Punjab College Gujrat Campus Roll # ________

Preparation Test # 05 March 2021 Name

Class: I.Com –I Max. Marks:
45 Subject: Accounting Time
Allowed:1 hrs & 20mints

Q1. Mr. Adil sold goods to Mr. Yasir on 1st Jan 2015 for Rs. 5000 on credit. Adil drew upon him a three
months bill for same amount on same date. Mr. Yasir accepted the bill and returned to him. On 4th Jan, 2015
Mr. Adil discounted this bill from his bank at the rate of 10% per annum. On the due date bill is dishonored
and bank paid Rs. 100 as noting charges.
Required: Enter the above transaction in Mr. Adil’s and Mr.Yasir’s Journal (15)

Q 2. Adnan sold goods to Imran for Rs. 16000 on 1st Jan, 2015. He drew a bill on Imran for Rs. 16000;
payable after 3 month. Imran accepted the bill and returned it to Adnan. On 4th January, 2015 Adnan
endorsed the bill to his creditor Arif for the same amount .On the due date the bill was honored by the
acceptor.
Required: Show entries in books of Adnan, Imran and Arif books. (15)

Q 3.Mr. Ahmed sold goods to Mr. Hassan on 1st Jan 2015 for Rs. 5000 on credit. Mr. Ahmed drew upon
him a three months bill for same amount on same date. Mr. Hassan accepted the bill and returned to him. On
4th Jan, 2015 Mr.Ahmed send the bill to his bank for collection .On the due date bill is dishonored and bank
paid Rs. 100 as noting charges.
Required: Show entries in books of Ahmed, Mr.Hassan and Bank books. (15)

(Good Luck)