Athithan business was started investing Rs. 100 000 on 01.01.2022. This business was registered for VAT.Purchases and sales include 8% VAT. The following transactions took place during the month ended31.01.2022.Grade - 12 (2023) – 2023 FWC - 3 - Accounting- I- Goods were purchased for Rs. 540 000 on credit basis.- All these goods were sold for Rs. 648 000 on credit basis.- Rs. 500 000 was received from debtors.- Cash was paid to creditors to settle Rs. 360 000 with discount Rs. 20 000.11. Gross profit for the month ended 31.01.2022 and cash balance on 31.01.2022 are,Gross profit Rs. ‘000’ Cash account balance Rs. ‘000’(1) 100 160(2) 100 240(3) 100 260(4) 108 160(5) 108 26012. Total liabilities and equity of the business on 31.01.2022 are,Total liabilities (Rs. ‘000’) Equity (Rs. “000”)(1) 180 120(2) 180 220(3) 188 220(4) 188 128(5) 200 228

Q-1: Journalise the following transactions:Jan-1 Ramesh started business with cash Rs. 50,000.Jan-4 Purchased goods for cash Rs. 7,000.Jan-5 Sold goods for cash Rs. 5,000.Jan-7 Purchased goods from Mohan on credit worth Rs. 4,500.Jan-12 Sold goods to Sohan on credit worth Rs. 2,000.Jan-16 Paid wages amounted to Rs. 4,000.Jan-17 Paid salaries to Rs. 2,500Jan-22 Received commission Rs. 2,000.Jan-25 Goods returned by Sohan worth Rs. 1,500.Jan-28 Returned goods to Mohan Rs. 1,000.Jan-30 Cash Received from Sohan Rs. 1,200.Jan-31 Purchased furniture from Deepak worth Rs. 5,000.

Atishyokti Ltd. company was registered with an authorized capital of ₹ 20,00,000 divided into2,00,000 Equity Shares of ₹ 10 each, payable ₹ 3 on application, ₹ 6 on allotment (including ₹ 1premium) and balance on call. The company offered 80,000 shares for public subscription. All themoney has been duly called and received except allotment and call money on 5,000 shares held byManish and call money on 4,000 shares held by Alok. Manish’s shares were forfeited and out of these3,000 shares were re-issued ₹ 9 per share as fully paid up. Show share capital in the books of thecompany. Also prepare notes to accounts

Akilan business purchased goods for Rs. 44 000 on credit basis from Aathi business including 10% VAT. Out of these goods, goods at vlue Rs. 22 000 including 10% VAT were returned to Aathi business. 50% of remaining goods were sold for Rs. 33 000 to Athira business, including VAT 10%. Rs. 31 000 was received in cash from Athira business from the receivables and the remaining receivable amount was written off as bad debt. Select the answer which contains the correct order of source documents used to be recorded the above transactions in the accounting books of Akilan business. (1) purchase invoice, credit note, sales invoice, receipt, journal voucher (2) purchase invoice, debit note, sales invoice, voucher, journal voucher (3) purchase invoice, credit note, receipt, journal voucher, sales invoice (4) sales invoice, debit note, purchase invoice, receipt, journal voucher (5) purchase invoice, debit note, sales invoice, receipt, journal voucher 05. What is balance of VAT account after the above transactions? (1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit (4) Rs. 1 000 debit (5) Rs. 900 debit 06. What is increase or decrease in net assets due to the above transactions? (1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100 (4) Rs. 5 000 (5) Rs. 12 100

Akilan business purchased goods for Rs. 44 000 on credit basis from Aathi business including 10% VAT.Out of these goods, goods at value Rs. 22 000 including 10% VAT were returned to Aathi business. 50%of remaining goods were sold for Rs. 33 000 to Athira business, including VAT 10%. Rs. 31 000 wasreceived in cash from Athira business from the receivables and the remaining receivable amount waswritten off as bad debt.For Examiner’s Use onlyFor paper IQ.Nos. Marks01 – 1516 - 25Totalnjhz;ilkhdhW ntspf;fs epiyak; elhj;Jk;,uz;lhk; jtizg; guPl;ir - 2022Conducted by Field Work Centre, Thondaimanaru2st Term Examination - 2022FWCTime: 3 Hours & 10 MinutesAccounting - IGrade :- 12 (2023)Index Number: .....................................Grade - 12 (2023) – 2023 FWC - 2 - Accounting- I04. Select the answer which contains the correct order of source documents used to be recorded the abovetransactions in the accounting books of Akilan business.(1) purchase invoice, credit note, sales invoice, receipt, journal voucher(2) purchase invoice, debit note, sales invoice, voucher, journal voucher(3) purchase invoice, credit note, receipt, journal voucher, sales invoice(4) sales invoice, debit note, purchase invoice, receipt, journal voucher(5) purchase invoice, debit note, sales invoice, receipt, journal voucher05. What is balance of VAT account after the above transactions?(1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit(4) Rs. 1 000 debit (5) Rs. 900 debit06. What is increase or decrease in net assets due to the above transactions?(1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100(4) Rs. 5 000 (5) Rs. 12 100

The following transactions are given May      1: Business started with cash of 150002: Goods purchased for cash 50003: Purchased goods from Mr. Agrawal 10005: Paid to Mr. Agrawal 10009: Paid for postage 12011: Deposited into bank 700014: Sold goods on credit to Ram 150015: Received cash from Ram 100019: Paid telephone charges of 6024: Purchased Furniture 3000029: Cash sales 90030: Received from Ram 50031: Paid salaries for the month of 15031: Purchase government securities 50031: Paid for advertising by cheque 150Required:  Journal Entries