NATIONAL MANAGEMENT COLLEGE-ERODE
CA-FOUNDATION-2021-22
(JOURNAL AND LEDGER)
REVISION TEST-1 14-03-2022
MAXIMUM MARKS :-30 TIME ALLOWED:- 1 hour
- (a)Arjun. has provided following details related to his financials. Find out the missing figures:
| Particulars | Rs. |
| Profits Earned during the year | 50,00,000 |
| Assets on 1.4.2021 | A |
| Liabilities on 1.4.2021 | 1,20,00,000 |
| Assets on 31.3.2022 | B |
| Liabilities on 31.3.2022 | C |
| Capital On on 31.3.2022 | 3,50,00,000 |
| Total liabilities including capital 31.3.2022 | 5,00,00,000 |
(5 Marks)
(b)Show the classification of the following Accounts under traditional approach:
(a) Building; (b) Purchases; (c) Sales; (d) Bank Fixed Deposit; (e) Rent; (f) Rent Outstanding; (g) Cash; (h) Adjusted Purchases; (i) Closing Inventory; (j) Investments; (k) Trade receivables; (l) Sales Tax Payable, (m) Discount Allowed; (n) Bad Debts; (o) Capital; (p) Drawings; (q) Interest Receivable account; (r) Rent received in advance account; (s) Prepaid salary account; (t) Bad debts recovered account; (u) Depreciation account, (v) Personal income-tax account.
(5 Marks)
2.(a)Pass Journal Entries for the following transactions in the books of Gamma Bros.
I)Employees had taken inventory worth Rs.1,00,000 (Cost price Rs.75,000) on the eve of Deepawali and the same was deducted from their salaries in the subsequent month.
II)Wages paid for erection of Machinery Rs.18,000.
III)Income tax liability of proprietor Rs.1,17000 was paid out of petty cash.
IV)Purchase of goods from Naveen of the list price of Rs.2,00,000. He allowed 10% trade discount,Rs.5,000 cash discount was also allowed for quick payment.
(5 Marks)
(b)Prepare Journal and ledger accounts on the basis of following transactions in the books of a trader. Debit Balances on January 1, 2020:
Cash in Hand Rs. 8,000, Cash at Bank Rs. 25,000, inventory of Goods Rs. 20,000, Building Rs. 10,000. Tradereceivables: Vijay Rs. 2,000 and Madhu Rs. 2,000. Credit Balances on January 1, 2020:
Trade payables: Anand Rs. 5,000, Capital Rs. 55,000
Following were further transactions in the month of January, 2020:
Jan. 1 Purchased goods worth Rs. 5,000 (payable at later date) for cash less 20% trade discount and 5% cash discount.
Jan. 4 Received Rs. 1,980 from Vijay and allowed him Rs. 20 as discount.
Jan. 8 Purchased plant from Mukesh for Rs.5,000 and paid Rs.100 as cartage for bringing the plant to the factory and another Rs.200 as installation charges.
Jan. 12 Sold goods to Rahim on credit Rs.600.
Jan. 15 Rahim became insolvent and could pay only 50 paise a rupee.
Jan. 18 Sold goods to Ram for cash Rs.1,000.
(15 Marks)
