Further Practice Questions

Ram started business by introducing the following assets:
Cash Rs. 10,000, Furniture Rs. 20,000, Plant Rs. 30,000, Goods Rs. 20,000
2. He purchased goods of the invoice value of Rs.10,000 at 10% trade discount from Suresh.
3. He supplied goods costing Rs.1,000 to Ramesh at a invoice price of 10% above cost at a trade discount
of 5%.
4. He installed further machinery of Rs.20,000 and paid wages for installation Rs.2,000. The machinery
was supplied by M/s Surya Brothers.
5. He purchased stationery for business purposes Rs.500.
6. He sold goods to Sidharth for Rs.5,000.
7. He withdrew goods for personal use costing Rs.5,000 (sale value Rs.6,000).
8. He distributed goods costing Rs.2,000 (sale value Rs.2,500 as free samples).
9. Sidharth became insolvent and the whole money due from him was considered as a bad debt.
10. He sold goods for cash Rs.20,000.
11. Salaries paid Rs.10,000.
12. Amount due from Sidharth earlier written off bad debts recovered in full.
13. Amount paid to Suresh Rs.8,500 in full satisfaction.
14. Income tax liability of Ram Rs. l,000 paid in cash.
You are required to.

i) Calculate Profit
ii) Prepare Trial Balance
Prepare the trial balance of the following transaction.

Debit Balances on Jan. 1, 2011:
Cash in hand Rs. 8,000
Cash at Bank Rs. 25,000
Stock of Goods Rs. 20,000
Furniture Rs. 2,000
Building Rs. 10,000
Sundry Debtors :
Vijay Rs. 2,000 AniI Rs. 1,000 Madhu Rs. 2,000
Credit Balances on Jan. 1, 2011 :
Sundry Creditors Anand Rs. 5,000 Loan from Bablu Rs. 10,000
Following were further transactions in the month of January, 2011 :

Jan. 01 Purchased goods worth 5,000 for cash less 20% trade discount and 5% cash discount.
Jan. 04 Received 1,980 from Vijay and allowed him 20 as discount.
Jan. 06 Purchased goods from Bbarat 5,000.
Jan. 08 Purchased plant from Mukesh for 5,000.
Jan. 12 Sold goods to Rahim on credit 600.
Jan. 15 Rahim became an insolvent and could pay only 50 paise in a rupee.
Jan. 18 Sold goods to Ram for cash 1,000.
Jan. 20 Paid salary to Ratan Rs. 2,000.
Jan. 21 Paid Anand 4,800 in full settlement.
Jan. 26 Interest received from Madhu 200.
Jan. 28 Paid to Bablu interest on loan 500.
Jan. 31 Sold Goods for cash 500.
Jan. 31 Withdrew goods from business for personal use 200.
Journalise the following transactions in the books of Mr. Baheti 2020 April
1. He started business with a capital of – Plant Rs.12,000, Bank Rs.10,000, Stock Rs.8,000
2. Bought furniture for resale Rs.5,000 Bought furniture for Office decoration Rs.2,000
3. Paid rent out of personal cash for Rs.8,000
8. Sold furniture out of those for resale Rs.6,000
12.Paid Salary to Mr.Y for Rs.1,200
15 Purchased goods from Mr.kothari for cash Rs.3,000
18. Sold goods to Mr. Mundhra on credit for Rs.8,000
20. Mr.mundhra returned goods valued Rs.1,000
22. Received cash from Mr. Mundhra of Rs.6,500 in full settlement
28. Bought goods from Mr. Singh on credit for Rs.5,000
30. Returned goods to Mr. Singh of Rs.500 and paid to Mr. Singh Rs.4,000 in full settlement.
Journalise the following transactions:

(i) Goods stolen Rs. 7,000.
(ii) Started business with cash Rs. 65,000; Stock Rs. 2,20,000; Machinery Rs. 8,50,000
(iii) In an Auto-Parts concern, furniture purchased for Rs. 1,35,000.
(iv) Bought furniture for resale Rs. 75,000;
Pass Journal Entries in the books of Mr. Ananda Dey for the year ended 31st Dec. 2011 , prepare ledgers
and also calculate profit.
Dec. 1 Started business with a capital of : Cash Rs. 3,000; Bank Rs. 4,000; Plant Rs. 12,000; Creditors Rs.
4,000 and debtors Rs. 8,000.
3 Purchased a plant for Rs. 50,000.
4 Purchased furniture for resale from X Ltd. Rs. 3,000.
5 Purchased fixtures for office decoration Rs. 8,000.
8 Sold Furniture out of those meant for resale to X Ltd. For Rs. 4000.
10 Returned a part of furniture out of those meant for resale to X Ltd. for Rs. 400.
14 Goods drawn by the proprietor for her own use for Rs. 1,000.
18 Goods distributed as free samples Rs. 500.
19 Paid Rs. 4,000 into business bank account from private cash.
22 A table purchased for Rs. 500 for the personal use of Mr. Dey.
25 Withdrawn cash from business for private use Rs. 1,000.
27 Paid salary to Mr. X Rs. 3,000.
29 Paid advertisement to Amrita Bazar Patrika for Rs. 500.
30 Mr. Dey encashed his Savings Deposit certificate of Rs. 5,000 and utilized Rs. 3,000 to pay wages to
workers.
31 Life Insurance Premium paid by Mr. Dey for Rs. 1,000.
Tamim Consulting Ltd. began operations on October 1, 2020 and completed the following transactions
during the month: Pass Journal entries
(i) October 1, started business with Tk. 25,000
(ii) October 2, Purchased office furniture valuing Tk. 75,000 on credit.
(iii) October 10, Provided consulting services for a client and immediately collected Tk. 95,000.
(iv) October 20, Entered into a contract with a customer to provide consulting services in the next month
for Tk. 100,000.
(v) October 30, Paid following expenses for the month:
Office assistant salary – Tk. 20,000
Utilities bill – Tk. 5,000

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Ram started business by introducing the following assets:

You are required to.

Prepare the trial balance of the following transaction.

Following were further transactions in the month of January, 2011 :

Journalise the following transactions:

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