Question
✓
Answer
Get the step-by-step solution for this question inside the Vidyadip app.
Get the answer in the appNeed a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Describe whether the following transactions are
$(1)$ Economic or Non-economic,
$(2)$ Cash, Credit or Special and
$(3)$ Internal or External: $(1)$ Goods of $Rs.500$ received as a free sample from manufacture. $(2)$ Received free sample goods of $Rs.500$ sold and realize $Rs.300$. $(3)$ Defective goods of $Rs.1,000$ returned by Richa. $(4)$ Goods of $Rs.2,000$ withdrawn for personal use. $(5)$ Goods of $Rs.12,000$ sent to Baroda branch from godown.
→$(1)$ Economic or Non-economic,
$(2)$ Cash, Credit or Special and
$(3)$ Internal or External: $(1)$ Goods of $Rs.500$ received as a free sample from manufacture. $(2)$ Received free sample goods of $Rs.500$ sold and realize $Rs.300$. $(3)$ Defective goods of $Rs.1,000$ returned by Richa. $(4)$ Goods of $Rs.2,000$ withdrawn for personal use. $(5)$ Goods of $Rs.12,000$ sent to Baroda branch from godown.
Ajay has commenced his business with the name Avadh enterprise. Write Journal entriesfrom transaction.
→| $2014$ | |
| July | |
| $1$ | Introduced capital of $Rs. 50,000$ and commenced business. |
| $4$ | Brought goods of $Rs. 10,000,$ furniture of $Rs. 2000$ and debtors of $Rs. 30,000$ in business. |
| $10$ | Sold bike of $Rs. 20,000$ for $Rs. 15,000$ out of which $Rs. 10,000$ introduced in business. |
| $14$ | Brought in business personal receivable of $Rs. 6000$ and payables $Rs. 4000.$ |
| $16$ | Paid of income tax $Rs. 500.$ |
| $20$ | Withdrawn $Rs. 1000$ from business for personal use. |
| $22$ | Paid $Rs. 200$ for life insurance premium from business. |
| $25$ | Withdrawn goods of $Rs. 400$ for personal use from business. |
| $31$ | College tution fees of son $Rs. 500$ paid from business. |
Shri Nikunj Kanani holds two current account in the Saurashtra Bank for his business: account no. $111$ and account no. $555$. From the following transactions, prepare bank book in the books of Nikunj Kanani.
$2018$
July
$1$ Bank balance of ₹ $12,000$, in the account no. $111$. Bank overdraft of ₹ $8000$ in the account no. $555$.
$4$ Goods costing ₹ $6000$, sold at $25 \%$ profit on selling price, for which cheque is received, which is deposited in the account no. $555$.
$8$ Transfer ₹$ 5000$ from account no. $111$ to account no. $555$.
$13$ Received a cross cheque of ₹ $3000$ from Nihal against his debt of ₹ $3050$, which is deposited in account no. $111$.
$16$ Goods of ₹ $8000$ purchased from Nirav at $10 \%$ trade discount and $10 \%$ cash discount, cheque issued from account no. $555$.
$20$ Cheque of ₹ $2000$ is issued from account no. $111$ for life insurance premium and chqeue of ₹ $1500$ is issued from account no. $555$ for fire insurance premium.
$23$ A customer Jinal has deposited directly ₹ $4000$ in account no. $555$.
$30$ Goods of ₹ $5000$ purchased from Vishakha. Amount paid to him by cheques from account no. $111$ and account $555$ in the ratio of $2:3$ respectively.
→$2018$
July
$1$ Bank balance of ₹ $12,000$, in the account no. $111$. Bank overdraft of ₹ $8000$ in the account no. $555$.
$4$ Goods costing ₹ $6000$, sold at $25 \%$ profit on selling price, for which cheque is received, which is deposited in the account no. $555$.
$8$ Transfer ₹$ 5000$ from account no. $111$ to account no. $555$.
$13$ Received a cross cheque of ₹ $3000$ from Nihal against his debt of ₹ $3050$, which is deposited in account no. $111$.
$16$ Goods of ₹ $8000$ purchased from Nirav at $10 \%$ trade discount and $10 \%$ cash discount, cheque issued from account no. $555$.
$20$ Cheque of ₹ $2000$ is issued from account no. $111$ for life insurance premium and chqeue of ₹ $1500$ is issued from account no. $555$ for fire insurance premium.
$23$ A customer Jinal has deposited directly ₹ $4000$ in account no. $555$.
$30$ Goods of ₹ $5000$ purchased from Vishakha. Amount paid to him by cheques from account no. $111$ and account $555$ in the ratio of $2:3$ respectively.
From the following transactions, prepare petty cashbook of Shri Premkumar.
$2018$
May $1$ Opening petty cash balance of $₹ 4000.$
$1$ Amount received from the chief cashier $₹ 2000.$
$3 ₹ 200$ for office file and $₹ 300$ for other stationery are paid.
$5$ Carriage of $₹ 300$ and wages of $₹ 200$ are paid.
$7 ₹ 200$ paid for Tea and Refreshment.
$9 ₹ 300$ is paid to Vishal for salary.
$11$ Misc. expenses paid $₹ 500.$
$13$ Wages of $₹ 300$ and stationery expenses of $₹ 400$ are paid.
$15 ₹ 600$ is given to Viral for the payment of Misc. expenses.
→$2018$
May $1$ Opening petty cash balance of $₹ 4000.$
$1$ Amount received from the chief cashier $₹ 2000.$
$3 ₹ 200$ for office file and $₹ 300$ for other stationery are paid.
$5$ Carriage of $₹ 300$ and wages of $₹ 200$ are paid.
$7 ₹ 200$ paid for Tea and Refreshment.
$9 ₹ 300$ is paid to Vishal for salary.
$11$ Misc. expenses paid $₹ 500.$
$13$ Wages of $₹ 300$ and stationery expenses of $₹ 400$ are paid.
$15 ₹ 600$ is given to Viral for the payment of Misc. expenses.
Shushma Limited has purchased one machine for $₹ 52,000$ on $1-4-12.$ Installation expense of machine was ? $3000.$ On $1-10-13$ second machine purchased for $₹ 19,000$, its installation cost was $₹ 1000.$ Company charges depreciation at $10 \%$ under straight line method of depreciation. On $31-3-15$, first machine was sold at profit of $20 "/0$ on book value.
→Write the following transactions in the journal of Shri Mukesh: $1$. We dishonoured a bill of $Rs.25,000$ drawn by Palak on its maturity date (on $15-01 -‘18)$. Palak paid noting charges $Rs. 300. 2$. The bill for $Rs.21,000$ accepted by Salma and discounted in bank is returned on the maturity date $(20-2 -‘18)$. Bank has incurred noting charges of $Rs.200. 3$. A promissory note of $Rs. 3,150,$ of the period of $60$ days, is received on $10 - 3 -‘18$ from Amar who has written It. (Narration is not required.)
→Cashbook of Sanskruti shows debit balance $Rs. 10,000$ on $31-3-2016,$ which is different from balance as per passbook. From the information given below prepare a rectified cashbook and a bank reconciliation statement as on $31-3-2016.$
→| $2016$ | ||
| March | $1$ | A cheque of $Rs. 7000$ is deposited, but not credited by bank |
| $3$ | A cheque of $Rs. 8000 $ is issued, but not presented in bank. | |
| $5$ | A cheque of $Rs. 4000$ is directly deposited in bank by Mayur. | |
| $7$ | Dividend of $Rs. 2000$ is collected by bank, not recorded in cashbook. | |
| $9$ | Bank interest of $Rs. 200$ is credited by bank, which is not recorded in cashbook | |
| $14$ | A bill accepted by Shyam and discounted with the bank earlier, is dishonoured and $Rs. 5100$ is debited in passbook by bank including noting charges. Sanskruti was unware of this. | |
| $18$ | A cheque of $Rs. 4000$ issued to Mira, which is paid by bank on $4-4-2016.$ | |
| $21$ | A cheque of $Rs. 2000$ received from Vinay was banked, but left unrecorded in cashbook. | |
| $23$ | While carrying forward the balance to the next page in cashbook, payment side total was over cast by $Rs. 1000.$ | |
| $28$ | A cheque of $Rs. 4000$ was issued to Shlok, which is paid by the bank on $29-3-2016$, but it was recorded in cashbook as $Rs. 400$ only. |
From the following transactions prepare purchase book, sales book, purchase returns book and sales return book in the book of Shri Hasmukhbhai.
→| $2015$ | ||
| Jan. | $1$ | Purchased goods of $Rs. 10,000$ from Dhruvil at $10\%$ trade discount. Bill no. $110.$ |
| $3$ | Purchased goods of $Rs. 4000$ from Komal at $10 \%$ cash discount. Credit $2$ months. | |
| $7$ | Sold goods of $Rs. 8000$ to Sajan at $5 \%$ trade discount and $2 \%$ cash discount. Invoice no. $90$. | |
| $10$ | Purchased goods of $Rs. 4000$. Cash memo no. $30$. | |
| $11$ | Goods of $Rs. 2000$ returned by Sajan for which credit note no. $15$ was sent to him. | |
| $15$ | $10 \%$ goods returned to Dhruvil and debit note no. $16$ sent to him. | |
| $16$ | Purchased furniture of $Rs. 5000$ from Shree Bahuchar Furniture Mart. | |
| $18$ | Purchased goods of $Rs. 30,000$ from Nirmi and half of the amount paid immediately. | |
| $19$ | The entire goods purchased from Nirmi sold to Haily for $Rs. 36,000$ at $10 \%$ trade discount. Invoice no. $100$. Credit period of $3$ months. | |
| $20$ | Haily returned half of the goods sold to her and same were returned to Nirmi. | |
| $21$ | Kanu placed an order for supplying goods of $Rs. 12,000$ at $10 \%$ trade discount. | |
| $24$ | Supplied goods to Kanu for his order. $Rs. 300$ added for labour. Invoice $102$. | |
| $25$ | Cash purchase $Rs. 20,000$ and cash sales $Rs. 25,000$. | |
| $31$ | Kanu returned half of the goods sold to him and it was agreed to give rebate of carriage in proportion. | |
Cashbook of Nihar shows bank balance of $₹ 3260 $ on $31-10-2018$ where as pass book shows zero balance on the same date. Prepare bank reconciliation statement as on $31-10-2018$ by taking into consideration the following transactions.
$(1)$ A cheque of $₹ 3400$ was drawn in favour of Payal which is paid by the bank on $30-10-2018$ but the same is recorded in cashbook as $₹ 340.$
$(2)$ A cheque of $₹ 3800$ drawn on $26-10-2018;$ which is presented and paid by bank on $31-10-2018.$
$(3)$ A cheque of $₹ 8200$ deposited with bank on $30-10-2018$ which is not recorded in cashbook. The same cheque is collected by bank on $2-11-2018.$
$(4)$ Total of debit side of pass book is overcast by $₹ 900.$
$(5)$ Cash deposited with bank $₹ 800$ is credited in cash column of cashbook.
$(6)$ Bank charges debited by bank $₹ 50$ is recorded in bank column on debit side of cashbook.
→$(1)$ A cheque of $₹ 3400$ was drawn in favour of Payal which is paid by the bank on $30-10-2018$ but the same is recorded in cashbook as $₹ 340.$
$(2)$ A cheque of $₹ 3800$ drawn on $26-10-2018;$ which is presented and paid by bank on $31-10-2018.$
$(3)$ A cheque of $₹ 8200$ deposited with bank on $30-10-2018$ which is not recorded in cashbook. The same cheque is collected by bank on $2-11-2018.$
$(4)$ Total of debit side of pass book is overcast by $₹ 900.$
$(5)$ Cash deposited with bank $₹ 800$ is credited in cash column of cashbook.
$(6)$ Bank charges debited by bank $₹ 50$ is recorded in bank column on debit side of cashbook.
From the following transactions, prepare cash and bank columnar cash book in the books of Dharmistha.
→| $2015$ | ||
| May | $1$ | Cash balance $Rs. 7000,$ bank overdraft $Rs. 2500$ |
| $2$ | Goods of $Rs. 7000$ sold to Urvashi crossed cheque is received from her, which is deposited in the bank. | |
| $4$ | Goods of $Rs. 2000$ sold to Ashok at $10 \%$ trade discount, $50 %$ amount received in cash and for the balance amount cheque is received, which is deposited in the bank. | |
| $5$ | $Rs. 2000$ cash deposited in the bank. | |
| $7$ | Machine of $Rs. 5000$ purchased. Cheque of necessary amount is issued. | |
| $9$ | Cheque of $Rs. 6000$ is received from Mansi towards receivable which is immediately deposited in the bank. | |
| $11$ | Wages $Rs. 500; $ telephone bill $Rs. 500$ and electricity bill $Rs. 1200$ paid by cheque. | |
| $13$ | $Rs. 2000 $ withdrawn from the bank for the payment of insurance premium. | |
| $15$ | Insurance premium is paid of $Rs. 1600$. | |
| $21$ | Bank debited $Rs. 150 $ to our account for interest on overdraft and $Rs. 100$ for bank charges and it is informed to us through bank advice. | |
| $23$ | Goods of $Rs. 3000 $ sold to Dharti. Crossed cheque is received. | |
| $24$ | Cheque of $Rs. 3000$ received from Tejal, which is endorsed to Sejal. | |
| $26$ | Bank informed about the dishonour of cheque issued by Dharti. | |
| $28$ | $Rs. 1500$ paid to Vibodh for settlement of account. $Rs. 2000$ withdrawn for personal use from the bank. | |
| $29$ | Cheque of $Rs. 3000$ received from the customer Virendra. | |
| $30$ | Cheque of $Rs. 3000$ received from the customer Virendra, which is endorsed in favour of Surendra | |