IMRAN YAMIN INSTITUTE XI ACCOUNTING

Practice Questions

Question 1 Mr. Kamran started business by the name Kamran Traders. His transactions for the month of May were
as follows:
May 05 Hired a shop at a monthly rent of Rs. 10,000.
May 05 Invest Cash Rs. 500,000; Furniture of Rs. 30,000 and equipments of Rs. 100,000 in business
May 06 Opened a bank account in MCB and deposit Cash Rs. 300,000 in Bank
May 07 Paid Shop Deposit of Rs.20,000 by cheque.
May 08 Paid to carpenter Rs. 5,000 for preparing shelves for Shop
May 10 Purchase Equipments of Rs.30,000 from Saad Enterprises and paid partially via cheque Rs. 10,000
May 11 Purchase merchandise from Irfan Traders of Rs. 45,000 and paid via Cash Rs. 5,000 and cheque Rs.
5,000 and also paid transportation Rs. 2,000 via cash
May 13 Sold merchandise to M/s Karim Suppliers of worth Rs. 60,000 and received cash Rs.12,000 and via
cheque Rs.10,000. The cheque was deposited to bank on the same day.
May 14 Cash purchases of Rs. 50,000
May 16 Purchase merchandise Rs. 35,000 from Irfan Traders and paid transportation Rs. 3,000 by cash
May 17 Cash Sales of Rs. 80,000
May 19 Sold merchandise to M/s Karim Suppliers of worth Rs. 60,000
May 21 Paid by cheque Rs.10,000 to Irfan Traders and availed discount of Rs.5,000
May 23 Received by cheque Rs.10,000 from Karim Suppliers and allowed discount of Rs.5,000. The cheque was
deposited into Bank.
May 27 Owner withdraw merchandise from business for personal use of Rs.10,000
Required
a) Prepare General Ledger Accounts in the books of Kamran Traders.
b) Prepare Trial Balance

Question 2 Mr. Shabbir started business by the name Shabbir Traders. His transactions for the month of April were
as follows:
April 05 Invest Cash Rs.400,000; Furniture of Rs. 30,000 and equipments of Rs. 100,000 in business
April 05 Deposit Cash Rs. 300,000 in Bank
April 06 Purchase Computers of Rs.30,000 from Saad Enterprizes and paid partially via cash Rs. 10,000
April 07 Purchase merchandise from Junaid Traders of Rs. 45,000 and paid via Cheque Rs. 10,000 and also paid
transportation Rs. 2,000 via cash
April 08 Sold merchandise to M/s Zohaib Suppliers of worth Rs. 60,000 and received cash Rs.20,000.
April 10 Cash purchases of Rs. 50,000
April 11 Returned Defective Merchandise to Junaid Traders of Rs. 10,000
April 13 Cash Sales of Rs. 80,000
April 14 Deposit Cash in to bank Rs. 80,000
April 16 Defective merchandise returned from M/s Zohaib Suppliers of worth Rs. 5,000
April 17 Paid by cheque Rs.22,000 to Junaid Traders in full settlement of his account
April 19 Received by cheque Rs.32,000 from Karim Suppliers in full settlement of his account. The cheque was
deposited in to bank on same date.
April 21 With draw cash from bank Rs. 30,000
April 23 Mr. Shabbir withdraw cash from business for personal use
Required
a) Prepare General Ledger Accounts in the books of Shabbir Traders.
b) Prepare Trial Balance

From the desk of Sajid Saeed Azfar

IMRAN YAMIN INSTITUTE XI ACCOUNTING
Practice Questions

Question 1 Mr. Salman started business by the name Salman Traders. His transactions for the month of June were
as follows:
June 05 Hired a shop at a monthly rent of Rs. 10,000.
June 05 Invest Cash Rs. 500,000; Furniture of Rs. 30,000 and equipments of Rs. 100,000 in business
June 06 Opened a bank account in MCB and deposit Cash Rs. 300,000 in Bank
June 07 Paid Shop Deposit of Rs.20,000 by cheque.
June 08 Paid to carpenter Rs. 5,000 for preparing shelves for Shop
June 10 Purchase Equipments of Rs.30,000 from Imran Enterprizes and paid partially via cheque Rs. 10,000
June 11 Purchase merchandise from Kashif Traders of Rs. 45,000 and paid via Cash Rs. 5,000 and cheque Rs.
5,000 and also paid transportation Rs. 2,000 via cash
June 13 Sold merchandise to M/s Kazim Brothers of worth Rs. 60,000 and received cash Rs.12,000 and via
cheque Rs.10,000. The cheque was deposited to bank on the same day.
June 14 Cash purchases of Rs. 50,000
June 16 Purchase merchandise Rs. 35,000 from Kashif Traders and paid transportation Rs. 3,000 by cash
June 17 Cash Sales of Rs. 80,000
June 19 Sold merchandise to M/s Kazim Brothers of worth Rs. 60,000
June 21 Paid by cheque Rs.10,000 to Kashif Traders and availed discount of Rs.5,000
June 23 Received by cheque Rs.10,000 from Kazim Brothers and allowed discount of Rs.5,000. The cheque was
deposited into Bank.
Required
a) Prepare General Journal entries in the books of Salman Traders
b) Prepare General Ledger Accounts in the books of Salman Traders.
c) Prepare Trial Balance

Question 2 Mr. Shahid started business by the name Sadi Enterprizes. His transactions for the month of April were
as follows:
April 05 Invest Cash Rs.400,000; Furniture of Rs. 30,000 and equipments of Rs. 100,000 in business
April 05 Deposit Cash Rs. 300,000 in Bank
April 06 Purchase Shop Tables and chairs of Rs.40,000 from Kamran Stores and paid partially via cash Rs.
15,000
April 07 Purchase merchandise from Faisal Suppliers of Rs. 65,000 and paid via Cheque Rs. 10,000 and also paid
transportation Rs. 2,000 via cash
April 08 Sold merchandise to M/s Tousif Suppliers of worth Rs. 60,000 and received cash Rs.20,000.
April 10 Cash purchases of Rs. 50,000
April 11 Returned Defective Merchandise to Faisal Suppliers of Rs. 10,000
April 13 Cash Sales of Rs. 80,000
April 14 Deposit Cash in to bank Rs. 80,000
April 16 Defective merchandise returned from M/s Tousif Suppliers of worth Rs. 15,000
April 17 Paid by cheque Rs.32,000 to Faisal Suppliers in full settlement of his account
April 19 Received by cheque Rs.32,000 from Tousif Suppliers in full settlement of his account. The cheque was
deposited in to bank on same date.
April 21 With draw cash from bank Rs. 20,000
April 23 Mr. Shahid withdraw cash from business for personal use
Required
a) Pass general Journal entries in the books of Sadi Enterprizes.
b) Prepare General Ledger Accounts in the books of Sadi Enterprizes.
c) Prepare Trial Balance

From the desk of Sajid Saeed Azfar