Accountancy Questions

Basic Entries:
1. Sold 50 units of laptops on credit to Mr. Patel:

- Account Debited: Accounts Receivable (Mr. Patel)
- Account Credited: Sales Revenue
- Amount: ₹10,000
2. Purchased office supplies on credit from XYZ Stationery Company:

- Account Debited: Office Supplies
- Account Credited: Accounts Payable (XYZ Stationery Company)
- Amount: ₹5,000
3. Paid rent for the office to ABC Properties:

- Account Debited: Rent Expense
- Account Credited: Cash
- Amount: ₹15,000
4. Received cash from sales of smartphones to Ms. Gupta:

- Account Debited: Cash
- Amount: ₹20,000
5. Paid wages to employees for the month to Mr. Singh:

- Account Debited: Wages Expense
- Amount: ₹12,000
6. Bought machinery on credit from TechMachinery Pvt. Ltd.:

- Account Debited: Machinery
- Account Credited: Accounts Payable (TechMachinery Pvt. Ltd.)
- Amount: ₹50,000
7. Received dividend income from TechCorp Ltd.:

- Account Credited: Dividend Income
- Amount: ₹8,000
8. Paid utility bills to PowerGrid Corporation:

- Account Debited: Utility Expense
- Amount: ₹7,000
9. Issued a cheque for office rent to XYZ Properties:

- Account Debited: Rent Expense
- Account Credited: Accounts Payable (XYZ Properties)
- Amount: ₹16,000
10. Received interest income from bank deposits:

- Account Credited: Interest Income
- Amount: ₹6,000
### Entries with Cash Discounts and Trade Discounts:
11. Sold 30 units of mobile phones on credit with a cash discount to Mr. Gupta:
- Account Debited: Accounts Receivable (Mr. Gupta)
- Amount: ₹12,000
12. Purchased inventory with a trade discount from Reliable Suppliers:

- Account Debited: Inventory
- Account Credited: Accounts Payable (Reliable Suppliers)
- Amount: ₹22,000
13. Paid supplier early and received a cash discount from XYZ Electronics:
- Account Debited: Accounts Payable (XYZ Electronics)
- Amount: ₹8,000
14. Received a trade discount from TechMachinery Pvt. Ltd. for bulk purchase:
- Account Credited: Trade Discount Received
- Amount: ₹15,000
15. Granted a cash discount to a customer, Mr. Patel, for prompt payment:
- Account Debited: Cash Discount Allowed
- Account Credited: Accounts Receivable (Mr. Patel)
- Amount: ₹10,000
16. Received a cash discount from XYZ Stationery Company for early payment:
- Account Credited: Cash Discount Received
- Amount: ₹5,000
17. Purchased goods with a cash discount from ABC Electronics:

- Account Credited: Accounts Payable (ABC Electronics)
- Amount: ₹30,000
18. Sold goods with a trade discount to ABC Retailers:

- Account Debited: Accounts Receivable (ABC Retailers)
- Amount: ₹18,000
19. Paid supplier on time and received a cash discount from Reliable Suppliers:
- Account Debited: Accounts Payable (Reliable Suppliers)
- Amount: ₹7,000
20. Granted a trade discount to a customer, Ms. Sharma, for bulk purchase:
- Account Debited: Trade Discount Allowed
- Account Credited: Accounts Receivable (Ms. Sharma)
- Amount: ₹20,000
### Special Entries:
21. Wrote off bad debt from Mr. Khan:

- Account Debited: Bad Debt Expense
- Account Credited: Accounts Receivable (Mr. Khan)
- Amount: ₹2,000
22. Charged depreciation on machinery purchased from TechMachinery Pvt. Ltd.:

- Account Debited: Depreciation Expense
- Account Credited: Accumulated Depreciation - Machinery
- Amount: ₹3,500
23. Created provision for doubtful debts for overdue payments from Mr. Gupta:
- Account Debited: Doubtful Debt Provision
- Account Credited: Provision for Doubtful Debts
- Amount: ₹1,500
24. Allowed discount to debtors on outstanding payments:

- Account Debited: Discount Allowed
- Account Credited: Accounts Receivable
- Amount: ₹1,000
25. Received discount from creditors for early settlement:

- Account Credited: Discount Received
- Amount: ₹800
26. Transferred profit to reserves for future investments:

- Account Debited: Retained Earnings
- Account Credited: Reserve for Future Investments
- Amount: ₹5,000
27. Rectified errors in previous financial records:

- Account Debited/Credited: Appropriate accounts depending on the nature of errors
- Amount: ₹700
28. Sold old furniture to Mr. Sharma:

- Account Credited: Furniture
- Amount: ₹7,500
29. Converted loan from XYZ Bank into equity shares:
- Account Debited: Loan Payable (XYZ Bank)
- Account Credited: Common Stock
- Amount: ₹10,000
30. Declared dividends for shareholders of the company:

- Account Credited: Dividends Payable
- Amount: ₹15,000
### Compounding Entries:
31. Accrued interest on investments in fixed deposits with HDFC Bank:

- Account Debited: Interest Receivable
- Amount: ₹4,500
32. Calculated compound interest on loans taken from XYZ Bank:

- Account Debited: Interest Expense
- Account Credited: Loan Payable (XYZ Bank)
- Amount: ₹6,200
33. Recognized accrued income from investments in mutual funds:

- Account Debited: Accrued Income
- Account Credited: Investment in Mutual Funds
- Amount: ₹3,800
34. Identified interest earned but not yet received on government bonds:
- Amount: ₹2,000
35
. Determined interest payable but not paid on outstanding loans:

- Account Credited: Interest Payable
- Amount: ₹1,500
36. Computed compound interest on fixed deposits with SBI:

- Account Credited: Bank Deposit (SBI)
- Amount: ₹5,000
37. Calculated accrued interest on debentures held in the company's portfolio:

- Account Debited: Accrued Interest
- Amount: ₹3,200
38. Capitalized interest on a project loan for construction:

- Account Debited: Construction in Progress
- Account Credited: Interest Expense
- Amount: ₹7,000
39. Adjusted accrued interest on loans given to employees:

- Account Credited: Interest Receivable
- Amount: ₹4,800
40. Calculated compound interest on advances given to suppliers:

- Account Credited: Advance to Suppliers
- Amount: ₹6,500
### Special Entries:
81. Wrote off bad debt from Mr. Khan:

- Account Debited: Bad Debt Expense
- Account Credited: Accounts Receivable (Mr. Khan)
- Amount: ₹2,000
82. Charged depreciation on machinery purchased from TechMachinery Pvt. Ltd.:

- Account Credited: Accumulated Depreciation - Machinery
- Amount: ₹3,500
83. Created provision for doubtful debts for overdue payments from Mr. Gupta:
- Account Debited: Doubtful Debt Provision
- Account Credited: Provision for Doubtful Debts
- Amount: ₹1,500
84. Allowed discount to debtors on outstanding payments:

- Account Credited: Accounts Receivable
- Amount: ₹1,000
85. Received discount from creditors for early settlement:

- Amount: ₹800
86. Transferred profit to reserves for future investments:

- Account Credited: Reserve for Future Investments
- Amount: ₹5,000
87. Rectified errors in previous financial records:
- Account Debited/Credited: Appropriate accounts depending on the nature of errors
- Amount: ₹700
88. Sold old furniture to Mr. Sharma:

- Account Credited: Furniture
- Amount: ₹7,500
89. Converted loan from XYZ Bank into equity shares:

- Account Debited: Loan Payable (XYZ Bank)
- Account Credited: Common Stock
- Amount: ₹10,000
90. Declared dividends for shareholders of the company:

- Account Credited: Dividends Payable
- Amount: ₹15,000
### Compounding Entries:
91. Accrued interest on investments in fixed deposits with HDFC Bank:

- Amount: ₹4,500
92. Calculated compound interest on loans taken from XYZ Bank:

- Account Credited: Loan Payable (XYZ Bank)
- Amount: ₹6,200
93. Recognized accrued income from investments in mutual funds:

- Account Credited: Investment in Mutual Funds
- Amount: ₹3,800
94. Identified interest earned but not yet received on government bonds:
- Amount: ₹2,000
95. Determined interest payable but not paid on outstanding loans:

- Account Credited: Interest Payable
- Amount: ₹1,500
96. Computed compound interest on fixed deposits with SBI:

- Account Credited: Bank Deposit (SBI)
- Amount: ₹5,000
97. Calculated accrued interest on debentures held in the company's portfolio:

- Account Debited: Accrued Interest
- Amount: ₹3,200
98. Capitalized interest on a project loan for construction:

- Account Debited: Construction in Progress
- Account Credited: Interest Expense
- Amount: ₹7,000
99. Adjusted accrued interest on loans given to employees:

- Account Credited: Interest Receivable
- Amount: ₹4,800
100. Calculated compound interest on advances given to suppliers:

- Account Credited: Advance to Suppliers
- Amount: ₹6,500
### Insurance Entries:
41. Received insurance claim from New India Assurance Co. Ltd. for vehicle damage:
- Account Credited: Insurance Claim Receivable
- Amount: ₹8,500
42. Paid insurance premium to ICICI Lombard for property insurance:

- Account Debited: Insurance Expense
- Amount: ₹5,200
43. Paid fire insurance premium to Oriental Insurance for office premises:
- Amount: ₹4,800
44. Settled insurance claim with National Insurance Co. Ltd. for theft loss:
- Account Debited: Insurance Claim Payable
- Amount: ₹10,000
45. Paid marine insurance premium to United India Insurance for imported goods:
- Amount: ₹6,500
46. Paid life insurance premium to LIC for key employees:

- Amount: ₹7,200
47. Rejected insurance claim from Bajaj Allianz for lack of coverage:
- Account Debited: Insurance Claim Rejected
- Amount: ₹3,000
48. Renewed insurance policy with Reliance General Insurance for vehicle fleet:
- Amount: ₹4,500
49. Received insurance settlement from Tata AIG for flood damage:
- Account Credited: Insurance Claim Receivable
- Amount: ₹9,000
50. Made provision for insurance claim against future property damage:
- Account Credited: Provision for Insurance Claim
- Amount: ₹2,500
### GST Entries:
51. Sold goods with IGST to customers in other states:

- Account Debited: Accounts Receivable
- Account Credited: IGST Payable
- Amount: ₹12,000
52. Purchased goods with SGST from local suppliers:

- Account Credited: Accounts Payable
- Account Credited: SGST Input Credit
- Amount: ₹18,000
53. Paid CGST on purchases from registered dealers:

- Account Debited: Expense (relevant to the purchased goods)
- Account Credited: CGST Input Credit
- Amount: ₹7,500
54. Received IGST refund on exports of goods to foreign countries:
- Account Debited: Bank Account
- Account Credited: IGST Input Credit
- Amount: ₹9,500
55. Claimed input tax credit on SGST paid for business inputs:
- Account Debited: SGST Input Credit
- Account Credited: Accounts Payable (related to the purchase)
- Amount: ₹6,800
56. Calculated output tax payable for CGST on taxable sales:

- Account Debited: CGST Output Tax
- Amount: ₹5,200
57. Paid IGST on imports of raw materials from overseas suppliers:

- Account Debited: Inventory (Raw Materials)
- Account Credited: IGST Payable
- Account Credited: Accounts Payable (Overseas Supplier)
- Amount: ₹14,000
58. Received SGST refund from tax authorities for excess tax paid:
- Account Debited: Bank Account
- Account Credited: SGST Input Credit
- Amount: ₹8,000
59. Adjusted CGST against SGST liability for inter-state transactions:

- Account Debited: SGST Output Tax
- Account Credited: CGST Input Credit
- Amount: ₹4,500
60. Adjusted IGST against CGST liability for interstate sales:

- Account Debited: CGST Output Tax
- Account Credited: IGST Input Credit
- Amount: ₹6,500
### Reversal Entries:
61. Reversed accrued income due to overestimation:

- Account Credited: Reversal of Accrued Income
- Amount: ₹3,200
62. Reversed prepaid
expenses for services not utilized:

- Account Debited: Reversal of Prepaid Expenses
- Account Credited: Prepaid Expenses
- Amount: ₹2,500
63. Reversed provision for bad debts as debts were recovered:

- Account Debited: Provision for Bad Debts
- Account Credited: Reversal of Provision for Bad Debts
- Amount: ₹1,800
64. Reversed provision for depreciation on assets sold:

- Account Debited: Accumulated Depreciation
- Account Credited: Reversal of Depreciation Expense
- Amount: ₹4,000
65. Reversed discount allowed on returned goods:

- Account Credited: Reversal of Discount Allowed
- Amount: ₹900
66. Reversed discount received on canceled orders:

- Account Debited: Reversal of Discount Received
- Amount: ₹700
67. Reversed provision for taxes due to overestimation of tax liability:

- Account Debited: Provision for Taxes
- Account Credited: Reversal of Provision for Taxes
- Amount: ₹2,300
68. Reversed provision for warranties for expired warranty periods:

- Account Debited: Provision for Warranties
- Account Credited: Reversal of Provision for Warranties
- Amount: ₹1,500
69. Reversed provision for gratuity due to revised employee benefit policies:
- Account Debited: Provision for Gratuity
- Account Credited: Reversal of Provision for Gratuity
- Amount: ₹3,500
70. Reversed provision for repairs after conducting maintenance checks:

- Account Debited: Provision for Repairs
- Account Credited: Reversal of Provision for Repairs
- Amount: ₹2,000
### Adjustment Entries:
71. Adjusted accrued income for accurate financial reporting:

- Account Credited: Adjustment for Accrued Income
- Amount: ₹4,000
72. Adjusted prepaid expenses based on actual usage:

- Account Debited: Adjustment for Prepaid Expenses
- Account Credited: Prepaid Expenses
- Amount: ₹2,500
73. Adjusted provision for bad debts based on revised debtors' analysis:
- Account Debited: Adjustment for Provision for Bad Debts
- Account Credited: Provision for Bad Debts
- Amount: ₹2,200
74. Adjusted provision for depreciation for updated asset valuation:

- Account Credited: Accumulated Depreciation
- Amount: ₹3,800
75. Adjusted discount allowed for reconciling accounts with debtors:

- Account Credited: Adjustment for Discount Allowed
- Amount: ₹1,500
76. Adjusted discount received for reconciling accounts with creditors:

- Account Debited: Adjustment for Discount Received
- Amount: ₹1,200
77. Adjusted provision for taxes based on revised tax assessment:

- Account Debited: Provision for Taxes
- Account Credited: Adjustment for Provision for Taxes
- Amount: ₹2,700
78. Adjusted provision for warranties for updated warranty claims data:
- Account Debited: Provision for Warranties
- Account Credited: Adjustment for Provision for Warranties
- Amount: ₹1,800
79. Adjusted provision for gratuity based on actuarial valuation:

- Account Debited: Provision for Gratuity
- Account Credited: Adjustment for Provision for Gratuity
- Amount: ₹4,000
80. Adjusted provision for repairs based on maintenance reports:

- Account Debited: Provision for Repairs
- Account Credited: Adjustment for Provision for Repairs
- Amount: ₹2,300
These are all the journal entries with the specified formats and calculated discounts and
taxes. If you need further assistance, feel free to ask!

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Basic Entries:

1. Sold 50 units of laptops on credit to Mr. Patel:

2. Purchased office supplies on credit from XYZ Stationery Company:

3. Paid rent for the office to ABC Properties:

4. Received cash from sales of smartphones to Ms. Gupta:

5. Paid wages to employees for the month to Mr. Singh:

6. Bought machinery on credit from TechMachinery Pvt. Ltd.:

7. Received dividend income from TechCorp Ltd.:

8. Paid utility bills to PowerGrid Corporation:

9. Issued a cheque for office rent to XYZ Properties:

10. Received interest income from bank deposits:

### Entries with Cash Discounts and Trade Discounts:

12. Purchased inventory with a trade discount from Reliable Suppliers:

17. Purchased goods with a cash discount from ABC Electronics:

18. Sold goods with a trade discount to ABC Retailers:

### Special Entries:

21. Wrote off bad debt from Mr. Khan:

22. Charged depreciation on machinery purchased from TechMachinery Pvt. Ltd.:

24. Allowed discount to debtors on outstanding payments:

25. Received discount from creditors for early settlement:

26. Transferred profit to reserves for future investments:

27. Rectified errors in previous financial records:

28. Sold old furniture to Mr. Sharma:

30. Declared dividends for shareholders of the company:

### Compounding Entries:

31. Accrued interest on investments in fixed deposits with HDFC Bank:

32. Calculated compound interest on loans taken from XYZ Bank:

33. Recognized accrued income from investments in mutual funds:

. Determined interest payable but not paid on outstanding loans:

36. Computed compound interest on fixed deposits with SBI:

37. Calculated accrued interest on debentures held in the company's portfolio:

38. Capitalized interest on a project loan for construction:

39. Adjusted accrued interest on loans given to employees:

40. Calculated compound interest on advances given to suppliers:

### Special Entries:

81. Wrote off bad debt from Mr. Khan:

82. Charged depreciation on machinery purchased from TechMachinery Pvt. Ltd.:

84. Allowed discount to debtors on outstanding payments:

85. Received discount from creditors for early settlement:

86. Transferred profit to reserves for future investments:

88. Sold old furniture to Mr. Sharma:

89. Converted loan from XYZ Bank into equity shares:

90. Declared dividends for shareholders of the company:

### Compounding Entries:

91. Accrued interest on investments in fixed deposits with HDFC Bank:

92. Calculated compound interest on loans taken from XYZ Bank:

93. Recognized accrued income from investments in mutual funds:

95. Determined interest payable but not paid on outstanding loans:

96. Computed compound interest on fixed deposits with SBI:

97. Calculated accrued interest on debentures held in the company's portfolio:

98. Capitalized interest on a project loan for construction:

99. Adjusted accrued interest on loans given to employees:

100. Calculated compound interest on advances given to suppliers:

### Insurance Entries:

42. Paid insurance premium to ICICI Lombard for property insurance:

46. Paid life insurance premium to LIC for key employees:

### GST Entries:

51. Sold goods with IGST to customers in other states:

52. Purchased goods with SGST from local suppliers:

53. Paid CGST on purchases from registered dealers:

56. Calculated output tax payable for CGST on taxable sales:

57. Paid IGST on imports of raw materials from overseas suppliers: