Question
Complete the following Accounting Equation by filling the missing amounts:
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Pass entries in the books of Sh. Jagdish Mishra of Lucknow (U.P.) assuming CGST @ 6% and SGST @ 6%.
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2018
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March 5
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Purchased goods for ₹ 2,50,000 from Virender Yadav of Patna (Bihar).
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| March 12 |
Sold goods costing ₹ 60,000 at 50% profit to Partap Sinha of Ranchi (Jharkhand).
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March 14
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Purchased goods for ₹ 70,000 from Ram Nath of Kanpur (U.P.) against cheque.
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March 18
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Sold goods at Varanasi (U.P.) Costing ₹ 2,25,000 at 3313%3313%profit less trade discount 10% against cheque which was deposited into bank.
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March 20
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Paid rent ₹ 25,000 by cheque. |
| March 31 | Payment made of balance amount of GST. |
Show the accounting equation on the basis of the following transactions and also show the Balance Sheet:
→- Started business with Cash ₹ 60,000 and Goods ₹ 30,000.
- Purchased goods for Cash ₹ 40,000 and on Credit ₹ 25,000.
- Goods costing ₹ 48,000 sold at a profit of $33\frac{1}{3}\%.$ Three-fourth payment received in Cash.
- Goods costing ₹ 20,000 sold at a loss of 5%, out of which ₹ 12,000 received in Cash.
- Paid Rent ₹ 4,000 and Salary ₹ 6,000.
- Received Cash from Debtors ₹ 15,000.
- Paid telephone bill amounting to ₹ 800.
Fill up the missing information in the plant Account given below, Depreciation was profided at 20% p.a. on the written down value method on this palnt.
Rectify the following errors:
- Depreciation provided on machinery ₹ 4,000 was not posted.
- Bad debts written off ₹ 5,000 were not posted.
- Discount allowed to a debtor ₹ 100 on receiving cash from him was not posted.
- Discount allowed to a debtor ₹ 100 on receiving cash from him was not posted to discount account.
- Bill receivable for ₹ 2,000 received from a debtor was not posted.
Use accounting equation to show the effect of the following transactions of M/s Royal Traders:
(Ans: Assets = Cash ₹ 1,21,200 + Goods ₹ 4,500 + Prepaid insurance ₹ 1,000; Liabilities = Outstanding salary ₹ 2,000 + Capital ₹ 1,25,200)
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a.
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Started business with cash
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₹ 1,20.000
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b.
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Purchased goods for cash
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₹ 10,000
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c.
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Rent received
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₹ 5,000
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d.
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Salary outstanding
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₹ 2,000
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e.
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Prepaid Insurance
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₹ 1,000
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f.
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Received interest
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₹ 700
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g.
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Sold goods for cash (Costing ₹ 5,000)
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₹ 7,000
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h.
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Goods destroyed by fire
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₹ 500
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Prepare a Petty Cash Book on the Imprest System from the following:
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2017
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April 1
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Received ₹ 10,000 for Petty Cash
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April 3
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Paid Cartage ₹ 800
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April 4
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Paid Bus Fare ₹ 400; Speed Post ₹ 200
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April 6
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Paid for Stationery ₹ 700
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April 7
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Paid for Courier Services ₹ 300
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April 9
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Paid for Taxi fare ₹ 800; Wages ₹ 300
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April 10
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Paid for Wages ₹ 400; Charity ₹ 500
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April 11
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Paid for Newspaper bill ₹ 600
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April 12
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Paid for soap ₹ 320; Speed post charges ₹ 300
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April 13
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Paid for Postage ₹ 780
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April 14
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Paid for Repairs of Chairs ₹ 500
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April 15
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Paid for Refreshment to customers ₹ 900
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Pass Journal Entries for the following:
2023 March 2 Purchased an Iron Safe for business for ₹ $1,00,000$ and payment made by cheque.
2023 March 3 Purchased filing cabinet for office use ₹ 40,000 and paid ₹ 200 as cartage on it.
2023 March 4 Purchased a Computer from Shyam \& Co. for ₹ 80,000 on credit.
2023 March 5 Purchased an electric fan for ₹ 20,000 .
2023 March 6 Purchased a Horse for business for ₹ $1,50,000$ and payment made by cheque.
2023 March 7 Purchased Post Cards for ₹ 250 ; Envelopes for ₹ 500 and Stamps for ₹ 1,000 .
2023 March 8 Purchased office stationery for ₹ 4,000 .
2023 March 15 Gave as Charity - Cash ₹ 2,000 and Goods ₹ 4,000 .
2023 March 20 The horse bought on March 6 died, its carcass was sold for ₹ 10,000 .
2023 March 25 Sold household furniture for ₹ $1,00,000$ and paid the money into the business.
2023 March 31 Paid to the landlord by cheque ₹ $1,20,000$ for rent. One-third of the building is occupied by the proprietor for residential use.
→2023 March 2 Purchased an Iron Safe for business for ₹ $1,00,000$ and payment made by cheque.
2023 March 3 Purchased filing cabinet for office use ₹ 40,000 and paid ₹ 200 as cartage on it.
2023 March 4 Purchased a Computer from Shyam \& Co. for ₹ 80,000 on credit.
2023 March 5 Purchased an electric fan for ₹ 20,000 .
2023 March 6 Purchased a Horse for business for ₹ $1,50,000$ and payment made by cheque.
2023 March 7 Purchased Post Cards for ₹ 250 ; Envelopes for ₹ 500 and Stamps for ₹ 1,000 .
2023 March 8 Purchased office stationery for ₹ 4,000 .
2023 March 15 Gave as Charity - Cash ₹ 2,000 and Goods ₹ 4,000 .
2023 March 20 The horse bought on March 6 died, its carcass was sold for ₹ 10,000 .
2023 March 25 Sold household furniture for ₹ $1,00,000$ and paid the money into the business.
2023 March 31 Paid to the landlord by cheque ₹ $1,20,000$ for rent. One-third of the building is occupied by the proprietor for residential use.
Differentiate between source documents and vouchers.
Accounting equation remains intact under all circumstances. Justify the statement with the help of an example.
Journalise the following transactions of Ram, Delhi :
→2018 |
| Rs. |
Jan-01 | Ram commenced business with cash | 30,000 |
Jan-02 | Opened a bank account with Union Bank by cheque from savings account | 21,000 |
Jan-03 | Purchased goods from Rahul in Cash | 10,000 |
Jan-07 | Withdrew cash from bank for office use | 3,000 |
Jan-10 | Sold goods to Hari, Delhi on credit | 5,000 |
Jan-15 | Purchased goods from Shyam, Meerut (UP) | 15,000 |
Jan-20 | Cash sales | 3,000 |
Jan-25 | Paid to Shyam | 14,750 |
| Discount Received | 250 |
Jan-31 | Paid Salaries | 10,000 |
CGST and SGST is levied @ $6 \%$ each on intra-state sale and purchase. IGST is levied @ $12 \%$ on inter-state sale and purchase.