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    Journal Questions

    Uploaded by

    Raghav Naagar

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    © All Rights Reserved
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    Journal Questions

    Uploaded by

    Raghav Naagar
    4 views2 pages

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
    4 views2 pages

    Journal Questions

    Uploaded by

    Raghav Naagar

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Ques 1: Journalise the following:

    i. Shweta Commences a business with a capital of Rs. 10,00,000 trading under the name of Sai
    General Stores.
    ii. Paid into Dena Bank Rs.2,50,000
    iii. Bought goods for Rs. 2,20,000
    iv. Bought goods from Shri Hari Chand for Rs.1,10,000.
    v. Bought office furniture from Goldage and Co. for Rs.75000
    vi. Goods sold to shri Hira Lal for Rs.1,25,000
    vii. Bought building for cash Rs. 5,25,000
    viii. Paid Rs.1,50,000 for goods received from Arun Udyog
    ix. Received a sum of Rs. 50,000 being rent for the portion of a building let out
    x. Goods sold to Shyamji for cash Rs. 1,50,000
    xi. Shweta, the proprietor contracted with Jain Construction co. for the renovation of the
    building at an estimated cost of Rs.1,25,000
    xii. Paid a monthly salary to Mr. Balram, the manager Rs.15,000
    xiii. Received commission from Mr. Kishan Chand Rs.5000
    xiv. Bought shares in D.C.M Ltd. For Rs. 45,000
    xv. Paid by cheque for fire insurance premium Rs.20,000
    xvi. Paid Shweta’s life insurance premium Rs.9,000
    xvii. Paid for an insertion in the Times of India Rs.20,000
    xviii. Bank Collected dividends on our investments Rs.16,000
    xix. Paid shri Hari Chand on account Rs.70,000
    xx. Withdrawn from bank Rs.55,000
    xxi. Borrowed from bank Rs. 65,000
    xxii. Received from Shri Hira Lal a bill at two months for Rs.40,000
    xxiii. Accepted the bill drawn by Shri Hari Chand Rs.20,000
    xxiv. Paid shri Mohan Lal Cash Rs.1,250 in lieu of cheque
    xxv. Paid for repairing the office furniture Rs.5,000
    xxvi. Gave loan to Rachna Rs.1,60,000 @10%
    xxvii. Returned goods to Hari Chand Rs.10,000
    xxviii. Opened a bank account for Rs.20,000
    xxix. Charged Renu Rs.5000 commission for services rendered
    xxx. Rachna agreed to pay interest of Rs.16,000 on the amount( Rs.1,60,000) advanced to her
    xxxi. Paid income tax Rs.1,50,000
    xxxii. Allowed discount to Hira Lal Rs.2,500
    xxxiii. Discount received from Hari Chand Rs.1,500
    xxxiv. Railways freight paid on furniture Rs.1,200
    xxxv. Hira Lal returns goods Rs.4,500
    xxxvi. Till taking for the month Rs.15,000
    xxxvii. Bank charges Rs.250

    Ques 2.

    i. Goods worth Rs.4,000 were given as charity out of business


    ii. Received cash Rs. 6,000 of a bad debt written of last year for Shri Om Parkash
    iii. Interest Charged on drawings@5% when the total drawings were Rs.50,000
    iv. Received Rs.1,975 from Hari Krishan in full settlement of his account of Rs.2,000
    v. Received a first and final dividend of 60 paise in a rupee from the official receiver of Mr. Ravi
    Shankar who owed us Rs.2,000

    Ques 3. Pass a journal Entry for each of the following transaction:

    i. Bought a buffalo for Rs. 15,000 and a carriage for Rs. 6,000 for delivering goods to a rural
    customer
    ii. Requested Mr. Shorewala for a loan of Rs. 50,000 but he paid the amount after deducting
    the interest in advance for one year @ 10% p.a.
    iii. Purchased from Noor Mohammed goods worth Rs.55,000 at 20% trade discount and 5%
    cash discount terms and paid him half the amount immediately
    iv. Sold personal van for Rs. 95,000 and bought a new delivery van for business plus Rs.2,85,00
    from office cash
    v. Customer’s cheque for Rs.4,000 returned dishonoured for insufficient funds in his account.
    The customer had availed a cash discount of Rs.400
    vi. Goods worth Rs.60,000 are insured against loss by floods. The policy is for Rs.50,000. Actual
    loss caused by flood is Rs.36,000. The insurance company admits claim and pays cash
    proportionately.
    vii. Damaged( shop spoiled) goods worth Rs. 5,000 are sold for Rs.3,000
    viii. Old machine with the book value of Rs. 40,000 is exchanged for a new machine of Rs.
    1,20,000. The old machine is valued at Rs.25,000 for exchange purpose by Machine Tools
    Ltd.
    ix. Encashed a bank draft of Rs. 20,000 belonging to Shri Chandiwala for commission of Rs.20
    x. The buffalo bought for Rs. 15,000 after two months. Its carcase was sold for Rs.500.

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