Ledger Account Exam Based Problems

 

These  are the BEST collection of question or problems for the examination.

 

EXAM  BASED  PROBLEMS   AND   ANSWERS

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = 

problem: 1

Following transactions were given to you BC Traders;

(a) Started business with Rs 20,000.

(b) Purchased goods for Rs 12,000 from Upendra and made partial payment of Rs 8,000.

(c) Equipment costing Rs 5,000 were sold for Rs 5,200.

(d) Paid Rs 3,800 to Upendra in full settlement of his account.

Journalize the transactions and prepare Upendra’s account

 

problem: 2

Mr Shrestha’s business transactions revealed the following:

        Jan 4: Sold goods to Mr Pradhan Rs 30,000.

        Jan  6: Cash paid by Mr Pradhan Rs 10,000.

        Jan 10: Discount allowed to Mr Pradhan Rs 1,000.

        Jan 15: Returns from Mr Pradhan Rs 3,000.

Required: Journal entries and Mr Pradhan’s account

[Answer: By balance c/d = 16,000]

problem: 3

The following are the transactions of Linkage Business House:

  Feb  6:        Sold goods to Kumar Traders for Rs 12,000.

  Feb 14:      Received cash from Kumar Traders Rs 5,700.

  Feb 14:      Allowed discount Rs 300 to Kumar Traders

  Feb 24:      Goods return from Kumar Traders Rs 1,500.

Required: Journal entries and Kumar Traders account in the book of Linkage Business House

[Answer: By balance c/d = 4,500]

problem: 4

The following transactions are given to you JK Traders:

(a) Sold goods to Hari for Rs 15,000.

(b) Furniture costing Rs 5,000 was sold for Rs 3,500.

(c) Received cash Rs 14,000 from Hari in full settlement of his account.

(d) Received loan of Rs 8,000 from the bank.

Required: Journal entries and Hari’s account

[Answer: Balance = Nil]

problem: 5

MN Traders has following transactions for you:

March 10:       Purchased furniture from Koshi Furniture Rs 20,000.

March 15:       Goods sold on-credit Rs 5,000.

March 25:       Furniture costing Rs 5,000 has been sold for Rs 5,500.

March 27:       Cash received from debtor Rs 4,900 and allowed discount Rs 100.

Required:  Journal entries, debtors account and furniture account

[Answer: Balance of debtors = Nil; Balance of furniture = 15,000]

problem: 6

Following transactions are given to you by KL Traders:

Jan, 2:        Sold goods Rs 5,000 to Ram on-credit

Jan, 3:        Ram settled his account and allowed him Rs 500 discount

Jan, 4:        Again goods sold to Ram Rs 3,000

Jan, 6:        Good returned by Ram Rs 1,000

Required: Journal entries and Ram’s account at the first week of the month

[Answer: Balance c/d = 2,000]

problem: 7

Following transactions are given to you JK Trading Center:

(a) Furniture costing Rs 4,000 was sold for Rs 3,500

(b) Sold goods to Shyam Rs 9,000

(c) Cash withdrawn from Bank for office use Rs 8,000

(d) Received cash from Shyam Rs 6,500

Required: Journal entries and Shyam’s account

[Answer: Balance c/d = 2,500]

problem: 8

Following transactions are given DK Suppliers:

May 1:       Goods sold to Rahim Rs 10,000

May 3:       Goods returned by Rahim Rs 1,000

May 4:       Cash sent by Rahim in full settlement Rs 8,500 and discount allowed Rs 500

May 6:       Cash deposited into bank Rs 5,000

Required: Journal entries and Rahim’s account

[Answer: Balance = Nil]

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problem: 9

DK Suppliers has following transactions:

April 1:       Sold goods to Rita for cash Rs 10,000 and on-credit Rs 15,000.

April 5:       Purchased goods from Dina worth Rs 8,000 and bills payable accepted for the same.

April 6:       Rita settled her account and allowed 4% discount.

April 10:     Paid to Ram Rs 7,600 in full settlement of his account of Rs 8,000.

Required: Journal entries and Rita’s account

[Answer: Balance = Nil]

problem: 10

BK Suppliers has following transactions:

Jan, 1: Goods purchased from Sam Rs 5,000.

Jan, 3: Goods for Rs 1,000 found defective, hence returns to him.

Jan, 7: Paid to Sam Rs 3,600 for the settlement of his account and received cash discount Rs 400.

Required: Journal entries and Sam’s account

[Answer: Balance = Nil]

problem: 11

Mr Salim has following transactions:

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

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

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

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

Required: Journal entries and Happy’s account

[Answer: Balance = Nil; *Drew bill means credit purchase]

problem: 12

Following transactions are given by ABC Suppliers:

March 1:    Goods purchased from Harry Rs 10,000.

March 2:    Cash paid to Harry Rs 9,500 in full settlement of his account.

March 3:    Paid advance rent Rs 1,000.

March 5:    Goods purchased from Harry Rs 5,000 in cash and Rs 1,000 on-credit.

Required: Journal entries and Harry’s account

[Answer: Balance c/d = 1,000]

problem: 13

Following transactions are given by Shyam:

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

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

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

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

Required: Journal entries and Rahman’s account

[Answer: Balance = Nil]

problem: 14

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 worth Rs 5,000.

Required: Journal entries and Ganesh’s account

[Answer: Balance = Nil]

PROBLEM: 15

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 Grover Rs 50,000.

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

Required: Journal entries and Grover’s account

[Answer: Balance = Nil]

PROBLEM: 16

Following transactions are given Mahesh:

    Jan 1:     Goods sold to Sagar Rs 100,000.

    Jan 10:   Goods returned by Sagar Rs 5,000.

    Jan 22:   Goods sold to Sagar Rs 55,000.

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

Required: Journal entries and Sagar’s account

[Answer: Balance = 55,000]

problem: 17

Following transactions are given by KL Traders:

    May 1:   Goods purchased from Shipag Center Rs 100,000.

    May 3:   Goods returned to Shipag Center Rs 10,000.

    May 5:   Further goods purchased from Shipag Center for Rs 50,000.

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

Required: Journal entries and Shipag Center account

[Answer: Balance = Nil]

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