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Learn Accounts

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Welcome to adbazzaar.com's Accounting Tutor

Exercise 1

Q & A on accounts/ Bookkeeping

1. Cash Rs 10000 deposited in commercial bank. How will you enter?

2. Cash Rs. 5000.00 withdrawn from commercial bank. how will you enter?

3. Printing bill received from Supreme Printer invoice number 101 dated 15.3.2017 For Rs. 1200 ( You have Printing and stationery Ac in Ledger)

4. Bank has debited bank interest of Rs. 50000. How will you enter Bank Interest in your books?

5. Acrylic Yarn sold to Neeta knitwear vide invoice number 1001 For Rs. 110000. How will you enter in day book

6. Good returned by Neeta Knitwear for Rs. 50000/-. How will you enter in your books?

7. Cheque No- 456734 issued to Neeta Knitwear For Rs 60000. How will you Post?

8. Cash purchased A4 sheet For Rs. 155/-. Enter in Your Books.

9. Acrylic Fibre(Raw Material) Purchased from IPCL ltd For Rs. 900000/- bill no10789.

10. Draft sent to IPCL ltd for Rs.900000/- and bank charged Rs.450 Commission.

11. Machine Purchased from Gambhir Machinery for Rs. 50000/- invoice no767

12. Unsecured loan taken from a friend Ram Lal for Rs. 200000/- by cheque @15% interest per annum. How will you enter?

13. What is the abbreviation for the accounting terms debit and credit?

14. Have you ever heard about TDS, what it is?

15. You are to pay interest to Ram Lal interest on his amount credit with us . Interest amount is Rs.10000/ - and TDS is Rs.1000. How will you make entry in your books.

16. Balance sheet is the financial statement of What?.

17. When company pays any bill cash. The Cash account will be debited or credited?

18. A business buys new plant and machinery from a supplier who gives 30 days credit. Which account should the business debit?

a. Fixed assets
b. Cash



ANSWERS:

1. Credit cash Rs. 10000 and debit same amount in Commercial Bank. If you use the cash voucher in software use payment voucher and debit commercial bank Rs. 10000

2. Credit bank Rs. 5000 and debit cash Rs 5000.

3. Credit Supreme printer and debit expenses account of Printing Exp.

4. Credit Bank Rs. 50000 and Debit Rs. 50000 Bank interest

5. Credit sale Rs. 110000 and debit Rs. 110000 to Neeta Knitwear

6. Credt Neeta Knitwear Rs. 50000 and Debit Sale Rs. 50000.

7. Credit Bank Rs. 60000 and Debit Rs. 60000 to Neeta Knitwear.

8. Credit Cash Rs. 155 and debit Rs. 155 Stationery Exp account.

9. Credit IPCL Ltd Rs. 900000 and Debit Rs. 900000 to Purchase.

10.Credit Bank Rs. 900450 and debit IPCL ltd Rs. 900000 and als0 debit Bank Charges Rs. 450.

11. Credit Gambhir Machinery Rs. 50000/- and debit Rs. 50000 to Machinery Account

12. Credit Ram Lal Rs. 200000 and debit Bank Rs. 200000. Marck the account of Ram lal in Ledger as unsecured loan.

13. Abbeveviation For DEBIT is 'DR' and for Credit is'CR'

14.TDS is Tax Deduction at Source.

15. Credit Ram Lal Rs. 10000 (By interest payable) and debit Interest account Rs. 10000.

2nd entry Credit bank Rs 9000 and debit Ram lal Rs. 9000

3rd entry Credit TDS account Rs. 1000 and Debit Ram Lal Rs. 1000

16. Assets and Liabilities.

17. Cash to be credited

18.Fixed Assets

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