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Subsidiary Book: Short Answer Question (Problems and Answers)

Arjun EP

Published on: October 12, 2020

Short answer question of subsidiary book

Short answer questions are the best collection of short answer type questions of subsidiary book. Questions are set to understand upper than basic concept of the chapter.

Students and learners are suggested to solve first brief answer type questions of subsidiary book; then solve short answer 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

Short Answer Questions

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

SAQ: 1

Following transactions of Rajesh Furniture are given:

Mar 7:	Purchase on credit from Aman Furniture:
	10 plastic tables @ Rs 500 each
	30 plastic chairs @ Rs 400 each
	Term: trade discount 10% on order over Rs 15,000 and payment 5/15, n/60
Mar 15:	Purchased from Bimal Suppliers for cash:
	2 almirah small @ Rs 4,000 each
	1 sofa set @ Rs 7,000 each
Mar 20:	Purchased computer for office use from Hari on credit Rs 35,000
Mar 28:	Purchased from Rahul Furnishing:
	20 plastic tables @ Rs 600 each (trade discount 10%)
	15 plastic chairs @ Rs 400 each

Required: Purchase book and purchase account

[Answer: Purchase book (15,300 + 16,800) = Rs 32,100;

Purchase account (15,300 + 15,000 + 16,800) = Rs 47,100]

*No entry for computer coz fixed assets

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

SAQ: 2

DK Fancy Home has following transactions:

5 April:	Purchase on credit from Himal Brothers:
	25 shirts @ Rs 670 per unit (Trade discount @ 8%)
	10 jeans @ Rs 1,550 per unit
11 April:	Purchased from Subodh Clothes House for cash:
	5 boutique sarees @ Rs 11,500 per set, after 10% cash discount
15 April:	Purchased on credit from Sushmita Traders:
	5 jackets @ Rs 2,225 per unit
	5 coat‒paints @ 9,900 per set, 7% trade discount
20 April:	Air conditioner purchased on credit from Sushmita Electronics:
	2 Air conditioners @ Rs 45,000 per unit

Required: Purchase book and purchase account

[Answer: Purchase book (30,410 + 57,160) = Rs 57,160;

Purchase account (30,410 + 51,750 + 57,160) = Rs 139,320]

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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

SAQ: 3

BC Kirana Pasal has following information:

Jan 4:	Purchase on credit from Binaya Traders:
	50 sacks rice @ Rs 2,000 per sack
	20 sacks flour @ Rs 1,500 per sack
	Terms: 5% trade discount on both items; payment 5/15, n/60
Jan 18:	Purchase on credit from Kalpana and Brothers:
	3 sacks tea @ Rs 5,000 per sack (trade discount 10%)
	50 kg sugar @ Rs 85 per kg
Jan 25:	Purchase in cash from Kabita and Sisters:
	200 Kgs daal/lentils @ Rs 200 per kg (cash discount 5%)
Jan 28:	Purchased from Solar House:
	Inverter 850 VA, 1 set @ Rs 11,000
	battery 150 mAh, 1 set @ Rs 26,000

Required: (a) Purchase book; (b) Kalpana & Brothers account

[Answer: Purchase book (123,500 + 17,750) = 141,250;

K&B account = 17,750;

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

SAQ: 4

AK Book Shop has following transactions relating to purchase:

Feb 10:	Purchased on credit from BC Book House:
	20 pieces of Economic Rs 350 each
	15 pieces of Book-keeping Rs 600 each
	(20% trade discount on both)
Feb 20:	Purchased on credit from Kanchan Stationers:
	10 dozens copies @ Rs 600 per dozen (5% trade discount)
	1 gross pencil @ Rs 5 per unit
Feb 25:	Purchased in cash from Chetana Traders:
	10 dozens ball pens @ Rs 6 per unit 5 gross erasers @ Rs 60 per dozen (7.5% trade discount)
Feb 20:	Purchased in cash from Chitwan IT House:
	CCTV set (4 cameras + 1 DVR + cable) Rs 35,000

Required: Purchase book and purchase account

[Answer: Purchase book (12,800 + 6,420 + 4,050) = 23,270;

Purchase account (12,800 + 6,420 + 4,050) = 23,270;

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

SAQ: 5

AD Grocery Center has following transactions for the month of January:

Jan 7:	Purchase from Naresh:
	5 quintals rice @ Rs 60 per kg
	400 kg sugar @ Rs 8,000 per quintal
	(trade discount @ 5% on rice only)
Jan 10:	Purchase from Gopal & Brothers:
	5 bags of flour (each bag 5 kg) @ Rs 40 per kg
	20 kg ghee @ Rs 850 per kg
	(trade discount 10%)
Jan 15	Motor-bike purchased in cash of Rs 1,80,000:
Jan 25	Purchase from MC Suppliers in cash:
	2 dozens Colgate tooth-paste (100g pack) @ Rs 80 per unit
	1 gross Lux soap (90g pack) @ Rs 300 per dozen
	(cash discount 10%)

Required: Purchase book and purchase account

[Answer: Purchase book (60,500 + 16,200) = Rs 76,700;

Purchase account (60,500 + 16,200 + 4,968) = Rs 81,668;

SALES BOOKS

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

SAQ: 6

AK Furniture Center has following transaction:

Aug 1:	Sold to Prakash:
	3 almirah @ Rs 4,500 each
	1 dining table @ Rs 5,000 each
	4 plastic chairs @ Rs 500 each
	Discount at 5% on all items; payment 5/15, n/45

Aug 10:	Old laptop sold to Rajendra on credit for Rs 25,000

Aug 20:	Sold to Madan for cash:
	6 tea table @ Rs 1,600 each (after 10% discount)

Aug 28:	Sold to Krishna:
	5 small table @ Rs 2,000 each
	16 plastic chairs @ Rs 450 each

Required: Sales book and sales account

[Answer: Sales book (19,475 + 17,200) = 36,675;

Sales account (19,475 + 8,640 + 17,200) = 45,315;

*No entry for computer sold coz fixed assets

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

SAQ: 7

Office Suppliers, (book and stationery dealer) has extracted transactions:

Feb 5:	Sold to Hari:
	30 pieces book of Bookkeeping @ Rs 600 each
	20 pieces book of Economic @ Rs 400 each
Feb 10:	Sold to Krishna:
	15 pieces book of Economics @ Rs 400 each
	10 pieces Marketing Rs 300 each
	(20% discount allowed)
Feb 15:	Sold to Ram in cash:
	5 dozens long copy @ Rs 60 per piece (10% trade discount)
	144 pieces ball pen @ Rs 150 per dozen
Feb 20:	Old furniture disposed-off worth Rs 5,000.

Required: Sales book and sales account

[Answer: Sales book (26,000 + 7,200) = 33,200;

Sales account (26,000 + 7,200 + 5,040) = 38,240;

PURCHASE RETURN BOOK

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

SAQ: 8

BC Electronics has following purchase return transactions:

Jan, 3	Return to Harry Traders:
	2 units iron @ Rs 1,000 each
	1 unit radio of Rs 500 each
Jan, 5	Return to Bony Importer:
	2 television sets @ Rs 15,000 each (less: 10% trade discount)
Jan, 8	Return to Nancy Enterprises:
	3 telephone sets @ Rs 1,000 each
	4 heater sets @ Rs 2,000 each
Jan, 10	Return to BK Furniture:
	2 chairs @ Rs 1,800 each

Required: Purchase return book and purchase return account

[Answer: Purchase return book (2,500 + 27,000 + 11,000) = 40,500;

Purchase return account (2,500 + 27,000 + 11,000) = 40,500]

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

SAQ: 9

AF Home Appliances has following transactions relating to return:

April 3:	Purchase return to Prakash Traders:
	3 units steam iron: Rs 2,000 each
	2 music players: Rs 5,000 each
April 5:	Purchase return to Jyoti Suppliers:
	1 stand fan: Rs 2,500
April 7:	Purchase return to Akbar Electronics:
	2 music players: Rs 3,000 each
	5 FM Radios: Rs 500 each
April 10:	Sales return from Anthony Impex:
	4 table fans: Rs 1,500 each

Required: Purchase return book and purchase return account

[Answer: Purchase return book (16,000 + 2,500 + 8,500) = 27,000;

Purchase return account (16,000 + 2,500 + 8,500) = 27,000]

*No entry for sales return

SALES RETURN BOOK

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

SAQ: 10

BH Home Appliances has following transactions relating to sales return:

May 2:	Return from Ritika Traders:
	5 DC fans @ Rs 1,000 per unit
	1 emergency light @ Rs 800 per unit
May 10:	Return from Sherry Sisters:
	5 room heaters @ Rs 900 per unit (10% trade discount)
	2 radios @ Rs 500 per unit
May 15:	Return from Deepak sold in cash:
	2 rechargeable torch @ Rs 500 per unit