Payment of ₹ 6,000 as wages to workmen for installation of a machine should be debited to:
- AWages A/c
- BRepairs A/c
- ✓Machinery Alc
Answer: C.
View full solution →Question types
Books of Original Entry – Journal question types
112 questions across 7 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
112
Questions
7
Question groups
5
Question types
01
M.C.Q (1 Marks)
17 Q→02True False[1 Marks ]
10 Q→03Fill In The Blanks[1 Marks ]
12 Q→041 Marks Question
26 Q→053 Marks Question
5 Q→064 Marks Question
7 Q→076 Marks Question
35 Q→Sample Questions
Books of Original Entry – Journal questions
One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
Personal accounts are related to
- AAssets and Liabilities.
- BExpenses, losses and incomes.
- ✓Debtors, Creditors etc.
Answer: C.
View full solution →Goods costing ₹ 20,000 is sold at a profit of 20% on cost and trade discount is allowed @ 10% and cash discount of 10% is also allowed. Half the payment was received at the time of sale. What is the amount of cash received at the time of sale?
- ✓₹ 9,720
- B₹ 10,800
- C₹ 11,880
- D₹ 10,820
Answer: A.
View full solution →Rent of proprietor's house paid from account on cash will:
- ADecrease the profit.
- BIncrease the profit.
- CReduce the capital of business.
- ✓Reduce the cash as well as capital of the business.
Answer: D.
View full solution →Paid to Rahul on behalf of Sanjay ₹ 12,000 will be debited to:
- ARahul's Personal Account.
- ✓Sanjay's Account.
- CDrawings Account.
- DCash Account.
Answer: B.
View full solution →Real accounts generally show debit balance.
Purchase Return Account is always debited.
Nominal accounts always show debit balance.
Sales Return Account is always credited.
Opening entry is passed for the first transaction of each day.
For goods returned by customer __________ A/c is debited.
Loss of goods by fire should be credited to _________ A/c.
Rule of ___________ A/c is “debit what comes in and credit what goes out".
Journal is a book of _________.
Goods taken by the proprietor for personal use will be credited to _________ A/c.
What entry is passed when cheques received from the customers are not sent to bank on the same day.
Increase in an Asset Account is recorded on its debit side. Give reason.
What is Ledger Folio or L.F.?
A furniture of book value of ₹ 15,000 was sold for ₹ 6,000 and new furniture was purchased for ₹ 20,000. Furniture Account is debited with ₹ _________.
What entry is passed for withdrawing of goods by the proprietor for personal use?
What are compound journal entries? Give an example.
Is it possible to pass a single journal entry for two or more transactions?
What are ‘Books of Original Entry'?
Pass Journal Entries for the following transactions:
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2017
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Jan. 6
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Sold goods to Muskan of the list price of ₹ 2,00,000 at trade discount of 20%. |
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Jan. 8
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Muskan returned goods of the list price of ₹ 5,000. |
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Jan. 15
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Received from Muskan the full payment under a cash discount of 4%. |
What is Trade Discount? Give an example.
Journalise the following transactions:
- Goods destroyed by Fire for ₹ 5,000.
- Paid by cheque ₹ 25,000 as wages on installation of a Machinery.
- Issued a cheque in favour of M/s Parmatma Saran & Sons on account of purchase of goods ₹ 75,000.
- Goods sold costing ₹ 60,000 to M/s Kalu Sons at an invoice price 10% above cost less 5% Trade discount.
Pass journal entries for the following:
View full solution →|
2019
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Jan. 6
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Purchased goods from Henry for ₹ 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque. |
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Jan. 15
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Bought goods from Amit for ₹ 2,00,000 at terms 5% cash discount and 20% trade discount. Paid $\frac{3}{4}\text{th}$ of the amount in cash at the time of purchase.
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| Jan. 18 | Sold goods to Sherpa at the list price of ₹ 50,000 less 20% trade discount and 4% cash discount if the payment is made within 7 days. 75% payment is received by cheque on Jan. 23rd. |
| Jan. 25 | Sold goods to Garima for ₹ 1,00,000, allowed her 20% trade discount and 5% cash discount if the payment is made within 15 days. She paid $\frac{1}{4}\text{th}$ of the amount by cheque on Feb. 5th and 60% of the remainder on Feb. 15th in cash. |
Distinguish between Trade Discount and Cash Discount.
Give Journal Entries for the following transactions in the books of Raja Ram & Co.:
View full solution →|
2017
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March 3
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Bought goods for cash of the list price of ₹ 80,000 at 10% trade discount and $2\frac{1}{2}\%$ cash discount.
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March 5
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Sold goods for cash of the list price of ₹ 1,00,000 at 15% trade discount and 3% cash discount.
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March 6
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Sold goods to Nagpal of the list price of ₹ 50,000 at 20% trade discount.
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March 8
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Nagpal returned one-fourth of the above goods.
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March 10
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Nagpal settled the account by paying cash under a discount of 5%.
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Journalise the following transactions in the books of Dixit & Sons.:
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2018
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March 2
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Sold goods to Dilip of the list price of ₹ 62,000 for ₹ 60,000. |
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March 16
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Purchased goods costing ₹ 2,00,000 from Hari & Co. Paid 75% immediately by cheque to avail 4% discount. |
| March 20 | Sold goods to Vishal Traders costing ₹ 40,000 at 25% profit, allowing 10% trade discount and 10% cash discount. Received 80% payment immediately by cheque. |
| March 26 | Sold goods to Brij & Co. costing ₹ 50,000 at 40% profit, allowing 10% trade discount and 5% cash discount. Brij & Co. paid the full amount by cheque and availed cash discount. |
Journalise the following in the books of Som Nath & Sons:
| 2019 | |
| May 1 | Purchased a Machinery for ₹ 1,00,000 and the payment was made by issuing a cheque from Proprietor's saving bank account. |
| May 4 | Received an order from Chakravarti for goods of ₹ 4,00,000 alongwith a cheque of 10% of the order as advance. |
| May 8 | Paid cash ₹ 8,000 to Dushyant and discount allowed by him ₹ 800. |
| May 10 | Goods stolen by an employee (Sale Price ₹ 20,000; Cost ₹ 15,000). |
| May 15 | Purchased stationery worth ₹ 8,000 for office use and ₹ 2,000 for personal use. |
| May 20 | Manoj pays us ₹ 5,400 after deducting 10% for prompt payment. |
| May 28 | Sold goods to Kuber costing ₹ 2,00,000 at 25% above cost less trade discount of 10% and cash discount of 5%. Kuber did not avail the cash discount. |
Journalise the following transactions:
- Purchased a Motor Car for ₹ 3,00,000 and paid ₹ 25,000 for its repair and renewal. Entire payment is made by cheque.
- Received Rent ₹ 5,000.
- Goods worth ₹ 20,000 were distributed as free samples.
- Charge depreciation on Motor Car ₹ 32,500.
- Rent due to Landlord ₹ 10,000 and Salary due to Clerks ₹ 80,000.
- Charge interest on Capital ₹ 20,000.
- ₹ 5,000 due from Sanjay Gupta are bad-debts.
- Goods worth ₹ 50,000 were destroyed by fire.
- ash ₹ 5,000 and goods worth ₹ 20,000 were stolen by an employee.
Pass journal entries for the following:
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Jan. 5
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Purchased goods for Cash ₹ 10,000 and spent ₹ 200 for their carriage.
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Jan. 10
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Purchased machinery for Cash ₹ 50,000 and spent ₹ 500 for its carriage.
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Jan. 15
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Paid ₹ 20,000 for cement, ₹ 10,000 for timber and ₹ 5,000 as wages for the construction of building.
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Jan. 17
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Purchased an old machinery for ₹ 20,000 and spent ₹ 2,500 on its immediate repairs.
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Jan. 20
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Paid ₹ 500 for repairing some other machinery.
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Pass Journal entries for the following transactions:
- Purchased Machinery for ₹ 20,000 and paid ₹ 200 for its carriage.
- Received a cheque fo ₹ 4,850 from X in full settlement of his account of ₹ 5,000. Cheque was immediately deposited into bank.
- Received by cheque a first and final payment of 60 paise in a ₹ from Y who owed us ₹ 10,000.
- Sold goods to Z for ₹ 10,000 at a trade discount of 20%. Next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank.
- Goods costing ₹ 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.
Fill in the missing information in the following journal entries:
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