Trial Balance and Errors — Account STD 11 Commerce — Question

Name the steps followed in accounting process.

Rectify the following errors:

1. Salary paid ₹ 5,000 was debited to employee’s personal account.
2. Rent Paid ₹ 4,000 was posted to landlord’s personal account.
3. Goods withdrawn by proprietor for personal use ₹ 1,000 were debited to sundry expenses account.
4. Cash received from Kohli ₹ 2,000 was posted to Kapur’s account.
5. Cash paid to Babu ₹ 1,500 was posted to Sabu’s account.

Explain the following briefly with appropriate example:
Money Measurement Concept.

Give the similarities of Cash Book with Journal?

On Jan. 1, 2017, Tarun purchased goods from Arun for ₹ 20,000 and immediately drew a promissory note in favour of Arun payable after 1 month. Date of maturity of the promissory note was declared emergency holiday by the Government of India under the Negotiable Instrument Act 1881. Tarun met the promissory note according to the provisions of law.
Pass the necessary Journal entries in the books of Arun and Tarun.

Why receipts are classified into capital and revenue?

Rim Zim Ltd. maintains a current account with the State Bank of India. On 31st March, 2017, the bank column of its cash book showed a debit balance of ₹ 1,54,300. However, the bank statement showed a different balance as on that date. The following were the reasons for the difference:

(i)	Cheques deposited, but not yet credited by the bank	75,450
(ii)	Cheques issued, but not yet presented for payment	80,760
(iii)	Bank charges not yet recorded in the cash book	1,135
(iv)	Cheques received by the bank directly from trade debtors	1,35,200
(v)	Insurance premium paid by the bank as per standing instructions, but not yet recorded in the cash book	15,400
(vi)	Dividend collected by the bank, but not yet recorded in the cash book	1,000

Find out the balance as per the bank statement as on 31st March, 2017.

Prepare a debit voucher for furniture purchased for ₹ 60,000 from Globe Furniture Mart on 02-01-2017.

What is meant by acceptance of a bill of exchange?

Show the Accounting Equation for the following transactions:

S.no		₹
(i)	Gopinath started business with cash	25,000
(ii)	Purchased goods from Shyam	10,000
(iii)	Sold goods to Sohan costing ₹ 1,800	1,500
(iv)	Gopinath withdrew from business	5,000