Subsidiary Book: Long Answer Question (Problems and Answers)

Arjun EP

Published on: October 12, 2020

Long answer questions of subsidiary book

Long answer questions are the best collection of long answer type and analytical problems.

Questions are set to understand entire chapter of subsidiary book.

Students and learners are suggested to solve first brief answer type questions; then solve short answer questions; then long answer type questions.

First, starts to study and practice from beginning of the chapter; after that, if you feel something is confusion you should comment on comment box without any hesitation.

PROBLEMS AND ANSWERS

Long Answer Questions

LAQ: 1

Mobile House, a retail showroom, has following information:

July 3:	Purchased from Nokia Distributor (invoice No. 153):
	5 sets mobile @ Rs 4,500 each
	10 sets smart phones @ Rs 12,000 each
	Terms: trade discount @ 14%; payment 5/10, n/60

July 5:	Purchased from Samsung Distributor (160):
	8 sets smart phone @ Rs 14,500 each (trade discount @ 12%)
	2 sets tablet note @ Rs 48,000 each (trade discount @ 15%)

July 6:	Purchased from MK Traders and cheque issued:
	20 memory card 4 GB @ Rs 180 each
	5 Karbonn tab @ Rs 9,000 each

July 8:	Furniture purchased from EP Furniture of Rs 17,750.

Required: (a) Purchase book; (b) Purchase account; (c) Journal entry

[Answer: (a) Rs 306,230; (b) Rs 354,830; *Bank = Rs 48,600]

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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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LAQ: 3

The following extracted transactions are given by AK Grain Suppliers:

March 1:	Sold to Rajesh:
	6 quintals of mansuli rice at Rs 70 per kg.
	500 kg of basmati rice at Rs 9,000 per quintal.
	(Trade discount @ 5%)

March 3:	Sold to Narayani Store:
	500 kg of beans at Rs 12,000 per quintal.
	200 kg of pulse at Rs 10,500 per quintal.

March 3:	Sold to Bagmati Store for cash:
	10 bags of wheat flour at Rs 270 per bag.

March 4:	Old furniture sold to Kamal for Rs 2,000.

Required: (a) Sales book; (b) Sales account; (c) Journal entry

[Answer: (a) Rs 163,650; (b) 166,350; * 1 Quintal = 100 kg]

LAQ: 4

BG Electric House has following extracted transactions:

May 2:	Sold to Rahman Electrical House:
	5 pcs of LED tube light at Rs 500 each.
	1 gross bulb holder @ Rs 16 per unit

May 3:	Sold to Sagun Electric Shop:
	5 dozens LED 20 watts @ Rs 160 per unit (less trade discount 13%)
	20 pcs of LED light of Rs 90 each.

May 4:	Old equipment sold to Ramesh for Rs 3,000 on credit.

May 5:	Sold to UB Electricals:
	5 pcs of pedestal fan @ Rs 2,350 each
	10 ceiling fans @ Rs 1,900 each
	Terms: trade discount 5%; payment 2/10, n/60

Required: (a) Sales book; (b) Sales account; (c) Rahman Electric House Account

[Answer: (a) Rs 44,168; (b) Rs 44,168; (c) Rs 4,804]

LAQ: 5

The following extracted data are given by MM Fancy Store:

Mar 5:	Retuned to RK Impex:
	5 T-shirt @ Rs 450 each
	10 pants @ Rs 750 each (less trade discount 10%)

Mar 15:	Returned to Kalika Furniture:
	Revolving chair of Rs 7,000.

Mar 20:	Retuned to GL Traders:
	8 Japanese sarees @ 1950 each
	10 Pashmina shawl @ 1,200 each
	Less trade discount @ 7.5%

Mar 22:	Returned to City Furniture:
	1 table of Rs 5,300.