Vidya niketan junior college of commerce and science 1st Semester Exam 2022 -- 23

 

Vidya Niketan junior college of commerce and science

1st Semester Exam 2022 -- 23

Q.1 A Select the most appropriate alternatives from those given below and write the statement.                                                                                            (5)

1. Surplus of income over expenses is __________.

a) profit        b) Deficit        c) Loss        d) financial Statement

Ans: Profit

2. Brief explanation of an entry is called as __________.

a) Folio        b) Narration        c) Posting        d) Journalizing

Ans: Narration

3. Goodwill is __________ assets.

a) Tangible        b) Current        c) An intangible         d) None of these

Ans: An Intangible 

4. __________ discount is not recorded in the books of accounts.

a) Trade        b) Cash        c) GST        d) VAT

Ans; Trade

5) Real account always shows ___________ balance.

a) Minimum        b) Maximum        c) Debit        d) Credit

Ans: Debit   

Q.1 B Write True or False.                                                                                (5)

1. Bank overdraft is an assets of the business.

Ans: False

2. Solvent person is a person whose assets is more than liabilities.

Ans: True

3. Capital account is a real account.

Ans: False

4. Journal is a book of prime entry.

Ans: True

5. The name of an account written on top of each account is called 'Head of Account'.

Ans: True

Q.1 C Give the word term or phrase which can substitute each of the following statements. (5)

1. Exchange between two persons.

Ans: Bills of Exchange

2. Allowance is given on catalogue price of goods.

Ans: MRP

3. Page number of the ledger.

Ans: Folia

4. Transferring a journal entry to the appropriate accounts in the ledger.

Ans: Posting 

5. Subsidiary book in which return of goods sold on credit is recorded.

Ans: Sale Book

Q.1 D. Classify the following into personal/ real/ Nominal A/c

 

1	Plant and machinery A/c
2	Indian Railway A/c
3	Vidyaniketan College A/c
4	Bikaner Sweet A/c
5	Union Bank of India A/c
6	Commission Received A/c
7	Trademark Received A/c
8	Outstanding Expenses A/c
9	Debtors A/c
10	Capital A/c

Personal A/c	Real A/c	Nominal A/c
Indian Railway A/c	Plant and machinery A/c	Commission Received A/c
Vidyaniketan College A/c	Trademark Received A/c
Bikaner Sweet A/c	Debtors A/c
Union Bank of India A/c
Outstanding Expenses A/c Capital A/c

Q.2 Journal Entries.                                                                                     (10)

Journalize the following transactions in the books of Rajkumar Grocery Seller.

2019 May

1. Received Rs. 5,000 from Ramesh.

4. Purchased Goods for cash Rs. 55,000

8. Paid for salary Rs. 8,000.

12. Purchased goods from Ganesh Rs. 30,000 on Credit.

17. Sold goods to Mrs. Neha Rs. 60,000 on credit.

20. Purchased Machinery of Rs. 80,000 @ 12% GST and amount paid by cheque.

25. Paid to SG & Sons by cheque Rs. 30,000.

28. Received Commission Rs. 10,000 from Ganesh.

30. Paid Rent Rs. 5,000

31. Purchased Shares of Reliance Co.Ltd for Rs. 10,000 through Demat Account.

In the books of Rajkumar Grocery Seller

Journal Entries

 

Date	Particulars	L/F	Debit	Credit
2018 May
1.	Cash A/c                            _______ Dr.             To Ramesh’s A/c (Being Received from Ramesh.)		5,000	5,000
4.	Purchased A/c                      ________ Dr.              To Cash (Being Purchased Goods for cash)		55,000	55,000
8.	Salary A/c                           _________ Dr.               To Cash A/c (Being Paid Salary)		8,000	8,000
12.	Purchased A/c                      ________ Dr.              To Ganesh’s A/c (Being Purchased Goods for cash)
17.	Mrs. Neha A/c                     _____ Dr.               To Sales A/c (Being Sold goods to Mrs. Neha on credit)
20.	Machinery A/c                      ________ Dr. Input CGST A/c                     ________ Dr. Input SGST A/c                      ________ Dr.              To Bank (Being Purchased Machinery for GST and amount paid by cheque)		80,000 9,600 9,600	99,200
25	SG & Sons A/c              ________ Dr.                 To Bank A/c (Being Paid to SG & Sons by cheque)		30,000	30,000
28.	Cash A/c                              _________ Dr.               To Commission A/c (Being Received Commission from Ganesh)		10,000	10,000
30.	Rent A/c                                          ________Dr.               To Cash A/c (Being Paid Rent)		5,000	5,000
31.	Investment A/c                                _________ Dr.               To Bank A/c (Being Purchased Shares of Reliance Co.Ltd)		10,000	10,000

Q.3 From above Journal entries prepare ledges Account (Any 5)                            (10)

Q.4 Mr. Akash gives you the following information and asks you to prepare Purchase Book, Sales Book, Purchase Returns Book and Sales Return Book for the month of January 2018.

2018 Jan.

01 Purchased goods on credit from Dhanal Traders for ` 15,000.

05 Placed an order with Sunetra for goods of ` 10,000 less 5% Trade discount.

08 Purchased goods of ` 20,000 at 10% Trade Discount from Saurabha Traders.

13 Sold goods to Vinayak Stores ` 8,000 at 5% Trade Discount.

15 Vinayak Stores returned goods to us ` 200 18 Sunetra executed our order placed on 5th Jan. 2018. 20 Sold goods to Vishnu Traders ` 21,000 less 5% Trade Discount.

22 Returned goods to Sunetra ` 1,000 (Gross).

28 Kunal Traders returned goods to us ` 500.

30 Returned goods to Sourabh Traders ` 1,500.