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Correct option is (c) Day books

Entries passed at the beginning of the financial year to bring the assets and liabilities in the books of account are known as opening entries.

A petty cash book that had many subcolumns on the payment side for recording expenses that are repetitive in nature is called an analytical/columnar petty cash book.

Journal entry made in the beginning of the current year with the balances of assets and liabilities of the previous year is opening journal entry. In this entry, asset accounts are debited, liabilities and capital accounts are credited.

(i) When we sell the goods, immediately we can get cash at once. So no debts had occurred in the business.

(ii) He offered trade discount.

(iii) The cash discount may be offered by Joseph to his customers to pay on time.

i. (b) Cash Book

ii. (d) Journal Proper

iii. (c) receipts

iv. (a) drawer

v. (c) Fixed

(c) Three column cash book

Entries in the purchases day book are made from invoices which are popularly known as bills. Invoice is a business document or bill or statement, prepared and sent by the seller to the buyer giving the details of goods sold, such as quantity, quality, price, total value, etc. Thus, the invoice is a source document of prime entry both for the buyer and the seller.

i. (a) credit

ii. (d) contra

iii. (b) Outward Invoice

iv. (c) Journal Proper

v. (a) Subsidiary

The advantages of maintaining subsidiary books are: 

1. Proper and systematic record of business transactions: All the business transactions are classified and grouped conveniently as cash and non cash transactions, which are further classified as credit purchases, credit sales, returns, etc. As separate books are used for each type of transactions, individual transactions are properly and systematically recorded in the subsidiary books.

2. Convenient posting: All the transactions of a particular nature are recorded at one place, i.e., in one of the subsidiary books.

For example, all credit purchases of goods are recorded in the purchases book and all credit sales of goods are recorded in the sales book. It facilitates posting to purchases account, sales account and concerned personal accounts.

3. Division of work: As journal is sub-divided, the work will be sub – divided and different persons can work on different books at the same time and the work can be speedily completed.

4. Efficiency: The sub – division of work gives the advantage of specialisation. When the same work is done by a person repeatedly the person becomes efficient in handling it. Thus, specialisation leads to efficiency in accounting work.

5. Helpful in decision making: Subsidiary books provide complete details about every type of transactions separately. Hence, the management can use the information as the basis for deciding its future actions. 

For example, information regarding sales returns from the sales returns book will enable the management to analyse the causes for sales returns and to adopt effective measures to remove deficiencies.

6. Prevents errors and frauds: Internal check becomes more effective as the work can be divided in such a manner that the work of one person is automatically checked by another person. With the use of internal check, the possibility of occurrence of errors or fraud may be avoided or minimised.

7. Availability of requisite information at a glance: When all transactions are entered in one journal, it is difficult to locate information about a particular item. When subsidiary books are maintained, details about a particular type of transaction can be obtained from subsidiary books. The maintenance of subsidiary books helps in obtaining the necessary information at a glance.

8. Detailed information available: As all transactions relating to a particular item are entered in a subsidiary book, it gives detailed information. It is easy to arrive at monthly or quarterly totals.

9. Saving in time: As there are many subsidiary books, work of entering can be done simultaneously by many persons. Thus, it saves time and accounting work can be completed quickly.

10. Labour of posting is reduced: Labour of posting is reduced as posting is made in periodical totals to the impersonal account, 

For example, Purchases account.

Following are the advantages of maintaining petty cash book: 

1. There can be better control over petty payments. 

2. There is saving of time of the main cashier. 

3. Cash book is not loaded with many petty payments. 

4. Posting of entries from main cash book and petty cash book is comparatively easy.

i. Subsidiary

ii. Cash

iii. Purchase return

iv. Journal proper

v. Bank

Correct option is (b) Sales book

1. Cash book 

2. Sales book 

3. Purchase book 

4. Journal proper 

5. Purchase return book 

6. Journal proper

There are three types of cash book:

1. Simple cash book,
2. Two columnar cash book and
3. Three columnar cash book.

Net amount of purchase = Total amount of credit purchase – Amount of trade discount + Purchase expenses

Purchase book is also known as Credit book as in this book the account of supplier (trader) of the goods is credited.

When a businessman is selling more than one type of goods, generally columnar sales book is maintained.

There are two types of subsidiary books for bills:

1. Bills receivable book and
2. Bills payable book.

Sales book is also known as Debit book, as in this book the account of customer (purchaser) is debited.

Name of supplier is recorded in Purchase book while name of customer is recorded in sales book.

Trade discount is not recorded in any book while cash discount is recorded in three columnar cash book.

When columnar purchase returns book according to goods and expenses is prepared, amount of Mahajan Lago is not considered because of it is not refunded.

Correct option is (a) Debit note

Correct option is (a) Debit note

When the trader deals with only one type of goods, a simple sales book is maintained.

Transactions for bills receivable drawn and bills payable accepted are recorded in the subsidiary books for bills.

Correct option is (c) Debit note

Correct option is (b) Credit note

Correct option is (d) Remark

Correct option is (b) Sales return book

Correct option is (d) GST A/c

Correct option is (c) Four

Correct option is (a) Credit side of Sales account

Correct option is (d) Sales book

Correct option is (c) Bills book

Correct option is (a) Debit note

Correct option is (d) Cash memo

Correct option is (b) Sales return of goods

Trade Discount = Purchases Price × Percentage of T.D.

= 12,000 × \(\frac{7}{100}\)

= ₹ 840

This statement is False. 

A cheque received and deposited on the same day is not a contra entry.

A document that is prepared to give debit if less debit is given earlier or to cancel the wrong credit or extra credit given is called a debit note.

A document that is prepared to give credit if less credit is given earlier or to cancel the wrong debit or extra debit given is called a credit note.

(a) Contra entry

(c) An asset

(b) credit side

(i) Suggestions: 

He may maintain triple column cash book, because he can know all cash transactions is a same account. 

Instead of personal bank account he can open business bank account (i.e.) current account.

(ii) He will be maintaining the following other books:

1. Triple column cash book. 

2. Petty cash book (Analytical). 

3. Purchases book for credit purchases 

4. Sales book for credit sales. 

5. Purchases returns book.

6. Sales returns book. 

7. Business book account (i.e. current account to be maintained).

8. Proper journal for other assets maintaining: 

\(\bullet\)  All cash transactions recorded in cash book. 

 \(\bullet\)  All petty expenses are to recorded in analytical petty cash book. 

 \(\bullet\)  All credit transactions to recorded in special purpose books (i.e. purchases book, sales book, purchases return book and sales returns book and proper journal.

(i) Endorsement of Cheque

(ii) Pass Book

(iii) Bearer Cheque

(iv) Drawee

(v) Pay-in-slip

Correct option is (a) Credit note

(i) Sales Book

(ii) Purchase Return

(iii) Inward Invoice

(iv) Outward Invoice

(v) Debit Note