Remedial Test Paper for Financial Accounting

BBA 131 Financial Accounting

Answer any Two questions 2 X 10 Marks= 20 Marks

1.Journalize the following and prepare cash account. a) Commenced business with cash of Rs.30,000. b) Paid rent in advance Rs.500 c) Purchased goods for cash Rs.15,000 and for credit Rs. 10,000 d) Bought Motor Cycle for personal use for Rs.6,000 and the payment made out of business money e) Received cash for a bad debt written off last year Rs.100 f) Goods worth Rs.500 were taken by the proprietor for his personal use. g) X, a debtor for the firm became insolvent. A final payment of 60 paisa in a rupee was received from his total dues of Rs.200 h) A cheque of Rs.4900 was received from Mohan against full and final settlement of Rs.5,000 due from him. The cheque was deposited into bank on the same day. After five days the bank intimates the dishonouring of Mohan’s cheque. i) Cash paid for electricity Rs.400, for salaries Rs. 1,000, for wages Rs.500

2. From the following incorrect Trail Balance, Prepare a correct Trail Balance.

Particulars	Dr	Cr
Purchases		60,000
Reserve Fund		2,000
Sales	1,00,000
Purchases Returns		1,000
Sales Returns	2,000
Opening Stock	30,000
Closing Stock		40,000
Expenses	20,000
Outstanding Expenses	2,000
Bank Balance	5,000
Buildings	50,000
Debtors	80,000
Creditors	30,000
Capital		94,000
Total	2,72,000	2,72,000

3. Enter the following transactions in three column cash book:

Jan 2015

1st Cash in Hand Rs. 5,374 and Bank balance Rs. 15,490

2nd Cash sales Rs. 6,400

5th Paid Rs. 7,000 into bank bank

6th Received a cheque for Rs. 700 from Suresh

8th Paid into bank Suresh's cheque

10th Paid to Anurag by cheque Rs. 980 and discount allowed by him Rs.20

12th Cash purchases Rs. 2,500

14th Withdrew from bank for office use Rs. 5,000

15th Received a cheque for Rs. 950 from Lucky and Co. and allowed him discount Rs. 50

18th Cash sales Rs. 7,500

19th Paid into bank bank Lucky and Co's Cheque and cash Rs. 4,000

21st Cash paid for stationery Rs. 120

23rd Paid commission to Rakesh by cheque Rs.500

25th Received cheque for Rs. 1,000 from Chandra Mohan and remitted the same into the bank

27th Lucky and Co.'s cheque dishonoured

29th Draw a cheque for Rs. 800 per personal use

31st Paid salaries by cheque Rs. 1,500 and by cash Rs. 500

4. Journalize the Following Transactions in the Books of Mr.Sachin and Post them to the ledgers:

1-Feb Started Business with Cash Rs.25,000

2 Purchased goods from X Ltd. Rs. 35,000

5 Sold to kamal 5,000

6 Purchased from Ramesh for cash Rs.10,000

9 Manoj sold goods to us Rs.40,000

12 Stock withdrawn for house purpose Rs.4,500

15 Sold to Ramesh for cash 30,000

16 Sold to Ramya Rs.29,000 and received in cheque

18 Sold to sujatha Rs.4,600

19 Paid conveyance charges Rs.500

22 Paid for cartage Rs.400

25 Paid office rent Rs.500