Revision Accounting
Grade – 9 C
Q – 1 . on 1 April 2018 Vikalp cash book showed opening balance of cash $ 5,900 and
bank $ 16 200. During the month of April following business was transacted.
April. 1 cash sales made in the month $ 1 890
April 2 Paid for Machine purchased for office use $ 700.
April 3 Received from Mohan a cheque of $ 2 050 in part payment of his account
and deposited cheque into bank on same day.
April 4 Paid by cheque for goods purchased worth $ 1 225.
April 05 Received from Akram a cheque for $ 305 and allowed him discount $ 25.
April 12 Sold merchandise to R trader for $1 100 who paid by cheque which was
deposited in the bank.
April 13 Paid a creditor Ram $ 2 000 in full settlement of his debt discount received
$ 100
April 16 Paid Ali $ 415 by cheque, discount received $ 5.
April 18 Paid to Mr Harman by cheque $ 600.
April 22 Paid salaries by cheque $ 2 050.
April 25 Cash withdrawn from bank for office use $ 2 180
2 Show accounting equation from the following transactions.
(i) Anuj started business with cash 90,000
(ii) Bought Machine for cash 800
(iii) Purchased goods on credit from Dinesh 3,600
(iv) Sold goods on cash (cost $ 900) for 1300
(v) Received commission 100
(vi) Purchased goods for cash 1,500
(vii) Withdrew for personal use 600
(viii) Paid to Dinesh 400
(ix) Paid for salaries 200
Q – 3 From the following particular and make cash book of Ghulam Fatima Trading Co.
for the month of November, 2016:
1 Cash balance (Dr) $. 2,000; Bank balance $. 40,000.
4 Cash sales $. 3,700; Credit sales $. 1,800 would be received at near future.
6 Paid Ahmed & Bros. by cash $. 500; Received cash from debtors $ 1,800.
12 Paid to vendor by means of Cheque worth $. 2,700.
13 Paid Utility bills in cash $. 250; Bought goods by Cheque $. 750.
19 Drew from Bank for office use $. 160; Personal withdrawal of cash $. 1,000.
20 Received a Cheque from Hamid $. 2,700 and deposited into the bank.
21 Received by Cheque from Munir $. 1,360; Discount $. 140 (not deposited).
25 Cash sales $. 2,100; Paid wages by bank $. 1,500.
28 Deposited Munir’s Cheque into bank.
29 Payment by Cheque to Anees for $. 175; Discount received $. 25.
30 Munir’s Cheque has been dishonored and return by bank.
Q – 4 On 1st April 2012 Puma Ltd purchased one Machine from XY Ltd by cheque for $
40 000 and on 1 july 2012 another machine purchased from P Ltd on credit for 45000. It
was decided to write off depreciation on machines at 10% per annum following
Diminishing balance method.
On 1st July 2014 one machine Purchased on 1 July 2012 sold for $ 30000 cash. Puma
Ltd books closed on 31st March of every year.
Required:
1. Prepare Machinery Account for three years.
2. Prepare Machinery Disposal Account
3. Prepare provision for Depreciation on Machine Account
Q – 5 On 1st April 2012 P Ltd Ltd purchased two Machines for cash $ 80 000 each.P
Ltd decided to provide full year depreciation in the year of purchase but no depreciation
in the year of disposal. It was decided to write off depreciation on machines at 10% per
annum following Diminishing balance method. On 1st July 2014 one machine sold for
$ 48000 cash. P Ltd Ltd books closed on 31st March of every year.
Required:
Prepare Machinery Account for three years.
Prepare Machinery Disposal Account
Prepare provision for Depreciation on Machine Account
