Account-8 Final 2077

4. Return outward a/c ............................................................. 2,15,000 2,000 5. Bank overdraft a/c .............................................................. 17,000 25,000 6. Sales a/c ............................................................................. 1,90,000 7. Machinery and equipment a/c ............................................ 60,000 8. Cash in hand a/c ................................................................. 10,000 9. Bank loan a/c ...................................................................... 12,000 20,000 10. Bills receivable a/c ............................................................... 8,000 11. Bills payable a/c .................................................................. 9,000 4,000 12. Reserve fund a/c ................................................................. 2,000 13. Telephone charges a/c ........................................................ 9,000 4,19,000 14. Interest received a/c ............................................................ 4,19,000 15. Sundry expenses a/c ........................................................... 16. Carriage outward a/c ........................................................... 17. Suspense a/c ....................................................................... Total Key Terms Accounting errors – the errors which are committed unintentionally due to lack of knowledge of principle or mistakes. Adjustment and closing – an artificial process of equalising and closing the trial balance. Final accounts – the summarized financial statements which are prepared to determine the operating results and true financial condition of the business. Frauds – the errors which are committed intentionally to take undue benefit. Trial balance – a statement prepared to prove the arithmetical accuracy of books of account. 1. What is a trial balance? Why is it prepared? 2. Show the specimen of a trial balance and mention the things to be written in it. 3. What do you mean by disagreement of a trial balance? What are the reasons of it? 4. What is a suspense account? When and how is it opened? Trial Balance 151

PRACTICAL PROBLEMS(PP) PP-1 The following transactions are given to you: Feb. 1 Business started with cash Rs. 80,000. Feb. 4 Purchased goods for cash Rs. 25,000. Feb. 10 Paid wages Rs. 10,000. Feb. 25 Sold good to Muna on credit for Rs. 30,000. Feb. 28 Purchased machinery for cash Rs. 18,000. Required: a) Journal entries b) Ledger accounts c) Trial balance as on 28th February Ans: b) Balance: Cash a/c Rs. 27,000, Capital a/c Rs. 80,000, Purchase a/c Rs. 25,000, Wages a/c Rs. 10,000, Sales a/c Rs. 30,000,Muna’s a/c Rs. 30,000, Machinery a/c Rs. 18,000 c) Total Rs. 1,10,000 PP-2 The following transactions are supplied to you: Kartik 3 Commenced business with bank balance Rs. 2,15,000. Kartik 6 Cash withdrew from the bank for office use Rs. 50,000. Kartik 13 Purchased goods from Ramesh on credit Rs. 70,000. Kartik 20 Sold goods for cash Rs. 55,000. Kartik 26 Paid salary Rs. 10,000 by cheque. Required: a) Ledger accounts b) Trial balance as on 30th Kartik Ans: a) Balance: Bank a/c Rs.1,55,000, Capital a/c Rs. 2,15,000, Cash a/c Rs. 1,05,000, Purchase a/c Rs. 70,000, Ramesh’s a/c Rs. 70,000, Sales a/c Rs.55,000, Salary a/c Rs.10,000 b) Total Rs. 3,40,000 PP-3 The following ledger balances are extracted from the book of Ganesh as . on 31st Chaitra 2074: Opening stock Rs. 10,000 Salary Rs. 15,000 Sundry debtors 25,000 Purchases 80,000 Sundry creditors 18,000 Machinery Sales 1,50,000 Wages 1,00,000 Cash in hand 19,000 Capital 90,000 8,000 Purchase return 5,000 Sales return 6,000 Required: Trial balance as on 31st Chaitra 2074 Ans: Total Rs. 2,63,000 152 Office Management and Accountancy

PP-4 The following ledger balances as on 31st Dec. 2017 are available: Purchase Rs. 50,000 Rent Rs. 12,000 9,000 Sales 1,00,000 Wages 2,000 18,000 Furniture 94,000 Sales return 12,000 3,000 Capital 80,000 Sundry debtors Ans: Total Opening stock 5,000 Sundry creditors Purchase return 1,000 Cash in hand Required: Trial balance as on 31st December 2017 Rs. 1,93,000 PP-5 The following ledger balances are extracted from the book of Sujan as on 31st Ashadh 2074: Beginning inventory Rs. 9,000 Accounts receivable Rs. 30,000 Purchase 80,000 Accounts payable 20,000 Capital 1,20,000 Freight inward 10,000 Sales 1,60,000 Commission received 4,000 Return inward 5,000 Land and building 1,59,000 Return outward 2,000 Cash at bank 13,000 Required: Trial balance as on 31st Ashadh 2074 Ans: Total Rs. 3,06,000 PP-6 The following ledger balances are extracted from the book of Durga ason. 31st Chaitra 2074: Purchase Rs. 75,000 Return inward Rs. 6,000 Rent received 5,000 Sales 1,60,000 Land and building Accounts payable 1,28,000 Capital 85,000 Cash at bank 27,000 Accounts receivable 16,000 Return outward 3,000 33,000 Carriage inward 10,000 Beginning inventory 12,000 Required: Trial balance as on 31st Chaitra 2074 Ans: Total Rs. 2,80,000 PP-7 The following ledger accounts balances are extracted from the book of a . trader as on 31st Ashadh 2074: Opening inventory Rs. 7,000 Rent expenses Rs. 13,000 Purchase 70,000 Capital 1,00,000 Trial Balance 153

Sales 1,95,000 Bank loan 15,000 Carriage outward 14,000 Bank overdraft 20,000 Discount allowed Business premises 6,000 Creditors 18,000 Interest expenses 2,17,000 Discount received 8,000 2,000 Debtors 27,000 Required: Trial balance as on 31st Ashadh 2074 Ans: Total Rs. 3,56,000 PP-8 The following ledger accounts balances are extracted from the book of Binayak as on 30th June 2017: Purchase Rs. 50,000 Discount received Rs. 3,000 Sales 1,20,000 Opening inventory 7,000 Loan received 30,000 Discount allowed 2,000 Debtors 20,000 Business premises 1,62,000 Creditors 17,000 Capital 90,000 Interest expenses 2,000 Bank overdraft 10,000 Printing and stationery 13,000 Carriage outward 14,000 Required: Trial balance as on 30th June 2017 Ans: Total Rs. 2,70,000  154 Office Management and Accountancy

BLE Model Questions Sets Office Management and Accountancy Time: 1 hr 30 minutes F.M.: 50 Candidates are required to give their answers in their own wwords as far as practicable. The figures in the margin indicate full marks. Set 1 Group A Attempt all the questions. (10×5=50) 1. What is office? Explain any three features of office. (2+3) 2. What is manpower? Explain the types of manpower with example. (1+4) 3. Explain any five qualities of a good letter. (5) 4. What is postal service? Write any four differences between ordinary letter and registered letter. (1+4) 5. Define insurance and explain the parties involved in insurance contract. (2+3) 6. What is tax? Mention any four usefulness of collecting tax by government. (1+4) 7. Write in short about sole trading concern. (5) 8. What is double entry system? Write its four advantages. (1+4) 9. Define alphabetical filing and write its two advantages and two disadvantages. (1+2+2) 10. Following transactions are given: March 2 Started business with cash Rs. 1,00,000. March 2 Deposited cash Rs. 50,000 into bank. March 5 Purchased goods for Rs. 15,000 and paid by cheque. March 10 Sold goods to Madan on credit Rs. 30,000. March 25 Received cash Rs. 25,000 from Madan. March 30 Withdrawn cash Rs. 10,000 from bank for office use. Required: a) Journal entries b) Bank account (3+2) [Ans: b) Balance Rs. 25,000] Set 2 Group A (10×2=20) Answer the following questions: 1. What is temporary office? 2. Define materials and supplies. 3. Mention any four qualities of letter. 4. What is electronic communication service? Ble Model Questions Sets 155

5. Define central bank in one sentence. 6. Mention any two advantages of tax. 7. What is multinational company? 8. Give the meaning of debtors and creditors. 9. What is indexing? 10. Mention the rules of debit and credit under personal account. Group B Answer the following questions: (6×5=30) 11. Who is office assistant? Write his/her any four functions and duties. (1+4) 12. What is communication? Explain any two modern means of communication. (1+4) 13. What is correspondence? Write any four differences between government letter and business letter. (1+4) 14. How do you send letter through post? Explain any two. (5) 15. What is trial balance? Write any four objectives of preparing trial balance.(1+4) 16. Prepare furniture account and Rahul's account from the following transactions: [2.5+2.5] a) Business started with capital Rs. 1,00,000. b) Bought furniture for Rs. 60,000 in cash. c) Sold goods to Rahul for Rs. 30,000. d) Received a cheque of Rs. 15,000 from Rahul. e) Sold old furniture for Rs. 10,000 and received a cheque. [Ans: Balance on furniture a/c Rs.50,000, Rahul's a/c Rs. 15,000] Set 3 Group A Answer the following questions: (5×3=15) 1. Explain in brief about formation of office. 2. Write any three importance of communication. 3. Write a short note on life insurance. 4. Write any three differences between single entry system and double entry system. 5. What is ledger? Mention any four rules for posting the transactions into ledger account. Group B Answer the following questions: (7×5=35) 6. What is taxation? Explain any four types of tax in brief. (1+4) 7. What is public enterprise? Explain in brief. (5) 8. Define numerical filing and write its two advantages and two disadvantages.( 1+2+2) 9. Introduce briefly the types of letter on the basis of use or objective. (5) 10. Explain in brief the necessity of office resources. (5) 156 Office Management and Accountancy

11. Prepare journal entries for the following transactions : ( 5) Baishakh 1 Commenced business with bank balance Rs. 50,000. Baishakh 5 Sold goods to Mamata for Rs. 30,000. Baishakh 15 Bought furniture for Rs. 15,000 and paid by cheque. Baishakh 24 Received commission Rs. 18,000. Baishakh 30 Cash Rs. 5,000 withdrawn by owner for personal use. 12. Prepare a trial balance of Nepal Traders from the following particulars as on 31st Chaitra 2073 : (5) Opening Stock Rs. 15,000 Rent received Rs. 5,000 Purchases 1,50,000 Furniture 2,00,000 Bank loan 25,000 Sales 1,70,000 Capital 2,00,000 Salary 35,000 [Ans : Total Rs 4,00,000] Set 4 Group A Answer the following questions: (6×5=30) 1. Who is office assistant? Explain his/her any four functions. (1+4) 2. What is handling of mail? Show the specimen of entry book and dispatch book. (1+2+2) 3. What is partnership firm? Write any three differences between sole trading concern and partnership firm. (2+3) 4. What is accounting? Write its four objectives. (1+4) 5. What is subjective filing? Write its four merits and four demerits. (1+2+2) 6. Draw a trial balance of Hero Traders, Nepal from the following particulars: (5) Drawing Rs. 10,000 Purchases Rs. 2,50,000 Goodwill 30,000 Furniture 1,10,000 Loan 70,000 Sales 1,80,000 Capital 1,30,000 Dividend received 20,000 [Ans: Total Rs 4,00,000] Group B Answer the following questions: (2×10=20) 7. Who are office personnel? Explain the types of office personnel. (2+8) 8. Following transactions are given : Dec 1 Commenced a business with cash Rs. 2,00,000. Dec 4 Sold goods to Rabina for Rs.40,000. Dec 10 Cash purchase Rs. 30,000. Dec 15 Purchased goods from Madan in cash Rs.50,000. Dec 25 Returned goods by Rabina of Rs. 2,000 being defectives. Ble Model Questions Sets 157

Dec 27 Paid rent Rs. 6,000 through cheque. Dec 30 Received commission Rs. 4000. Required: a. Journal entries b. Cash account (7+3) [Ans: b) Balance Rs. 1,24,000] Set 5 Group A Give answer of the following questions in one sentence: (5×1=5) 1. Write the full form of WWW. 2. Mention any two modern means of communication. 3. Name the central bank of Nepal. 4. Which is the first public enterprise of Nepal? 5. Mention the rules of debit and credit under nominal account. Group B Give short answer of the following questions: (5×5=25) 6. What is government office? Write its four functions. (1+4) 7. What is communication? Explain the role of communication in office. (1+4) 8. What is insurance? Explain any two major types of non- life insurance. (1+4) 9. What is business? Explain the major features of business. (1+4) 10. What is single entry system? Write any two advantages and two disadvantages of single entry system. (1+2+2) Group C Give long answer of the following questions: (2×10=20) 11. What are office resources? Explain any four types of office resources in brief. (2+8) 12. You are given the following transactions: a) Business started with cash Rs. 1,00,000 and furniture of Rs. 50,000 b) Opened bank account with cash Rs. 30,000 c) Goods purchased for Rs. 25,000 and paid by cheque. d) Bought computer for Rs. 20,000 e) Sold goods to Namrata for Rs. 50,000 f) Paid office expenses by cheque Rs. 10,000 g) Purchased trading goods from Reeta for Rs. 35,000 and made partial payment Rs. 15,000. Required: a) Journal entries b) Cash account (7+3) [Ans: b) Balance Rs. 35,000] 158 Office Management and Accountancy

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Saksena, S.C., (1984) Business Organization and Management, Agra: Sahitya Bhawan, Sharma, R. R., (2011) Business Studies, Kathmandu: Buddha Academic Publishers and Distributors Pvt. Ltd. Sharma, R.S., (1960) Insurance : Principles and Practices, New Delhi: Vora and Co. (Pvt.) Ltd. Sherlaker, S.A. (1982) Modern Business Organization and Management: New Delhi: System Approach, Himalayan Publishing House. Shukla, M.C., (1988) Business Organization and Management, New Delhi:S. Chanda and Company (Pvt.) Ltd., Siddiqui S.A., (2003-2004),Comprehensive Financial Accountancy New Delhi. Laxmi Publications (P) Ltd. 160 Office Management and Accountancy