Theory Base of Accounting — Account STD 11 Commerce — Question

On 10th January, 2017, A sells goods to B for ₹ 12,000. On that date, B accepted a bill drawn upon him by A at two months for ₹ 12,000. A retains the bill till due date and on due date sends the bill to the Banker for collection. In due course, A receives the information from the Bank that the bill has been duly met.
Pass Journal Entries in the books of A and B.

Darshan sold goods for ₹ 40,000 to Varun on 8.1.2017 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the bill was met by Varun. Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances:
When the bill was retained by Darshan till the date of its maturity.
When Darshan immediately discounted the bill @6% p.a. with his bank.
When the bill was endorsed immediately by Darshan in favour of his creditor Suresh.
When three days before its maturity, the bill was sent by Darshan to his bank for collection.

Rectify the following errors:

1. Credit sales to Mridula ₹ 5,000 were recorded as ₹ 500.
2. Credit purchases from Nayna ₹ 8,000 were recorded as ₹ 800.
3. Goods returned to Priya ₹ 12,000 were recorded as ₹ 1,200.
4. Goods returned from Rashi ₹ 10,000 were recorded as ₹ 1,000.

On 31st March 2018, the Cash Book of B.Babu showed an overdraft of Rs. 18,000 with the Bank of India. This balance did not agree with the balances as shown by the Bank Pass Book. You find that Babu had paid into the Bank on 26th March, four cheques for Rs. 10,000 , Rs. 12,000 Rs. 6,000 and Rs. 8,000 . Of these, the cheques for Rs. 6,000 was credited by the Bank in April 2018. Babu had issued on 24th March, three cheques for Rs. 15,000 , Rs. 12,000 and Rs. 7,000 . The first two cheques were presented to the Bank for payment in March 2018 and third cheque in April 2018.
You also find that on 31st March 2018 the Bank had debited Babu's account with Rs. 500 for interest, Rs. 20 as charges, but Babu had not recorded these amounts in his Books.
Prepare Bank Reconciliation Statement as on 31st March 2018 and ascertain the balance as per the Bank Pass Book.

On 1st July, 2019, A drew a bill for ₹ 5,000 on B payable after 3 months. A discounted it with the Bank for ₹ 4,850. On maturity, B failed to pay the amount of his acceptance and the bank had to pay ₹ 50 as noting charges.
Pass the necessary Journal entries in the books of A and B.

On 31st December, 2014 the Cash Book of Gopal showed debit balance of ₹ 12,000. On comparing the Cash Book with the Pass Book, the following discrepancies were noted:-

1. Cheques were issued for ₹ 15,000, but of them cheques for ₹ 7,700 have not yet been presented.
2. Cheques for ₹ 8,000 were deposited in bank but of these cheques for ₹ 2,000 were not recorded in the Cash Book.
3. Cheques deposited in bank but not credited ₹ 3,800.
4. A cheque for ₹ 350 was paid into bank but bank credited the amount with ₹ 530 by mistake.
5. Bank received interest on debentures on behalf of Gopal amounting to ₹ 300.
6. It was also found that the total of one page on the payment side of the Cash Book was ₹ 4,520 but it was written on the next page as ₹ 5,420.

Prepare a Bank Reconciliation Statement.

“Revenue earned and cost of earning that revenue should be properly identified for a period." Explain this statement.

Journalise the following transactions in the books of Dixit & Sons.:

2018
March 2	Sold goods to Dilip of the list price of ₹ 62,000 for ₹ 60,000.
March 16	Purchased goods costing ₹ 2,00,000 from Hari & Co. Paid 75% immediately by cheque to avail 4% discount.
March 20	Sold goods to Vishal Traders costing ₹ 40,000 at 25% profit, allowing 10% trade discount and 10% cash discount. Received 80% payment immediately by cheque.
March 26	Sold goods to Brij & Co. costing ₹ 50,000 at 40% profit, allowing 10% trade discount and 5% cash discount. Brij & Co. paid the full amount by cheque and availed cash discount.

On 1st January, 2019, A sold goods to B for ₹ 5,000 plus IGST @ 18%. A received ₹ 900 by cheque from B and drew on him a bill for the balance amount payable 3 months after date. The bill was duly accepted by B. A retained the bill till due date. On due date, the bill was paid.
Pass Journal entries in the books of A and B. Also, show necessary accounts in the books of both the parties.

Explain the following accounting concept with an example of each:
Going Concern Concept.