1st Unit test (Paper Set A)

Financial Accounting
Q.1 Any one (10 Marks)
Pass the necessary journal entry in the books of Mohan for the month of January, 2018
1. Started business with cash, debtor, stock and creditor of Rs. 20,000; Rs. 15,000; Rs. 20,000;
Rs. 20,000 respectively.
2. Purchased goods worth of Rs. 10,000 at 10% trade discount.
3. Purchase machinery of Rs. 15,000 from Surya traders.
4. 50% payment made to Surya traders by cheque.
5. Sold goods to Ravi for Rs. 12500.
6. Received cheque from Ravi of Rs. 11,500 in full settlement.
Pass necessary journal entries in the books of Mr. Ram 2015.
March 1 : Ram started a business with cash Rs.15,000, Stock Rs.15,000, Plant and Machinery
Rs.25,000, and creditors Rs.5000.
March 5 : Purchased goods from Mr. Raman at Rs.10,000 for cash at 15% trade discount.
March 7 : Goods worth Rs.5,000 were withdrawn from business for personal use.
March 9: Paid salary to account Suraj Rs.5,000 by cheque, rent Rs. 750 and wages Rs. 500 by
cash.
March10: Sold goods to Shyam for Rs.15,000 at 7% trade discount.
March15: Deposited cash into bank amounting Rs.1500.
Q.2 Any one (10 Marks)
Prepare three columnar cash book from the following details of Manhar.
1. Opening balance of bank and cash Rs. 10,000; Rs. 5,000.
2. Purchase goods of Rs. 2,000 @ 5% C.D.
3. Salary paid to Rajesh Rs. 500.
4. Commission received Rs. 250.
5. Sold goods of Rs. 1,000 @ 2% CD.
6. Amount deposited in to bank Rs. 1,000
From the following information prepare stock register according to FIFO method.
1st April: opening balance 100 units @ Rs. 10
2nd April: Purchase 150 units @ Rs. 10.5 5th April: Issue 50 units
8th April: Purchase 200 units @ Rs. 11
12th April: purchase 100 units @ Rs. 11.5
15th April: Issue 100 units
18th April: purchase 125 @Rs. 12
25th April: Issue 125 units