FINANCIAL ACCOUNTING

BBA LLB 2nd Sem

ANSWER THE FOLLOWING QUESTIONS

Q1. Journalise the following transaction

1. Sold goods to kushal at the list price of Rs. 140000 less 10% Trade Discount
and 5% cash discount and received 60% by cheque
2. Sold goods at a list price of Rs. 60000 at trade discount 10% and 10% cash
discount
3. Sold goods to vimal for Rs 10000 at a trade discount 2% and cash discount
10% vimal paid 1/4 th payment immediately in cash
4. Purchase goods at the list price of Rs. 38000 from Gyan singh less 20%trade
discount and 10%cash discount and paid 40%by cheque was immediately
deposited into bank
5. Bought goods for cash at the list price of Rs. 50000 at 20% trade discount
and 25% cash discount

OR
Explain Financial Accounting with its objective and limitations ?
Q2 Explain ledger account in detail with its importance and format