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Time Academy

Test: Principle of Accounting (I.com part 1)


Time allowed: 30minutes Total marks: 20
Q# 1.
1992
March 01 Shakeel started business with cash Rs.50,000.
“ 05 Purchased goods for Rs.10,000.
“ 06 Purchased good on accounts Rs.5,000.
“ 10 Purchased Furniture for cash Rs.4,000.
“ 12 Sold goods for cash Rs.12,000.
“ 14 Sold goods on account Rs.6,000 to Aslam.
“ 25 Ali account settled receiving Rs.150/- as discount.
“ 26 Aslam account settled allowing Rs.200/- as discount.
Journalize the above transaction, post in the ledger and prepare a trial balance.

Q# 2. Define the following


a. book keeping b. Trade discount c. Debtors
d. liabilities e. Assets.

Time Academy
Test: Principle of Accounting (I.com part 1)
Time allowed: 30minutes Total marks: 20
Q# 1.
1992
March 01 Shakeel started business with cash Rs.50,000.
“ 05 Purchased goods for Rs.10,000.
“ 06 Purchased good on accounts Rs.5,000.
“ 10 Purchased Furniture for cash Rs.4,000.
“ 12 Sold goods for cash Rs.12,000.
“ 14 Sold goods on account Rs.6,000 to Aslam.
“ 25 Ali account settled receiving Rs.150/- as discount.
“ 26 Aslam account settled allowing Rs.200/- as discount.
Journalize the above transaction, post in the ledger and prepare a trial balance.

Q# 2. Define the following


a. book keeping b. Trade discount c. Debtors
d. liabilities e. Assets..

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