NIOS Class 12 Accountancy Chapter 8 Special Purpose Books

NIOS Class 12 Accountancy Chapter 8 Special Purpose Books Solutions English Medium As Per New Syllabus. to each chapter is provided in the list so that you can easily browse throughout different chapters NIOS Class 12 Accountancy Chapter 8 Special Purpose Books Notes and select need one. NIOS Class 12 Accountancy Chapter 8 Special Purpose Books Question Answers Download PDF. NIOS Study Material of Class 12 Accountancy Paper Code: 320.

NIOS Class 12 Accountancy Chapter 8 Special Purpose Books

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Special Purpose Books

Chapter: 8

Module – 1: Basic Accounting

INTEXT QUESTIONS 8.1

I. Which of the following transactions will be entered in the Purchases Book or Purchase Returns Book?

(If the transaction is not to be entered in any of the two, write None of these.)

(i) Furniture purchased from M/s. Modern Furnishers.

Ans: None of these.

(ii) Goods purchased from M/s Sell Well were returned to them as goods were not according to the specifications.

Ans: Purchase Returns Book.

(iii) Goods of ₹6,000 were purchased from M/s Rohit Brothers for Cash.

Ans: None of these.

(iv) M/s. Ravi & Sons supplied goods on Credit.

Ans: Purchases Book.

(v) Purchased goods from Himanshu on Credit.

Ans: Purchases Book.

INTEXT QUESTIONS 8.2

I. Which of the following transactions will be entered in the Sales Book, Sales Returns Book or Journal Proper?

(If the transaction cannot be entered in any of the three, write None of these.)

(i) Goods sold to Nitin on credit for one month.

Ans: Sales Book.

(ii) Old furniture sold to Dinesh on credit.

Ans: Journal Proper.

(iii) Salary pre-paid.

Ans: Journal Proper.

(iv) Goods sold to M/s Ramesh Bros.

Ans: Sales Book.

(v) M/s Jindal Traders returned goods.

Ans: Sales Returns Book.

(vi) Depreciation charged on Building.

Ans: Journal Proper.

(vii) Goods destroyed by fire.

Ans: Journal Proper.

(viii) Discount received from M/s N Zone.

Ans: Journal Proper.

(ix) Cash received from M/s Ramesh Bros.

Ans: None of these.

II. Multiple Choice Questions:

(i) Acceptance by debtors for credit sales of trading items made by the seller have to be recorded in ___________ books.

(a) Bills Receivable book.

(b) Bills Payable book.

(d) Journal.

Ans: (a) Bills Receivable book.

(ii) Acceptance by debtors for credit purchases of trading items made by the purchaser have to be recorded in ___________ book.

(a) Bills Receivable book.

(b) Purchases Book.

(d) Sales Book.

Ans: (c) Bills Payable book.

TERMINAL EXERCISE

1. State the meaning of Purchases Book and draw the format of Purchases Book.

Ans: Purchases (journal) book is also a book of original entry. This book records only credit purchases of goods in which the firm deals. Cash purchases of goods are recorded in the cash book. Credit purchases of items not for resale are not recorded in the Purchases Book e.g, If a firm deals in Computer parts, any item of furniture purchased on credit is not recorded in this book. These are recorded in another book which is known as ‘journal proper’.

2. State the meaning of Purchase Returns Book. Draw the format of Purchase Returns Book.

Ans: Return of goods purchased is recorded in this book. Sometimes goods purchased from the supplier are returned for various reasons such as goods are not as per our order, or are defective. These goods are returned to the supplier. For this purpose a debit note is prepared and sent to the supplier for making necessary entries. The record of such return of goods in a journal is called Purchase Returns journal, the format of which is as under :

3. State the meaning of Sales Book and draw its format.

Ans: Sales Book is a special journal in which all transactions relating to credit sales of goods are recorded. It records only credit sales made by the business and does not include cash sales or sale of assets.

All entries in the Sales Book are made on the basis of invoices or bills issued to customers, which contain details such as date, items sold, price, discount and amount receivable.

4. State the meaning of Sales Returns Book. Draw the format of Sales Returns Book.

Ans: Goods returned by the customers are recorded in the Sales returns journal/book. The Sales returns Book does not record the return of goods sold on cash basis. Goods supplied to the customer (Debtors) may not be as per specifications of the order, or some of the goods may get damaged during transit. The Customer returns these goods. For this purpose a credit note is made in favour of the customer. The format of Sales returns Book is as under :

5. Explain the meaning of Journal Proper.

Ans: A Book maintained to record transactions, which do not find place in Special Journals is known as Journal Proper.

It is used to record those transactions which cannot be recorded in any other subsidiary books, such as opening entries, closing entries, adjustment entries, and transfer entries.

6. State the purpose of preparing Bills Receivable and Bills Payable Books.

Ans: The purpose of preparing Bills Receivable Book and Bills Payable Book is as follows:

Bills Receivable Book:

(i) It is prepared to record all bills of exchange received from debtors.

(ii) It helps in maintaining a proper record of bills received when the number of such transactions is large.

(iii) It facilitates posting to the credit side of the debtor’s account and to the Bills Receivable Account in the ledger.

Bills Payable Book:

(i) It is prepared to record all bills accepted by the business in favour of creditors.

(ii) It helps in maintaining systematic records of bills payable transactions.

(iii) It facilitates posting to the debit side of the creditor’s account and to the Bills Payable Account in the ledger.

7. Enter the following transactions in the proper Book of M/s Tina Traders for the month of July 2014:

Date	Particulars
July 01	Bought from M/s Soniya Traders as per Invoice No.10456 – 100 Note Books @ ₹30 each, 50 Gel Pens @ ₹10 each, 100 Pkt. Color Pencil @ ₹15 per pkt. Trade Discount 10%
July 14	Bought from M/s Lazer Stationery as per Invoice No.2301 – 100 Files @ ₹12 per file, 10 Rim Paper @ ₹300 per rim. Trade Discount 5%.
July 21	Returned Goods to M/s Soniya Trader as per Debit Note No.0054 – 10 Pkt. Color Pencil @ ₹15 per pkt. Trade Discount 10%.
July 26	Bought from M/s Shimla Paper Mart as per Invoice No.9870 – 50 pkt. Water Color @ ₹50 per pkt. net.
July 31	Returned Goods to M/s Laser Stationery as per Debit Note No.0152 – 3 Rim Paper @ ₹300 per rim. Trade Discount 5%.

Ans: Books of M/s Tina Traders

Purchase Book (July 2014)

Date	Invoice No.	Name of Supplier	L.F.	Details	Amount (₹)
July 01	10456	M/s Soniya Traders		100 Note Books @ ₹30 = 3,00050 Gel Pens @ ₹10 = 500100 Pkt. Colour Pencil @ ₹15 = 1,500Total = 5,000Less: Trade Discount @10% = 500	4,500
July 14	2301	M/s Lazer Stationery		100 Files @ ₹12 = 1,20010 Rim Paper @ ₹300 = 3,000Total = 4,200Less: Trade Discount @5% = 210	3,990
July 26	9870	M/s Shimla Paper Mart		50 Pkt. Water Colour @ ₹50 = 2,500 (Net)	2,500

Total Purchase Book = ₹10,990

Purchase Return Book (July 2014)

Date	Debit Note No.	Name of Supplier	L.F.	Details	Amount (₹)
July 21	0054	M/s Soniya Traders		10 Pkt. Colour Pencil @ ₹15 = 150Less: Trade Discount @10% = 15	135
July 31	0152	M/s Lazer Stationery		3 Rim Paper @ ₹300 = 900Less: Trade Discount @5% = 45	855