Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 22 views

    Document (5) - 3

    Uploaded by

    vallalprakasam2
    Here are short notes on GST: - GST stands for Goods and Services Tax. It is an indirect tax levied on the supply of goods and services. - GST replaced multiple taxes levied by the central and state governments. It subsumed central excise duty, services tax, VAT, etc. bringing uniformity in the indirect tax system. - GST has different tax slabs - 0%, 5%, 12%, 18%, 28%. Most items fall under 0%, 5%, 12%, 18% slabs while a few luxury and sin goods attract the highest 28% GST rate. - GST has made India a unified common market by breaking barriers of inter-state movement of goods

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Document (5) - 3

    Uploaded by

    vallalprakasam2
    22 views5 pages
    Here are short notes on GST: - GST stands for Goods and Services Tax. It is an indirect tax levied on the supply of goods and services. - GST replaced multiple taxes levied by the central and state governments. It subsumed central excise duty, services tax, VAT, etc. bringing uniformity in the indirect tax system. - GST has different tax slabs - 0%, 5%, 12%, 18%, 28%. Most items fall under 0%, 5%, 12%, 18% slabs while a few luxury and sin goods attract the highest 28% GST rate. - GST has made India a unified common market by breaking barriers of inter-state movement of goods

    Original Description:

    Maths

    Original Title

    Document (5)-3

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Here are short notes on GST: - GST stands for Goods and Services Tax. It is an indirect tax levied on the supply of goods and services. - GST replaced multiple taxes levied by the central and state governments. It subsumed central excise duty, services tax, VAT, etc. bringing uniformity in the indirect tax system. - GST has different tax slabs - 0%, 5%, 12%, 18%, 28%. Most items fall under 0%, 5%, 12%, 18% slabs while a few luxury and sin goods attract the highest 28% GST rate. - GST has made India a unified common market by breaking barriers of inter-state movement of goods

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views5 pages

    Document (5) - 3

    Uploaded by

    vallalprakasam2
    Here are short notes on GST: - GST stands for Goods and Services Tax. It is an indirect tax levied on the supply of goods and services. - GST replaced multiple taxes levied by the central and state governments. It subsumed central excise duty, services tax, VAT, etc. bringing uniformity in the indirect tax system. - GST has different tax slabs - 0%, 5%, 12%, 18%, 28%. Most items fall under 0%, 5%, 12%, 18% slabs while a few luxury and sin goods attract the highest 28% GST rate. - GST has made India a unified common market by breaking barriers of inter-state movement of goods

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 5

    ACCOUNTANCY CLASS -XI PT-3 REVISION PAPER

    1. Pass the journal entries for the following:


    i. Started business with cash ₹100000.
    ii. Purchased goods for cash ₹10000 less: discount 10%. From Raj.
    iii. Purchased goods for cash ₹2000
    iv. Sold goods to Nathan ₹20000 less trade discount 20%
    v. Deposited cash into bank ₹4000
    vi. Withdrawn cash from bank for office use ₹400
    vii. Withdrawn for personal use ₹300.
    viii. Paid rent ₹ 40000
    ix. Paid wages 6000
    x. Paid salary by cheque ₹7000

    2. Pass the necessary journal entry for the following:


    a) Started business with cash ₹1000, building ₹2000, furniture ₹4000, furniture
    ₹8000.
    b) Paid salary ₹4500, wages ₹3500, rent ₹3000 by cheque.
    c) Purchased goods from Shyam ₹50000 half of the the payment was received
    immediately.
    d) Paid the remaining amount to Shyam in full settlement.
    e) Additional capital introduced ₹40000.
    f) Received interest on bank balance ₹2500
    g) Dividend collected by bank ₹ 800
    h) Charges debited by bank ₹1000
    i) Machinery purchased by cheque ₹25000
    j) Purchased furniture and paid by bank ₹22500

    3. Journalise the following transactions:


    1) ₹5000 due from Ramesh are irreconcilable.
    2) Sohan is declared insolvent. Received from his official receiver 60 paise in a
    rupee on a debt of ₹10000.
    3) Received cash for a bad debt written off last year ₹700.
    4) Goods withdrawn by owner for personal use ₹1000
    5) Goods distributed as sample ₹300
    6) Goods given as charity ₹500
    7) Timber used for making office furniture ₹5000.
    8) Goods destroyed by fire ₹3500
    9) Goods lost in transit ₹2000
    10) Purchased goods for cash ₹5500

    4. Past the adjustment entries for the following:


    i. Interest due but not received ₹4000
    ii. Salaries due to staff ₹ 25000.
    iii. Out of the rent paid this year , ₹2000 relates to the next year.
    iv. Provide 10% depreciation on furniture costing ₹5000
    v. Goods used in making furniture ( Sales price ₹2000; Cost ₹1500).
    vi. Received commission of ₹10000 by cheque, half of which is in advance.
    vii. Allow interest on capital ₹5000
    viii. Charge interest on drawings ₹600
    ix. Received commission of ₹2000 by cheque, half of which is in advance.
    x. Interest accrued ₹2500
    xi. Wages for march, 2022 outstanding ₹10000.
    xii. Insurance prepaid ₹1500

    5. On 1st April 2022 the position of Bhim bros., Delhi was as follows:
    Cash in hand ₹6000, cash at bank ₹25600, stock of goods ₹9000, machinery ₹
    45000, Furniture ₹18000, Abdul (debtor) ₹20500, Neeraj ₹26000 (Debtor), loan
    ₹50000, Amit ₹6700 (Creditor). Pass the opening journal entry.

    6. Journalise the following entries:


    (i) Goods costing ₹ 500 given as charity.
    (ii) Sold goods to Mayank of ₹1,00,000, payable 25% by cheque at the time of sale
    and balance after 30 days of sale.
    (iii) Received ₹975 from Harikrishna in full settlement of his account of ₹1,000.
    (iv) Received a first and final dividend of 60 paise in a rupee from the Official
    Receiver of Rajan, who owed us ₹1,000.
    (v) Charge interest on Drawings ₹1,500.
    (vi) Sold goods costing ₹ 40,000 to Anil for cash at a profit of 25% on cost less 20%
    trade discount
    (vii) Paid cartage ₹100 for delivery of goods.
    (vii) Paid income tax ₹15,000.

    7. Give the transfer journal entries for the following;


    (i) Gross Profit of ₹32,000 from Trading Account to Profit and Loss Account.
    (ii) Net Profit of ₹14,500 to Capital Account of Sri Sankar Saha.
    (iii) Sri Sankar Saha draws ₹10,000 from his Capital Account.
    (iv) Purchases Return of ₹ 7,000.
    (v) Sales Return of ₹6,000.

    8. Give the necessary closing entries in the Journal Proper of Ram on 31st March, 2022
    to close his books:
    Freehold Premises ₹ 30,000; Plant and Machinery ₹ 20,000; Sundry Debtors ₹
    25,000; Purchases ₹ 37,500; Sales ₹ 95,000; Discount (Dr.) ₹ 150; Discount (Cr.) ₹
    175; Sundry Creditors ₹ 12,500; Carriage Inwards ₹ 375; Carriage Outwards ₹ 600;
    Furniture and Fixtures ₹ 2,500; Wages ₹ 5,000; Bad debts ₹ 750; Salaries ₹ 3,600;
    Commission (Cr.) ₹ 2,125; Capital Account − ₹ 25,000; Bills Payable ₹ 7,500; Bills
    Receivable ₹ 9,000; Trade Expenses ₹ 2,550; Opening stock ₹ 22,075; Closing
    Stock ₹ 10,000; Ram's Loan Account ₹ 20,000; Cash in Hand ₹ 75; Cash at
    Bank ₹ 3,125.

    9. Prepare journal entries and post them into ledger and do trial balance;

    1st April 2023; Started business with cash ₹10000


    3rd April 2023; Goods purchased for cash ₹2000
    4th April 2023; Sold goods to Raj for cash ₹3000
    7th April 2023; Paid rent ₹ 600
    15th April 2023; Purchased machinery ₹5000.

    10.Prepare Purchases and Sales Book from the following transactions of Rahul,

    2022
    Jan. 1 Bought from M/s. Uma Datt, Mumbai:
    1,000 Registers @ ₹ 80 each
    50 Reams Paper @ ₹250 per ream
    Less: Trade Discount 25%
    Jan. 2 Sold to Shri Dayal, Bengaluru:
    250 Registers @ ₹ 85 each
    5 Reams paper @ ₹ 300 per ream
    Jan. 8 Bought from BILT, Delhi:
    100 Reams Ruled Paper @ ₹ 600 per ream
    Less: Trade Discount 15%
    Jan. 12 Sold to Gupta Bros., Delhi:
    250 Registers @ ₹ 85 each
    50 Reams Ruled Paper @ ₹ 700 per ream
    Less: Trade Discount 5%,
    Jan. 18 Sold to Ram Saran Das:
    20 copies Double Entry Book Keeping @ ₹ 85
    each
    Jan. 25 Bought from Hari Ram, Delhi:
    1,000 pens @ ₹ 10 each
    Less: Trade Discount 15%
    Jan. 31 Sold to Rishi Kumar, Bengaluru:
    300 Registers @ ₹ 90 each
    50 Reams Ruled Paper @ ₹ 700 per ream
    20 Reams Paper @ ₹ 300 per ream
    Less: Trade Discount 10%
    11.Prepare Purchases Return Book of Aruna Stores, Kolkata from the following
    transactions and post them into Ledger

    2022
    Jan. 10 Returned to Sohan & Sons, Kolkata:
    10 Rohtas fans 36'' @ ₹ 1,250 each
    Trade Discount 10%
    Jan. 25 Returned to Ram & Co., Delhi:
    25 Tube lights @ ₹ 200 each

    12.Enter the following transactions in the Sales Return Book of Raj Computers, Delhi:

    2022

    July 1 Sohan & Sons returned 2 Laptops HP sold @ ₹ 40,000 each


    Ramesh & Sons, Noida returned 2 'Ricoh' printers sold
    July 2 @ ₹ 10,000 each
    July 25 Dinesh, Chandigarh returned 10 HP Desktops sold @ ₹ 20,000
    Computer Mouse returned by Ravi, Delhi sold to him for
    July 26 cash ₹ 2,000

    13.Record the following transactions in Double Columns Cash Book and balance the
    book on 31st March, 2022:

    2022 ₹
    March 1 Cash in Hand 12,750
    Cash at Bank 72,400
    Received from Asha cash ₹ 1,200 and a cheque for ₹ 3,200,
    March 4 allowed discount ₹ 400
    March 7 Paid salary to staff by cheque 25,600
    March 9 Withdrawn cash from bank for office use 21,900
    March 12 Interest paid by bank on bank balance 1,200
    March 16 Purchased furniture in cash 16,500
    March 21 Paid Mohan & Co. by cheque, discount received ₹ 100 10,900
    March 24 Proprietor withdrew from office cash for his personal use 11,600
    March 29 Sold goods to Manoj for cash 14,800
    March 31 Deposited office cash into bank 21,200
    14.Prepare Simple Cash book of Shri Gopal of Amritsar from the following transactions:

    2022 ₹
    April 1 Gopal commenced business introducing cash 2,00,000
    Purchased following assets for business: Computer ₹ 16,000;
    April 4 Furniture ₹18,500 and Machinery ₹ 32,000.
    April 6 Purchased goods from Bhushan in cash. 40,000
    April 8 Paid wages for installation of Machinery 4,000
    April 12 Computer repair charges. 1,900
    April 15 Paid wages 15,000
    Purchased Postage Stamps 150
    Paid for stationery 2,700
    Sold for cash half the goods purchased from Bhushan to Anil
    April 19 Krishna at a profit of 25% and allowed him Trade Discount of 5%.
    April 24 Payment to carpenter for repairs to personal furniture 350
    April 26 Paid for medical expenses of Smt. Gopal 1,800
    April 30 Paid for shop rent. 2,500

    15.Write short notes about GST.

    You might also like