Question
Complete the following table.:
✓
Answer
1. Drawings A/c
2. Sonali’s A/c
3. Bad debts A/c
4. Livestock A/c
5. Capital A/c
2. Sonali’s A/c
3. Bad debts A/c
4. Livestock A/c
5. Capital A/c
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Calculate the following: Bought goods from Ranjan ₹ 10,000 @ 5% GST and 10% cash discount. Calculate cash discount.
Rectify the following errors.
1) Sales return book was overcast by ₹ 800/-
2) Factory electricity bill ₹ 7,000/- paid but recorded twice in the books.
3) Total of Sales book was undercast by ₹ 900/-
4) Paid for Rent ₹ 825/- was wrongly posted to Rent account as ₹ 325/-
5) Wages paid for extension of Building ₹ 9,900/- was charged to wages account.
6) Paid carriage for purchase of Machinery ₹ 2,000/- was charged to carriage account.
7) Life insurance premium of proprietor paid ₹ 1,500/- wrongly debited to Insurance A/c
1) Sales return book was overcast by ₹ 800/-
2) Factory electricity bill ₹ 7,000/- paid but recorded twice in the books.
3) Total of Sales book was undercast by ₹ 900/-
4) Paid for Rent ₹ 825/- was wrongly posted to Rent account as ₹ 325/-
5) Wages paid for extension of Building ₹ 9,900/- was charged to wages account.
6) Paid carriage for purchase of Machinery ₹ 2,000/- was charged to carriage account.
7) Life insurance premium of proprietor paid ₹ 1,500/- wrongly debited to Insurance A/c
Give necessary transactions for the following effect of increase and decrease in Assets, Capital, and Liabilities.:
Example : Pass the entries in the Journal Proper
1) Purchased Furniture from M/s Patel Furniture on credit for ₹ 74,000
2) Sold Machinery for ₹ 9,400 to Suraj on credit.
3) Goods of ₹ 4,000 were withdrawn by Proprietor for his Personal use.
4) Goods distributed as free samples ₹ 11,000
5) Goods of ₹ 8,500 were lost by fire.
6) Cash Discount Received from Seema ₹ 500
7) Allowed Cash Discount to Hemant ₹ 600
1) Purchased Furniture from M/s Patel Furniture on credit for ₹ 74,000
2) Sold Machinery for ₹ 9,400 to Suraj on credit.
3) Goods of ₹ 4,000 were withdrawn by Proprietor for his Personal use.
4) Goods distributed as free samples ₹ 11,000
5) Goods of ₹ 8,500 were lost by fire.
6) Cash Discount Received from Seema ₹ 500
7) Allowed Cash Discount to Hemant ₹ 600
Sharmila Automobiles Ltd Thane. Purchased a Machine for ₹ 80,000 on1stJuly,2015. On 1st
Oct, 2016.Company purchased an additional Machine costing ₹ 30,000.On 31st March 2018 the
Machine purchased on 1st July 2015 became obsolete and was sold for ₹ 65,000. Depreciation was
provided annually on 31st March the rate of 10% per annum on the Reducing Balance Method
Prepare Machinery A/c and Depreciation A/c for the period from 2015-16,2016-17and 2017-18.
Oct, 2016.Company purchased an additional Machine costing ₹ 30,000.On 31st March 2018 the
Machine purchased on 1st July 2015 became obsolete and was sold for ₹ 65,000. Depreciation was
provided annually on 31st March the rate of 10% per annum on the Reducing Balance Method
Prepare Machinery A/c and Depreciation A/c for the period from 2015-16,2016-17and 2017-18.
On 31st March 2019 the Cash Book of Mr. Arvind showed a bank balance of ` 57,400, but Pass
Book showed a different balance. On comparing the Cash Book with the Pass Book the following
discrepancies were noted:
i) Cheque of ` 6,350 deposited into bank but was not yet collected by bank.
ii) Bank paid our electricity bill ` 9,700 which was not recorded in the Cash Book.
iii) Cheque issued to our supplier ` 15,100was not presented for payment up to31st March 2019.
iv) Interest on investment `8,800 was collected by bank was not recorded in Cash Book.
v) Bank charges ` 650 was debited in Pass Book.
vi) Mr. Tanmay our debtor directly deposited ` 12,000 into our bank account on 28th March 2019,
which was not entered in Cash Book.
Prepare a Bank Reconciliation Statement as on 31st March 2019.
Book showed a different balance. On comparing the Cash Book with the Pass Book the following
discrepancies were noted:
i) Cheque of ` 6,350 deposited into bank but was not yet collected by bank.
ii) Bank paid our electricity bill ` 9,700 which was not recorded in the Cash Book.
iii) Cheque issued to our supplier ` 15,100was not presented for payment up to31st March 2019.
iv) Interest on investment `8,800 was collected by bank was not recorded in Cash Book.
v) Bank charges ` 650 was debited in Pass Book.
vi) Mr. Tanmay our debtor directly deposited ` 12,000 into our bank account on 28th March 2019,
which was not entered in Cash Book.
Prepare a Bank Reconciliation Statement as on 31st March 2019.
Cash Book of Kunal showed an Overdraft of ₹ 36,280 as on 31st July 2019. On comparing his Cash
Book and Pass Book following differences were found:
i) An amount of ₹ 18,700 was directly paid into bank by our customer Manish, was not recorded
in Cash Book.
ii) Cheque of ₹ 18,900 deposited in the bank, was collected and credited by bank but was entered
in Cash Book as ₹ 19,800.
iii) Cheques issued for salary to staff ₹ 25,000 on 27th July 2019 was presented for payment only
on 4th Aug 2019.
iv) Cash ₹ 20,000 withdrawn from ATM for office use was not recorded in Cash Book.
v) Debit side of Cash Book, bank column was overcast by ₹ 100.
vi) As per standing instruction bank paid our office rent ₹ 19,500.
vii) Commission collected by bank ₹ 3,750 on behalf of us was not recorded in Cash Book.
Prepare Bank Reconciliation Statement as on 31st July 2019.
Book and Pass Book following differences were found:
i) An amount of ₹ 18,700 was directly paid into bank by our customer Manish, was not recorded
in Cash Book.
ii) Cheque of ₹ 18,900 deposited in the bank, was collected and credited by bank but was entered
in Cash Book as ₹ 19,800.
iii) Cheques issued for salary to staff ₹ 25,000 on 27th July 2019 was presented for payment only
on 4th Aug 2019.
iv) Cash ₹ 20,000 withdrawn from ATM for office use was not recorded in Cash Book.
v) Debit side of Cash Book, bank column was overcast by ₹ 100.
vi) As per standing instruction bank paid our office rent ₹ 19,500.
vii) Commission collected by bank ₹ 3,750 on behalf of us was not recorded in Cash Book.
Prepare Bank Reconciliation Statement as on 31st July 2019.
Rectify the following errors.
1) A sale of goods of the value of ₹8,000/- to Sharma has been wrongly debited to Verma’s Account.
2) A purchase of ₹ 1,200/- from S.Kumar instead of being credited to him from the Purchase book
has been wrongly debited to him.
3) Cash ₹ 350/- received from G.Ramesh and entered on the Receipts side of the Cash Book has
not been posted.
4) A payment of ₹ 800/- made to K.Mayur for cash purchase of goods from him stands debited to
his Account.
5) An amount of ₹ 1,500/- drawn by the proprietor for his personal use stands debited to General
Expenses Account.
1) A sale of goods of the value of ₹8,000/- to Sharma has been wrongly debited to Verma’s Account.
2) A purchase of ₹ 1,200/- from S.Kumar instead of being credited to him from the Purchase book
has been wrongly debited to him.
3) Cash ₹ 350/- received from G.Ramesh and entered on the Receipts side of the Cash Book has
not been posted.
4) A payment of ₹ 800/- made to K.Mayur for cash purchase of goods from him stands debited to
his Account.
5) An amount of ₹ 1,500/- drawn by the proprietor for his personal use stands debited to General
Expenses Account.
2019
Jan. 1 Bought goods from Anupam ₹ 8,000.
10 Goods returned to Anupam ₹700.
20 Cash paid to Anupam ₹7,000.
Jan. 1 Bought goods from Anupam ₹ 8,000.
10 Goods returned to Anupam ₹700.
20 Cash paid to Anupam ₹7,000.