Accounting Bs 1st New Practice Questions
Accounting Bs 1st New Practice Questions
Required:
Record journal entries for the transactions and post them to ledgers.
13. However, sold goods to Rehman & sons Rs. 1,500 and sale by cash Rs.
5,000.
17. Gave away charity of cash Rs. 50 and merchandising worth Rs. 30.
21. Paid Bilal and Friends cash Rs. 975; discount received Rs. 25.
28. Received cash from Rehman & Sons Rs. 1,450; allowed him discount of Rs.
50.
Shah Sauood Marine is a boat repair yard. During August 2016, its transactions
included the following:
03. Loan taken from Habib Bank Ltd. of Rs. 25,000. Rs. 20,000 withdrawn for
business and remaining in the bank a/c.
06. Paid rent for the month of August Rs. 4,400 and accrued rent expenses was
Rs. 600.
12. At request of Kiwi Insurance, Inc, made repairs on boat of Jon Seaways.
Sent bill for Rs. 5,620 for services rendered to Kiwi Insurance Inc. (credit
Repair Service Revenue).
18. Made repairs to boat of Dennis Copper and collected in full the charge of Rs.
2,830.
20. After that, placed Advertisement in The Dawn of Rs. 165, payment to be
made within 30 days.
25. Received a check for 5,620 from Kiwi Insurance Inc representing collection
of the receivable of August 12.
30. Sent check to The Dawn in payment of the liability incurred on August 20.
1st January, 2017, Saeed Ahmad started business other transactions for the
month of June as follows:
02. Purchased from Kareem goods of list price of Rs. 6,000 subject to 10% trade
discount by cash.
04. Sold goods to Din Muhammad Rs. 800 and cash sales of Rs. 200.
10. Distributed goods worth Rs. 200 as free samples and goods taken away by
the proprietor for personal use Rs. 100.
12. Received discount Rs 20 and Commission Rs 500.
17. Goods returned by Din Muhammad Rs. 200 and payment other outstanding
amount.
24. Furniture lost by fire of worth Rs. 500.
30. Bad Debts during the period was Rs.100.
Following transactions are related to Saifullah Naseem business. You are
required to pass Journal Entries.
June 1, 2016. Mr. Saifullah started business with Cash Rs. 10,000 and Furniture
Rs. 2,000.
June 5. Purchased merchandise/goods on credit Rs. 5,000 from Ali Store.
June 15. Payment of creditors in full settlement of account Rs. 4,900 of June
5th transaction.
June 20. Received from debtors in full settlement of account Rs. 5,800 of June
7th transaction.
June 27. Purchase furniture of worth Rs. 60,000, having 10% trade discount.
Give Journal Entries for the following transactions in the books of Raja Ram & Co. :
2017
March Bought goods for cash of the list price of Rs. 80,000 at 10% trade
3 discount and 21212% cash discount.
Sold goods for cash of the list price of Rs. 1,00,000 at 15% trade
5
discount and 3% cash discount.
Sold goods to Nagpal of the list price of Rs. 50,000 at 20% trade
6
discount.
8 Nagpal returned one-fourth of the above goods.
10 Nagpal settled the account by paying cash under a discount of 5%.
Pass Journal entries in the books of Raghunath Bros. from the following transactions:-
2016
Raghunath Bros. started business with cash Rs. 80,000; Goods Rs. 40,000
June 01
and furniture Rs. 20,000.
June 02 Sold goods to Nandlal of the list price of Rs. 20,000 at trade discount of 10%.
June 04 Nandlal returned goods of the list price of Rs. 4,000.
June 08 Received from Nandlal Rs. 14,150 in full settlement of his account.
Purchased goods from Brij Mohan of the list price of Rs. 10,000 at 15% trade
June 10
discount.
June 13 Returned goods to Brij Mohan of the list price of Rs. 1,000.
June 16 Settled the account of Brij Mohan by paying cash, under a discount of 4%.
June 18 Purchased goods from Anil Rs. 5,000; Sunil Rs. 10,000.
June 19 Paid cash to Anil Rs. 1,900 and discount received Rs. 100.
June 20 Paid Rs. 9,800 to Sunil in full settlement of his account.
June 20 Bought a 'Table Fan' for Rs. 8,000 for the domestic use of Raghunath.
Sold goods for cash of the list price of Rs. 8,000 at 10% trade discount and
June 25
3% cash discount.
Paid Rent Rs. 8,000; Trade Expenses Rs. 7,000 and Travelling Expenses Rs.
June 30
3,800.