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Assignment – ACCOUNTING FOR MANAGERS (Code: PG 03) TERM: I, BATCH: 2016-18 PGDM Question :1

Assignment ACCOUNTING FOR MANAGERS

(Code: PG 03)

TERM: I, BATCH: 2016-18

PGDM

Question :1

Prepare journal entries

1. Rs.6000 was stolen from the safe of the firm.

2. Received an order from Kapil for the supply of goods worth Rs. 240000. In this connection we received

Rs. 120000 as Advance.

3. Goods sold for cash Rs. 60000. Also received 7 % sales tax.

4. Given as Charity: Cash Rs. 6000, Goods Rs. 18000 & Sofa-set worth Rs. 24000.

5. Goods worth Rs. 4200 stolen by an employee.

6. Purchase two House worth Rs. 1,10,000 for the business.

7. Goods given to proprietor daughter Rs. 1800.

8. Goods worth Rs. 6000 Destroyed by fire.

9. Goods worth Rs. 12000 distributed as sample.

10. Bricks worth Rs. 600000 purchased for the construction of building.

11. Received cash from Rita against bad debt Rs. 22000 written off last year, Rs. 19800.

12. Place an order with Raj & Co. For the supply of goods costing Rs. 100000. In the connection, we paid

10 % advance.

Question :2

Journal the following transaction in the books of Mr. X for the month of January 2013

Jan-1 X having no capital of his own started business with Rs. 10000 borrows from his friend Mr. R @12% p.a Jan-2 Purchased goods worth Rs. 6000 less 20% trade discount and 5%cash discount. Mr. M & Co. For cash and supplied then to Mr. R at least price less 10%. Jan-3 Goods worth Rs. 200 was damaged in transit a claim was made on the railway authority for the

same. Jan-4 Under instruction from Mr. M & Co, X supplied goods listed at Rs. 1000 to Mr. S. Received the invoice at 20% trade discount from Mr. M & co. Jan-5 Received cash from Railway in the full settlement of claim for damages in transit. Jan-6 Received from travelling sales man Rs. 1400 for goods sold by him after deducting his travelling expenses Rs. 50.

Jan-7 Mr. S declared his insolvent and dividend of full settlement of his account.

50 Paise in the Rupees is received from him in the

declared his insolvent and dividend of full settlement of his account. 50 Paise in the Rupees

Jan-8 Bought a horse for Rs. 600 as a carriage for Rs. 1200 for delivering goods to the customers. Jan-9 Bought goods worth Rs. 700 from Mr. D and supplied them to Mr. K at Rs. 1000. Jan-10 Mr. K returned goods worth Rs. 50 which in turn was sent to Mr. D. Jan-11 one month interest to Mr. R on capital supplied by him due but could not be paid. Jan-12 The horse bought on 8 th January died on his body was sold for Rs. 30.

Question :3 Journalise the following transaction in the books of Ram. Post them in the ledger and balanced the various accounts opened in the ledger. April-2 Ram started his business with Cash Rs. 70000. April-3 Deposited in to Bank Rs. 50000. April-4 Purchased goods for cash from Mr. X Rs. 5000. April-5 Bought goods on credit from Mr. Y Rs. 6000. April-6 Returned goods to Mr. Y Rs. 1000. April 10 Sold goods for cash to Mr. A Rs. 6000. April-15 Sold goods to Mr. B Rs. 6000. April-16 Mr. B returns goods Rs. 1000. April-17 Drew from Bank for personal use Rs. 5000. April-25 Paid to Mr. Y in full Settlement by Cheque Rs. 4800. April-26 Received a cheque from Mr. B in full settlement Rs. 4900. April-27 Draw cash from bank for office use Rs. 10000. April-30 Draw cash for personal purpose Rs. 5000. April-30 Paid salary to staff Rs. 5000. April-30 Issued a cheque for Rs. 3000 in favour of Shri Devi a landlady towards rent for April. April-30 Withdraw goods for personal use Rs. 1000.

Question :4 Prepare Journal Entries

 

1.

Business started with cash in Hand Rs. 5,00,000, Nabil Bank Balance Rs. 40,0000, Citizen

Bank Balance Rs. 1,00,000 And Loan From Nepal Rastra Bank Rs. 2,00,000.

2. Goods purchased from Ganesh Traders of Rs. 30,000 on Credit.

3. Goods Sold to Him star Enterprises Pvt. Ltd. Of Rs. 30,000 & Cash received Rs. 16,000.

4. Electricity Charges Paid at the end of April 1 st month Rs. 4,000 & Telephone Charges Rs.

2,500 on the same date.

5.

Plant & Machinery purchased from Ramesh Agro & Sales Co. of Rs. 2, 50,000 & Made

partial Payment of Cash Rs. 1, 00,000.

6. Furniture purchase on Cash Rs. 20,000.

7. Interest on Investment money was collected Rs.2800 & Paid in to Nabil Bank by Cheque

No. 1285.

8.

A cheque of Rs. 1700 as commission provided to us by an Agent for providing him services

of solution for technology.

9. Nabil Bank charges the Amount of Interest Rs. 20,000.

10. Furniture Purchase for Rs. 20,000.

11. Depreciation charge on Plant & machinery Rs. 8000 during the year.

12. Furniture Purchase for Rs. 20,000 was depreciated @ 10% per annum.

13. Salary due was recorded Rs. 35,000 during the end of year.

14. Cash paid for the travelling expenses Rs. 2000.

15. Cash paid for Audit fee Rs. 20,000.

16. Cash paid for rent Rs. 15,000.

17. Cash paid for salary Rs. 80,000.

18. Cash paid for goods purchased on cash Rs. 3, 00,000.

19. Interest received Rs. 2500.

20. Cash sales made of Rs. 4, 00,000.

 

Question :5 Enter the following transaction in to journal and post in to ledger Jan-1 Assets are cash in hand Rs.22, Bank Rs.38, Plant & Machinery Rs.5, Furniture & Fixture Rs.99 and liability are Mr.Rs.2000, capital Rs.10000. Jan-2 Sold goods by cash to Ram Rs.100 Jan-3 Sold goods to shyam Rs.200 Jan-4 Goods return by Shyam Rs.14 Jan-5 carriage outward paid Rs.50 Jan-6 Carriage in ward paid Rs.100 Jan-7 Cheque paid to Mr. Rs 1980 in full settlement of his Account. Jan-8 Sold goods by cash Rs.80, Paid telephone bill Rs.500, purchased goods from Mr. Y Rs.20

Question :6 Prepare The Journal Entries

1. Mr. A starts business by introducing capital of Rs.2000000 in Cash.

 

2. Mr. A deposited 1500000 in to the Bank.

 

3. Mr. A purchased would & other necessary material of Rs.800000 by making payment by cheque.

4. Mr. A purchased wood cutting machine of Rs.300000 by making payment in cash.

 

5. Mr. A purchased furniture for resale of Rs.500000 from m/s furniture suppliers in credit.

6. Mr. A Purchased furniture for Own

(Business)

use of Rs. 100000 by making payment by

cheque.

7. Mr. A sold furniture of Rs.800000 in cash.

 

8. Mr. A sold furniture of Rs. 400000 to Mr. B in credit.

 

9. Mr. B returns furniture worth Rs.200000

 

10. Mr. A pay rent of Rs. 50000 in cash.

 

11. Mr. A paid wages for the labor of Rs.80000 in Cash.