19.08.2013HOLIDAY HOMEWORK -II (2013-2014)CLASS: XISubject: AccountancyDate of Submission:- 12th September,2013Q1. Open T shape account of a creditor Ram and record the following transactions:1) Purchased goods from Ram on credit ` 20,000.2) Paid to Ram ` 10,000.3) Again Purchased goods from Ram on credit `6,000.4) Goods returned to Ram worth ` 1,000.5) Paid to Ram ` 10,000.Q2. Open T shape account for Cash and record the following on the proper side:1) Opening cash balance ` 10,000.2) Purchased furniture for cash ` 5,000.3) Received cash from a debtor (Anurag) ` 10,000.4) Paid to a creditor (Gautam) `8,000.5) Paid salary to a clerk (Raj) ` 2,0006) Sold goods for cash ` 2,000.Q3. Draw journal entries of the following transactions:1) Spent ` 1,000as wages for installation of machinery.2) Salary payable to the secretary `5,000 is due.3) Out of the rent paid this year, ` 2,000 is related to next year.4) Sold goods to Rano for cash , list price is ` 2,000 at 10% trade discount and 5% cash discount.5) Purchased goods from Mehta worth ` 5,000 . He paid ` 100 as freight on our behalf.6) Received an order for supply of goods from Atul Co for ` 12,000 and received a bank draft ` 2,000 as an advance.7) Paid to Mittal ` 5,000 on behalf of Jain.8) Sold goods costing ` 6,000 to Goyal Co issued invoice at 20% above cost less 10% trade discount.9) Allowed 10% p.a interest on capital amounting to ` 2,00,000.Q4. Journalise the following transactions, post them into the ledger, balance the ledger accounts and prepare Trial Balance as on 31st March ,2004:March, 2004 Opening Balances:1Cash ` 5,000; Bank ` 2,000; Stock ` 7,000; Furniture ` 2,0002Purchasedamachinery ` 2,000.4Sold goods to Ramesh ` 2,000.5Cash Purchases ` 2,00010 Received from Ramesh `50015 Paid rent ` 50015 Paid salaries ` 50018 Goods lost by fire ` 1,00020 Paid into bank ` 50022 Withdrew from bank for private use ` 500.24 Withdrew for office use ` 500.25 Cash sales ` 50025 Return goods to Naresh ` 20029 Paid to Naresh ` 720Discount received ` 80.Q5. Prepare a cash book with cash and bank columns from the following transactions of August 1998.August, 19981 Cash Balance ` 4,6001 Bank Overdraft ` 4,0005 Cheque received from Sharma ` 8,000.8 Sharmas cheque deposited in Bank11 Cheque issued to Mohan ` 5,00012 Sharmas cheque dishonored 18 withdrew from bank for office use `2,000.20 Purchased goods for cash ` 5,00022 Paid telephone bill `50024 Sold goods for cash ` 3,50026 Withdrew from bank for domestic use ` 2,00028 Bank charges ` 2,00029 Cheque received from Rajeev deposited into bank ` 10,00030 Cash deposited into bank ` 1,00030 Paid wages ` 100Q6. Enter the following transactions of Sept 1997, in two columns cash book Sept, 19971Started business with cash ` 25,0001Opened a bank account ` 12,5001Cash Purchases ` 2,0002Paid rent by cheque `5002Sold goods to Samir ` 2,0003Received a crossed cheque from Samir ` 500 3Purchased goods for cash, amount paid by cheque ` 1,5003Sold goods for cash, amount received by cheque ` 1,0004Purchased goods from Vipan and paid by cheque which was received for sales ` 1,0004Purchased goods from Sohan ` 4,50015 Paid to Sohan by cheque ` 1,400He allowed discount ` 10015 Withdrew cash for personal use ` 20016 Withdrew cash for office use ` 50020 Sold goods to Tilak amount received by cheque ` 1,00021 Purchased goods from Rakesh ` 1,05022 Endorsed the cheque received from Tilak to Ramesh in full settlement of his account `1,050.26 Cash sales ` 2,000.28 Cash deposited into bank `1,00030 Purchased Furniture ` 1,00030 Bank collected dividend ` 500Q7. Open T shape account for Cash and record the following on the proper side:1) Opening cash balance ` 10,000.2) Purchased furniture for cash ` 5,000.3) Received cash from a debtor (Anurag) ` 10,000.4) Paid to a creditor (Gautam) ` 8,000.5) Paid salary to a clerk (Raj) `2,0006) Sold goods for cash ` 2,000.Q8. Draw journal entries of the following transactions:1) Spent ` 1,000as wages for installation of machinery.2) Salary payable to the secretary ` 5,000 is due.3) Out of the rent paid this year, ` 2,000 is related to next year.4) Sold goods to Rano for cash , list price is ` 2,000 at 10% trade discount and 5% cash discount.5) Purchased goods from Mehta worth ` 5,000 . 6) Received an order for supply of goods from Atul Co for `12,000 and received a bank draft ` 2,000 as an advance.7) Paid to Mittal ` 5,000 on behalf of Jain.8) Sold goods costing ` 6,000 to Goyal Co issued invoice at 20% above cost less 10% trade discount.9) Allowed 10% p.a interest on capital amounting to ` 2,00,000.Q9. What are the books of original entry? Explain each of them in brief.Q10. What is Trade Discount? Give an example.Q11. Mention four items of Current Assets and two items of Current Liabilities.Q12. Enter the following transactions in a Cash Book with Cash and Bank Columns:-May 1 Balance of Cash in hand `12,400; Bank Overdraft `36,000.May 3 Direct Deposit by Mr Ganesh in our bank account `10,000. Discount Allowed `200.May 5 Issued a cheque of `7,700 to Mr Suresh in full settlement of his account of `8,000.May 6 Received a cheque from X for `12,000. Discount allowed `500. This cheque was deposited into bank on 7th May.May 8 Received Cash `22,000 and a cheque of `8,000 for cash sale.May 12 Cash sale `70,000 of which `55,000 banked.May 15 Cheque received on 8th May endorsed to Mr. Sunil . Discount received `150.May 20 Discounted a B/R of `10,000 at 1% through bank.May 24 Cheque received from X dishonored , Bank debits `20 in respect of bank charges.May 25 Purchased goods for `50,000 at a trade discount of 10%. Payment was made in cash.May 26 Withdrew from bank `10,000 for office use and `2,000 for personal use.May 31 Interest debited by Bank `4,500Q13. Pass Journal entries for the following :-2011March 1 Paid into bank for Opening a Current Account `25,000.March 5 Goods purchased and payment made by cheque `10,000.March 8 Cash Sales `40,000 out of this amount `30,000 deposited in bank.March 10 Withdrawn for Private use `5,000.March 12 Withdrawn from Bank for private use `5,000.March 15 Withdrawn from Bank `12,000March 20 Placed on Fixed Deposit account at bank by transferring from Current account `20,000.Q14. Enter the following transactions in a Cash Book with Cash and Bank Columns:-2010Dec 1 Started business with cash `50,000.Dec 2 Paid into Bank `29,000.Dec 3 Received cheque from Raja Co `800Discount Allowed `20.Dec 5 Withdrew cash from bank for private use `240.Dec 14 Received cheque from Kamla `395Discount allowed `15Dec 16 Kamlas cheque endorsed to Bala in full settlement of her account of `425.Dec 29 Paid rent by cheque `1,000.Dec 30 Deposited into bank , balance of cash in excess of `450.Q15. Prepare Bank Column Cash Book from the following transactions:2002 `Oct 1 Cash in hand 11,800Oct1 Cash at Bank 11,000Oct5 Discounted a B/E at 1% through bank 4,000 7 Bought goods by cheque 7,000 8 Bought goods for cash 1,500Oct 10 Honoured our own acceptance by cheque5,000 14 Paid trade expenses 105 16 Paid into bank 1,000 18 Ramesh who owed us ` 500 became bankrupt and paid @ 50 p in the rupee . 20 Received cash from Manisha 400 Allowed discount 10 23 Withdrew from Bank 400 24 Paid to Ahmed Co. 300 Allowed discount 10 25 Withdrew from bank for private expenses 2300 27 Sold goods for cash 200 28Received cheque for goods sold 9,000 29 Received repayment of a loan of ` 5,000 and deposited ` 3,000 out of it into bank 30 Bank charges as per Pass Book 50Q17.P started a business on 1st Jan,1998 with a capital of`2,00,000 and a loan of `75,000 from the bank. During the year, he had introduced additional capital of `50,000 and had withdrawn ` 26,000 for personal purposes. On 31st Dec,1998 his assets were `3,90,000. Find out his capital as on 31st Dec 1998 and the profit earned during the year 1998.Q18. Huge loss occurred due to the strike by employees. Will it be recorded.?Q19. What will be the effect of the following on the Accounting Equation?i. Harish started business with cash `1,80,000.ii. Purchased goods for cash ` 60,000 and on credit `30,000.iii. Sold goods for cash `40,000 ; costing ` 24,000.iv. Rent paid `5,000 and rent outstanding `2,000.v. Sold goods on credit `50,000 ( costing `38,000) .vi. Salary paid in advance `3,000.Q20. Briefly appreciate the exact nature of accounting.