Recording of Transactions - 1 — Account STD 11 Commerce — Question

Journalise the following transactions in our books:

1. Our acceptance to Karan for ​₹ 4,500 renewed for 3 months on the condition that ₹ 2,500 is paid in cash immediately and a new bill to be drawn including interest @ 12% p.a.
2. A bill payable accepted in favour of Hari for ₹ 4,000 returned unpaid due to lack of instructions to the bank. Hari claims ₹ 4,050. (₹ 50 as noting charges), which is paid by cheque.

X sells goods for ₹ 40,000 to Y on 1st January, 2019 and on the same day draws a bill on Y at three months for the amount. Y accepts it and returns it to X, who discounted it on 4th January, 2019 with his bank at 6% p.a. The acceptance is dishonoured on the due date and the noting charges were paid by bank being ₹ 200.
On 4th April, 2019, Y accepts a new bill at three months for the amount then due to X together with interest at 12% p.a.
Make Journal entries to record these transactions in the books of X.

Ram owes ₹ 2,000 to Mohan on 1st January, 2019. On this date, he accepted a draft for the amount for 3 months. Mohan got the bill discounted at his bank @ 6% p.a. On the due date, the bill was dishonured, nothing charges ₹ 20. Ram agreed to pay ₹ 520 immediately and accept another bill for the remaining amount for 3 months together with interest at 9% p.a. This bill was met on the due date. Give the Journal entries in the books of both the parties.

Write a note on types of assets with one example of each.

Enter the following transactions in the 'Journal Proper' of Karuna Stores:

March 1	Purchased furniture on credit from Kuber Furniture Store for ₹ 15,000.
March 5	Goods for ₹ 6,000 given away as charity.
March 12	Goods worth ₹ 8,000 and Cash ₹ 4,000 were stolen by an employee.
March 15	Arun who owed us ₹ 20,000 was declared insolvent and nothing was received from him.
March 18	Proprietor withdrew for his personal use cash ₹ 5,000 and goods worth ₹ 10,000.
March 31	Provide interest on capital of ₹ 5,00,000 at 6% p.a. for full year.
March 31	Out of the rent paid this year, ₹ 5,000 is related to the next year.
March 31	Salaries due to clerks ₹ 12,000.

Journalise the following transactions in the Journal of Navin Gupta & Sons.:

1. Out of Insurance premium paid this year, ₹ 15,000 is related to next year.
2. Credit purchases from Ram & Co. for ₹ 50,000. Cash discount will be received at 5% on payment of bill within 10 days.
3. Cash paid to Ram & Co. and discount availed of.
4. Paid Income Tax ₹ 20,000 by cheque.
5. Goods costing ₹ 2,00,000 sold for cash at a profit of 10%.
6. Purchased iron safe for ₹ 2,00,000 filing cabinet for ₹ 50,000 and Computer for ₹ 1,00,000.

From the following particulars, you are required to ascertain the bank balance as would appear in the Cash Book of Ramesh as on 31st October, 2018:

1. Bank Pass Book showed an overdraft of ₹ 16,500 on 31st October.
2. Interest of ₹ 1,250 on overdraft up to 31st October, 2018 has been debited in the Bank Pass Book but it has not been entered in the Cash Book.
3. Bank charges debited in the Bank Pass Book amounted to ₹ 35.
4. Cheques issued prior to 31st October, 2018 but not presented till that date, amounted to ₹ 11,500.
5. Cheques paid into bank before 31st October, but not collected and credited up to that date, were for ₹ 2,500.
6. Interest on investment collected by the bankers and credited in the Bank Pass Book amounted to ₹ 1,800.

Following balances appeared in the books of Ram & Shyam on January 1, 2017:
Assets: Cash in hand ₹ 30,000; Stock ₹ 36,000; Lal Chand ₹ 7,600; Mukesh Khanna ₹ 16,200; Furniture ₹ 8,000.
Liabilities: Ghanshyam ₹ 6,000; Vinod ₹ 8,000.
Following transactions took place during Jan. 2017:

2017
Jan. 2	Purchased Typewriter for ₹ 7,500
Jan. 4	Sold goods for Cash of the list price of ₹ 25,000 at 20% trade discount and 5% Cash discount
Jan. 6	Sold goods to Gopal Seth for ₹ 10,000
Jan. 8	Gopal Seth returned goods for ₹ 1,500
Jan. 12	Purchased goods from Arun ₹ 12,000, and from varun ₹ 15,000
Jan. 13	Settled Arun's account in full after deducting 5% for cash discount
Jan. 14	Paid cash to Ghanshyam in full settlement of his account
Jan. 16	Received ₹ 7,500 from Lal Chand in full settlement of his account
Jan. 17	Purchased a Scooter for office use ₹ 18,000
Jan. 20	Sold goods for cash 20,000
Jan. 22	Received from Gopal Seth ₹ 4,850 and discount allowed ₹ 150
Jan 27	Paid for Wages ₹ 7,000 and Salaries ₹ 3,000.
Jan. 28	Withdrew goods for ₹ 2,000 and Cash ₹ 1,500 for private use
Jan. 29	Paid for Life Insurance Premium of the Proprietor ₹ 1,600

Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance.

On October 01, 2010, a Truck was purchased for ₹ 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% p.a. on the diminishing balance basis on this truck. On December 31, 2013 this Truck was sold for ₹ 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck Account for the four years.

On 1st April, 2016, a machinery was purchased for ₹ 20,000. On 1st October, 2017 another machine was purchased for ₹ 10,000 and on 1st April, 2018, one more machine was purchased for ₹ 5,000. The firm depreciates its machinery @ 10% p.a. on the Diminishing Balance Method.
What is the amount of Depreciation for the years ended 31st March, 2017, 2018 and 2019? What will be the balance in Machinery Account as on 31st March, 2019?