Theory Base of Accounting — Account STD 11 Commerce — Question

Why is only one account posted to the Ledger Account from the Cash Book?

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

1. Furniture
2. Wages paid
3. Rent Received
4. Cash
5. Proprietor's Account
6. Debtor
7. Prepaid Insurance
8. Outstanding Salary.

Enter the following transactions in the Journal of Manohar Lal & Sons:

2019		₹
Jan. 6	Sold goods for cash	36,000
Jan. 8	Sold goods to Hari	30,000
Jan. 14	Received cash from Hari	18,000
Jan. 26	Received Commission	750
Jan. 27	Paid Salary to Gopal	1,200
Jan. 28	Received cash from Hari	12,000
Jan. 29	Withdrew cash from office for personal use	4,000
Jan. 30	Wages paid	7,200
Jan. 30	Bought Machinery for Cash	8,000

Identify the stakeholder group who would be most interested in the following:

1. The ethical or environmental activities of the firm.
2. Whether the firm has a long-term future.
3. The ability of the firm to carry on providing quality products.

What are the different uses available to a holder for dealing with bills receivable?

Give one example of Compensating error.

Define Depreciation.

Classify the following into (i) Assets (ii) Liabilities (iii) Expenses and (iv) Revenues
Sales, Bank balance, Debtors, Bank Overdraft, Creditors, Salary to the manager,Discount to debtors, Cost of goods sold

Following balances appeared in the books of Ram & Shyam on January 1, 2017:
Assets: Cash in hand ₹ 30,000; Stock ₹ 36,000; Lal Chand ₹ 7,600; Mukesh Khanna ₹ 16,200; Furniture ₹ 8,000.
Liabilities: Ghanshyam ₹ 6,000; Vinod ₹ 8,000.
Following transactions took place during Jan. 2017:

2017
Jan. 2	Purchased Typewriter for ₹ 7,500
Jan. 4	Sold goods for Cash of the list price of ₹ 25,000 at 20% trade discount and 5% Cash discount
Jan. 6	Sold goods to Gopal Seth for ₹ 10,000
Jan. 8	Gopal Seth returned goods for ₹ 1,500
Jan. 12	Purchased goods from Arun ₹ 12,000, and from varun ₹ 15,000
Jan. 13	Settled Arun's account in full after deducting 5% for cash discount
Jan. 14	Paid cash to Ghanshyam in full settlement of his account
Jan. 16	Received ₹ 7,500 from Lal Chand in full settlement of his account
Jan. 17	Purchased a Scooter for office use ₹ 18,000
Jan. 20	Sold goods for cash 20,000
Jan. 22	Received from Gopal Seth ₹ 4,850 and discount allowed ₹ 150
Jan 27	Paid for Wages ₹ 7,000 and Salaries ₹ 3,000.
Jan. 28	Withdrew goods for ₹ 2,000 and Cash ₹ 1,500 for private use
Jan. 29	Paid for Life Insurance Premium of the Proprietor ₹ 1,600

Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance.

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