Model Paper 5 — Account STD 11 Commerce — Question

Prepare an Opening Entry with the help of imaginary figures and show its posting.Pass the Opening Entry on 1st April, 2019 on the basis of the following inform action takes form the books of Raman. Also, post the opening entry:

	₹
Cash in Hand.	20,000
Sundry Dedtors.	60,000
Stock of Goods.	40,000
Input IGST Account.	15,000
Input SGST Account.	5,000
Plant.	50,000
Land and Building.	1,00,000
Sundry Creditors.	1,00,000

Why Cash Book is called a book of original entry?

Give four examples each of ‘revenue reserve’ and ‘capital reserves’.

Suresh, Kanpur commenced business on 1st January, 2019 introducing capital in cash ₹ 1,00,000. His other transactions during the month were as follows:

2019		₹
Jan 1	Started business with cash	1,00,000
Jan 2	Bought goods for cash	20,000
Jan 3	Sold goods for cash	7,000
Jan 15	Sold goods to Shravan, Delhi Bought goods on	6,000
Jan 18	Credit from Anurag, Kanpur	50,000
Jan 19	Goods returned to Anurag	5,000
Jan 20	Sold goods for cash	30,000
Jan 22	Paid electricity bill	1,000
Jan 28	Paid for telephone bill	500
Jan 29	Paid rent	800
Jan 31	Paid wages	3,000

Enter the above transactions in his books of account.

Trial Balance is a link between ledger and final accounts.

Journalise the following transaction in the Books of the M/s. Bhanu Traders and Post them into the Ledger.

December, 2017		₹
1	Started business with cash	92,000
2	Deposited into bank	60,000
4	Bought goods on credit from Himani	40,000
6	Purchased goods from cash	20,000
8	Returned goods to Himani	4,000
10	Sold goods for cash	20,000
14	Cheque given to Himani	36,000
17	Goods sold to M/s. Goyal Traders	3,50,000
19	Drew cash from bank for personal use	2,000
21	Goyal traders returned goods	3,500
22	Cash deposited into bank	20,000
26	Cheque received from Goyal Traders	31,500
28	Goods given as charity	2,000
29	Rent paid	3,000
30	Salary paid	7,000
31	Office machine purchased for cash	3,000

Prepare an Accounting Equation and Balance Sheet on the following basis:

1. Ajeet started business with cash ₹ 20,000.
2. He purchased furniture for ₹ 2,000.
3. He paid rent of ₹ 200.
4. He purchase goods on credit ₹ 3,000.
5. He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.

Define a Promissory Note.

Pass the Opening Entry from the following Balance Sheet as at 31st March, 2019 of Vikas:

Record the following transaction in the Sales Book of Karunakaran & Sons, Chennai (Tamilnadu) assuming CGST @ 90% and SGST @ 9% and post them into Ledger:

2017
Dec. 5	Sold of M/s Banwari Lal & Sons, Chennai, goods valued at ₹ 2,00,000 less Trade Discount 10%
Dec. 10	Sold to M/s Kanti Bhai & Sons, Bengaluru (Karnataka):
	75 Electric Fans @ ₹ 4,000 each
	20 Room Coolers @ ₹ 10,000 each
	Less: Trade Discount 8%
Dec. 16	Mahindra & Co., Kochi (Kerala) purchased from us goods of ₹ 1,20,000, less: 5%
Dec. 24	Sold goods for cash ₹ 60,000