Chapter 1 Journal Bookkeeping Questions
Could you prepare the petty cash book for Mahesh for the first week of September 2022, given the following transactions?
Opening petty cash balance: Rs.56
Received from main cashier: Rs.2500
Paid wages: Rs.125
Purchased postal stamp: Rs.102
Received Rs.44 on sale of old newspapers
Purchased fax roll for fax machine: Rs.110
Refreshment expenses paid: Rs.75
Gave an advance to peon: Rs.400
Paid for sundry expenses: Rs.39
Paid to clerk Rs.65 as travelling expenses (official work)
Purchased calculator for office: Rs.250
Chapter 1 Journal 1 Bookkeeping
Journal 1 Bookkeeping
Please prepare a journal entry in the books of Mr. Vijay Traders for January 2023, specifically for the cash sales realized on January 1, 2023, amounting to Rs 194,000, along with a 3% cash discount.
Chapter 1 Journal 2 Bookkeeping
Journal 2 Bookkeeping
Can you prepare journal entries for the following transactions in January:
Cash sales realized of Rs. 194,000 with a 3% cash discount on January 3?
Depositing Rs. 125,000 into the bank account of the business on January 7?
Settling the account of creditor Mr. Aman with a cheque of Rs. 33,500, who had a balance of Rs. 34,000 on January 10?
Paying rent of Rs. 5,000 on January 13?
Receiving a dividend of Rs. 478 on January 17?
Receiving a cheque of Rs. 17,800 from Jyoti Emporium in full settlement of Rs. 18,000 and depositing it into the current account on January 19?
Purchasing goods for cash Rs. 10,450 on January 23?
Purchasing machinery for Rs. 75,000 and paying Rs. 5,000 for its installation with cash on January 26?
Depositing the cash balance into the bank account on January 31?
Chapter 1 Journal 3 Bookkeeping
Journal 3 Bookkeeping
1. What were Miss Sita's balance of cash on hand (Rs. 62000) and balance in the bank (Rs. 23000) on May 1, 2023?
2. How was Rs. 1950 paid to Mr. Ram by cheque in full settlement of Rs. 2000 on May 2?
3. What were the details of receiving a cheque of Rs. 3300 from Mr. Laxman in full statement of Rs. 3500 on May 3?
4. What details are available about Miss Sita issuing a cheque of Rs. 8000 for 100 shares of Rs. 10 each in Modi Ltd on May 4?
5. What happened when the cheque received from Mr. Laxman returned dishonored on May 5?
6. How did Miss Sita deposit Rs. 1500 in the bank account of the business on May 6?
7. What details are there for receiving a cheque from Mr. Hanuman for cash sales of Rs. 3000 on May 7?
8. How was a typewriter sold for cash Rs. 4000 to Mr. Arjun, with a book value of Rs. 4500, on May 8?
9. What were the details of receiving Rs. 11000 from Mr. Raghu by cheque on May 9?
10. How was the cheque received from Mr. Raghu endorsed to Mr. Rajaram on May 10?
11. What are the details of purchasing a second-hand computer for Rs. 8000, of which Rs. 2000 was paid in cash and the balance by cheque, on May 11?
12. How did Miss Sita withdraw Rs. 1500 for office use on May 12?
13. What was the process of issuing a cheque to Mr. Kundar for settling his account of Rs. 5200, with a cash discount allowed of 3%, on May 13?
14. What information is there about receiving bank advice that they have credited the current account for dividend collected of Rs. 7000 on May 14?
15. What were the details of cash purchasing Rs. 21000 on May 15?
16. How were investments costing Rs. 5000 sold for Rs. 7500 on May 16?
17. What details are there for paying into the bank Rs. 8000 on May 17?
18. What were the specifics of receiving by cheque Rs. 2480 from Miss Radha in full settlement of Rs. 2500 on May 18?
19. How was Miss Radha's cheque deposited into the bank on May 19?
20. What are the details of receiving cash sales (Cash Memo No. 11125) of Rs. 18750 on May 20?
21. How was Rs. 8875 paid to Mr. Arjun by cheque in full settlement of Rs. 9000 on May 21?
22. What were the details of paying by cheque Rs. 500 and by cash Rs. 350 for cash purchase on May 22?
23. How was cash Rs. 2340 (net) paid to Mr. Rajan, who allowed a trade discount of Rs. 40, on May 23?
24. What were the details of paying into the bank Rs. 1500 from the cash box and Rs. 28600 from the personal account on May 24?
25. How was payment made by cheque to Mr. Prashant for office furniture purchased for Rs. 2350 on May 25?
26. What were the specifics of paying Bobby and Company on account by cheque Rs. 15000 on May 26?
27. How was cash paid for postal stamps of Rs. 125 on May 27?
28. What are the details of paying by cheque to Javed for a computer supplied to Ms. Kabara (our creditor) for Rs. 11200 on May 28?
29. How was office rent paid by cheque for Rs. 3150 on May 29?
30. What were the details of paying staff salaries by cheque for Rs. 3245 on May 30?
31. How did Miss Sita draw from the bank for office use a sum of Rs. 500 on May 31?
Chapter 1 Journal 4 Bookkeeping
Journal 4 Bookkeeping
Q.3 From the following information, prepare journal entries and a three-column cash book for Ms. William for April 2023:
April 1: Cash on hand Rs. 15000; balance with bank Rs. 67000. What were the beginning balances for Ms. William?
April 2: Purchased goods worth Rs. 18000 (net) at 10% trade discount from Krish, who also paid carriage of Rs. 250 on our behalf. How does this transaction appear in the books?
April 3: Paid rent Rs. 4000, out of which 3/4th was for office and the balance for the owner's residence. How is this recorded?
April 6: Deposited Rs. 7500 into the bank account of the business. What is the journal entry for this deposit?
April 8: Our debtor Mr. Mayank gave us a bearer cheque of Rs. 12540 in full settlement of Rs. 12800, which was immediately deposited into the business account. How is this reflected in the books?
April 9: Sold goods against a cheque of Rs. 19800 and allowed a cash discount of 4% to Sudhir. How is this transaction recorded?
April 10: The cheque received from Mr. Sudhir on April 9 was deposited into the bank account balance as a bonus of business. What is the entry for this deposit?
April 14: The bank informed us about the dishonor of Sudhir's cheque dated April 9. How is this entry made?
April 16: Personally owned shares of cost Rs. 17000 and face value of Rs. 12000 were sold at a net price of Rs. 15500, and the amount was received by cheque and deposited into the bank account of the business. How is this transaction noted?
April 18: We settled Mr. Krish's account by a bearer cheque of Rs. 17640. What is the entry for this payment?
April 23: Invested Rs 25000 by cheque in a 12% fixed deposit with Dena Bank for 90 days. How is this investment recorded?
April 28: Paid wages of Rs. 6900 as making charges for new furniture. How is this payment documented?
April 27: Purchased files, printing papers, and paper clips for office use of Rs. 2500. What is the journal entry for these purchases?
April 28: Paid Rs. 7000 to an employee Mishra, Rs. 3000 for traveling expenses, and the balance as a bonus. How is this expense accounted for in the records?
Chapter 1 Journal 5 Bookkeeping
Journal 5 Bookkeeping
Q.4 Prepare journal entries and a three-column cash book for Ms. Rakesh and Sons for December 2022:
December 1: Cash balance Rs 33000, balance due to the bank Rs 12400. What were the beginning balances?
December 2: Received a cheque from your tenant for Rs 24000 and immediately deposited it into the business's bank account. How is this transaction recorded?
December 3: Samay paid Rs 25000 by a bearer cheque in full statement of Rs 25113. How is this transaction reflected in the books?
December 5: Sold goods of Rs 31000 to Amrit at 7% trade discount on credit and paid carriage of Rs 250 on his behalf. How is this entry made?
December 7: Purchased machinery of Rs 45000 by cheque and paid for its transportation and installation Rs 4000 by cash. How is this recorded?
December 9: Gave a loan to Manish of Rs 25000 by cheque at an interest rate of 12%. How is this loan documented?
December 11: Paid salary Rs 7500 by cheque and Rs 2500 in cash. How are these payments accounted for?
December 13: Withdrew from the bank Rs 12000. What is the journal entry for this withdrawal?
December 15: Amrit paid the necessary amount by a cheque after deducting cash discount at 1.5% in full statement of Rs 30900. How is this payment recorded?
December 18: Sold 175 shares of Birla Ltd at Rs 101 per share with a brokerage of Rs 1 per share. The net price was received by cheque and immediately deposited in the savings account of the owner. How is this transaction handled?
December 19: Goods worth Rs 70000 were insured with New India Assurance Co, and the premium was charged at 1.5% of the sum insured, paid by cheque. How is this insurance transaction recorded?
December 21: Mr. Sanat informed about the dishonor of Amrit's cheque. How is this entry made?
December 23: Bank made the following payment through ECS (Electronic Clearing Services): Electricity bill Rs 2500; Telephone bill Rs 1125, and Personal credit card payment Rs 3400. How are these transactions noted?
December 25: Bad debt of the past recovered in cash was Rs 3500. How is this recovery entered?
December 27: Bank debited the account for interest on overdraft Rs 1134. How is this interest accounted for?
December 31: Deposited cash balance into the bank account of the business. What is the entry for this deposit?
December 31: If there is a balance still due to the bank, the transfer amount from the savings account of the owner to the current account is made. How is this transfer recorded?
Chapter 1 Journal 6 Bookkeeping
Journal 6 Bookkeeping
Q5. May 1, 2023: Rishi Stores has cash on hand of Rs 78698 and a bank balance (credit) of Rs 1090. Prepare a cash book with discount, cash, and bank columns.
May 2, 2023: Rishi Stores purchased goods on credit from M/s Mahavir Stores worth Rs 29750 (net) @ 15% T.D. Mahavir agreed to provide a cash discount @ 6% if the payment is made within 10 days.
May 4, 2023: Old furniture with a cost of Rs 26000 and depreciation already written off Rs 20000 was sold against a cheque of Rs 6000.
May 5, 2023: Goods were sold against a cheque of Rs 8500 to Sanjay, and Rishi Stores allowed a cash discount @ 5%.
May 7, 2023: The cheque received from Sanjay on May 5 was deposited into the savings account of the owner.
May 9, 2023: A fixed deposit of Rs 21000 with a maturity value of Rs 23560 was renewed for Rs 23000, and the balance was transferred to the bank account of the owner.
May 11, 2023: Salary paid Rs 7000. 20% in cash, 60% by cheque, and the balance in the form of goods.
May 14, 2023: Bank informed Rishi Stores about the dishonor of Sanjay's cheque.
May 18, 2023: Purchased furniture Rs 35000, out of which furniture worth Rs 5500 was for owner's personal use. The payment was made by cheque from the owner's savings account.
May 19, 2023: Paid for deposit with Reliance Energy Ltd for office Rs 4490 by crossed cheque.
May 20, 2023: A cheque of Rs 5000 was issued for mediclaim of owner and family members from the current account of the business.
May 22, 2023: One of your debtors, Mr. Avinash having a balance of Rs 15500, deposited Rs 10000 in our bank account.
May 24, 2023: Purchased goods against the bearer cheque of Rs 13300 from Vijay at a trade discount of 5%.
May 26, 2023: Returned 10% of the goods purchased on May 24, and the supplier refunded the money in cash.
May 28, 2023: Sold goods to Mr. Desmukh of Rs 25000 on credit and agreed to deliver goods free of cost to his godown. Carriage charges incurred Rs 256 paid in cash.
May 30, 2023: Withdrew Rs 20000 from the personal account and deposited 4/5th of the amount into the bank account of the business.
End of May 2023: It is a practice to maintain a cash balance of Rs 11000 at the end of the month. Excess if any is deposited into the bank account of the business, and deficit is brought in by the owner from his personal funds.
Also prepare and balance the following ledger accounts:
The question relates to the preparation of the cash book, bank transactions, and related accounts for Rishi Stores for May 2023.
Chapter 1 Journal 7 Bookkeeping
Journal 7 Bookkeeping
Can you create a Petty Cash Book for Vignesh Traders for the first week of August 2023? The business utilizes the impress system with a fixed float of Rs.2000. Please also detail the corresponding journal entry that will be recorded at the end of this period.
August 1, 2023: Prepare the balance for Vignesh Traders' Petty Cash Book with an opening balance of Rs.76 and detail the amount received from the main cashier.
August 3, 2023: How was Rs.251 donated to a poor student for book purchases recorded in the Petty Cash Book?
August 5, 2023: Record the purchase of postal stamps for Rs.15.50 in the Petty Cash Book.
August 9, 2023: How to account for the purchase of stationery from Parle Book Center for Rs.99.50?
August 13, 2023: How was the payment of Rs.140 for July's electricity bill recorded?
August 15, 2023: Detail the recording of a Rs.51 tip paid to a clerk in the shipping office.
August 19, 2023: How was the payment of Rs.350 for a hotel bill for entertaining a lawyer handled?
August 23, 2023: Detail the payment of Rs.90 for the subscription to newspapers and magazines.
August 25, 2023: How was the purchase of Rs.78 for advertisement in a local newspaper recorded?
August 26, 2023: Record the purchase of an ink bottle for a stamp pad for Rs.25.
August 27, 2023: How was the payment of Rs.13 to the secretary for railway fare accounted for?
August 29, 2023: Detail the payment of Rs.340 to Amar, an employee, for various expenses.
August 31, 2023: How was the wedding present to the office clerk Mr. Dixit of Rs.500 recorded?
Each question corresponds to a specific transaction for Vignesh Traders in the Petty Cash Book for the month of August 2023 under the imprest system, with a float fixed at Rs.2000.
Chapter 1 Journal 8 Bookkeeping
Journal 8 Bookkeeping
Prepare the Petty Cash Book for Murti for the month of October 2022, following the Imprest System with an Imprest amount of Rs.1500. Please include the following details:
October 1, 2022: Opening balance of Rs.675 and the receipt and immediate encashment of a bearer cheque from the main cashier.
October 4, 2022: Payment of Rs.55 for dry cleaning charges for the peon's uniform.
October 7, 2022: Payment of Rs.250 for refreshment expenses for a customer, Mr. Rahim.
October 10, 2022: Payment of Rs.51 for refilling the mobile balance for a salesman.
October 13, 2022: Payment of Rs.275 for office chair repairs, Rs.175 for a new plastic chair, and Rs.51 for charity.
October 15, 2022: Purchase of a dozen flat files at Rs.14 each, 12 pens at Rs.11 each, and 3 erasers at Rs.3 each.
October 19, 2022: Payment of Rs.55 for conveyance, Rs.210 for carriage charges, and Rs.150 to an electrician for fixing a tube light.
October 21, 2022: Payment of Rs.77 for the manager's taxi fare.
October 26, 2022: Purchase of new machinery on credit for Rs.12000 and payment of Rs.75 for carriage on the same.
October 29, 2022: Payment of Rs.95 for courier charges.
October 31, 2022: Sale of old newspapers for Rs.99.
Please ensure to follow the Imprest System and reflect the transactions accordingly in the Petty Cash Book.