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Q.1 Fill in the Blank. (20) i. In all the transactions of the day are recorded on the same day they take place. ii. The process of recording transactions in the journal is called iii. The right side of the account is called side and left side is called side. iv. Increase in assets is and decrease is V. A brief explanation of the transaction in the journal is called vi. After journalizing, the entries are posted into ledger accounts at convenient intervals. vii. The shows all information about a transaction in single place. viii. The journal shows all the transactions in order. 2 ix. An account has three elements the of the account, and X. In journal the amount is written parallel to the on the same line, Q. 2 i. On which side of the account are the following decreases recorded? (10+10) A. Assets B. Liabilities C. Owner's equity D. Revenues E. Expenses ii. Indicate the nature (debit or credit) of normal balance in the following accounts: A. Cash B. Accounts receivable (debtors) C. Accounts payable (creditors) D. Furniture E. Merchandise F. Capital G. Miscellaneous expenses H. Rent payable. I. Salaries paid. Q.3 Define the following key terms: (20) Prepare the accounting equation from the following inforination. (a) Mr. Zahid started business with cash Rs. 50,000 (b) Purchased furniture with cash Rs. 10, 000. (c) Purchased merchandise from Zia worth Rs.10, 000 on account. (d) Sold merchandise Rs.8000 on cash, costing Rs.7, 500. (e) Mr. Zahid (owner) took merchandise worth Rs.500 for personal use. (f) Paid cash to Mr. Zia and receive discount @2%. (g) Purchased merchandise worth Rs.12000 from Mr. Imran paying Rs.2, 000 cash and the balance is payable. (h) Sold merchandise to Mr Khalid Rs.15, 000 receiving cash Rs.5, 000 and balance on credit. Purchased stationary Rs.500 for office use. 0) Paid electricity bill Rs.200. Q.4 Mr. Sultan started a car wash business. Following are the transactions resulted from the first month of the business operations. You are required to record these transactions into journal and post them into ledger accounts. 1. Invested cash Rs. 120000 into business. (20) 2. Deposited into bank Rs.5000. Purchased stationary from Mr. Adnan on account for Rs.500 3. Purchased building for cash Rs.45000 4. Received service revenue Rs.8000 3 S. Paid salaries to employees Rs.4000. 6. Paid advertisement expenses by cheque Rs.250 7 Electric charges paid Rs.700 Required Prepare the General Journal b) Ledger Accounts Trial Balance Q. 5 Enter the following transactions in suitable Books and Post there from into Ledger June 2013 (20) 1. Jamshed Mirza started business with Cash Rs.25000/- 2. He opened his bank account with Rs. 15500/- 3. Bought goods for cash Rs. 1200/-. 4. Purchased office furniture and paid the same by Cheque Rs. 1200/-. S. Sold to Rashid Rs.500/-. 6. Cash Sales Rs.1900/- 7. Purchased goods from Mahmood Rs.4500/-. 8. Carriage paid on above Rs.60/-. 9. Sold goods to Karim Rs. 1000/-. 10. Goods worth Rs.100 were given away as charity. 11. Received cash from Rashid Rs.300/-. 12. Paid to Mahmood Rs.2500 by Cheque, discount received Rs. 10/-. 13. Purchases goods worth Rs.6500 subject to 5% Trade Discount. 14. Drew from Bank for personal use Rs.500/-. 15. Paid Salaries by Cheque Rs.700/-. 16. Paid Sundry expenses in cash Rs.55/
