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Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountDepreciation, Provisions and Reserves6 Marks
Question
Fill up the missing information in the Machinery Account given below. You are informed that on $30^{\text {th }}$ June $2015$, the Company sold the first machine purchased in $2013$ for $₹ 38,500$. Depreciation is provided at $20 \%$ p.a. on the original cost each year. Account are closed on $31^{\text {st }}$ March every year.
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Answer

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Rectify the following errors:-
  1. ₹ 4,500 spent on the extension of Buildings were debited to Repairs A/c.
  2. Wages paid to the firm's own workmen ₹ 3,600 for the installation of a new machinery were posted to Wages Account.
  3. Contractor's bill for the construction of a godown at a cost of ₹ 10,000 has been charged to 'Repairs' A/c.
  4. ₹ 1,500 paid as Wages to a worker 'Bahadur Singh', has been debited to his personal account.
  5. Old furniture sold for ₹ 500 has been credited to Sales Account.
  6. A cheque of ₹ 620 received from Ram, has been wrongly credited to Shyam.
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On 30th June, 2019, bank column of the Cash Book showed balance of ₹ 12,000 but the Pass Book showed a different balance due to the following reasons:
  1. Cheques paid into the bank ₹ 8,000 but out of these only cheques of ₹ 6,500 credited by bankers.
  2. The receipts column of the Cash Book undercast by ₹ 200.
  3. On 29th June, a customer deposited ₹ 3,000 directly in the Bank Account but it was entered in the Pass Book only.
  4. Cheques of ₹ 9,200 were issued of which ₹ 2,200 were presented for payment on 15th July.
  5. Pass Book shows a credit of ₹ 330 as interest and a debit of ₹ 60 as bank charges.
Prepare Bank Reconciliation Statement as on 30th June, 2019.
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A sold goods for ₹ 40,000 to B on Jan. 01, 2017. He drew upon B a bill of exchange for the same amount payable after 1 month. B accepted the bill and sent it back to A. Adiscounted the bill immediately with his bank @ 9% p.a. On the due date B dishonoured the bill of exchange and the bank paid ₹ 200 as noting charges. B requested A to draw a new bill upon him with interest @ 12% p.a. which he agreed. The new bill was payable after 1 month. One week before the maturity of the second bill B requested A to cancel the second bill. He further requested to accept ₹ 15,000 in cash immediately and draw a third bill upon him including interest of ₹ 1,000. A agreed to B's request. The third bill was payable after one month. B met the third bill on its maturity. Record the necessary journal entries in the books of A and B and also prepare B's account in the books of Aand A's account in the books of B.
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Put the following on the proper side of a Cash Account, a Debtor's Account and a Creditor's Account:
S.No
 
₹
i
Sold goods to Sanjay on credit
50,000
ii
Sold goods to Mohan for cash
20,000
iii
Purchased goods from Ram on credit
25,000
iv
Cash received from Sanjay
19,000
v
Goods returned by Sanjay
2,000
vi
Paid rent
500
vii
Cash paid to Ram
15,000
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Journalise the following transactions:
2017
 
₹
Jan. 1
Paid into bank for opening a Current Account
10,000
Jan. 3
Goods sold for ₹ 50,000 and the amount was deposited into the bank
 
Jan. 7
Amount withdrawn from bank
20,000
Jan. 10
Goods sold for Cash
15,000
Jan. 12
Amount deposited into bank
12,000
Jan. 14
Goods purchased and payment made by cheque.
25,000
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A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Delhi, Bank of India. Show what entries should be passed in the books of A under each of the following circumstances:
  1. If A retained the bill till the due date and then realized it on maturity.
  2. If A discounted it with his bank for ₹ 950.
  3. If A endorsed it to his creditor C in full settlement of his debt.
  4. If A sent it to his bank for collection.
Also, give the necessary entries in each of the cases if the bill is dishonoured.
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Show an Accounting Equation for the following transactions:
  1. D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.
  2. $\frac{1}{3^{rd}}$ of above goods sold at a profit of 10% on cost and half of the payment is received in cash.
  3. Depreciation on machinery provided @ 10%.
  4. Cash withdrawn for personal use ₹ 10,000.
  5. Interest on drawings charged @ 5%.
  6. Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months.
  7. Received ₹ 10,000 from Gupta against the Bills Receivable on its maturity.
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Enter the following transactions in the Two Column Cash Book of Mr. Mohan:
2018
 
₹
Jan. 1
Cash in Hand
2,200
Cash at Bank
50,000
Jan. 3
Purchased goods for ₹ 75,000; Trade Discount 20%; CGST 6%, SGST 6%; Payment made by Cheque
 
Jan. 4
Sold goods for ₹ 40,000; Trade Discount 15%; IGST 12%; Payment received by Cheque
 
Jan. 5
Received a cheque from Naresh
1,000
Jan. 8
Cheque received from Naresh endorsed to Suresh in full settlement of his account of ₹ 1,050
 
Jan. 10
Paid Life Insurance premium of Mr. Mohan
100
Jan. 13
Received a cheque from Pawan in full settlement of his account of ₹ 750
700
Jan. 16
Pawan's cheque returned dishonoured by bank
 
Jan. 20
Deposited into Bank, balance of Cash in excess of ₹ 250
 
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Enter the following transactions in a Cash Book with Cash and Bank Columns:
2017
 
(₹)
March 1
Commenced business with ₹ 1,00,000 of which ₹ 20,000 were borrowed from Mr. Ratan
 
March 2
Opened current account with Punjab National Bank
75,000
March 4
Bought goods by cheque
60,000
March 5
Purchased a typewriter for ₹ 4,000 and spent ₹ 500 on its repairs
 
March 8
Paid petty cash expenses
200
March 10
Transferred from Current account to Fixed Deposit Account in the Bank
5,000
March 12
Sold goods for Cash ₹ 25,000 and cheque ₹ 15,000
 
March 13
Deposited the above cheque into bank
 
March 15
Purchased goods from Ram Singh on Credit
25,000
March 18
Settled Ram Singh's Account by cheque
24,750
March 20
Sent a cheque in payment of the fees of Proprietor's son
500
March 25
Cash sales, received a cheque
4,000
March 28
Deposited the above cheque into bank, collection charges
25
March 31
Repaid the loan taken from Mr. Ratan including interest @18% p.a.
  
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Rectify the following entries assuming that the narration in each case is correct:
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