Trial Balance — Account STD 11 Commerce — Question

Krishan started his business on 1st April, 2018 with a Capital of ₹ 1,00,000. On 31st March, 2019, his assets were:

	₹
Cash	3,200
Stock	34,800
Debtors	31,000
Plant	85,000

He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for his personal expenses. Ascertain his profit.

Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2019 and for that following information is available:
During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional capital. Calculate his profits on 31st March, 2019 and prepare the Statement of Affairs as on that date.

Define Software. Explain different types of softwares used in a Computer System.

Pass the necessary Journal entries to rectify the following errors:

1. Credit sale of ₹ 850 to Kishan was posted to Krishan's Account.
2. Cash sale of ₹ 850 to Meenu was posted to the credit of Meena.
3. Amount of ₹ 1,500 withdrawn from bank by the proprietor for his personal use was debited to Purchases Account.
4. Credit sale of old furniture to Mohan for ₹ 1,700 was posted as ₹ 7,100.
5. Credit sale of old furniture to Babu Ram for ₹ 3,000 was credited to Sales Account.
6. Cheque of ₹ 1,280 received from Farid was dishonoured and has been posted to the debit of Sales Return Account.

On 1st April, 2015, A Ltd. purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st October, 2015 an additional machinery costing ₹ 1,00,000 was purchased. On 1st October, 2017, the machine purchased on 1st April, 2015 was sold for ₹ 1,43,000 and on the same date, a new machine was purchased at cost of ₹ 2,00,000.
Show the Machinery Account for the first four financial years after charging Depreciation at 5% p.a. by the Straight Line Method.

Show the treatment of prepaid expenses depreciation, closing stock at the time of preparation of final accounts when:

1. When given inside the trial balance?
2. When given outside the trial balance?

Give two examples of entries which appear in a 'Journal Proper'.

Following incomplete information is available from records maintained by Mr. X:

During the year Mr. X introduced in the business the amount realised on sale of ₹ 10,000 investments at the premium of 5%. Personal expenses of Mr. X paid from business account amounted to ₹ 1,250 per month. Prepare a statement to calculate Profit (or Loss) during the year.

On 1st April, 2015, furniture costing ₹ 55,000 was purchased. It is estimated that its life is 10 years at the end of which it will be sold for ₹ 5,000. Additions are made on 1st April 2016 and 1st October, 2018 to the value of ₹ 9,500 and ₹ 8,400 (Residual values ₹ 500 and ₹ 400 respectively). Show the Furniture Account for the first four years, if Depreciation is written off according to the Straight Line Method.