Subjective Questions
Q1:
What is purchase book?
Type: Very_short
Difficulty: Easy
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Answer: <p>Purchase book is the primary record of all the credit purchases, which are either for reselling or further processing.</p>
Q2:
What is purchase return book?
Type: Very_short
Difficulty: Easy
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Answer: <p>Purchase return book isis the primary records of all the purchase returns.</p>
Q3:
What is a cash book?
Type: Very_short
Difficulty: Easy
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Answer: <p>A cash book is the primary records of all the receipts and payments made in cash and through a bank.</p>
Q4:
What is sales book?
Type: Very_short
Difficulty: Easy
Show/Hide Answer
Answer: <p>Sales book is the primary record of all the credit sales.</p>
Q5:
What is a journal proper?
Type: Very_short
Difficulty: Easy
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Answer: <p>Journal proper is a subsidiary book that records only non- recurring transactions in chronological order.</p>
Q6:
What is a trade discount?
Type: Very_short
Difficulty: Easy
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Answer: <p>Trade discount is a reduction in the list price of goods being purchased.</p>
Q7:
Following are the transactions relating to purchase:
2012/05/01: Purchased on credit from Palpa Furniture Works:
20 chairs @ Rs.800 per unit
10 Coffee Tables @ Rs.2,000 per unit
2012/05/15: Purchased from Kamana Furniture Co. for cash:
10 sofa sets @ Rs.10,000 per set, 10% cash discount
2012/05/22: Purchased on credit from Vina Traders:
5 fancy tables @ Rs.5,000 per unit
5 dressing tables @ Rs.10,000 per set, 10% trade discount
Required:
Purchase Book
Purchase a/c
Type: Short
Difficulty: Easy
Show/Hide Answer
Answer: <p>Solution:</p> <p>Purchase Book</p> <div class="accounts"> <table><tbody><tr class="bordered"><td rowspan="2" width="112"> <p>Date</p> </td> <td rowspan="2" width="328"> <p>Particulars</p> </td> <td rowspan="2" width="90"> <p>Invoice No.</p> </td> <td rowspan="2" width="34"> <p>LF</p> </td> <td colspan="2" width="234"> <p>Amount (in Rs.)</p> </td> </tr><tr class="bordered"><td width="116"> <p>Details</p> </td> <td width="118"> <p>Total</p> </td> </tr><tr><td width="112"> <p>2012/05/01</p> </td> <td width="328"> <p>Palpa Furniture Works</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="112"></td> <td width="328"> <p>20 chairs @ Rs.800 per unit</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>16,000</p> </td> <td width="118"></td> </tr><tr><td width="112"></td> <td class="bordered" width="328"> <p>10 Coffee Tables @ Rs.2,000 per unit</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>20,000</p> </td> <td width="118"> <p>36,000</p> </td> </tr><tr><td width="112"> <p>2012/05/22</p> </td> <td width="328"> <p>Vina Traders:</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="112"></td> <td width="328"> <p>5 fancy tables @ Rs.5,000 per unit</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>25,000</p> </td> <td width="118"></td> </tr><tr><td width="112"></td> <td width="328"> <p>5 dressing tables @ Rs.10,000 per set</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>50,000</p> </td> <td width="118"></td> </tr><tr><td width="112"></td> <td class="bordered" width="328"></td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>75000</p> </td> <td width="118"></td> </tr><tr class="bordered"><td width="112"></td> <td width="328"> <p>Less: Trade discount 10%</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>7,500</p> </td> <td width="118"> <p>67,500</p> </td> </tr><tr><td width="112"></td> <td width="328"> <p>Total</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"> <p>1,03,500</p> </td> </tr></tbody></table><p></p> <table><tbody><tr><td width="279"> <p>Dr.</p> </td> <td width="480"> <p>Purchase a/c</p> </td> <td width="39"> <p>Cr.</p> </td> </tr></tbody></table><p></p> <table><tbody><tr class="bordered"><td width="107"> <p>Date</p> </td> <td width="173"> <p>Particulars</p> </td> <td width="34"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> <td width="107"> <p>Date</p> </td> <td width="178"> <p>Particulars</p> </td> <td width="35"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> </tr><tr><td width="107"> <p>2012/05/15</p> </td> <td width="173"> <p>To cash a/c</p> </td> <td width="34"></td> <td width="83"> <p>90,000</p> </td> <td width="107"> <p>2012/05/22</p> </td> <td width="178"> <p>By balance c/d</p> </td> <td width="35"></td> <td width="83"> <p>2,03,500</p> </td> </tr><tr><td width="107"></td> <td width="173"> <p>To discount a/c</p> </td> <td width="34"></td> <td width="83"> <p>10,000</p> </td> <td width="107"></td> <td width="178"></td> <td width="35"></td> <td width="83"></td> </tr><tr><td width="107"> <p>2012/05/22</p> </td> <td width="173"> <p>To Sundries</p> </td> <td width="34"></td> <td width="83"> <p>1,03,500</p> </td> <td width="107"></td> <td width="178"></td> <td width="35"></td> <td width="83"></td> </tr><tr class="bordered"><td rowspan="2" width="107"></td> <td rowspan="2" width="173"></td> <td rowspan="2" width="34"></td> <td width="83"> <p>2,03,500</p> </td> <td rowspan="2" width="107"></td> <td rowspan="2" width="178"></td> <td rowspan="2" width="35"></td> <td width="83"> <p>2,03,500</p> </td> </tr><tr class="bordered"><td width="83"></td> <td width="83"></td> </tr><tr><td width="107"> <p>2012/06/01</p> </td> <td width="173"> <p>To balance b/d</p> </td> <td width="34"></td> <td width="83"> <p>2,03,500</p> </td> <td width="107"></td> <td width="178"></td> <td width="35"></td> <td width="83"></td> </tr></tbody></table></div>
Q8:
Following purchase returns transactions are given:
2015, Baishak 03: Return Sujan:
2 Tape recorders @ Rs.1,000 each
1 Radio @ Rs.500
2015, Baishak 05: Return to Bishnu:
2 television sets @ Rs.5,000 each.
(10% trade discount)
2015, Baishak 18: Return to Narayan:
3 Telephone sets@ Rs.1,000 each
4 heater sets @ Rs.2,000 each
Required:
Purchase Return Book
Purchase Return a/c
Type: Short
Difficulty: Easy
Show/Hide Answer
Answer: <p>Solution:</p> <p>Purchase Return Book</p> <div class="accounts"> <table><tbody><tr class="bordered"><td rowspan="2" width="144"> <p>Date</p> </td> <td rowspan="2" width="296"> <p>Particulars</p> </td> <td rowspan="2" width="90"> <p>Invoice No.</p> </td> <td rowspan="2" width="34"> <p>LF</p> </td> <td colspan="2" width="234"> <p>Amount (in Rs.)</p> </td> </tr><tr class="bordered"><td width="116"> <p>Details</p> </td> <td width="118"> <p>Total</p> </td> </tr><tr><td width="144"> <p>2015, Baishak 03</p> </td> <td width="296"> <p>Sujan:</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="144"></td> <td width="296"> <p>2 Tape recorders @ Rs.1,000 each</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>2,000</p> </td> <td width="118"></td> </tr><tr><td width="144"></td> <td class="bordered" width="296"> <p>1 Radio @ Rs.500</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>500</p> </td> <td width="118"> <p>2,500</p> </td> </tr><tr><td width="144"> <p>2015, Baishak 05</p> </td> <td width="296"> <p>Bishnu:</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="144"></td> <td width="296"> <p>2 television sets @ Rs.5,000 each</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>10,000</p> </td> <td width="118"></td> </tr><tr><td width="144"></td> <td class="bordered" width="296"> <p>Less: 10% trade discount</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>1,000</p> </td> <td width="118"> <p>9,000</p> </td> </tr><tr><td width="144"> <p>2015, Baishak 18</p> </td> <td width="296"> <p>Narayan:</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="144"></td> <td width="296"> <p>3 Telephone sets@ Rs.1,000 each</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>3,000</p> </td> <td width="118"></td> </tr><tr class="bordered"><td width="144"></td> <td width="296"> <p>4 heater sets @ Rs.2,000 each</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"> <p>8,000</p> </td> <td width="118"> <p>11,000</p> </td> </tr><tr><td width="144"></td> <td width="296"> <p>Total</p> </td> <td width="90"></td> <td width="34"></td> <td width="116"></td> <td width="118"> <p>22,500</p> </td> </tr></tbody></table><p></p> <p></p> <table><tbody><tr><td width="279"> <p>Dr.</p> </td> <td width="480"> <p>Purchase return a/c</p> </td> <td width="39"> <p>Cr.</p> </td> </tr></tbody></table><p></p> <table><tbody><tr class="bordered"><td width="107"> <p>Date</p> </td> <td width="173"> <p>Particulars</p> </td> <td width="34"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> <td width="107"> <p>Date</p> </td> <td width="178"> <p>Particulars</p> </td> <td width="35"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> </tr><tr><td width="107"> <p>2015/01/30</p> </td> <td width="173"> <p>By balance c/d</p> </td> <td width="34"></td> <td width="83"> <p>22,500</p> </td> <td width="107"> <p>2015/01/30</p> </td> <td width="178"> <p>By Sundries a/c</p> </td> <td width="35"></td> <td width="83"> <p>22,500</p> </td> </tr><tr class="bordered"><td rowspan="2" width="107"></td> <td rowspan="2" width="173"></td> <td rowspan="2" width="34"></td> <td width="83"> <p>22,500</p> </td> <td rowspan="2" width="107"></td> <td rowspan="2" width="178"></td> <td rowspan="2" width="35"></td> <td width="83"> <p>22,500</p> </td> </tr><tr class="bordered"><td width="83"></td> <td width="83"></td> </tr><tr><td width="107"></td> <td width="173"></td> <td width="34"></td> <td width="83"></td> <td width="107"> <p>2015/02/01</p> </td> <td width="178"> <p>By balance b/d</p> </td> <td width="35"></td> <td width="83"> <p>22,500</p> </td> </tr></tbody></table></div>
Q9:
The following sales transactions were given to you:
Sold following items to Kamal and Brothers of Jhapa:
10 Tables fans @ Rs.1,100 per unit
5 celing fans @ Rs.600 per unit
Sold following items to Sachin and Brothers of Kathmandu:
12 pressure cooker @ Rs.800 per unit
8 rice cookers @ Rs.1,000 per unit
Sold a 750 liters freezer for cash of Rs.12,000
Required:
Sales book
Sales a/c
Type: Short
Difficulty: Easy
Show/Hide Answer
Answer: <p>Solution:</p> <p>Sales Book</p> <div class="accounts"> <table><tbody><tr class="bordered"><td rowspan="2" width="69"> <p>Date</p> </td> <td rowspan="2" width="389"> <p>Particulars</p> </td> <td rowspan="2" width="71"> <p>Invoice No.</p> </td> <td rowspan="2" width="34"> <p>LF</p> </td> <td colspan="2" width="234"> <p>Amount (in Rs.)</p> </td> </tr><tr class="bordered"><td width="116"> <p>Details</p> </td> <td width="118"> <p>Total</p> </td> </tr><tr><td width="69"> <p>a)</p> </td> <td width="389"> <p>Kamal and Brothers of Jhapa</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="69"></td> <td width="389"> <p>10 Tables fans @ Rs.1,100 per unit</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>11,000</p> </td> <td width="118"></td> </tr><tr><td width="69"></td> <td class="bordered" width="389"> <p>5 celing fans @ Rs.600 per unit</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>3,000</p> </td> <td width="118"> <p>14,000</p> </td> </tr><tr><td width="69"> <p>b)</p> </td> <td width="389"> <p>Sachin and Brothers of Kathmandu</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="69"></td> <td width="389"> <p>12 pressure cooker @ Rs.800 per unit</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>9,600</p> </td> <td width="118"></td> </tr><tr class="bordered"><td width="69"></td> <td width="389"> <p>8 rice cookers @ Rs.1,000 per unit</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>8,000</p> </td> <td width="118"> <p>17,600</p> </td> </tr><tr><td width="69"></td> <td width="389"> <p>Total</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"> <p>31,600</p> </td> </tr></tbody></table><p></p> <table><tbody><tr><td width="279"> <p>Dr.</p> </td> <td width="480"> <p>Sales a/c</p> </td> <td width="39"> <p>Cr.</p> </td> </tr></tbody></table><p></p> <table><tbody><tr class="bordered"><td width="69"> <p>Date</p> </td> <td width="211"> <p>Particulars</p> </td> <td width="34"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> <td width="78"> <p>Date</p> </td> <td width="207"> <p>Particulars</p> </td> <td width="35"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> </tr><tr><td width="69"></td> <td width="211"> <p>By balance c/d</p> </td> <td width="34"></td> <td width="83"> <p>43,000</p> </td> <td width="78"></td> <td width="207"> <p>By Sundries a/c</p> </td> <td width="35"></td> <td width="83"> <p>31,600</p> </td> </tr><tr><td width="69"></td> <td width="211"></td> <td width="34"></td> <td class="bordered" width="83"></td> <td width="78"></td> <td width="207"> <p>BY cash a/c</p> </td> <td width="35"></td> <td class="bordered" width="83"> <p>12,000</p> </td> </tr><tr class="bordered"><td rowspan="2" width="69"></td> <td rowspan="2" width="211"></td> <td rowspan="2" width="34"></td> <td class="bordered" width="83"> <p>43,000</p> </td> <td rowspan="2" width="78"></td> <td rowspan="2" width="207"></td> <td rowspan="2" width="35"></td> <td class="bordered" width="83"> <p>43,000</p> </td> </tr><tr class="bordered"><td width="83"></td> <td width="83"></td> </tr><tr><td width="69"></td> <td width="211"></td> <td width="34"></td> <td width="83"></td> <td width="78"></td> <td width="207"> <p>By balance b/d</p> </td> <td width="35"></td> <td width="83"> <p>43,000</p> </td> </tr></tbody></table></div>
Q10:
The following transactions relating to sales return of Mr.Rijal for the month of May 2014 are as follows:
May 2: Returned by Niraj & Sons,
10 electric fans @ Rs.1,500 each
8 pressure cookers @ 2,000 each
Less trade discount @ 10%
May 10: Returned from Neeraj & Sons,
10 pcs of heater @ Rs.1,000
Required: Sales Return Book
Type: Short
Difficulty: Easy
Show/Hide Answer
Answer: <p>Sales Return Book</p> <div class="accounts"> <table><tbody><tr class="bordered"><td rowspan="2" width="99"> <p>Date</p> </td> <td rowspan="2" width="359"> <p>Particulars</p> </td> <td rowspan="2" width="71"> <p>Invoice No.</p> </td> <td rowspan="2" width="34"> <p>LF</p> </td> <td colspan="2" width="234"> <p>Amount (in Rs.)</p> </td> </tr><tr class="bordered"><td width="116"> <p>Details</p> </td> <td width="118"> <p>Total</p> </td> </tr><tr><td width="99"> <p>May 2</p> </td> <td width="359"> <p>Niraj & Sons</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr><td width="99"></td> <td width="359"> <p>10 electric fans @ Rs.1,500 each</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>15,000</p> </td> <td width="118"></td> </tr><tr><td width="99"></td> <td class="bordered" width="359"> <p>8 pressure cookers @ 2,000 each</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>16,000</p> </td> <td width="118"></td> </tr><tr><td width="99"></td> <td width="359"></td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>31,000</p> </td> <td width="118"></td> </tr><tr><td width="99"></td> <td width="359"> <p>Less: 10% trade discount</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"> <p>3,100</p> </td> <td width="118"> <p>27,900</p> </td> </tr><tr><td width="99"> <p>May 10</p> </td> <td width="359"> <p>Neeraj & Sons</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"></td> </tr><tr class="bordered"><td width="99"></td> <td width="359"> <p>10 pcs of heater @ Rs.1,000</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"> <p>10,000</p> </td> </tr><tr><td width="99"></td> <td width="359"> <p>Total</p> </td> <td width="71"></td> <td width="34"></td> <td width="116"></td> <td width="118"> <p>37,900</p> </td> </tr></tbody></table><p></p> <table><tbody><tr><td width="279"> <p>Dr.</p> </td> <td width="480"> <p>Sales return a/c</p> </td> <td width="39"> <p>Cr.</p> </td> </tr></tbody></table><p></p> <table><tbody><tr class="bordered"><td width="84"> <p>Date</p> </td> <td width="196"> <p>Particulars</p> </td> <td width="34"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> <td width="78"> <p>Date</p> </td> <td width="207"> <p>Particulars</p> </td> <td width="35"> <p>JF</p> </td> <td width="83"> <p>Amount (Rs.)</p> </td> </tr><tr><td width="84"> <p>May 30</p> </td> <td width="196"> <p>To Sundries a/c</p> </td> <td width="34"></td> <td width="83"> <p>37,900</p> </td> <td width="78"> <p>May 30</p> </td> <td width="207"> <p>By balance c/d</p> </td> <td width="35"></td> <td width="83"> <p>37,900</p> </td> </tr><tr class="bordered"><td rowspan="2" width="84"></td> <td rowspan="2" width="196"></td> <td rowspan="2" width="34"></td> <td width="83"> <p>37,900</p> </td> <td rowspan="2" width="78"></td> <td rowspan="2" width="207"></td> <td rowspan="2" width="35"></td> <td width="83"> <p>37,900</p> </td> </tr><tr class="bordered"><td width="83"></td> <td width="83"></td> </tr><tr><td width="84"> <p>June 01</p> </td> <td width="196"> <p>To balance b/d</p> </td> <td width="34"></td> <td width="83"> <p>37,900</p> </td> <td width="78"></td> <td width="207"></td> <td width="35"></td> <td width="83"></td> </tr></tbody></table></div>