ST.
JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS)
# 163, Brigade Road, Bengaluru 560 025
BRIDGE COURSE ON FUNDAMENTALS OF ACCOUNTING
Assignment Problems
I. Identify the Event and Transaction:
1. Entering into a contract for future supply of goods – Event
2. There was closing stock left in the business at the end of the day worth
Rs.1,00,000 – Event
3. Received the Telephone bill for the month of January Rs.1000 – Event
4. Paid the telephone bill by issuing a cheque – Transaction
5. Visited the bank to raise a loan of Rs.1,00,000 – Event
6. Retirement of a partner – Event
II. Identify the Credit and Cash Transaction:
1. Mr.B purchased goods worth Rs.5,000 from M Enterprises. - Credit
2. Deposited cash into bank Rs.7,000 - cash
3. Furniture purchased for cash Rs. 10,000 - cash
4. Paid salary Rs.500 – cash
5. Sold goods to Mr.T Rs.8,000 – Credit
III. Identifying Nature of Accounts (Elements) under the Modern
Approach.
1. Capital a/c
2. Drawings a/c
3. Buildings a/c
4. Purchases a/c
5. Sales a/c
6. Carriage inwards a/c
7. Interest received a/c
8. Bad debts written off a/c
9. Outstanding Rent a/c
10.Depreciation a/c
IV. Identify the accounts, elements and give the rules (Debit and
Credit).
1) Ganesh started his business with cash
2) Borrowed from Mahesh
3) Purchased furniture
4) Purchased goods for cash
5) Purchased goods from Ram on credit
6) Returned goods to Ram
7) Sold goods
8) Sold goods to Shyam
9) Shyam returned goods
10) Received cash from Shyam
V. Show the following in Accounting Equation:
1. Shri Ram commenced business with Rs.50,000.
2. Paid rent in advance Rs.2,000.
3. Purchased a typewriter for Rs.7,000.
4. Bought furniture from Mohan Furnitures on credit for Rs.3,000.
5. Purchased goods from Sohan for cash Rs.35,000.
6. Sold goods to Shyam for cash Rs.40,000 (costing Rs.30,000)
7. Bought goods from Ramesh for Rs.30,000.
8. Sold goods to Shyam costing Rs.30,000 for Rs.50,000.
9. Purchased household goods for Rs.15,000, giving Rs.5,000 in cash and
the balance through a loan.
10.Goods destroyed by fire cost Rs.500, sale price Rs.600.
11.Paid half the amount owed to Mohan Furnitures.
12.Paid cash Rs.500 for loan and Rs.300 for interest.
13.Withdrew goods for personal use of cost Rs.500, sale price Rs.600.
14.Received Rs.49,500 from Shyam in full settlement.
15.Paid Rs.29,700 to Ramesh in full settlement.
16.Paid salary Rs.500 and salary outstanding Rs.100.
17.Charged depreciation of Rs.300 on furniture and Rs.100 on typewriter.
18.Accrued interest is Rs.500 and commission received in advance is
Rs.1000.
VI. Record the following transactions in the Journal of the Delhi
Furniture Mart, post them into the Ledgers Accounts and prepare the
Trial Balance.
2010 Jan.
1st Started business with cash Rs. 10,000
2nd Deposited into bank Rs. 9,000
3rd Purchased machinery for Rs. 5,000 from Jawahar and gave him a cheque
for the amount
15th Paid installation charges of machinery Rs. 100
20th Purchased timber from Naveen of the list price of Rs. 2,000. He allowed
10% trade discount
23rd Furniture costing Rs. 500 was used in furnishing the office
25th Sold Furniture to Naresh of the list price of Rs. 1,000 and allowed him 5%
trade discount
28th Received a cheque from Naresh for Rs. 930 in full settlement and sent
the cheque to bank
29th Sent to Naveen in full settlement a cheque for Rs. 1,750
31st Paid wages Rs. 350 and Rent Rs. 200.
VII. Prepare the Trial Balance from the following balances of the year
ending 2012.
Particulars Amount (Rs.)
Capital 28000
Stock of goods 4000
Motor car 8000
Discount received 400
Bad debts 400
Sales 40000
Cash at bank 4000
Return inwards 2000
Cash in hand 600
Rent 3500
Discount allowed 300
Carriage 1500
Purchases 15000
Plant 15000
Furniture 5000
Wages 8200
Creditors 6500
Salaries 2800
Commission (Cr) 600
Return outwards 1000
Debtors 5600
General expenses 300
Interest received 200
Advertisement 500
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