Question
Prepare a Purchase Book with atleast two items in it and show its posting.
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Answer
Solution is as follows.
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Original cost of a Machinery ₹ 5,20,000; Salvage Value ₹ 20,000. What will be the amount of depreciation for second year according to diminishing balance method @ 10% p.a.
Prepare a Purchase Book with atleast two items in it and show its posting.
What is accounting period concept?
Enter the following transactions in the Journal of Manohar Lal & Sons:
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2019
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|
₹
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Jan. 6
|
Sold goods for cash |
36,000
|
|
Jan. 8
|
Sold goods to Hari |
30,000
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|
Jan. 14
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Received cash from Hari
|
18,000
|
| Jan. 26 | Received Commission |
750
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|
Jan. 27
|
Paid Salary to Gopal |
1,200
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|
Jan. 28
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Received cash from Hari |
12,000
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|
Jan. 29
|
Withdrew cash from office for personal use |
4,000
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|
Jan. 30
|
Wages paid |
7,200
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| Jan. 30 | Bought Machinery for Cash | 8,000 |
While trying to close his books for the year ended $31^{\text {st }}$ March, 2014, Mahesh found that the Trial Balance did not agree. He traced the following errors:
i. In the Sales Book for the month of January total of Page No. $2$ was carried forward to Page No. $3$ as ₹ $1,000$ instead of ₹ $1,200$ and total of Page No. $6$ was carried forward to Page No. $7$ as ₹ $5,600 $instead of ₹ $5,000$.
ii. Goods returned to Ram ₹ $1,000$ were recorded in the Sales Book.
iii. Bills Receivable for ₹ $1,600$ from Noor was dishonoured and posted to debit of Allowances Account.
Rectify the above errors.
→i. In the Sales Book for the month of January total of Page No. $2$ was carried forward to Page No. $3$ as ₹ $1,000$ instead of ₹ $1,200$ and total of Page No. $6$ was carried forward to Page No. $7$ as ₹ $5,600 $instead of ₹ $5,000$.
ii. Goods returned to Ram ₹ $1,000$ were recorded in the Sales Book.
iii. Bills Receivable for ₹ $1,600$ from Noor was dishonoured and posted to debit of Allowances Account.
Rectify the above errors.
Following errors affecting the accounts of the year 2018-19 were detected in the books of Das & Co., Meerut:
- Sale of old furniture for ₹ 5,000 was treated as sales of goods.
- Rent of proprietor’s residence ₹ 6,000 was debited to Rent Account.
- Cash received from Rajesh ₹ 2,150 was credited to Brajesh.
Prepare a Compound Entry with the help of imaginary figures and show its posting.
Journalise the following transactions:
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2018
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April 1
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Purchased goods for ₹ 1,00,000 from Manoj and availed discount of ₹ 10,000
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April 2
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Paid amount due to Manoj by cheque and availed discount of ₹ 4,500
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April 5
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Cash ₹ 5,000 paid to Desai and discount allowed by him ₹ 200
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April 10
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Cash ₹ 10,000 received from Govardhan and allowed him discount ₹ 500.
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April 12
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Sold personal Car of the proprietor for ₹ 80,00 against cheque, which was deposited into the firm's bank account.
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April 16
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Sold personal Car of the proprietor for ₹ 1,50,000 against cheque, which was deposited into the proprietor's personal bank account.
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April 20
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Sold goods to Gaurav costing ₹ 1,00,000 at a profit of 40% and allowed him 10% trade discount and paid for cartage ₹ 3,000 not to be charged from him.
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April 24
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Placed an order with Rudra & Co. for supply of goods of ₹ 80,000 and a cheque for 40% amount is sent to them as an advance.
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