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Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 16 Marks
Question
Develop an Accounting Equation from the following transactions:
S.no   ₹
(i) Mohan commenced business with cash 50,000
(ii) Purchased goods for cash 30,000
(iii) Purchased goods on credit 20,000
(iv) Sold goods (costing ₹ 10,000) for 12,000
(v) Bought furniture on credit 2,000
(vi) Paid cash to a creditor 15,000
(vii) Salary paid 1,000
✓

Answer


Assets = 16,000 + 40,000 + 2,000 = ₹ 58,000
Liabilities = ₹ 7,000
Capital = ₹ 51,000

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Trial Balance of a bookkeeper shows an excess of debits over credits by ₹ 261. This difference is placed in a Suspense Account to facilitate books closure. Later on the following errors were discovered:
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  2. A sum of ₹ 625 written off from fixtures as depreciation has not been posted to the Depreciation Account.
  3. ₹ 9,000 paid for furniture bought have been charged to the Purchases Account.
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Pass the Journal entries to correct these errors and prepare the Suspense Account.
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2017
 
₹
Jan 1
Assets: Cash in hand ₹ 12,400; Stock ₹ 3,60,000; Debtors : Abhilash ₹ 20,000; Bhuwan ₹ 30,000, Charu ₹ 52,000; Furniture ₹ 2,25,000.
 
Liabilities: Bank overdraft ₹ 38,000; Creditors : Dinesh ₹ 15,000; Eknath ₹ 25,000.  
Jan 3
Purchased from Raghuraj & Sons:
 
Jan 5
 80 electric Kettles @ ₹ 300 each  
40 electric irons @ ₹ 420 each  
20% Trade Discount.  
Withdrew from Bank.
 
Jan 6
Acceptance received from Abhilash at one month for the amount due from him.
20,000
Jan 10
Purchased a computer from Gursharan Bros. on credit for office use
40,000
Jan 12
Returned 10 electric kettles to Raghuraj & Sons.
 
Jan 14
Paid Raghuraj & Sons by cheque the balance due to them.
 
Jan 15
Paid to Gursharan Bros. ₹ 30,000 in cash and the balance by a cheque.
 
Jan 16
Paid wages in cash
 
Jan 20
Purchased from Dinesh:
500
10 Washing Machines @ ₹ 16,000 each  
4 Vacuum cleaners @ ₹ 6,000 each  
15% Trade Discount  
Jan 22
Sold to Charu:
 
200 electric shavers @ ₹ 250 each  
400 toasters @ ₹ 150 each  
450 heaters @ ₹ 200 each  
10% Trade Discount  
Jan 24
Received from Charu a cheque in full settlement of his account. The cheque is paid into bank.
2,30,000
Jan 25
Acceptance given to Dinesh for 30 days.
1,50,000
Jan 25
Cheque issued to Dinesh in full settlement of his account.
21,000
 
Jan 25
Sold for Cash 20 electric irons
9,000
Jan 27
Deposited into bank
5,000
Jan 30
Paid staff salaries by cheque
15,000
Jan 30
Bank charged incidental expenses ₹ 50 and charged interest ₹ 1,200.
 
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The accountant of X prepared the Trial Balance at the end of the year on 31st March, 2015. But there was a difference and the accountant put the difference in a Suspense Account. Rectify the following errors found and prepare the Suspense Account:
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Rectify the following errors assuming that suspension account was opened. Ascertain the difference in trial balance.
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Explain briefly the procedure of calculating the date of maturity of a bill of exchange? Give example.
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Write the following transactions in a Two Column Cash Book and balance the Cash Book:
2017
 
(₹)
Jan. 1
Cash in hand
6,000
Bank Balance (Cr)
3,000
Jan. 3
Deposited into Bank
2,000
Jan. 5
Received from Mohan
400
Discount allowed
10
Jan. 7
Received a cheque from Hari and sent it to bank
600
Jan. 9
Received a cheque from Prem Mohan
1,600
Discount allowed
25
Jan. 12
Withdrew from bank for office use
300
Jan. 13
Bought goods for cash
600
Jan. 14
Sold goods for cash
1,200
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Paid to Ganesh by cheque
494
Discount received
6
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Sold goods to Gopal for ₹ 1,500 for which he gave cash ₹ 800 and a cheque of ₹ 700
 
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Deposited into bank (including Gopal's cheque)
900
Jan. 24
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150
Jan. 25
Withdrew from bank for personal use
200
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Jan. 30
Received from Anil ₹ 270 in cash and ₹ 540 by cheque
 
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Bank charges as shown in Pass Book
5
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Enter the following transactions in subsidiary books, post them into Ledger and prepare a Trial Balance:
The following balances existed in Sunil Bros. books on April 1, 2017:
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