Subject: Financial Accounts

Topic: Account Current By: Questionscastle Academic Team Document Code: CA/IPCC/ACC/00024
Q 1. From the following information prepare a account current on 30th Sept 1997 to be submitted to F by M: 1997 ` July 1st Debit balance b/f 13,500 July 5th Sold goods to F 9,000 July 15th Received cash from F 13,500 August 4th Sold Goods to F 19,200 Received cash from F 9,000 August 16th September 1st Bought goods from F 21,000 September 2nd Paid cash to F 7,500 September 12th Sold Goods to F 9,600 September 15th Paid cash to F 6,000 Interest to be taken in to account at 10% p.a. it may be calculated to the nearest rupee. Q 2. Mr. Mihir owed `30,000 to Mr. Virani on 1st Jan 1996. The following are the transactions that took place between them during 1996. It is agreed between the parties that interest @ 15% is to be calculated on all transactions. 1996 Jan 16 Mr. Virani sold goods to Mr. Mihir for `20,000 Jan 29 Mr. Virani bought goods from Mr. Mihir for `15,000 Feb 10 Mr. Virani paid cash `15,000 Mar 13 Mr. Mihir accepted a bill of `20,000 drawn by Mr. Virani for one month They desire to settle their account by one single payment on 15th Mar 1996. Ascertain the amount to be paid to the nearest rupee. Ignore grace days. Q 3. Following Transactions took place between X and Y during the month of April 2001: April 1 Amount Payable by A to B `10,000 April 7 Received acceptance of A to Y for 2 months `5,000 April 10 Bill receivable (accepted by B) on 7.2.2001 is honored on this due date `10,000 April 10 A sold goods to B (invoice dated 10.05.2001) `15,000 April 12 A received cheque from B dated 15-05-2001 `7,500 April 15 B sold goods to A (invoice dated 15-05-2001) `6,000 April 20 A returned goods sold by B on 15-04-2001 `1,000 April 20 Bill accepted by B is dishonored on this due date `5,000 You are required to make out an account current by products method to be rendered by A to B as on 30-04-2001, taking interest in to account @10%p.a. Q 4. From the following particulars prepare an account current to be rendered by Mr. Singh to Mr. Paul as on 31st Aug 2001. Interest must be calculated @ 10% p.a. 2001 June 11 Goods sent to Paul `1,020 June 15 Cash received from Paul `500 June 20 Goods sent to Mr. Paul `650 July 7 Goods sent to Mr. Paul `700 Aug 8 Cash received from Mr. Paul `1,100

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Q 5. On 2nd Jan 2002 Vinod opened a current account with the Allahabad Bank Limited and deposited `30,000 in it. He further have the following transactions: 15th Jan `12,000 15th Feb `26,000 12th Mar `8,000 10th April `30,000 `16,000 10th May th 15 June `14,000 Show Vinods A/c in the ledger of the Allahabad Bank. Interest is to be calculated at 5% on the debit balance and 2% on credit balance. The account is to be prepared as on 30th June 2002. Calculation can be made to nearest rupee. Q 6. From the following particulars make up an account current to be rendered by Sumit to Sachin at 31st Dec reckoning interest at 5% p.a. 2001 `(000) June 30 Balance owing by Sachin 520 July 17 Goods sold to Sachin 40 Aug 1 Cash received from Sachin 500 Aug 19 Goods sold to Sachin 720 Aug 30 Goods sold to Sachin 50 Sept 1 Cash received from Sachin 400 Sept 1 Sachin accepted Sumits Bill at 3 month date for 300 Oct 22 Goods bought from Sachin 20 Nov 12 Goods sold to Sachin 14 Dec 14 Cash received from Sachin 50

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