JOURNAL LEDGER AND TRIAL BALANCE

1. Opening entry is _________.

a. The first entry of new page.
b. A journal entry which was passed during the year.
c. This carries all the balances of assets and liabilities of previous year to current
year.
d. None of them.

2. Interest on loan a/c dr.

To loan a/c
(______________)
The correct narration for the above journal entry is:
a. Interest on loan paid.
b. Interest on loan received.
c. Interest on loan due.
d. None of them.
3. Carriage inwards and carriage outwards show ________ and _______ balances.
a. Debit and credit
b. Credit and debit
c. Credit and credit
d. Debit and debit
4. Purchased goods list price of ₹ 80,000 @ 10% trade discount and 2% cash
discount.25% of amount paid immediately. The amount posted to cash account will be
__________.
a. 16,740
b. 17,640
c. 18,640
d. None of them.
5. Purchased goods list price of 80,000 @ 10% trade discount. Sales will be credited by
₹.__________.
a. 50,000
b. 40,000
c. 45,000
d. 43,200
5. Summarizing means preparing of _______________ to check arithmetical accuracy.
6. Journalise the following transactions of M/s Zain Trading and post them to the ledger
accounts and prepare Trial Balance.
2020
April. 01 Business started with cash ₹1,20,000
April. 02 Opened a bank account with HDFC ₹40,000
April. 04 Goods purchased for cash ₹12,000.
April. 10 Paid cartage ₹500
April. 12 Goods sold on credit to Walls traders ₹25,000
April. 14 Cash received from Walls Traders ₹10,000
April. 16 Goods returned from Walls Traders ₹ 3,000
April. 18 Paid trade expenses ₹700
April. 19 Goods purchased on credit from Tatian ₹32,000.
April. 20 Cheque received from Walls Traders for final settlement ₹ 11,500 and
deposited same day into bank.
April. 22 Goods returned to Titan ₹ 1,500.
April. 24 Paid for stationery ₹ 1,200.
April. 26 Cheque given to Tatin on account ₹20,000
April. 28 Paid rent by cheque ₹ 4,000
April. 29 Drew cash for personal use ₹10,000
April. 30 Cash sales ₹12,000
April. 31 Goods sold to Rajnath Traders 11,000

7. Pass journal entries for the following transactions in the books of Sahil Ltd.
assuming that both parties belong to the same state and CGST @6% and SGST
@6% are levied:
1. Purchased goods for ₹1,80,000 from Akanksha & Co.
2. Sold goods for ₹3,50,000 to Nupur Store.
3. Returned goods to Akanksha & Co. for ₹20,000.
4. Nupur Store returned goods for ₹16,000.

8. Pass journal entries for the following transactions in the books of Sahil Ltd. of
Noida, Uttar Pradesh assuming CGST @6% and SGST @6% are levied:
1. Purchased goods for ₹6,00,000 from Sayeba & Co. of Patna, Bihar.
2. Purchased goods for ₹1,00,000 from Gaurav Store of Varanasi, Uttar Pradesh.
3. Sold goods costing ₹1,60,000 to Ishika of Ranchi, Jharkhand at a profit of 25% on
cost less 10% Trade Discount.