Sales return book is used to record_________

(a)

Returns of goods by the customer for which cash is paid immediately

(b)

Returns of goods by the customer for which cash is not paid immediately

(c)

Returns of assets by the customer for which cash is not paid immediately

(d)

Returns of assets by the customer for which cash is paid immediately

The source document or voucher used for recording entries in sales book is ____

(a)

Debit note

(b)

Credit note

(c)

Invoice

(d)

Cash receipt

______ is one of the most important books, in which credit purchases of goods are recorded.

(a)

Purchase book

(b)

Sales book

(c)

Purchases returns book

(d)

None of these

_____ in duplicate is prepared in the name of the buyer when goods are returned

(a)

Credit note

(b)

Debit note

(c)

Both 'a' and 'b'

(d)

None of these

_____ is a statement prepared by a trader who receives back from his customer the goods sold.

(a)

Debit note

(b)

Credit note

(c)

Both

(d)

None of these

What is journal proper ?

What is an invoice?

What is Subsidiary book?

What is Bills?

What is trade discount?

Distinguish between sales book and sales account.

Give the format of purchases book.

What are the advantages of subsidiary books?

What are the difference between Cash Discount and Trade Discount?

What are the features of a bill of exchange?

Write a note on
(i) Bills Receivable Book
(ii) Bills Payable Book.

Explain any three advantages of subsidiary books.

Enter the following transactions in the Purchases book of Mrs. Subhashree Electric Co., which deals in electric goods

2017 April 5	Purchased from Karthik Electric Co., on credit 10 Electric iron box @ Rs. 2,500 each 5 electric stoves @ Rs. 2,000 each
April 19	Purchased on credit from Khaitan Electric Co.,
	3 electric heaters @ Rs. 6,000 each
April 25	Purchased from Polar Electric Co., on credit
	10 Fans @ Rs. 2,000 each
April 29	Purchased from M & Co. for cash
	10 electric stoves @ Rs. 3,000 each

Prepare Purchases book and Sales book in the books of Santhosh Textiles Ltd., from the following transactions given for April 2017.

2017 April 1	Purchased goods from Prasad, Kancheepuram on credit
	100 meters Silk @ Rs. 450 per meter
	75 meters Velvet @ Rs. 180 per meter
April 10	Sold goods to Rathinam, Chennai on credit
	60 meters Silk @ Rs. 490 per meter
	50 meters Velvet @ Rs. 210 per meter
April 18	Nathan & Sons purchased from us on credit
	100 meters Silk @ Rs. 510 per meter
April 20	Purchased goods from Hari Ram & Sons, Madurai on credit
	50 rolls kada cloth @ Rs. 730 per roll
	80 rolls cotton cloth @ Rs. 650 per roll
April 24	Purchased from Mohan, Karur for cash
	Shirting cloth @ Rs. 7,000
	Sarees @ Rs. 25,000

Enter the following transactions in proper subsidiary books.

		Rs.
2013, March1	Purchased goods from Balaraman	2,000
2	Sold goods to Senthil	1,000
3	Goods purchased from Durai	1,000
5	Sold goods to Saravanan	700
8	Sold goods to Senthil	500
10	Purchased goods from Elangovan	600
14	Purchased goods from Parthiban	300
20	Sold goods to Sukumar	600