Q1 Classify the following accovints and give short explanation also.

(1) Dhanesh Shah's account, (2)

South Gujarat University, (3) Carriage charges account, (4) Wages account, (5) New India insurance
company account, (6) Land - Building account, (7) Copyright account, (8) Purchase account, (9) Loan
advanced to Yesha account, (10) Carnage outward'account, (11) Machine repairing account, (12)
Capital account, (13) Drawings account, (14) Punjab National Bank account, (15) Bills payable
account, (16) Sales account, (17) Sales return account, (18) Purchase return account, (19) Creditors
account, (20) Bills receivable account, (21) Debtors account, (22) Bad debts recovered account, (23)
Post office saving account, (24) Bad debts account, (25) Debenture interest account, (26) Petty cash
account, (27) Fire insurance premium account, (28) Torrent pharma share investments account, (29)
Mother dairy account, (36) Life insurance premium account, (31) Loss due to fire-account, (32)
Discount received account, (33) Bank overdraft account, (34) Cash account, (35) Dividend account,
(36) Stock of goods account, (37) Stationary expense account, (38) Postal stamps stock account,
(39) Unpaid salary account, (40) Income tax account, (41) Sales tax account, (42) Interest on loan
given account, (43) Depreciation account, (44) Live stock account, (45) Interest on provident fund
investment account, (46) Provident fund account, (47) Goodwill account, (48) Audit fees account, (49)
Sales man's commission account, (50) Demurage accounts. (10)
Q2 To which account the following transactions will be debited and credited in the
books of Amrut Describe (20)
(1) Commenced business with introduction of capital 40,000.
(2) Loan obtained of 60,000 from Ramnik.
(3) 20,000 deposited with Union Bank and opened account.
(4) Brokerage received of 4000.
(5) Goods of 10,000 purchased on credit from Bachubhai.
(6) Goods of 20,000 sold on credit to Laxmi.
(7) Shop rent paid 5000.
(8)
200 paid to Ramakant for carriage.
(9) 500 becomes receivable for interest from Kundan.
(10) Salary paid to Dinesh 1200.
(11) Commission received 3000.
(12) Goods of 15,000 purchased on cash.
(13) Goods of 20,000 sold on cash.
(14)Vehicle purchased of 10,000.
(15) Furniture of 2000 purchased from Raj furniture mart.
(16) Laxmi returned goods of 400.
(17) Goods of 500 returned to Bachubhai.
(18) Withdrawn * 2000 from Union Bank.
(19) 300 paid for postage.
(20) 200 paid for advertisement.
Q3 Record the following transaction in the journal of Mahendra Sanghvi.
(10)
2014
July 1
Goods of 10,000 purchased at 10 % trade discount from Taruna Traders.
5
Goods of 7000 sold to Gandhi Brothers on cash at 5 % trade discount.
8
Goods o f 12,000 purchased from Mangaldas at 10 % trade discount and 5
% cash

discount. Payment is made in cash.

10 Goods o f 11000 sold to Viral at 10% trade discount and 5% cash discount.
Payment is
received in cash.
12 Goods o f 8000 purchased from Bihari Brothers at 10 % trade discount and
at 10 % cash
discount. Paid half the amount immediately by cash.
15 Goods of 15,000 sold to Binial at 10 % trade discount and if due is paid up
to 20th July,
10 % cash discount will be allowed.
18 For sale of 15 July, Bimal has issued cheque for an half amount, which is
deposited in bank.
22
Bimal has settled the remaining balance in cash.
25 1020 was due from Sunita, she paid 1000 as a final settlement.
31
A cheque of 800 was issued to Vaishali as a final settlement for due of
810.

Q4 JOURNALISE THE FOLLOWING TRANSACTION IN THE BOOKS OF RAJ

2014
July
1 Sold personal building for 7,50,000 at 8.00,000 and invested 3/4 in business which 1/2 was
deposited in bank.
2 Took a loan of 4,00,000 @ 15% p.a. from Akshay.
3 Purchased goods of 20,000 at 10% T.D and 2% C.D. from Harry
5 Sold half the goods purchased from Hary to Mary at a profit of 25% on cost.
8 Mary returned goods of 1,250 being damaged which are relurned to Hary.
9 Remaining goods purchased from Hary were sold at 25% profit on selling price to Rani
10 Rani returned goods of 600 which were returned to Hary.
11 Settled Hary's account at 2% C.D.
12 Paid 8,000 for advertisement.
13 Goods of Rs. 12,000 were damaged by fire and insurance company accepted a claim
8,000 and paid the same by a crossed cheque.
20 Mary settled her account.
25 Bank credited 120 for interest.
28 Withdrew from bank 5,000 for household use and office use in the ratio of 2:3 respectively.
30 Paid salaries by cheque 15,000 and rent 5,000 by cash.
31 Paid one month's interest on Akshays loan.
Q5 Pass Journal entries in respect of the following transactions. [6]
2006
Jan. 1 Purchased from Suresh goods for cash at a list price of .20,000, at trade discount of 20%
and cash discount of 5%.
Jan. 5 Purchased from Mahesh goods of a list price of . 8,000 at 20% trade discount.
Jan. 6 Returned goods of a list price of . 700 to Mahesh as it was defective.
Jan. 10 Withdraw goods for personal use . 200.

Jan. 12 Sold to Dinesh for cash goods of a list price of . 2,000 at a trade discount of 5% and cash
discount of 1%.
Jan. 21 Sold to Mohan at a trade discount of 6% and cash discount of 1% goods of the list price of
. 5,000. He has paid 60% amount in cash.
Jan. 31 Purchased from Mohan Lal goods at a list price of . 6,000 at 10% trade discount and 3%
cash discount. Cash was paid up to 80% of the amount.
Q6 Make necessary entries in the Journal of Jay in respect of following
transactions:
2006 : June 1: Jay commenced business with . 50,000, out of which . 30,000 were his own and
. 20,000 were borrowed by him from his brother Sushil.
June 7: Purchased goods for . 20,000 out of which goods of the value of . 14,000 are insured.
Insured goods of the value of . 3,000 were destroyed by fire but loss amounted to . 2,500 only.
The insurance company accepted this claim but paid
Q7 Pass the journal entries in the books of Jolly forthe following transactions :
2004
Dec 1 Started business by bringing in cash . 70,000, machineries of . 10,000, stock of
goods of . 8,000 loan from Mr. Mitesh Shah of . 10,000 at 12% rate of interest.
5. Purchased Balance and weights for . 1,800.
10. Paid fire insurance premium of . 1,000 and life insurance premium of . 1,500 by
cheques.
12. Purchased goods of . 5,000 from Alpaben at 10% trade discount and 10% cash
discount. Paid half the amount in cash.
20. Purchased a building of . 50,000 for the shop, paid the amount by cheque. Also paid
. 1,000 as brokerage and 12% stamp fee in cash.
30. Took away goods of . 500 for personal use and paid son's school fees . 150 from
business.