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Punjab (PTB) · Quarter book test · Free

1st Year Principles of Accounting 2nd Quarter Book Paper

40 marks · 1 hour · 28 questions. Covers: 4 chapters (CHAP 5: Ledger: The Main Book Of Accounts to CHAP 8: Cash Book And Bank Reconciliation Statement).

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1st Year Principles of Accounting 2nd Quarter Book Paper

1st Year · Principles of Accounting · Punjab (PTB)

Name: ____________Roll No: ________Class/Section: ________Date: ________Total marks: 40Time: 1 hour

Q1. Multiple choice questions (Attempt all · 12 × 1 = 12)

  1. Which book is used to record all credit purchases?

    1. Purchases book

    2. Purchase returns book

    3. Cash book

    4. Debit note book

  2. Ledger is called the:

    1. Book of final entry

    2. Book of original entry

    3. Book of compound entry

    4. Book of single entry

  3. The cash book is a:

    1. Subsidiary journal

    2. Ledger account

    3. Subsidiary journal and ledger

    4. Trial balance

  4. A trader whose assets exceed from his liabilities is called:

    1. Debtor

    2. Creditor

    3. Solvent

    4. Insolvent

  5. All the bills given to the creditors are recorded in:

    1. Creditor’s book

    2. Bill payable book

    3. Bill receivable book

    4. Bank book

  6. The book in which transactions are finally recorded is called:

    1. Journal

    2. Ledger

    3. Trial balance

    4. Financial statement

  7. The term impress system is used in relation to:

    1. Cheque book

    2. Pay-in-slip book

    3. Cash book

    4. Petty cash book

  8. Accommodation bills are drawn, accepted and endorsed:

    1. Without any consideration

    2. For quarter consideration

    3. For some consideration

    4. None of these

  9. A document given by the seller to the buyer for credit sale of goods or assets is called:

    1. Cash memo

    2. Invoice

    3. Voucher

    4. None of these

  10. Persons or institution are recorded in:

    1. Nominal accounts

    2. Real accounts

    3. Personal accounts

    4. Capital accounts

  11. A customer cheque returned dishonored is recorded in:

    1. Return outward book

    2. Return inward book

    3. Bill receivable book

    4. Cash book

  12. A bill from the point of view of a debtor is called:

    1. Bill acceptable

    2. Bill receivable

    3. Bill payable

    4. None of these

Q2. Short questions (Attempt any 8 of 12 · 8 × 2 = 16)

  1. What is bills receivable book?

  2. Define cross cheque.

  3. Define unpresented cheque.

  4. What are the rules for balancing an account?

  5. Define “Cash Book”, or “Cash Journal”.

  6. Define drawee.

  7. How many books does a banker give to the customer at the time of first deposit?

  8. Describe the process of balancing of accounts.

  9. What do you understand by Purchases book/Purchases journal?

  10. What is meant by negotiable instruments?

  11. Define “Voucher”.

  12. Define the term “Posting”.

Q3. Long questions (Attempt any 3 of 4 · 3 × 4 = 12)

  1. Pass journal entries and show account of Ferooz in the books of Roshin.

    Ferooz for mutual accommodation draws a bill for Rs. 15,000 on Roshin at three months. Ferooz gets the bill discounted by his banker for Rs. 14,625 and remits Rs. 4,875 to Roshin. On maturity Ferooz is not able to send the amount due to Roshin, to enable him to meet the bill. He, however, accepts a bill for Rs. 18,750 which is discounted by Roshin for Rs. 17,625. Roshin meets his acceptance and remits Rs. 900 to Ferooz. Before the due date of the bill Ferooz becomes insolvent and a dividend of 60 paisa in the rupee is received from his estate.

  2. Write up the purchases Journal (Book) of Mr. Asif from the following particulars and show their posting into the ledger.

    Jan 01, 2022:    Purchased from Bashir Plastic Co. Ltd. 12 dozens of plastic tubes @ Rs. 140 per dozen.
    Jan 02, 2022:    Bought of Imran & Sons 20 table glasses @ Rs. 30 each.
    Jan 10, 2022:    Bought of Rafiq Ltd. 30 tables @ Rs. 120 each and 5 chairs @ Rs. 200 each.
    Jan 18, 2022:    Bought of Riaz & Sons 50 shirts @ Rs. 100 each less 10% trade discount.

  3. Journalise the above transactions and post them into the ledger.

    Mr. Saeed started his business with cash Rs. 130,000 and Building Rs. 240,000 on 1st January, 2022. His transactions during the month were as follows:
    Jan 2, 2022:      Purchased goods for cash Rs. 60,000.
    Jan 5, 2022:      Sold goods for cash Rs. 44,000.
    Jan 10, 2022:    Bought an iron safe for Rs. 8,000.

  4. From the following particulars prepare a Bank reconcililation Statement of Mr. Irfan as on 31st March 2022 with the help of a revised cash book:

    (a) Bank overdraft as per the Cash Book Rs. 24,000
    (b) Rs. 80,000 worth of cheques were sent for collection and only Rs. 50,000 worth of cheques were collected up to 31st March
    (c) Out of cheques for Rs. 60,000 issued in March. Cheques of Rs. 36,000 were presented for payment
    (d) Bills discounted with the bank and dishonoured Rs. 60,000
    (e) A cheque for Rs. 10,000 entered in Cash Book (debit side) was not sent to the Bank for collection
    (f) Discount received Rs. 500 was entered in the Bank Column erroneously.