TMA Questions

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1. Answer any one of the following questions in about 40- 60 words.

(a) Give two examples of business and non-business transactions each.
(b) State the purposes for which capital reserves can be utilised.

2. Answer any one of the following questions in about 40- 60 words.

(a) Prepare a sales journal for one month on the basis of imaginary details.
(b)

3. Answer any one of the following questions in about 40- 60 words.

(a) Discuss with your friends and list the past month’s savings differentiating them into provisions and reserves giving proper reasons.
(b) “Whatever the business possesses in the form of assets is financed by proprietor or by outsiders.” Justify the statement giving four appropriate examples.

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4. Answer any one of the following questions in about 100-150 words.

(a) Assuming that you are an owner of a grocery shop. Prepare a list of items purchased and sold for one week. Record all transactions in appropriate books of accounts.
(b) Discuss with two employees of different organizations, and explain how accounting is useful to them.

5. Answer any one of the following questions in about 100-150 words.

(a) Prepare Accounting Equation on the basis of the following:
i. Shivani started business with cash Rs. 16,00,000.
ii. She purchased furniture for cash Rs. 1,60,000.
iii. She paid rent Rs. 16,000.
iv. She purchased goods on credit 2,40,000.
v. She sold goods costing Rs. 1,60,000 for Rs.4,00,000 for cash.

(b) Mr Robert commenced business on 1st January, 2011 with a capital of Rs.100,000 in cash. On the same date he opened the bank account in ABC, and deposited Rs.20,000. During the month of January 2011 the following transactions took place:
Jan 1 Bought goods for cash 70,000
2 Sold goods to Steve Co. (Credit) Rs.38,000
15 Sold goods for cash Rs.9,000
21 Steve Co. paid by cheque Rs.35,000
22 Stationery bill paid by cheque Rs.2,000
22 Telephone bill by cash Rs. 500
31 Paid rent by cash Rs.2,000
Paid salaries by cash Rs.3,000
Withdrew cash personal use Rs.5,000
Record Journal entries and post them into ledger

6. Prepare any one project out of the given below.

The cash book shows a balance of Rs. 7,800. On comparing the cash book with pass book, the following discrepancies were noted.
i. Cheque deposited in bank not credited, Rs.3,000
ii. Cheque issued but not yet presented for payment, Rs. 1,500.
iii. Insurance Premium paid by the bank, Rs.2000.
iv. Bank interest credited by the bank, Rs.400.
v. Bank charges, Rs.100.
vi. Directly deposited by customer, Rs. 4000

(b) Discuss with your friend write the hardware requirement and important steps to open a Tally software. Create a company on Tally ERP 9.0., and attach printouts of the screen shots of the Company created.

OR
State the purpose for which provision is created?

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