Journal Entries and Ledger: Brief Answer Question (Problems and Answers)

 

Journal entries and ledger account brief answer questions

Brief answer questions of journal entries and ledger are the best collection of short answer type questions.

Here, questions are set to understand basic concept of the chapter.

  

PROBLEMS  AND  ANSWERS

Brief Answer Questions

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 1  

Mr Salim has following transactions:

Feb, 10:     Started business with cash Rs 100,000 and furniture Rs 25,000.

Feb, 12:     Goods purchased from Akbar Rs 20,000.

Feb, 15:     Drew 3 months bill on Rabin for Rs 5,000.

Feb, 18:     Settlement Akbar’s account and discount received 2%.

Required: Journal entries and Akbar’s account

[Answer:  balance Nil]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 2 

Following transactions are given by ABC Suppliers:

March 1:    Goods purchased from Harry Rs 100,000.

March 2:    Cash paid to Harry Rs 95.000 in full settlement of his account.

March 3:    Paid advance rent Rs 10,000.

March 5:    Goods purchased from Harry Rs 50,000 in cash and Rs 10,000 on-credit.

Required: Journal entries and Harry’s account

[Answer: Balance 1,000]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 3  

Following transactions are given by Shyam:

Oct 1: Business started with cash Rs 200,000 and furniture of Rs 25,000.

Oct 2: Purchased goods from Ram of Rs 40,000.

Oct 3: Sold goods to Shiva of Rs 5,000.

Oct 5: Settled Ram’s account receiving discount at 10%.

Required: Journal entries and Ram’s account

[Answer:  Balance Nil]

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Click on link for YouTube videos topic wise :
Accounting Equation	http://tiny.cc/c89jkz
Basic Journal Entries in Nepali	http://tiny.cc/uaakkz
Basic Journal Entries	http://tiny.cc/8aakkz
Journal Entry and Ledger	http://tiny.cc/caakkz
Ledger Account	http://tiny.cc/haakkz
Subsidiary Book	http://tiny.cc/399jkz
Cash Book	http://tiny.cc/889jkz
Trial Balance and Adjusted Trial Balance	http://tiny.cc/c59jkz
Bank Reconciliation Statement (BRS)	http://tiny.cc/q59jkz
Depreciation	http://tiny.cc/ugakkz
Click on link for YouTube videos chapter wise:
Financial Accounting and Analysis (All videos)	http://tiny.cc/jlersz
Accounting Process	http://tiny.cc/mlersz
Accounting for Long Lived Assets	http://tiny.cc/plersz
Analysis of Financial Statement	http://tiny.cc/slersz

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Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 4 

Following transactions are given by GT Suppliers:

Jan 1:     Business started with cash Rs 50,000.

Jan 4:     Purchased goods worth Rs 10,000 from Ganesh.

Jan 10:   Paid to Ganesh Rs 9,500 in full settlement of his account.

Jan 31:   Paid salary Rs 5,000.

Required: Journal entries and Ganesh’s account

[Answer:  Balance Nil]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 5  

Following transactions are given AF Shopping Center:

Dec 1:        Started business with cash Rs 200,000.

Dec 2:        Cash deposited into Bank Rs 100,000.

Dec 5:        Purchased goods on-credit from Ganesh Rs 50,000.

Dec 10:      Settled Ganesh’s account by paying cheque of Rs 49,000.

Required: Journal entries and Ganesh’s account

[Answer:  Balance Nil]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 6    

Following transactions are given Mahesh:

Jan 1:         Inventory sold to Shyam Rs 100,000.

Jan 10:       Inventory returned by Shyam Rs 5,000.

Jan 22:       Inventory sold to Shyam Rs 55,000.

Jan 25:       Received a cheque of Rs 94,000 from Shyam in full settlement of Rs 95,000.

Required: Journal entries Shyam’s account

[Answer:  balance 55,000]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 7

Following transactions are given by KL Traders:

May 1:   Inventory purchased from SP Suppliers Rs 100,000.

May 3:   Inventory returned to SP Suppliers Rs 10,000.

May 5:   Further inventory purchased from SP Suppliers for Rs 50,000.

May 7:   Cheque issued of Rs 135,000 to SP Suppliers for the full settlement of Rs 140,000.

Required: Journal entries and SP Suppliers account

[Answer:  balance Nil]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 8 

Ranjana Beauty Care (P) Ltd is a beauty parlour; it has following information:

1.    Owner investment Rs 200,000 and converted into 2,000 common stocks @ Rs 100.

2.    Cosmetics purchase 52,000 by cheque.

3.    Office equipment purchased on account Rs 65,400.

4.    Service revenue earned through online payment Rs 16,500.

Required: Journal entries and bank account

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

BAQ: 9  

RK Plumber provides plumbing service; it has following information:

a.     Investment Rs 35,000 to commence the business.

b.    Equipment purchased in cash Rs 15,300.

c.     Equipment purchased on account Rs 22,400.

d.    Service revenue an account Rs 16,500.

Required: Journal entries and equipment account

[Answer:  Balance 37,700]

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