Goods goes out for sample is debited to account.
- ✓Advertisement expense
- BGoods issued for samples
- CPurchase
- DSales
Answer: A.
View full solution →127 questions across 8 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
MCQ .(1 Marks)
14 Q→02Answer In One Or Two Sentence .(1 Marks)
54 Q→03questions in two to three sentences . (2 Marks)
5 Q→04Give Answer As Asked . (3 Marks)
22 Q→05Give Answer As Asked .(4 Marks)
11 Q→06Give Answer As Asked .(6 Marks)
12 Q→07Give Answer As Asked .(8 Marks)
3 Q→08Give Answer As Asked .(12 Marks)
6 Q→One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
Answer: A.
View full solution →Answer: B.
View full solution →Answer: B.
View full solution →Answer: C.
View full solution →Answer: A.
View full solution →| March $1$ | Vishal is declared insolvent, thus amount due to him $₹ 2000$ cannot be recovered. | |
| $5$ | $₹ 3000$ was due from Param, he become insolvent and only $₹ 1800$ are recovered. A balance amount is written off. | |
| $10$ | $₹ 1500$ previously written off, as Bad debts of Rohan, are received. |
| $1$ | Cash purchase $Rs.15,000$ and cash sales $Rs.14,000.$ |
| $2$ | A personal goods of $Rs.10,000$, brought to business. |
| $3$ | Goods of Rs.$12,000$ purchased from Harsh. |
| Jan $1$ | A loan of $₹15,000$ at $14 \%$ is borrowed from Pawan for business. |
| March $1$ | A loan of $₹ 18,000$ at $18 \%$ is given (lent) to Pushkar. |
| June $30$ | Paid interest of six month on loan borrowed from Pawan. |
| August $31$ | From Pushkar, interest on loan is received for six months. |
| $1$ | Goods of $₹ 1000$ is withdrawn from business for personal use. |
| $3$ | Goods of $₹ 700$ destroyed by fire. It was not insured. |
| $5$ | Goods of $₹ 500$ is stolen from business. |
| $8$ | Goods stolen received back of $₹ 100$ on police investigation. |
| $12$ | Goods of $₹ 2500$ is destroyed by fire. Insurance company has admitted claim for it. |
| $15$ | Goods of $₹ 4000$ is destroyed due to sinking of steamer. For which insurance company has admitted claim of 50 \% amount. |
| $16$ | Goods of $₹ 500$ given as donation |
| $20$ | Goods of $₹ 200$ distributed as free sample for advertisement purpose. |
| $22$ | Goods of $₹ 400$ received as a free sample from manufacturer. |
| $25$ | Goods received on $22$ , sold and realize $₹ 300.$ |
| $28$ | Goods of $₹ 1500$ is destroyed by fire. Insurance company has admitted claim of $₹ 900$. $₹ 200$ realize from scrap of this goods. |
| $30$ | Goods of $₹ 600$ destroyed in rain, which is sold for $₹ 200 .$ |
| $1$ | Brought cash of $₹ 10,000,$ stock of $₹ 10,000$ and Furniture of $₹ 5000$ and commenced business. |
| $3$ | Goods purchased of $₹ 5000$ from Mathura traders. |
| $4$ | Goods sold for cash $₹ 4000 .$ |
| $5$ | Goods purchased from Rushikesh of $₹ 8000$ and paid an half amount in cash. |
| $7$ | Goods of $₹ 1600$ returned to Mathura Traders. |
| $9$ | Goods of $₹ 600$ given for Prime Minister relief fund. |
| $10$ | Electronic weight machine purchased for $₹ 450 .$ |
| $15$ | $100$ shares of Shri Barsa Ltd. purchased at $₹ 30$ and $2 \%$ brokerage is paid. Both the payment paid by cheque. |
| $18$ | Goods of $₹ 4000$ sold to Kedarnath. |
| $20$ | Goods of $₹ 1500$ destroyed by fire. |
| $22$ | Half the goods returned back from Kedarnath. |
| $25$ | Goods of $₹ 500$ withdrawn for personal use. |
| $28$ | furniture of $₹ 3000$ purchased from Bansidhar Furniture Mart. |
| $30$ | After adding $20 \%$, goods of $₹ 1000$ sold to Chandni. Carriages of $₹ 50$ paid on her behalf. |
| $1$ | Introduced capital of $₹ 50,000$ and commenced business. |
| $4$ | Brought goods of $₹ 10,000 ,$ furniture of $₹ 2000$ and debtors of $₹ 30,000$ in business. |
| $10$ | Sold bike of $₹ 20,000$ for $₹ 15,000$ out of which $₹ 10,000$ introduced in business. |
| $14$ | Brought in business personal receivable of $₹ 6000$ and payables $₹ 4000 .$ |
| $16$ | Paid of income operatorname{tax} $₹ 500$. |
| $20$ | Withdrawn $₹ 1000$ from business for personal use. |
| $22$ | Paid $₹ 200$ for life insurance premium from business . |
| $25$ | Withdrawn goods of $₹ 400$ for personal use from business. |
| $31$ | College tution fees of son $₹ 500$ paid from business. |
| $1.$ Avinash of Ahmedabad has purchased goods of $₹ 2,00,000$ from Rajesh of Rajkot and payment is made by cheque. The entire goods he has sold to Bhavesh of Bhavnagar for $₹ 2,40,000$ and payment received through cheque. $2.$ $12 \%$ $GST$ rate is applicable to these transactions, where $CGST$ is $6%$ and $SGST$ is $6%.$ $3.$ Pass journal entries till the accounting settlement of $GST$ in the book of Avinash. |
| $1$ | For business books of accounts purchased $₹ 650 .$ |
| $2$ | Wages of $₹ 200$ and carriage of $₹ 100$ paid in cash. |
| $8$ | Commission received $₹ 800 .$ |
| $10$ | Paid $₹ 2500$ for painting work of shop. |
| $20$ | Light Bill of $₹ 1800$ paid by cheque. |
| $25$ | $₹ 1200$ paid for refreshment at inaugural function of shop. |
| $30$ | A cheque of $₹ 900$ received for brokerage. |
| $31$ | A currency note of $₹ 50$ eaten by goat |
| $1$ | Transportation expenses paid by cheque $₹ 1800.$ |
| $4$ | Courier expense paid by cheque $₹ 3000.$ |
| $8$ | Insurance premium paid by chqeue $₹ 4000.$ |
| $10$ | Advertisment expenses paid by chqeue $₹ 6000 .$ |
| $18$ | Rent received by cheque $₹ 5000 .$ |
| $20$ | Carriage inward paid by cheque $₹ 8000$ to the transport company having registered office in Mumbai (Maharastra) |
| $2014$ | |
| Feb. | |
| $1$ | Due to additional requirement of Funds, $12\%$ loan of $Rs.20,000$ borrowed from Ram. |
| $3$ | $Rs.8,000$ lent to Laxman at interest rate of $8\%.$ |
| $8$ | Received cash $Rs.800$ for loan lent to Bharat and $Rs.200$ for interest. |
| $10$ | $Rs. 5,000$ returned back to Seeta for borrowed loan and paid interest $Rs.400.$ |
| $12$ | Received interest $Rs.200,$ for loan lent to Kaushal. |
| $15$ | Interest for one month paid for loan obtained from Ram. |
| $18$ | $Rs.75$ became receivable for interest on loan of Laxman. |
| $2014$ | |
| Jan. | |
| $1$ | Introduced goods of $Rs.10,000$, cash $Rs.15,000$, furniture $Rs.5,000$, debtors of $Rs.10,000$ and commenced business. |
| $12$ | Personal motor car sold for $Rs.80,000$ and introduced $Rs.50,000$ in business. |
| $13$ | $Rs.1,000$ withdrawn from bank for personal use. |
| $15$ | Income tax refund of $Rs.500$ of owner of sole proprietor deposited with bank account of business. |
| $20$ | From business goods of $Rs.1,000$ and cash $Rs.400$ are withdrawn for personal use. |
| $21$ | Travelling expense of daughter $Rs.1,500$ paid from business. |
| $28$ | Furniture of $Rs.2,000$, purchased from Ganga Furniture Mart for house. |
| $31$ | Life insurance premium of $Rs.500$ paid by cheque. |
| particular of $GST$ | on goods | on services |
| $CGST$ | $6\%$ | $2.5\%$ |
| $SGST$ | $6\%$ | $2.5\%$ |
| $IGST$ | $12\%$ | $5.0\%$ |
| particular of $GST$ | on goods | on services |
| $CGST$ | $9\%$ | $2.5\%$ |
| $SGST$ | $9\%$ | $2.5\%$ |
| $IGST$ | $18\%$ | $5.0\%$ |
| Date | Particular | L.F | Debit | Credit |
| $2014$ August $1$ |
Insurance premium A/C Dr To Cash A/C (Being 700 paid for life insurance premium.) |
$700$ | $700$ | |
| $5$ | Cash A/C Dr To jay A/C To Ajay A/C (Being received $200$ of brokerage jay and 100 of commission from Ajay.) |
$300$ | $200 100$ |
|
| $7$ | Purchase A/C Dr To Vivek A/C (Being goods of $5000$ purchased from Vivek on cash at $10\%$ cash discount.) |
$4500$ | $4500$ | |
| $10$ | Bank A/C Dr To Vivek A/C (Being bank has approved over draft of $7000$.) |
$7000$ | $7000$ | |
| $11$ | Vivek A/C Dr To Purchase retunes A/C (Being $20\%$ goods retuned to Vivek and cash received from Vivek.) |
$1000$ | $1000$ | |
| $12$ | Cash A/C Dr To Debtors A/C (Being $500$ received from debtor which was written off in past) |
$500$ | $500$ | |
| $13$ | Repairing expenses A/C Dr To Cash A/C (Being paid cash $800$ machine installation.) |
$1500$ | $1500$ | |
| $15$ | Wages A/C Dr To Cash A/C (Being paid cash $800$ machine installation.) |
$800$ | $800$ | |
| Total | $16,300$ | $16,300$ |
| Particular of $GST$ | On goods | On services |
| $CGST$ | $9\%$ | $2.5\%$ |
| $SGST$ | $9\%$ | $2.5\%$ |
| $IGST$ | $18\%$ | $5.0\%$ |
| $1$ | Goods purchased of $₹ 10,000$ at $10 \%$ trade discount from Ashishbhai of Anand. |
| $4$ | Goods purchased of $₹ 20,000$ at $10 \%$ trade discount from Ranchodbhai of Ranchi Jharkhand. The payment is made by cheque. |
| $7$ | Goods sold of $₹ 15,000$ at $10 \%$ trade discount to Piyushbhai of Palanpur. The payment is received through cheque. |
| $10$ | Goods sold of $₹ 20,000$ at $10 \%$ trade discount on credit to Indrajit of Indore Madhya Pradesh. |
| $14$ | Goods of $₹ 2000$ returned to Ashishbhai of Anand. |
| $18$ | Goods of $₹ 5000$ returned by Indrajit of Indore. |
| $20$ | A computer of $₹ 50,000$ purchased from 'Noble Infotech' of Delhi and payment made through cheque. |
| $24$ | Telephone bill paid by cheque of $₹ 5000.$ |
| Particular of $GST$ | On goods | On services |
| $CGST$ | $6\%$ | $2.50\%$ |
| $SGST$ | $6\%$ | $2.50\%$ |
| $IGST$ | $12\%$ | $5.00\%$ |
| $1$ | Goods of $₹ 20,000$ purchased at $10 \%$ trade discount from Jayeshbhai of Jamnagar and payment made by cheque. |
| $3$ | Goods of $₹ 30,000$ purchased at $10 \%$ trade discount and $5 \%$ cash discount from Bhadreshbhai of Bhuneshwar Orissa. |
| $5$ | Goods of $₹ 25,000$ sold at $10 \%$ trade discount to Bhumikbhai of Bhopal Madya Pradesh and payment received through cheque. |
| $8$ | Goods of $₹ 40,000$ sold at $10 \%$ trade discount and $5 %$ cash discount on credit to Anilbhai of Amreli. |
| $10$ | $(\frac{1}{3})$ goods is returned to Bhadreshbhai of Bhuneshwar Orrisa. The proportionate $IGST$ is adjusted. |
| $15$ | $( \frac{1}{4})$ goods is returned by Anilbhai of Amrali. The proportionate $CGST$ and $SGST$ are adjusted. |
| $20$ | A machine of $₹ 50,000$ purchased from Ram $\&$ Sons of Amritsar Punjab. |
| $22$ | Shop rent $₹ 10,000$ received by cheque. |
| $25$ | A commission of $₹ 20,000$ received from trader of Mumbai. |
| Particular of $GST$ | On goods | On services |
| $CGST$ | $6\%$ | $2.50\%$ |
| $SGST$ | $6\%$ | $2.50\%$ |
| $IGST$ | $12\%$ | $5.00\%$ |
| $1$ | Goods of $₹ 20,000$ purchased at $10 \%$ trade discount from Jayeshbhai of Jamnagar and payment made by cheque. |
| $3$ | Goods of $₹ 30,000$ purchased at $10 \%$ trade discount and $5 \%$ cash discount from Bhadreshbhai of Bhuneshwar Orissa. |
| $5$ | Goods of $₹ 25,000$ sold at $10 \%$ trade discount to Bhumikbhai of Bhopal Madya Pradesh and payment received through cheque. |
| $8$ | Goods of $₹ 40,000$ sold at $10 \%$ trade discount and $5 \%$ cash discount on credit to Anilbhai of Amreli. |
| $10$ | $\{\frac{1}{3}\}$ goods is returned to Bhadreshbhai of Bhuneshwar Orrisa. The proportionate $IGST$ is adjusted. |
| $15$ | $\{\frac{1}{4}\}$ goods is returned by Anilbhai of Amrali. The proportionate $CGST$ and $SGST$ are adjusted. |
| $20$ | A machine of $₹ 50,000$ purchased from Ram $\&$ Sons of Amritsar Punjab. |
| $22$ | Shop rent $₹ 10,000$ received by cheque. |
| $25$ | A commission of $₹ 20,000$ received from trader of Mumbai. |
| $1$ | A business is commenced with introduction of cash of $₹ 50,000,$ receivables of $₹ 25,000,$ liability of $₹ 10,000,$ stock of goods of $₹ 15,000.$ |
| $2$ | A $10 \%$ loan of $₹ 30,000 $ is borrowed from Srimati. |
| $3$ | Laptop purchased from Jayveer for cash $₹ 20,000$ and paid other expenses $₹ 500 .$ |
| $4$ | Opened bank account with Dena Bank by depositing $₹ 15,000 .$ |
| $5$ | Goods of $₹ 30,000$ purchased from Royal Stores on credit at $10\%$ trade discount. Royal stores paid railway freight $₹ 200$ and wages $₹ 1000$ on our behalf. |
| $6$ | Goods purchased from Royal Traders out of which goods of $₹15,000 $ sold to Bhagvati at $10 \%$ trade discount, after adding $20 \%$ profit on it. Paid railway freight $₹ 1000$ and wages $₹500$ on their behalf. |
| $7$ | Goods of $₹ 50,000$ purchased from Kruti at $10 \%$ trade discount and $10 \%$ cash discount. Half amount paid by cheque. |
| $8$ | Goods sold to Bhagvati, returned back, goods of $₹ 540,$ which we have returned back to Royal Stores. |
| $9$ | Goods of $₹ 15,000$ after adding $20 \%$ profit sold to Nirali at $10 \%$ trade discount and at $10 \%$ cash discount, half amount received in cash. |
| $10$ | Goods of $₹ 20,000$ after adding $30 \%$ profit sold to Bhaumikat $10 \%$ trade discount and at $10 \%$ cash discount if amount is paid in $10 $ days |
| $11$ | Paid $₹ 1500$ for advertisement bill of Gujarat Samachar. |
| $12$ | Received personal dividend $₹ 800,$ which is deposited to bank account of business. |
| $13$ | Nirali returned goods $₹ 650 ($from sales of $9 th)$ |
| $14$ | Goods of $₹ 400$ received as free sample, which is distributed tocustomer in free for advertisement. |
| $15$ | A cheque of half amount is received from Bhaumik and cash discount allowed. |
| $16$ | Goods returned by Nirali $($of $13 th),$ sent to Kruti |
| $17$ | A machine purchased for $₹ 7000,$ and paid $₹ 500$ cash for installation of machine. $18$ Goods of $₹ 300$ received as free sample. |
| $19$ | After deducting $₹ 100$ discount cheque issue to Royal Traders as final settlement |
| $20$ | Nirali deducted allowance $₹ 50,$ and settled the account |
| $21$ | On account, Bhaumik paid cash $₹ 5000$ and issue cheque for remaining balance, and settled account |
| $22$ | Goods of $₹ 4000$ destroyed by fire and insurance company admitted claim for $₹ 3000, ₹ 200$ realized from sale of destroyed goods. |
| $23$ | To earn $20 \% $ profit on selling price goods of cost price of $₹ 5000$ sold. Interest for one month paid on loan of Srimati. |
| $25$ | Goods destroyed in railway accident $₹ 2500.$ |
| $26$ | $50$ shares of Adani Power Ltd. purchased at market price of $₹ 300$ per share and including $2 \%$ brokerage, amount paid bycheque. |
| $27$ | A computer of business of $₹ 2500,$ sold to Karuna for $₹ 1000 .$ |
| $28$ | A electricity bill of $₹ 1800$ and telephone bill of $₹ 700 $ of firm paid by cheque. |
| $29$ | Bank has credited $₹ 200$ for interest and debited $₹ 100$ for bank charges. |
| $30$ | Goods of $₹ 500$ was stolen and of $₹ 200$ was ruined in rain. |
| $31$ | Obtain change for $₹ 1000 ,$ but currency note of $₹ 100$ was duplicate, nothing can be realized. |
| $2014$ | |
| July | |
| $1$ | Brought $Rs.50,000$ cash, debtors $Rs.20,000$, stock of goods $Rs.10,000$ and creditors of $Rs.5,000$ and commenced business. |
| $2$ | Deposited cash $Rs.20,000$ with Vijaya Bank and opened account. |
| $3$ | Goods of $Rs.20,000$ purchased from Sumul at $10\%$ trade discount and $10\%$ cashdiscount. Paid half amount by cheque. |
| $4$ | A furniture of $Rs.15,000$ purchased on credit from "Punit Furniture Mart". A carriage of $Rs.100$ paid in cash. |
| $5$ | A defective goods of $Rs.3,000$ returned so Sumul. |
| $6$ | Goods of $Rs.12,000$ sold to Rajshri at $10\%$ trade discount and $10\%$ cash discount.Paid half amount by cheque. |
| $8$ | Good of $Rs.15,000$ sold to Mahendra on cash at $10\%$ trade discount and $10\%$ cashdiscount. |
| $10$ | Withdrawn goods of $Rs.300$ and cash $Rs.200$ for personal use. |
| $11$ | Purchased plastic bags of $Rs.200$ for goods packing by cash. |
| $12$ | $Rs.2,000$ paid by cheque for salary and wages. |
| $13$ | Bad debts took place $Rs.300$ which due from Rajshri. |
| $14$ | Due to additional requirement of funds, $12\%$ loan of $Rs.25,000$ obtained from Axis Bank. |
Pick question groups from the list above, set marks and difficulty, and export a branded PDF with step-by-step answer keys. First 3 chapters free — no signup.