Question
Complete the following Rectification Entries:
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From the following particulars prepare bank reconciliation statement as on 31st March 2015:
- Debit balance as per Cash Book ₹ 1,500.
- A cheque for ₹ 2,000 issued in favour of X has not been presented for payment.
- A bill for ₹ 4,000 retired by bank under a rebate of ₹ 120. The full amount of the bill was credited in Cash Book.
- A cheque for ₹ 750 deposited in bank has been dishonoured.
- A sum of ₹ 3,600 deposited in the bank has been credited as ₹ 360 in the Pass Book.
- Payment side of Cash Book has been undercast by ₹ 100.
Prepare accounting equation from the following:
Asset = Cash ₹ 2,39,000 + Furniture ₹ 35,000 + Goods ₹ 20,000 = ₹ 2,94,000; Liabilities = Creditors ₹ 40,000 + Capital ₹ 2,54,000 = ₹ 2,94,000
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₹
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(a)
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Kunal started business with cash
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2,50,000
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(b)
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He purchased furniture for cash
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35,000
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(c)
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He paid commission
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2,000
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(d)
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He purchases goods on credit
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40,000
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(e)
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He sold goods (costing ₹ 20,000) for cash
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26,000
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Fill up the missing information in the following rectifying entries:
Prepare a debit voucher for furniture purchased for ₹ 60,000 from Globe Furniture Mart on 02-01-2017.
Pass Journal entries of rectify the following errors which were located after preparing the Trial Balance:
- The Sales Book was overcast by ₹ 500.
- Credit purchases from Aradhya ₹ 6,000 were posted to the debit of her account as ₹ 9,000.
- Goods returned from Ayan ₹ 8,000 were recorded in Purchases Return Book.
- Wages paid ₹ 3,980 were recorded in the Cash Book as ₹ 3,890.
If in the above case, the proprietor had introduced fresh capital of ₹ $40,000$ and had withdrawn ₹ $10,000$ for personal purposes, calculate his profits.
→What do you understand by Imprest amount in petty cash book?
Prepare Accounting Equation from the following:
- Started business with cash ₹ 1,00,000.
- Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.
- Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.
- Paid salaries ₹ 8,000.
Enter the following transaction in a two column cash book
| 2013 | Amt (Rs.) | |
| Feb-01 | Cash in hand | 75,000 |
| Feb-05 | Paid to Kartik | 15,000 |
| Discount allowed by Kartik | 500 | |
| Feb-08 | Goods purchased | 20,000 |
| Feb-10 | Received from Parth | 49,000 |
| Discount allowed to Parth | 1,000 | |
| Feb-16 | Goods sold | 20,000 |
| Feb-21 | Paid to Aroha | 14,750 |
| Discount allowed by him | 250 | |
| Feb-28 | Paid wages for the month | 25,000 |
| Paid in full settlement of Rs. 20,000 to Amit | 19,500 |
Give the similarities of Cash Book with Ledger.