Books of Accounts Problems and Solutions
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Problem 1:
State in which journal the following items will be recorded:
Solution:
>> Read Books of Accounts.
Problem 2:
From the transactions given below prepare the Sales Book of Farhan Rahim for July 2016:
2016
July 5: Sold on credit to Ali Raza.
10 Chairs @ Rs. 250 Less 10%.
10 Tables @ Rs. 850 Discount 10%.
July 8: Sold to Zarak Akram for cash.
15 Chairs @ Rs. 250
July 20: Sold to Mohsin & Co.
05 Chairs @ Rs. 2,200
10 Tables @ Rs. 850
July 23: Sold on credit to Hassan Khan old computer for Rs. 5,000
July 28: Sold to Khalid Khan for cash
15 Chairs @ Rs. 250
Solution:
>> Practice Books of Accounts MCQs.
Problem 3:
Enter the following transactions in the purchases return book of Sana Ghani:
2017
Jan 5: Returned goods to Tayyab Zafar 5 chairs @ Rs.200 each, not in accordance with order.
Jan 14: Returned goods to Ali 4 chairs @ Rs. 200 each and 10 tables @ Rs. 350 each, due to inferior quality.
Jan 24: Return goods to Naeem and sons of Rs. 900.
Solution:
>> Read and practice Cash Book.
Problem 4:
Enter the following transactions in Returns Inward Book of Danyal Mohsin:
2017
April 6: Returned by Sakandar 30 shirts each costing Rs. 550, due to inferior quality.
April 8: Amar Tailors returned 10 ladies suits, each costing Rs. 1,900, on account of being not in accordance with their order.
April 21: T.N. Stores returned 12 male suits sets each costing Rs. 2,500, being not in accordance with order.
Solution:
Related Questions
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Books of Accounts Format
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Books of Accounts Exam Questions
Books of Accounts Exercises
References
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
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