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P2 C1 Rectification ofErrors — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C1 Rectification ofErrors8 Marks
Question
Pass necessary rectification entries to rectify the following journal entries written by Vandana. Journal Entries of Vandan
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Record the following in the Journal Proper of Shri Amarnath.
$2014$
Oct. $1$ Gave goods of $Rs. 1500$ in charity.
  $2$ Distributed goods of $Rs. 3000$ as free samples.
  $3$ Took goods of $Rs. 2500$ from the business for personal use.
  $4$ A bill of $Rs. 4000$ accepted by Priyanka, was dishonoured on the maturity date.
  $5$ An amount of $Rs. 3500$ receivable from Naresh cannot be collected from him.
  $6$ A bill of $Rs. 2000$ endorsed in favour of Pankaj against debt of $Rs. 2050.$
  $7$ Goods of $Rs. 5000$ were destroyed by fire, for which the insurance company accepteda claim of $Rs. 4000.$
  $8$ Purchased a furniture of $Rs. 8000$ against the goods costing $Rs. 7000.$
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A learner student has written following journal entry. Journal entry which are incorrect, correct them and rewrite:
Date Particular L.F Debit Credit
$2014$
August $1$		 Insurance premium A/C Dr
To Cash A/C
(Being 700 paid for life insurance premium.)		   $700$ $700$
$5$ Cash A/C Dr
To jay A/C
To Ajay A/C
(Being received $200$ of brokerage jay and 100 of commission from Ajay.)		   $300$ $200
100$
$7$ Purchase A/C Dr
To Vivek A/C
(Being goods of $5000$ purchased from Vivek on cash at $10\%$ cash discount.)		   $4500$ $4500$
$10$ Bank A/C Dr
To Vivek A/C
(Being bank has approved over draft of $7000$.)		   $7000$ $7000$
$11$ Vivek A/C Dr
To Purchase retunes A/C
(Being $20\%$ goods retuned to Vivek and cash received from Vivek.)		   $1000$ $1000$
$12$ Cash A/C Dr
To Debtors A/C
(Being $500$ received from debtor which was written off in past)		   $500$ $500$
$13$ Repairing expenses A/C Dr
To Cash A/C
(Being paid cash $800$ machine installation.)		   $1500$ $1500$
$15$ Wages A/C Dr
To Cash A/C
(Being paid cash $800$ machine installation.)		   $800$ $800$
  Total   $16,300$ $16,300$
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Harpal Limited has purchased a machine for $₹ 1,50,000$ on $1-4-12.$ Installation expense to it was $₹ 10,000.$ If every year $15 \%$ depreciation is chargeable, under reducing balance method, pass journal entries and prepare machine account, depreciation account for first three years. Disclose accounting effect of it in final accounts of first two years.
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From the following transaction write journal entries in the books of Shri Dineshbhai of Dahod: The following $GST$ rates are applicable to business transactions of Shri Dineshbhai. $GST$ is not included for foliwing transactions. Add applicable amount of $GST$ and write journal entries.
particular of $GST$ on goods on services
$CGST$ $6\%$ $2.5\%$
$SGST$ $6\%$ $2.5\%$
$IGST$ $12\%$ $5.0\%$

$2019$
April $1$ Goods of $Rs.50,000$ purchased at $10 %$ trade discount from Sureshbhai of Surendranagar. The payment is made by cheque.
$4$ Goods of $Rs.40,000$ purchased at $10 %$ cash discount from Vishnubhai of Varansi $(UP).$
$7 $ Goods of $Rs.60,000$ sold at $10 \%$ trade discount to Himanshubhai Himatnagar.
$11$ Goods of $Rs.50,000$ sold at $10 \%$ trade discount to Shashikant of Simla $(H.P.)$ and payment received through cheque.
$15 \frac{1}{4}$ goods returned to Vishnubhai and proportionate $GST$ is adjusted.
$18 \frac{1}{3}$ goods returned by Himanshubhai and proportionate $GST$ is adjusted.
$25$ A cupboard of $Rs.20,000$ purchased from Sahajanand Furniture Mart of Ahmedabad.
  $28$ Shop rent paid  $Rs.8,000.$
 
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The following is the information relating to purchase of goods by Manglam Sari Centre. From this prepare their goods wise columnuar purchase book and post them in ledger.
$2016$
Sept. $1$ $40$ cotton sarees at the rate of $Rs.450$ and $20$ silk sarees at the rate of $Rs.600$ are purchased from Ladli Fashion Stores at $10\%$ trade discount. Inward invoice no. $23.$
  $2$ $25$ silk saris at the rate of $Rs.750$ and $10$ badhani saris at the rate of $Rs.1,000$ are purchased from Poonam Sari Centre at $10\%$ trade discount. Inward invoice no. $204.$
  $3$ $20$ cotton sarees at the rate of $Rs.400, 30$ silk sarees at the rate of $Rs.800$ and $15$ bandhani sarees at the rate of $Rs.1,200$ are purchased from Rajvi Stores at $20\%$ trade discount. Inward invoice no. $321.$
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Jayesh Limited had purchased some machines on $1-4-12$ for $₹ 54,000.$ Installation expense for those machines was $?\ 6000.$ Company had purchased other machines on $1-10-14$ for $₹ 47,000, $ its installation expense was $?\ 1000.$ Company provides depreciation every year at $10 \%$ under straight line method. $40 \%$ machines of first purchase were sold at $30 \%$ profit on book value on $31-3-15.$ Prepare machine account upto $31-3-15$ and show accounting effect in final accounts for every year in the books of company.
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Write the following transactions in the journal of Shri Dineshbhai :
$(1)$ On $2-1-2017,$ a bill of ? $25,000$ accepted by Bharati was discounted with the bank at a discount of ? $250.$
$(2)$ On $3-1-2012, $ a. bill of ? $15,000$ accepted by Jayanti was dishonoured on the maturity date and noting charges amounted to ? $150.$
$(3)$ We dishonoured a bill of ? $30,000$ drawn by Palash on its maturity date $($on $5-1-2017).$ Palash paid noting charges ? $250.$
$(4)$ We endorsed a bill receivable of ? $45,500$, accepted by Anita, in favour of Hansaben in full settlement of a debt of? $46,500$ on $7-1-2017.$
$(5)$ A bill of ? $52,000$ drawn by Ramabcn and accepted by Lataben and endorsed by Ramabcn in our favour, was dishonoured on the maturity date $10-1-2017$ and we paid noting charges ? $470.$
$(6)$ A bill payable of f $80,000$ accepted by us and drawn by Paresh, was cancelled by us before the maturity date $12-1-2017$ by paying cash ? $20,000$, and we accepted a new bill for one month for the remaining amount including interest ? $600$ as on $15-1-2017.$
$(7)$ As on $30-1-2017,$ the bill accepted by Bharati was paid on the maturity date.
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Record the following transactions in the books of Patel Traders :
$2017$
Jan.
$1$ Purchased goods of $₹ 36,000$ from Mukesh Stores at $10 \%$ cash discount.
$3$ Returned goods of $₹ 8400$ to Mukesh Stores and sent a promissory note for two
$5$ months period for the remaining amount. Purchased goods of $₹ 13,500$ from Mukesh Stores at $10 \%$ cash discount. Paid the amount immediately by cheque for goods purchased.
$7$ Sold goods of $₹ 42,000$ to Radha Traders on two months credit.
$9$ Drew a two months bill of $₹ 42,000$ on Radha Traders which they accepted and returned.
$11$ Purchased goods of $₹ 82,000$ from Mukesh Stores.
$13$ Endorsed the bill accepted by Radha Traders in favour of Mukesh Stores.
$15$ Returned goods of $₹ 7000$ from the last purchased to Mukesh Stores.
$18$ Accepted a bill of the necessary amount drawn by Mukesh Stores in order to settle the account of Mukesh Stores.
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Rectify the following errors committed while writing the books of Margi.
$(1)$ Total of goods return book is under cast by $₹ 800 .$
$(2)$ $₹ 480$ received from Prerna a customer, is posted in her account as $₹ 840 .$
$(3)$ Balance of $₹ 5000$ of Kaushik's account, a debtor, is left unrecorded in the trial balance.
$(4)$ $₹ 900$ paid to Manan a supplier, is recorded correctly in the cashbook but by mistake it is credited to his account.
$(5)$ Salary paid $₹ 1000$ is debited twice to salary account.
$(6)$ $₹ 2500$ the balance of drawings account is shown in the credit column of the trial balance.
$(7)$ Wages paid $₹ 3000$ are recorded correctly in the cashbook but are not posted to wages account.
$(8)$ Debit balance of rent account $₹ 850$ is written as credit balance of $₹ 540$ in the trial balance.
$(9)$ $₹ 240$ paid for general expenses, posted to that account as $₹ 140 .$
$(10)$ Opening balance of the cash account $₹ 1500$ is brought forward as $₹ 1050$.
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From the following transactions, prepare three columnar cash of book of Smt. Mittalben.July $2015$
$1$ Opening cash balance $₹ 7000$ Bank overdraft $₹ 4000$
$2$ Goods of $₹ 4000$ sold to Khushali. A cheque is received from her which is deposited in the bank.
$4$ Goods of $₹ 8000$ sold to Yesha at $10\%$ cash discount. Half of the amount is received in cash and remaining amount is received by cheque which is deposited in the bank.
$6$ Goods of $₹ 3000$ purchased in cash from Dipen at $10\%$ cash discount. $₹ 1000$ deposited in the bank.
$9$ $₹ 800$ paid to Gopi for salary by cheque.
$11$ Stationery of $₹ 300$ purchased from Suresh Stationery Mart and the amount is paid by cheque.
$14$ Dipak paid $₹ 5900$ by cash towards total debt of $₹ 6005 .$
$17$ Cheque of $₹ 8000$ issued to Paresh towards full settlement of account of $₹ 8080.$
$20$ Rent of $₹ 3000$ paid by cash.
$24$ $₹ 2000$ withdrawn from the business for personal use.
$28$ Postage expenses of $₹ 200$ paid by cash.
$29$ Paid cash of $₹ 600$ for wages.
$31$ After keeping cash on hand of $₹ 2000,$ remaining amount is deposited in the bank.
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