Ingenuity International School and College

Baridhara, Gulshan, Dhaka.

MCT-4
Sub: Accounting
Class- Std – VIII
Time: 40 minutes Full Mark-20
Answer the following questions:

1.Who are called debtor and creditor? 4

2.What is return inwards, return outwards, carriage inwards and carriage outwards?
4x2=8

3. Make journal entries of the following transactions: 4

2013 1 Paid $ 9,400 of the opening cash into bank

June account for the business.
3 Started business with $17,000 in cash.
8 Bought a van paying by cheque $5,230.
9 Returned faulty office furniture costing $760
to Dream Ltd.
4. B. Brown drew up the following trial balance as at 30 September 2017. You are to draft the income
statement for the year ending September 2017 and a statement of financial position as at September
2017. Inventory at 30 September 2018 was $ 89,404. 10
Dr $ Cr $
Capital 49,675
Drawing 28,600
Cash at bank 4,420
Cash in hand 112
Account receivable 38,100
Account payable 26,300
Inventory: 30 September 2017 72,410
Van 5,650
Office equipment 7,470
Sales 391,400
Purchases 254,810
Return inwards 2,110
Carriage inwards 760
Return outwards 1,240
Carriage outwards 2,850
Motor expenses 1,490
Rent 8,200
Telephone charge 680
Wages and Salaries 39,600
Insurance 745
Office expenses 392
Sundry expenses 216