Correct the following Trial Balance: - Vidyadip

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Correct the following Trial Balance:

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Rectify the following errors:

Credit sales to Mridula ₹ 5,000 were recorded as ₹ 5,400.
Credit purchases from Nayna ₹ 8,000 were recorded as ₹ 8,800.
Goods returned to Priya ₹ 12,000 were recorded as ₹ 12,200.
Goods returned from Rashi ₹ 10,000 were recorded as ₹ 11,000.

Mr. Jain operates two bank accounts both of which are maintained in the columnar cash book itself. You are required to prepare a proforma of the cash book, record the following transactions therein and draw the closing balances as on 30 June, 2023:

2023		₹
June 20	Opening Balance of Cash	1,180
	Progressive Bank	19,040
	Goodwill Bank (Overdraft)	6,460
20	Received a cheque for₹ 1,800 from a debtor Mr. X and deposited in Goodwill Bank. The Bank credited the amount on 23rd June and debited 4 as its collection charges.
21	Purchased goods for 18,210 and a cheque issued on Progressive Bank.
22	Paid office expenses 410 and 80 for stationery in cash.
23	Deposited a cheque for ₹21,090 being sale proceeds of goods in Progressive Bank. The Bank credited the amount on the same day and debited 21 as cheque discounting charges.
23	A cheque for₹ 8,000 drawn by Mr. Jain himself on Progressive Bank was deposited in his account with Goodwill Bank.
25	Cash drew from the account with Progressive Bank 600 for office use.
25	A cheque for 1,100 received from Mr. A and earlier deposited in Goodwill Bank (on 14 4th June) was returned unpaid and Bank debited 10 towards its charges. Mr. Jain received the amount of returned cheque and Bank charges in cash from Mr. A.
28	Deposited cash 1,500 in the account with Goodwill Bank.
29	Purchased postal stamps for 200 and paid in cash.

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Rectify the following errors:

Bought Radio for ₹ 1,000 for the proprietor was debited to General Expenses A/c.
Bought goods from Mohan ₹ 2,000 was passed through the Sales Book, however, the account of Mohan was credited correctly.
Wages due ₹ 1,500 has not been taken into account.
Goods Returned by Kamal ₹ 240 has been debited to his account ₹ 420.

Journalise the following transactions in the books of Dixit & Sons.:

2018
March 2	Sold goods to Dilip of the list price of ₹ 62,000 for ₹ 60,000.
March 16	Purchased goods costing ₹ 2,00,000 from Hari & Co. Paid 75% immediately by cheque to avail 4% discount.
March 20	Sold goods to Vishal Traders costing ₹ 40,000 at 25% profit, allowing 10% trade discount and 10% cash discount. Received 80% payment immediately by cheque.
March 26	Sold goods to Brij & Co. costing ₹ 50,000 at 40% profit, allowing 10% trade discount and 5% cash discount. Brij & Co. paid the full amount by cheque and availed cash discount.

Jouranlise the following transactions in the books of Harpreet Bros:

₹ 1,000 due from Rohit are now bad debts.
Goods worth ₹ 2,000 were used by the proprietor.
Charge depreciation @ 10% p.a for two month on machine costing ₹ 30,000.
Provide interest on capital of ₹ 1,50,000 at 6% p.a. for 9 months.
Rahul become insolvent, who owed is ₹ 2,000 a final dividend of 60 paise in a rupee is received from his estate.

“Capital is a liability for the business." Explain this statement with the principle applied.

Prepare Accounting Equation from the following:

Started business with Cash ₹ 2,00,000.
Purchased goods for Cash ₹ 60,000 and on Credit ₹ 1,50,000.
Sold goods for Cash costing ₹ 40,000 at a profit of 20% and on Credit costing ₹ 72,000 at a profit of 25%.
Paid for Rent ₹ 5,000.

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

Explain any three of the following:

Retiring of a bill of exchange.
Discounting of a bill of exchange.
Bill sent to bank for collection.
Noting Charges.

Name the steps followed in accounting process.