Trial Balance and Errors — Account STD 11 Commerce — Question

Pass Journal entries in the books of Hari Shankar & Co. from the following:

2017		₹
April 1	Commenced business with cash	50,000
April 2	Purchased goods from Subhash	20,000
April 4	Sold goods to Ramnath	15,000
April 6	Ramnath returned defective goods	1,000
April 10	Received cash from Ramnath and	13,800
	Discount allowed	200
April 12	Gopal sold goods to us	10,000
April 14	Paid to Gopal in full settlement of his account after deducting 5% discount
April 15	Paid Rent	10,000
April 16	Paid Rent of Hari Shankar's residence	5,000
April 18	Purchased goods for cash from Govind for ₹ 6,000 at 20% trade discount
April 20	Purchased goods from Govind for ₹ 10,000 at 20% trade discount
April 24	Paid to Govind ₹ 7,850 in full settlement of his account
April 25	Paid to Subhash ₹ 4,750 discount received ₹ 250
April 30	Paid wages ₹ 400, Salaries ₹ 4,000, Advertisement expenses ₹ 800 and Trade expenses ₹ 1,000

Write a short note on 'balancing an account'. Explain by balancing a Cash Account.

During the financial year 2018-19, Mohan had cash sales of ₹ 90,000 and credit sales of ₹ 60,000. His expenses for the year were ₹ 70,000 out of which ₹ 30,000 is still to be paid. Find out Mohan's income for 2018-19 following the Cash Basis of Accounting.

Rahul sold 100 Cricket Bats to V. Sports @ ₹ 5,000 each less 25% Trade Discount plus IGST @ 12% and 2% Cash Discount if V. Sports paid the amount in 14 days of sale. V. Sports paid the amount within 14 days. What will be the amount that Rahul should credit to Sales Account?
What will be the Journal entries for the transaction in the books of Rahul?

On which side the decrease in the following accounts will be recorded? Also mention the nature of account:

1. Cash
2. Bank Overdraft
3. Rent Paid
4. Salary Paid
5. Outstanding Rent
6. Prepaid Insurance
7. Manoj, Proprietor of the business.

Journalise the following transactions:
i. Goods destroyed by fire for Rs 4,500
ii. Paid Rs 1,500 in cash as wages on the installation of machinery
iii. Issue a cheque in favour of M/s. Parmatma Saran & Sons on accounts of purchase of goods Rs 7,500
iv. Goods sold costing Rs 6,000 of M/s. Kalu sons at an invoice price of 10% above cost less 5% Trade Discount.

Give the performa of a Bill of Exchange.

Transactions of M/s Vipin Traders are given below.
Show the effects on Assets, Liabilities and Capital with the help of accounting Equation.

a.	Business started with cash	₹ 1,25,000
b.	Purchased goods for cash	₹ 50,000
c.	Purchase furniture from R.K. Furniture	₹ 10,000
d.	Sold goods to Parul Traders (Costing ₹ 7,000 vide bill no. 5674)	₹ 9,000
e.	Paid cartage	₹ 100
f.	Cash Paid to R.K. furniture in full settlement	₹ 9,700
g.	Cash sales (costing ₹ 10,000)	₹ 12,000
h.	Rent received	₹ 4,000
i.	Cash withdrew for personal use	₹ 3,000

(Ans: Asset = cash ₹ 78,200 + Goods ₹ 33,000 + Furniture ₹ 10,000 Debtors ₹ 9,000 = ₹ 1,30,200; Liabilities = Capital ₹ 1,30,200)

What are the types of Accounting Voucher?
OR
Name the two types of vouchers (Main Classification).

State any four essential features of bill of exchange.