth Rs. 2000 which were defective were returned to Vidhya & Co. and the
balance amount due to them was settled by issuing a cheque to them.
 Bought goods worth Rs. 4560 from Radha & Co. and sold them to Rukmani for Rs. 6250.
 Purchased furniture worth Rs. 8000 against cheque payment

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