Question
Fill in the missing figures, assuming CGST @ SGST @ 6%:
✓
Answer
$15,000\times\frac{100}{6}=₹\ 2,50,000$$2,24,000\times\frac{100}{112}=₹\ 2,00,000$
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State reasons for the following:
Contra entries in the Two-Column Cash Book are not posted into the Ledger.
Contra entries in the Two-Column Cash Book are not posted into the Ledger.
Mohan Singh draws a bill on Jagat for ₹ 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bill to his bank for collection. On due date, bank gets the payment. Make the entries in the books of all the parties.
What are ‘Books of Original Entry'?
Explain the following concept:
Business Entity Concept.
Business Entity Concept.
Briefly explain the term ‘favourable balance as per cash book’
Calculate the due dates of the bills in the following cases:
|
|
Date of the Bills
|
Period
|
|
I.
|
1st February, 2017
|
2 months
|
|
II.
|
31st January, 2017
|
3 months
|
|
III.
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30th September, 2017
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2 months
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|
IV.
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30th September, 2017
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3 months
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V.
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29th December, 2017
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2 months
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VI.
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31st December, 2017
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2 months
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|
VII.
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15th July, 2017
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30 days
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|
VIII.
|
27th January, 2016
|
1 month
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Show the effect of the following transactions on the Accounting Equation:
- Started business with cash ₹ 50,000.
- Salaries paid ₹ 2,000.
- Wages Outstanding ₹ 200.
- Interest due but not paid ₹ 100.
- Rent paid in advance ₹ 150.
From the following particulars, prepare the proprietor's Capital Account:
|
|
|
₹
|
|
2013
|
|
|
|
April 1
|
Started business with
|
45,000
|
|
May 10
|
Withdrew from business for personal use
|
10,000
|
|
July 15
|
Further Capital introduced
|
55,000
|
|
Nov 30
|
Income tax paid
|
5,000
|
|
2014
|
|
|
|
Mar 31
|
Profit for the year
|
30,000
|
How is Trade Discount recorded in the books of account?
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:
Assets: Cash in hand ₹ 27,500; Bank Balance ₹ 40,000; Debtors: Ashok ₹ 18,000, Bahadur ₹ 25,000, Charu ₹ 30,000; Stock ₹ 1,60,000 and Furniture ₹ 40,000.
Liabilities: Creditors: Dinesh ₹ 20,000 and Ekta ₹ 15,000.
The following balances existed in Sunil Bros. books on April 1, 2017:
Assets: Cash in hand ₹ 27,500; Bank Balance ₹ 40,000; Debtors: Ashok ₹ 18,000, Bahadur ₹ 25,000, Charu ₹ 30,000; Stock ₹ 1,60,000 and Furniture ₹ 40,000.
Liabilities: Creditors: Dinesh ₹ 20,000 and Ekta ₹ 15,000.
|
2017
|
|
|
April 1
|
Cash Sales ₹ 18,000 |
| April 2 | Deposited into Bank ₹ 20,000 |
|
April 3
|
Purchased from Dinesh: |
| 300 metres Cotton @ ₹ 60 per metre | |
| 200 metres Silk @ ₹ 100 per metre | |
| April 5 | Cheque issued to Dinesh for ₹ 25,000 |
| April 6 | Accepted a bill at one month for ₹ 15,000 drawn by Dinesh |
| April 8 | Sold to Ashok: |
| 400 metres Cotton @ ₹ 80 per metre | |
| 250 metres Silk @ ₹ 140 per metre | |
| April 10 | Returned by Ashok 50 metres Silk |
| April 12 | Received Cash ₹ 8,000 and a Cheque for ₹ 40,000 from Ashok. Cheque was immediately sent to Bank. |
| April 13 | Received a B/R from Bahadur for ₹ 20,000 at one month |
| April 15 | Accepted a bill at two months drawn by Ekta for the amount due to her. |
| April 16 | Purchased a Computer for office use from Shiva Ltd. for ₹ 45,000 on Credit. |
| April 18 | Cash purchases ₹ 10,000 |
| April 19 | Received full payment from Charu by cheque, sent it to Bank. Discount allowed 2% |
| April 20 | Issued a cheque to Dinesh in full payment of his account after deducting 1% discount |
| April 22 | Settled the account of Shiva Ltd. by a cheque |
| April 24 | Proprietor took away goods worth ₹ 5,000 and Cash ₹ 6,000 |
| April 25 | Purchased from Ganesh 200 metres Cotton @ ₹ 70 per metre subject to trade discount of 5% |
| April 27 | Paid Rent ₹ 3,000 and Salaries ₹ 8,000 |
| April 30 | Interest allowed by bank ₹ 600 |