Problem 1:

State in which journal the following items will be recorded:

books of accounts problems and solutions



Solution:

books of accounts

 

>> 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:

books of accounts to be maintained

 

>> 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:

maintenance of books of accounts

 

>> 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:

sales return book problems and solutions

 

>>> Bank Reconciliation Statement

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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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