561 questions across 9 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
M.C.Q (1 Marks)
164 Q→02True False[1 Marks ]
21 Q→03Fill In The Blanks[1 Marks ]
17 Q→04Assertion and Reason.
5 Q→051 Marks Question
142 Q→063 Marks Question
42 Q→074 Marks Question
37 Q→086 Marks Question
131 Q→09Case Study
2 Q→One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
Answer: B.
View full solution →Answer: A.
View full solution →Answer: C.
View full solution →Answer: C.
View full solution →Answer: B.
View full solution →| (₹) | ||
| 1. | Purchased goods from X on Credit | 40,000 |
| 2. | Paid to X | 30,000 |
| 3. | Returned goods to X | 6,000 |
| 4. | Purchased goods from X for Cash | 20,000 |
| 5. | Purchased goods from X on Credit | 50,000 |
| 6. | Paid to X | 45,000 |
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a.
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Started business with cash
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₹ 1,20,000
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b.
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Rent received
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₹ 10,000
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c.
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Invested in shares
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₹ 50,000
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d.
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Received dividend
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₹ 5,000
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e.
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Purchase goods on credit from Ragani
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₹ 35,000
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f.
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Paid cash for house hold Expenses
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₹ 7,000
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g.
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Sold goods for cash (costing ₹ 10,000)
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₹ 14,000
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h.
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Cash paid to Ragani
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₹ 35,000
|
| i. | Deposited into bank | ₹ 20,000 |
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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.
|
| 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. |
| 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. |
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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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Following are the transactions of Mr. Saurav, Delhi:
Mr. Saurav maintains Principal as well as subsidiaries books of accounts including Cash Book, Purchase Book, Sales Book, Purchase Return Book, Sales Return Book and Journal Proper.
Answer the following questions from the above case:
1. Mr. Sourav started business with Machinery, where the transaction of machinery recorded.
(A) Cash Book
(B) Journal Proper
(C) Purchase Book
(D) Sales Book
2. He Purchase furniture by cheque, where it will be recorded in:
(A) Journal Proper
(B) cheque Book
(C) Purchase Book
(D) Cash Book
3. Mr. Saurav has no need to prepare two accounts if he maintains double column Cash Book. Which two accounts he has no need to prepare _______.
(A) Cash, Bank
(B) Bank, Cheque in hand
(C) Bank Overdraft, Bank
(D) Machinery
4. In which side of Cash Book does Cash Sales recorded:
(A) Credit
(B) Debit
(C) Not recorded in Cash Book
(D) None of these
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