Recording of Transactions - 2 — Account STD 11 Commerce — Question

Differentiate between source documents and vouchers.

“Only financial transactions are recorded in accounting." Explain the statement.

Journalise the following transactions:
i. Goods for ₹ 50,000 were destroyed by fire.
ii. Goods worth ₹ 18,000 were distributed as free samples and ₹ 20,000 were given away as a charity in cash.
iii. Goods worth ₹ 25,000 and cash ₹ 40,000 were taken away by the proprietor for his personal use.
iv. Goods worth ₹ 20,000 and cash₹ 5,000 were given away as charity.
v. Cash ₹ 1,00,000 were stolen from the Iron Safe of the trader.

Enter the following transactions in the Purchase Journal (Book) of M/s Gupta Traders of July
01 Bought from Rahul Traders as per invoice no.20041

40 Registers @ ₹ 60 each

80 Gel Pens @ ₹ 15 each

50 note books @ ₹ 20 each

Trade discount 10%.

15 Bought from Global Stationers as per invoice no.1132

40 Ink Pads @ ₹ 8 each

50 Files @ ₹ 10 each

50 Files @ ₹ 10 each

Trade Discount 5%

23 Purchased from Lamba Furniture as per invoice no. 3201

2 Chairs @ 600 per chair

1 Table @ 1000 per table

25 Bought from Mumbai Traders as per invoice no.1111

10 Paper Rim @ ₹ 100 per rim

400 drawing Sheets @ ₹ 3 each

20 Packets waters colour @ ₹ 40 per packet

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

What is an Account?

What is the reason for maintaining separate accounts for CGST, SGST and IGST?

Define a Promissory Note.

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.