Meaning and Objectives of Accounting — Account STD 11 Commerce — Question

Prepare the trial balance of Mahesh as on 31st March, 2023. He has omitted to opena Capital Account:

	₹		₹
Bank Overdraft	95,000	Purchases	4,45,000
Sales	8,10,000	Cash in Hand	8,500
Purchases Return	22,500	Creditors	2,15,000
Debtors	4,00,500	Sales Return	15,750
Wages	96,000	Equipment	25,000
Capital	?	Opening Stock	3,00,500

Record the following transactions in the Sales Book of Ganesh & Co. of Jaipur (Rajasthan), who deal in Furniture. Assume CGST @ 6% and SGST @ 6%.

2017
June 4	Sold to Gupta Furniture House, Agra (U.P.)
	120 Chairs @ ₹ 2,500 per Chair
	25 Tables @ ₹ 8,000 per Table
	Less: 5%
June 8	Sold to Raja Furniture House, Ahmedabad (Gujarat)
	8 Almirahs @ ₹ 15,000 each
	9 Steel Cabinets @ ₹ 20,000 each
	Less: Trade discount of 10%
June 12	Sold old Computer for ₹ 1,500 to Mohan & Co. on Credit.
June 20	Sold 4 Sofa sets @ ₹ 25,000 each to Varun & Co. for cash
June 25	Sold to New Furniture House, Jaipur
	5 Sofa sets @ ₹ 20,000 each
	10 Tables @ ₹ 8,000 each
June 28	Purchased from Ram Lal & Co. Jaipur on credit
	50 chairs @ ₹ 2,000 each

State three limitations of accounting.

Give two advantages of GST.

Are debits or credits listed first in journal entries? Are debits or credits indented?

From the following particulars prepare a bank reconciliation statement of Govil as on 31st December, 2014.
Balance as per Pass Book on 31st December 2014 is ₹ 8,500. Cheques for ₹ 5,100 were issued during the month of December but of these cheques for ₹ 1,200 were presented in the month of January 2015 and one cheque for ₹ 200 was not presented for payment. Cheques and cash amounting to ₹ 4,800 were deposited in bank during December but credit was given for ₹ 3,800 only. A customer has deposited ₹ 800 into bank directly. The bank credited the merchant for ₹ 200 as interest and has debited him for ₹ 30 as bank charges for which there are no corresponding entries in Cash Book.

On 15th February, 2019, X sold goods to Y for ₹ 60,000. On the same day, Y accepted a bill drawn upon him by X for three months for ₹ 60,000. X immediately discounted the bill at 15% p.a. at his bank and Y met the bill on maturity. Make Journal entries in the books of both the parties.

Give two examples of reserves.

Rectify the following errors:

1. Credit sales to Mridula ₹ 5,000 were not recorded.
2. Credit purchases from Nayna ₹ 8,000 were not recorded.
3. Goods returned to Priya ₹ 12,000 were not recorded.
4. Goods returned from Rashi ₹ 10,000 were not recorded.

On which side of the Trial Balance, the following Ledger balances will appear:-

1. Purchases Return
2. Furniture
3. Bank Loan
4. Discount allowed
5. Capital
6. Drawings
7. Return Inwards
8. Bills Receivable