Problem Assignment - 01

K.E.
Society’s
Rajarambapu Institute of Technology
Dept. of Management Studies (MBA)
MBA-I Sem-I
Course: Financial Accounting & Analysis Course Teacher: Dr. Mrs. Manisha V. Jagtap
--------------------------------------------------------------------------------------------
Assignment-1
Q. 1. Prepare accounting equation on the basis of the following :
(a) Harsha started business with cash Rs.2,00,000
(b) Purchased goods from Naman for cash Rs. 40,000
(c) Sold goods to Bhanu (costing Rs.10,000) for Rs. 12,000
(d) Bought furniture on credit Rs. 7,000
Q. 2. Prepare accounting equation from the following:
(a) Kunal started business with cash Rs.2,50000
(b) He purchased furniture for cash Rs. 35,000
(c) He paid commission Rs. 2,000
(d) He purchases goods on credit Rs. 40,000
(e) He sold goods (Costing Rs.20,000) for cash Rs. 26,000
Q. 3. Mohit has the following transactions, prepare accounting equation:
(a) Business started with cash Rs. 1,75,000
(b) Purchased goods from Rohit Rs. 50,000
(c) Sales goods on credit to Manish (Costing Rs. 17,500) Rs. 20,000
(d) Purchased furniture for office use Rs. 10,000
(e) Cash paid to Rohit Rs. 50,000
(f) Cash received from Manish Rs. 20,000
(g) Rent paid Rs. 1,000
(h) Cash withdrew for personal use Rs. 3,000
Q.4. Rohit has the following transactions :
(a) Commenced business with cash Rs.1,50,000

(b) Purchased machinery on credit Rs. 40,000
(c) Purchased goods for cash Rs. 20,000
(d) Purchased car for personal use Rs. 80,000
(e) Paid to creditors in full settlement Rs. 38,000
(f) Sold goods for cash costing Rs. 5,000 Rs. 4,500
(g) Paid rent Rs. 1,000
(h) Commission received in advance Rs. 2,000
Q.5 Analyse the effect of each transaction on assets and liabilities and show that the both sides of
Accounting Equation (A = L + C) remains equal :
(i) Introduced Rs. 8,00,000 as cash and Rs. 50,000 by stock.
(ii) Purchased plant for Rs. 3,00,000 by paying Rs. 15,000 in cash and balance at a later date.
(iii) Deposited Rs. 6,00,000 into the bank.
(iv) Purchased office furniture for Rs. 1,00,000 and made payment by cheque.
(v) Purchased goods worth Rs. 80,000 for cash and for Rs. 35,000 in credit.
(vi) Goods amounting to Rs. 45,000 was sold for Rs. 60,000 on cash basis.
(vii) Goods costing to Rs. 80,000 was sold for Rs. 1,25,000 on credit.
(viii) Cheque issued to the supplier of goods worth Rs. 35,000.
(ix) Cheque received from customer amounting to Rs. 75,000.
(x) Withdrawn by owner for personal use Rs. 25,000.
Q.6 Soraj Mart furnishes the following information :
Transactions during the month of April, 2014 are as under :
01.4.2014 Business started with cash Rs. 1,50,000.
01.4.2014 Goods purchased form Manisha Rs. 36,000.
01.4.2014 Stationery purchased for cash Rs. 2,200.
02.4.2014 Open a bank account with SBI for Rs. 35,000.
02.4.2014 Goods sold to Priya for Rs. 16,000.
03.4.2014 Received a cheque of Rs. 16,000 from Priya.
05.4.2014 Sold goods to Nidhi Rs. 14,000.
08.4.2014 Nidhi pays Rs. 14,000 cash.
10.4.2014 Purchased goods for Rs. 20,000 on credit from Ritu.
14.4.2014 Insurance paid by cheque Rs. 6,000.

18.4.2014 Paid rent Rs. 2,000.
20.4.2014 Goods costing Rs. 1,500 given as charity.
24.4.2014 Purchased office furniture for Rs. 11,200.
29.4.2014 Cash withdrawn for household purposes Rs. 5000.
30.4.2014 Interest received cash Rs.1,200.
30.4.2014 Cash sales Rs.2,300.
30.4.2014 Commission paid Rs. 3,000 by cheque.
30.4.2014 Telephone bill paid by cheque Rs. 2,000.
30.4.2014 Payment of salaries in cash Rs. 12,000.
Journalise the transactions.
Q.7 Journalise the following transactions of M/s Mallika Fashion House and post the entries to the
Ledger:
2014 June 05 Business started with cash ₹2,00,000
June 08 Opened a bank account with Syndicate Bank ₹80,000
June 12 Goods purchased on credit from M/s Gulmohar Fashion House ₹ 30,000
June 12 Purchase office machines, paid by cheque ₹20,000
June 18 Rent paid by cheque ₹5,000
June 20 Sale of goods on credit to M/s Mohit Bros ₹10,000
June 22 Cash sales ₹15,000
June 25 Cash paid to M/s Gulmohar Fashion House ₹30,000
June 28 Received a cheque from M/s Mohit Bros ₹10,000
June 30 Salary paid in cash ₹6,000
Q.8 Journalise the following transactions of M/s Time Zone and post them to the ledger accounts :
2014 Dec. 01 Business started with cash ₹1,20,000
Dec. 02 Opened a bank account with ICICI ₹4,00,00
Dec. 04 Goods purchased for cash ₹12,000
Dec. 10 Paid cartage ₹ 500
Dec. 12 Goods sold on credit to M/s Lara India ₹ 25,000
Dec. 14 Cash received from M/s Lara India ₹10,000
Dec. 16 Goods returned from Lara India ₹3,000
Dec. 18 Paid trade expenses ₹700

Dec. 19 Goods purchased on credit from Taranum ₹32,000
Dec. 20 Cheque received from M/s Lara India for final settlement ₹12,000 and deposited same day
into bank
Dec. 22 Goods returned to Taranum ₹1,500
Dec. 24 Paid for stationery ₹1,200
Dec. 26 Cheque given to Taranum on account ₹ 20,000
Dec. 28 Paid rent by cheque ₹4,000
Dec. 29 Drew cash for personal use ₹10,000
Dec. 30 Cash sales ₹12,000
Dec. 31 Goods sold to M/s Rupak Traders ₹11,000
Q.9 Give journal entries of M/s Mohit traders, Post them to the Ledger from the following
transactions :
August 2014
1. Commenced business with cash ₹1,10,000
2. Opened bank account with H.D.F.C. ₹50,000
3. Purchased furniture ₹20,000
7. Bought goods for cash from M/s Rupa Traders ₹30,000
8. Purchased good from M/s Hema Traders ₹42,000
10. Sold goods for cash ₹30,000
14. Sold goods on credit to M/s. Gupta Traders ₹12,000
16. Rent paid ₹4,000
18. Paid trade expenses ₹1,000
20. Received cash from Gupta Traders ₹12,000
22. Goods return to Hema Traders ₹2,000
23. Cash paid to Hema Traders ₹40,000
25. Bought postage stamps ₹100
30. Paid salary to Rishabh ₹4,000
Q.10. Journalise the following transaction in the Books of the M/s Bhanu Traders and Post them into
the Ledger.
December, 2014
1. Started business with cash ₹92,000

2. Deposited into bank ₹60,000
4. Bought goods on credit from Himani ₹ 40,000
6. Purchased goods from cash ₹ 20,000
8. Returned goods to Himani ₹4,000
10. Sold goods for cash ₹20,000
14. Cheque given to Himani ₹36,000
17. Goods sold to M/s Goyal Traders ₹3,50,000
19. Drew cash from bank for personal use ₹2,000
21. Goyal traders returned goods ₹3,500
22. Cash deposited into bank ₹20,000
26. Cheque received from Goyal Traders 31,500
28. Goods given as charity ₹2,000
29. Rent paid ₹3,000
30. Salary paid ₹7,000
31. Office machine purchased for cash ₹3,000
--------------------------------------------------------------------------------------------------------------------------------------

Problem Assignment - 01

Uploaded by

Copyright:

Available Formats

Problem Assignment - 01

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Problem Assignment - 01

Uploaded by

Copyright:

Available Formats

K.E.

Q. 1. Prepare accounting equation on the basis of the following :

(a) Harsha started business with cash Rs.2,00,000

(b) Purchased goods from Naman for cash Rs. 40,000

(c) Sold goods to Bhanu (costing Rs.10,000) for Rs. 12,000

(d) Bought furniture on credit Rs. 7,000

Q. 2. Prepare accounting equation from the following:

(a) Kunal started business with cash Rs.2,50000

(b) He purchased furniture for cash Rs. 35,000

(c) He paid commission Rs. 2,000

(d) He purchases goods on credit Rs. 40,000

(e) He sold goods (Costing Rs.20,000) for cash Rs. 26,000

Q. 3. Mohit has the following transactions, prepare accounting equation:

(a) Business started with cash Rs. 1,75,000

(b) Purchased goods from Rohit Rs. 50,000

(d) Purchased furniture for office use Rs. 10,000

(e) Cash paid to Rohit Rs. 50,000

(f) Cash received from Manish Rs. 20,000

(g) Rent paid Rs. 1,000

(h) Cash withdrew for personal use Rs. 3,000

Q.4. Rohit has the following transactions :

(a) Commenced business with cash Rs.1,50,000

(c) Purchased goods for cash Rs. 20,000

(d) Purchased car for personal use Rs. 80,000

(e) Paid to creditors in full settlement Rs. 38,000

(g) Paid rent Rs. 1,000

(h) Commission received in advance Rs. 2,000

(i) Introduced Rs. 8,00,000 as cash and Rs. 50,000 by stock.

(iii) Deposited Rs. 6,00,000 into the bank.

(viii) Cheque issued to the supplier of goods worth Rs. 35,000.

(ix) Cheque received from customer amounting to Rs. 75,000.

(x) Withdrawn by owner for personal use Rs. 25,000.

Q.6 Soraj Mart furnishes the following information :

Transactions during the month of April, 2014 are as under :

01.4.2014 Business started with cash Rs. 1,50,000.

01.4.2014 Goods purchased form Manisha Rs. 36,000.

01.4.2014 Stationery purchased for cash Rs. 2,200.

02.4.2014 Open a bank account with SBI for Rs. 35,000.

02.4.2014 Goods sold to Priya for Rs. 16,000.

03.4.2014 Received a cheque of Rs. 16,000 from Priya.

05.4.2014 Sold goods to Nidhi Rs. 14,000.

08.4.2014 Nidhi pays Rs. 14,000 cash.

10.4.2014 Purchased goods for Rs. 20,000 on credit from Ritu.

14.4.2014 Insurance paid by cheque Rs. 6,000.

20.4.2014 Goods costing Rs. 1,500 given as charity.

24.4.2014 Purchased office furniture for Rs. 11,200.

29.4.2014 Cash withdrawn for household purposes Rs. 5000.

30.4.2014 Interest received cash Rs.1,200.

30.4.2014 Cash sales Rs.2,300.

30.4.2014 Commission paid Rs. 3,000 by cheque.

30.4.2014 Telephone bill paid by cheque Rs. 2,000.

30.4.2014 Payment of salaries in cash Rs. 12,000.

Journalise the transactions.

2014 June 05 Business started with cash ₹2,00,000

June 08 Opened a bank account with Syndicate Bank ₹80,000

June 12 Purchase office machines, paid by cheque ₹20,000

June 18 Rent paid by cheque ₹5,000

June 20 Sale of goods on credit to M/s Mohit Bros ₹10,000