business & accounting studies sugath liyanage
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Mix ke;s Commerce 1 Sugath Liyanage
Question | 1-7
01. What do you mean by Purchase Journal ?
02. What is the source document related to Purchase goods on Credit ?
03. What do you mean by "Invoice" ?
04. What is the double entry for Credit Purchase ?
05. What are the details included in the Purchase invoice ?
06. What is the meaning of "10% 60 net 90" ?
07. Record following transactions in the Purchase Journal and ledger accounts of "Marusira"
s business.
Date Invoice No. Supplier Value (Rs)
1/1 001 Kamal 2500/=
1/10 008 Ranil 25000/=
1/20 010 Mangala 50000/=
Question | 08
Record following transactions in the Purchase Journal and Ledger accounts of "Nadun"
business.
4/10 Purchase following goods from "Anju"
100 T Shirts cach at Rs. 1 000/=
50 blouses each at Rs. 1500/=
Trade Discount 10%
4/15 Purchase goods from "Kochchi"
5 Soni TV each at Rs. 20000/=
10 "Toshiba" Laptops each at Rs. 25000/=
4/20 Purchase goods from "Buchchi"
100 Calculators each Rs. 500/=
200 Scientific Calculators Rs. 1 000/=
Discount 5%
General Certificate of Education Examination, General Certificate of Education Examination, General Certificate of Education Examination
Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage
General Certificate of Education Examination, General Certificate of Education Examination, General Certificate of Education Examination
Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage
General Certificate of Education Examination, General Certificate of Education Examination, General Certificate of Education Examination
Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage
General Certificate of Education Examination, General Certificate of Education Examination, General Certificate of Education Examination
Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage, Sugath Liyanage
Business & Accounting Studies
Sugath Liyanage
Tute Class
Purchase Journal/Sales Journal/General
Journal
"Please do not alienate"
Mix ke;s Commerce 2 Sugath Liyanage
Question | 09
Following details were extracted from the business of "Shri Lanka" for the month of January
2019.
Purchase Account Rs. Jambo Rs.
1/31 Creditiors 500 000 1/31 Purchase 100 000
Rambo Rs. Jambo Rs.
1/31 Purchase 50,000 1/31 Purchase 350 000
Required : Prepared Pruchase Journal of "Shri Lanka" for the month of "January 2019"
Question | 10
Following are few transactions Occurred in "Thushara's retailing business for the month of
May 2018.
01. 03.05.2018 - Purchasing 20 tea Packets from "Sameera at Rs. 200/= each on
credit (invoice no. 612) 5% trade discount was given.
02. 05.05.2018 - Purchasing 20 eggs at Rs. 15 each in cash (Receipts no 25)
03. 18/05/2018 - Purchasing 100 box of matches from "Pahan at Rs. 5 each on
Credit (Invoice no 305)
04. 23/05/2018 - Purchasing a computer table of Rs. 25 000/= from Techno trader
on Credit.
Required :
(a) Prepare the Purchases Journal of Thusaras's business for the month of May 2018.
(b) Post the information in Purchases Journal to the ledger accounts as at 31/05/2018.
(04 marks)
(2018 O/L Paper)
Mix ke;s Commerce 3 Sugath Liyanage
Question | 11
Following are few transactions Occurred in "Wasana" retailing business for the month of
June 2018.
01. 03.05.2018 - Purchasing 20 tea Packets from "Sameera at Rs. 200/= each on
credit (invoice no. 612) 5% trade discount was given.
02. 05.05.2018 - Purchasing 40 Packets of noodles each Rs. 50/=
03. 20/05/2018 - Purchasing 50 Packets of wheat flour each at Rs. 200
04. 25/05/2018 - Purchasing 100 Packets of Papadam each at Rs. 50/=
05. 30/05/2018 - Purchase furniture of Rs. 50000/= from "Moratu Furniture" for
business use
Required : Purchase Journal and ledger Accounts.
Question | 12
(i) (a) What is an accounting?
(b) Write two factors that influence to change the owner’s equity of a business.
(02 marks)
(ii) Following credit sales details were provided by Ravi’s textiles business for the month
of September 2016.
Date Invoice
No.
Purchaser Quantity Other Information
10.09.2019 102 Rama 10 T-shirts each at Rs. 200 Trade discount 10%
22.09.2016 103 Sitha l00handkerchieveseachatRs.50 Trade discount 5%
Required:
The sales Journal of Ravi’s business for the month of September 2016 (02 marks)
(2016 Ord. Level)
Mix ke;s Commerce 4 Sugath Liyanage
Question | 13
Following source documents have been produced by the accounts clerk of Dimuthu Tex for
the month of November, 2012.
Invoice Kalum Textile Traders
No. 501 No. 10, Kandy Road,
Manager, Gampola. 08-11-2012
Dimuthu Tex,
Kandy.
Seq. No. Description Quantity Unit price (Rs.) Amount (Rs.)
01
02
Serviette
Table cloths
Less
5% Discount
50
20
60
200
3 000
4 000
7 000
(350)
6 650
Manager
(signature)
Invoice Suwasalu Traders
No. 0014 No. 20, Colombo Road,
Manager, Mawanella. 20-11-2012
Dimuthu Tex,
Kandy.
Seq. No. Description Quantity Unit price (Rs.) Amount (Rs.)
01
02
White Poplin
White Polyester
Less :
10% Discount
100 m
150 m
90
100
9 000
15 000
24 000
(2 400)
21 600
Manager
(signature)
Mix ke;s Commerce 5 Sugath Liyanage
Required :
1. Name the Prime books that should be used to record above information included in
the source documents in Dimuthu's business.
2. Record them in Prime Entry Books.
3. Post them to the Ledgers.
(2012 Ord. Level)
Question | 14
Some transactions occurred in the retail business started by Anil on 01.03.2011 are given,
below.
01 032011 - Investing money as capital Ra 250 000
07.03.2011 - Purchasing office equipments Rs. 28 000
12.03.2011 - Purchasing goods in cash Rs. 140 000
22.03.2011 - Selling goods in cash Rs. 30 000
23.03.2011 - Purchasing a stock of goods on credit from Aasha Rs. 50 000
28.03.2011 - Selling goods on credit to Nandana Rs. 40 000
30.03.2011- Withdrawing money from the business for Anil’s personal use Rs. 2 500
Required:
(1) Record the above transactions in ledger accounts and balance them as at 31.03.2011.
(07 marks)
(2) Prepare the Trial Balance as at 31 03 2011 (03 marks)
(Total 10 marks)
(2011 Ord. Level)
Question | 15
Name the prime entry books/Journals used for entering the following transactions.
(a) Credit purchases from Lathita Traders for resale Rs. 2 000
(b) Sales in cash Rs. 5 000
(c) Returns inwards from goods sold to Amith Rs. 3 000
(d) Sales on credit of office equipment used by the business Rs. 4 000 (02 marks)
(2006 Ord. Level)
Mix ke;s Commerce 6 Sugath Liyanage
Sales Journal
Question | 16-21
16. What do you mean by sales Journal ?
17. What is the source document for credit sales ?
18. What is the double entry for Credit sale ?
19. What are the details included in Sales invoice ?
20. What is the meaning of "25% 30 Net 60" ?
21. Record following transactions in the sales Journal and ledger accounts of "Jambo"s
business ?
Date Invoice No. Description Value
4/1 005 Kombuwa 30 000
4/10 006 Hangura 50 000
4/15 007 Yakadaya 20 000
Question | 22
Following Ledger accounts were extracted from the business of "Samadhi" for the month of
May 2019.
Sales Account Sindu Account
5/25 Debtors 150 000 3/25 Sales 25 000
Bindu Account Chandu Account
5/25 Sales 75 000 5/25 Sales 50 000
Required : Prepare sales Journal of "Samadhi" s business for the month of January using
above details.
Mix ke;s Commerce 7 Sugath Liyanage
Question | 23
Record following transactions in the sales Journal and ledger accounts and prepare trial
balance.
5/01 Sold goods to "Manel"
200 Canned fish each at Rs. 300/=
500 Pasta Packets each of Rs. 200/=
300 Noodles Packets each at Rs. 200/=
Discount 10%
05/10 Sold goods to "Olu" (Invoice 007)
T-Shirt bill value Rs. 35000
Trousers bill value Rs. 65000
(10% Discount was given only for troucers)
5/15 Sold goods to "Nilu" (Invoice 008)
Sarong Rs. 75 000
Sarees Rs. 25 000
General Journal
Question | 24-27
24. What do you mean by "General Journal" ?
25. What are the transactions in which recorded in the General Journal ?
26. What is the Source document related to the General Journal ?
27. What do you mean by "Narration" ?
Question | 28
Following details were extracted from the business of "Shalindya" business. Record them in
the General Journal & Ledger Accounts.
10/12 "Shalindya enterprises" Purchase Rs. 500,000 worth of Mortor Vehicle from
"Senith Enterprises.
10/12 "Shalindya enterprises Purchases Rs. 250,000 worth of furniture from Yenuli
Pvt Ltd.
Mix ke;s Commerce 8 Sugath Liyanage
Question | 29
Following extract of General Journal were extracted from the business of "Lanka Private
LTd.
General Journal Rs.
Date J/V Description LP Dr Cr
01/05 001 Motor Vehicle account Dr. 400 000
Sonali account 400 000
(Purchased a Motor Vehicle of Rs.
400 000/= from Sonali)
Required: Draw ledger accounts related to the above mentioned details in the General
Journal.
Question | 30
Record the General Journal entry using following details.
Furniture Account Chanul Account Rs.
10/12 Chanul 75 000 10/12 Furniture 75 000
Question | 31
Following extract of General Journal were extracted from the business of "Rayan" business.
General Journal Rs.
Date J/V Description LP Dr Cr
(Purchased Rs. 25000/= worth of
Computer from Vihanga Pvt Ltd on
20th of April in 2019)
Required : Complete the General Journal and Prepare ledger accounts.
Mix ke;s Commerce 9 Sugath Liyanage
Question | 32
Record following transactions in the Prime Entry Books and Post them to the ledger accounts
and prepare trail balance. (It's Furniture buying and selling business)
Date Transactions
2019/05/20 0115 Purchased Rs. 500,000 worth of equipment from "Sayuri"
business
2019/05/21 0118 Purchased Rs. 25000 worth of Furniture from "Mortu Lee
badu"
2019/05/21 01120 Sold Rs. 30000 worth of furniture to "Pamunuwa stores"
Question | 33
Following details were extracted from the business of "Ama stationeries" for the month of
May 2019.
Date Bill No. Description Value Rs.
05/1 05 Purchased CR Book, Pencils, Pens and Punchers
from "Hershel"
(10% Discount Received)
50 000/=
05/08 010 Purchased Rs. 50,000 worth of Computer and Rs.
100,000 executive chair from "Januk"
150,000/=
05/10 011 Sold Stationeries 25000/=
05/15 075 Sold Stationeries to "Tharindu" 40000/=
Required : Record above transactions in the relavent prime entry books. Ledger accounts
and prepare trial balance.
Question | 34
Below Provided are the double entries maintained for six transactions taken place in a
business organization during a particular period. Write the respective transaction for each
double entry with it's amount.
Mix ke;s Commerce 10 Sugath Liyanage
(a) Motor Vehicle account Debit Rs. 500,000/=
Capital account credit Rd. 500,000/=
(b) Drawings Account Debit Rd. 3000/=
Purchase Account Credit Rs. 3000/=
(c) Peiris Account Debit Rs, 20,000
Cash Account Credit Rd. 19000
Discount received account Credit Rs. 1000
(d) Creditors Account Debit Rd. 5000
Capital Account Credit Rd. 5000/=
(e) Cash Account Debit Rs. 4000/=
Bank Account Rs. Credit 4000/=
(f) Electricity Charges Account Debit Rd. 2000/=
Bank Account Credit Rs. 2000/=
MCQ Questions
01. Some transactions occurred in a business and source documents used in recording these
transactions in prime books are given in columns X and Y respectively.
X Y
1. Return inwards from Prasanna Rs. 3000
2. Return outwards to Keerthi Rs. 5 000
3. Purchasing a machine on credit Rs. 50 000
4. Receiving Rs. 10 000 from a debtor
A- Debit note
B- Receipt
C- Credit note
D - Journal voucher
When above transactions in column X are matched with the source documents in column
Y in correct order is
(1) A, C, B and D. (2) C, A, B and D. (3) C, A, D and B. (4) C, B, A and D.
(2015 Ord. Level)
02. Following is a transaction occurred in a trading business.
• Selling a stock of goods to Nimal on credit for Rs. 10 000.
The correct double entry to record this transaction is
(1) Cash Account Dr. Rs. 10 000 (2) Sales Account Dr. Rs. 10 000
Sales Account Cr. Rs. 10 000 Nimal’s Account Cr. Rs. 10 000
(3) Nimal’s Account Dr. Rs. 10 000 (4) Cash Account Dr. Rs. 10 000
Sales Account Cr. Rs. 10 000 Nimal ‘s Account Cr. Rs. 10 000
(2014 Ord. Level)
Mix ke;s Commerce 11 Sugath Liyanage
Using the following information, answer questions No. 03-06.
Some transactions occured in a business during the month of March 2011 are given below.
A - Returns inwards from Sunil Rs. 1 500
B - Purchasing a motor c& Ra. 500 000 on credit from Super motors
C. Receiving Rs. 2 800 from debtor Aruna after deducting Rs. 200 as a discount
D. Returns outwards to Sara Traders Rs. 2 000
03. What is the transaction that is recorded an prime book which is considered as ledger
account too ?
(1) A (2) B (3) C (4) D
04. The prime book where the transaction B is recorded, is
(1) Cash Book. (2) Sales Journal.
(3) Purchases Journal. (4) General Journal.
05. What is the correct double entry to record the transaction C?
(1) Cash Account Dr., 3 000 (2) Cash Ale Dr. 2 800
Aruna's A/c Cr. 3 000 Aruna’s A/c Cr. 2 800
(3) Cash A/c Dr. 2 800 (4) Aruna’s A/c Dr. 3 000
Discounts allowed Dr. 200 Cash A/c Cr. 2 800
Aruna’s A/c Cr. 3 000 Discounts received Cr. 200
06. The transaction used the credit note as a source document is
(1) A (2) B (3) C (4) D
(2011 Ord. Level)
Mix ke;s Commerce 12 Sugath Liyanage
• Using the following invoice prepared by Sumana Trade Centre on an order of Sara
Traders, answer questions No. 07-09.
Invoice No. 256 Sumana Trade Centre
Main Street, Negambo
15.11.2010
Manager,
Sara Traders,
Negambo Road,
Kurana.
Serial No. Type of goods Quantity Unit price (Rs.) Amount (Rs.)
01
02
03
Soap-Namal
Toothbrush-Smart
Toothpaste-Fine guard
10% discount
500
100
200
20
50
40
10 000
5 000
8 000
23 000
2 300
20 700
Sumanasiri
Manager
07. What is the prime entry book that Sara Traders should record this transaction using the
above invoice as a source document?
(1) Purchase book (2) Sales book
(3) Cash book (4) Returns inward book
08. When recording this transaction in Sara Trader’s accounts, Sumana Trade Centre’s
account should be
(1) Debited Rs. 23000 (2) Credited Rs.23 000
(3) Debited Rs. 20700 (4) Credited Rs. 20700
09. The discount of Rs. 2 300 mentioned in this invoice
(1) Should be debited to discount paid account.
(2) Should be credited to discount received account.
(3) Should be debited to Sumana Trade Centre’s account.
(4) Should not be recorded in accounts. (2010 Ord. Level)
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