Financial Accounting - Questions and Answers - Assessment Answer

Assessment Task:

Q. 1. Classify the following Accounts into Personal, Real & Nominal accounts.     
a) Vinit’s Capital A/c.
b) Royalty A/c.                
c) Goodwill A/c.              
d) Loose tools A/c.   
e) Bank Interest A/c. 
f) Repairs to Motor Vans A/c.        
g) Carriage Outward A/c.            
h) Advertisement A/c.        
i) Sumit’s Loan A/c.   
j) Motor Vans A/c.        
k) Copyrights A/c.          
l) Property Taxes A/c.        
m) Office Equipments A/c.    
n) Bank Overdraft A/c.       
o) Computers A/c.          
p) Insurance A/c.         
q) Fixtures A/c.       
r) Jaihind Collections A/c.         
s) Audit Fees A/c.         
t) Investment A/c.          
u) Brokerage A/c       
v) Petty Cash A/c.           
w) Live Stock A/c.          
x) Dividend A/c.        
y) Rajjesh A/c.
Q. 2. Explain the following concepts                                            
i) Going Concern 
ii) Dual Aspect 
iii) Business Entity 
iv) Realisation 
v) Money Measurement 
vi) Consistency
Q.3.Following are the transactions of Mrs Ranee. Record in Journal, post to Ledger and prepare Trial Balance.                                  
Started business with Rs.50000.
Bought goods from Reshma  Rs.20000.
Sold goods to Rakhee Rs.15000 on credit
Returned goods to Reshma Rs.2000.
Defective goods of Rs. 1000 received from Rakhee
Cash Purchases Rs. 2000.
Cash Sales Rs.10000.
Received on account from Rakhee Rs. 10000.
Received Interest  from Ashok Rs.2000.
Paid Salary Rs.3000.
Q. 4. From the following Ledger Accounts Balances, Prepare trial Balance                      
Account Name          Rs.       Account Name             Rs.
Opening Stock        78000          Insurance           2000
Freehold Premises    150000        Commission recd.     10000
Plant & Machinery    45000        Office Expenses        7500
Wages                 10000       Salaries               10000
Sundry Debtors        60000       Travelling Expenses     1000
Carriage               1900       Legal Expenses          1000
Factory Expenses       8000      Cash in Hand             4000
Royalty                1000       Cash at Bank            4200
Purchases              75000      Loan taken              30000
Factory Rent           7000       Office Rent              4000
Capital                80000      Sales                    330000
Discount Allowed        400       Sundry Creditors         20000 

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