Ge ryvCBSEguidecom 4 Compl side for CHS ends CBSE Test Paper 02 Ch-3 Recording of Transactions - I Vouchers, Journals & Ledgers 1. Name the source document used for having deposits made in the bank. 2. Calculate the amount of cash if, other assets Rs 10,000; total liabilities Rs 10,000, and total capital Rs 5,000. 3. State, whether the discount allowed, is a trade discount or cash discount if 100 washing machines are purchased by XYZ Ltd from Samsung and XYZ Ltd made immediate payment. 4. Give an example of a transaction due to which the owner's capital and an asset will decrease. 5. The debts written-off as bad’ if recovered subsequently are credited to which account? 6. Prepare the credit voucher from the source vouchers of M/s Parth Sehgal & company based on the following transactions oils Amount (Rs) Jan 15 Sold goods for cash vide cash memo No. 80 36,000 Withdrawn cash from bank for office use vide cheque Jan 30 8,500 No. 15698 7. Pass journal entries for the following transactions: 2013 Jan 6 | Sold goods to Meetu of the list price of Rs 2,00,000 at trade discount of 20%. Jan 8 | Meetu returned goods of the list price of Rs 5,000. Jan 15 | Received from Meetu the full payment under a cash discount of 4%. 8. Journalise the following entries Material downloaded from myCBSEguide.com. a8Ge ryvCBSEguidecom 4 Compl side for CHS ends i. Goods worth Rs 500 given as charity. ii. Received Rs 975 from Harikrishna in full settlement of his account for Rs 1,000. iii, Received a first and final dividend of 60 paise in a rupee from the official receiver of Rajan, who owed us Rs 1,000. iv. Charged depreciation on plant Rs 1,000. v. Interest on capital Rs 300. vi. Paid Rs 250 as wages on the installation of anew machine. vii, Supplied goods costing Rs 600 to Mohan issued at 10% above cost less 5% trade discount. 9. Despite a number of advantages, a journal also suffers from various limitations. Give any three such limitations. 10. Journalise the following transactions Paid rent of building Rs 30,000 half of the buildingis used by the proprietor for residential use. ii, Paid fire insurance of the above building in advance Rs2,500. wi iii, Paid life insurance premium Rs 5,000. iv. Paid income-tax Rs 7,500. v. Salary due to clerk Rs 1,250. vi. Charge depreciation on furniture @ 10% per annum for Rs month (furniture Rs30,000) vii. Provide interest on capital 1,50,000) at 15% per annum for 6 months. viii. Charge interest on drawing (Rs 25,000) at 18% per annum for 6 months. Material downloaded from myCBSEguide.com. aj8& myCBSEguide.com 4 Compete gid for CHSE stndets CBSE Test Paper 02 Ch-3 Recording of Transactions - I Vouchers, Journals & Ledgers Answer Pay- in-Slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction. Cash = Total Assets - Other Sundry Assets or = Capital + Liabilities - Other Sundry Assets = 10,000 + 5,000- 10,000 = Rs. 5000 It isa cash discount for making immediate payment. Goods taken by the proprietor for personal use. Based on the double-entry system, the accounting equation ensures that the balance sheet remains “balanced,” and each entry made on the debit side should have a corresponding entry. If bad debts recovered subsequently are Credited to "Bad Debts Recovered Account". A credit voucher is a form of payment that can be given in the absence of cash. Another use of a credit voucher is from shops where a customer wishes to return a purchase. M/s Parth Sehgal & Co. Meerut | Voucher No.1 Date:15.1.2013 Amount (Rs) Credit: Sale ret ales A/c 36,000 Material downloaded from myCBSEguide.com. AisGe ryvCBSEguidecom 4 Compete gid for CHSE stndets (Being the amount of cash sales vide Cash Memo No.80) 36,000 Sd/Manager Sd/Accountant M/s Parth Sehgal & Co. Meerut Voucher No.2 Date:30.1.2013 Amount (Rs) Credit:Bank A/c seo (Being the cash withdrawn from bank vide cheque No. 15698) 8,500 Sd/Manager Sd/Accountant 7. In the books of ———~ Journal Debit Credit SLNo. | Particulars L.F., Amount Amount (Rs) @s) Meetu's A/c Jan 06,| To Sales A/c |2013 | Being goods sold to Meetu of the list price | of Rs 2,00,000 at trade discount of 20%) Dr Sales Return A/c To Meetu's A/c Jan03,| oo ag _| (Being goods returned of the list price of Rs__| Dr Material downloaded from myCBSEguide.com. 1,60,000 1,60,000 4,000 4,000 4/8Ge ryvCBSEguidecom 4 Compete gid for CHSE stndets 5,000) Cash Ajc Discount Allowed A/c Jan 15, Dr 1,49,760 To Meetu's A/c | 156,000 2013 Dr 6,240 (Being cash received from Meetu the full payment under a cash discount of 4%.) 3,20,000° 3,20,000 Total } 8 In the books of od Journal Debit Credit Date| Particulars L.F.| Amount Amount (Rs) (Rs) Charity A/c 1 To Purchase A/e Dr 500 500 (Being goods given as charit) Cash A/c Discount Allowed A/c br 975 2 To Harikrishna's Ale a ee 1,000 Yr } (Being cash received from Harikrishna in full settlement of his account) Cash A/c Bad debts A/c relia nis A Dr 600 ‘0 Rajan's Ale 3 i Dr 400 1,000 (Being 60 paise ina rupee recieved from Rajan ) 5/8 Material downloaded from myCBSEguide.com.& myCBSEguide.com 4 Compl side for CHS ends 4 _ | Depreciation on Plant A/c DE 1,000 1,000 To Plant Aje (Being depreciation charged on plant) Interest on Capital A/c | 5 To Capital Alc Dr 300 300 (Being interest on capital provided) Machinery A/c To Cash A/c 6 Dr | 250 250 (Being wages for the new machinery installed paid) Mohan’s A/c \ To Sales A/c 7 Dr) 627 627 (Being goods costing Rs 600 sold to Mohan at 10% above cost less 5% trade discount.) 4,667 4,667 Total 9. In accounting and book keeping, a journal is a record of financial transactions in 10. order by date. Traditionally, a journal has been defined as the book of original entry. The definition was more appropriate when transactions were written in a journal prior to manually posting them to the accounts in the general ledger or subsidiary ledger. The following are the limitations of Journal: i. Asthe number of transactions are large, journal becomes bulky and voluminous. ii, Journal does not provide information on prompt basis. iii, As the journal can only be handled by one person, it does not facilitate the installation of a internal check system. iv. Cash transaction are usually recorded in a separate book called ‘cash book’. Such transactions are not recorded in journal. JOURNAL | | Debit Credit Material downloaded from myCBSEguide.com. a/8Ge ryvCBSEguidecom 4 Compl side for CHS ends Date Particulars LE Amount Amount (Rs) (Rs) Rent A/c To Cash A/c (Being the rent paid for building)(Being the rent for half building charged to proprietor) 30,000 30,000 Drawings A/c To Rent A/c (Being the fire insurance premium paidfor building) | Dr 15,000 15,000 Fire Insurance Premium A/c To Cash A/c (Being fire insurance premium paid) 2,500 2,500 Drawings A/c ‘To Fire Insurance Premium A/c (Being the fire Insurance premium for half building charged to proprietor and remaining paid in advanced) Dr 1,250 1,250 Drawings A/c To Cash A/c (Being the life insurance premium paid) Dr 5,000 5,000 Drawings A/c To Cash A/c (Being the income tax paid) 5,000 5,000 Salary Ale To Outstanding A/e (Being salary due to clerk) 1,250 1,250 Depreciation on Furniture A/c To Furniture A/c (Being the depreciation on furniture provided) 250 250 Material downloaded from myCBSEguide.com. 718Ge ryvCBSEguidecom 4 Compete gid for CHSE stndets Interest on Capital Alc To capital A/e (Being the interest on capital provided @ 15% Dr 11,250 11,250 per annum for 6 months) Capital A/c To Interest on Drawings A/c (Being the interest on drawing charged @ 18% 2,250 2,250 per annum for 2 months) | 67,750 | 67,750 Total Material downloaded from myCBSEguide.com. 2/8