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Books of Original Entry – Journal — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBooks of Original Entry – Journal3 Marks
Question
What are compound journal entries? Give an example.
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Answer

Compound Journal Entry: Compound Journal entry is a Journal entry in which more than two accounts are affected, i.e., one or more accounts are debited and/or one or more accounts are credited or vice versa. For example, a sale of 5,000 is made to Satish. It is discharged by Satish by paying 2,000 in cash, balance to be paid later. This transaction of sale affects three accounts as follows:Images

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Prepare the Accounting Vouchers for the following transactions:?
2019
Particular
₹
Jan-1
Started business with cash
2,00,000
Jan-1
Purchased furniture vide Cash Memo No. 210*
10,000
Jan-5
Opened a Bank Account in Canara Bank
60,000
Jan-10
Purchased garments on credit from M/s Madras Store vide Bill No. 291*
20,000
Jan-12
Sold shirts to Ram Parkash on credit vide Bill No. 1*
5,000
Jan-15
Sold shirts for cash vide Cash Memo No. 1*
7,000
Jan-20
Withdrew from bank for office use by cheque No. 23301
20,000
Jan-27
Withdrew for personal use by cheque No. 51003
5,000
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
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Journalise the following:
2017
 
March 4
Purchased building for ₹ 1,50,000 and incurred expenses of ₹ 10,000 on its purchase.
March 10
Satish who owed us ₹ 20,000 is declared insolvent and 60 paise per ₹ is received from his estate.
March 15
Paid ₹ 500 for repairing the office furniture.
March 18
Proprietor withdrew for his personal use cash ₹ 5,000 and goods worth ₹ 2,000.
March 20
Purchased the following items for business: Iron Safe ₹ 15,000; Filing Cabinet ₹ 5,000; Computer ₹ 12,000; Postage ₹ 200 and Stationery ₹ 150
March 28
Paid electricity charges ₹ 1,600.
March 31
Charge depreciation on Machinery @ 10% for one year (Machinery ₹ 75,000).
March 31
Outstanding wages at the end of the year ₹ 6,000.
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Prepare Accounting Equation from the following and also prepare a Balance Sheet:
  1. Raghu started business with Cash ₹ 1,50,000.
  2. Bought goods for cash ₹ 80,000 and on credit for ₹ 40,000.
  3. Goods costing ₹ 75,000 sold at a profit of $33\frac{1}{3}\%.$ Half the payment received in cash.
  4. Goods costing ₹ 10,000 sold for ₹ 12,000 on credit.
  5. Paid for Rent ₹ 2,000 and for salaries ₹ 4,000.
  6. Goods costing ₹ 20,000 sold for ₹ 18,500 for Cash.
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Pass entries for the following transactions in the books of M/s Karthikeyan & Co. of Chennai:
2019
  
June 10
 Purchased goods from Ravichandran of Madurai of the list price of ₹ 2,00,000 at 25% trade discount at 4% cash discount on purchase price of goods. Paid CGST and SGST @ 9% each. Paid the entire amount by cheque on the same date.
June 25
Sold goods to Ramalingam of Erode of the list price of ₹ 3,75,000 at 20% trade discount and 2% cash discount on sale price. Charged CGST and SGST @ 9% each. Full amount was received by cheque on the same date.
Ignore adjustment and payment of GST.
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What are the types of Accounting Voucher?
OR
Name the two types of vouchers (Main Classification).
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Give two examples of reserves.
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What is the purpose of contra entry?
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$X$ started a business on $1^{\text {st }}$ April, $2013$ with a Capital of $₹ 1,00,000$ and a loan of $₹ 50,000$ from the bank. On $31^{\text {st }}$ March, $2014$, his assets were ₹ $1,75,000$. Find out his Capital as on $31^{\text {st }}$ March, $2014$ and profit earned during the year $2013-14.$
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What are the effects of depreciation on profit and loss account and balance sheet?
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Enter the following transactions in proper Subsidiary Books and post them into Ledger:
2017
 
March 2
 Purchased from Navrang Traders for ₹ 8,300
March 3
 Sold goods to Rohan for ₹ 3,200
March 5
 Bought of Ruchi Traders for ₹ 12,100
March 8
 Rohan returns the goods for ₹ 600
March 10 Purchased goods from Jaipur Stores of the list price of ₹ 15,400 less 5% Trade Discount
March 12 Sold goods to Arun Traders for ₹ 18,000 less 15% Trade Discount
March 12 Bought of Amit Traders for ₹ 10,000
March 16 Purchased Machinery from Kirloskar Ltd. ₹ 20,000
March 18 Returned goods to Jaipur Stores for ₹ 800 less 5% Trade Discount
March 19 Arun Traders returned goods for ₹ 3,000, less 15% Trade Discount
March 20 Sales to Kalpna & Co. for ₹ 14,700
March 22 Purchased goods from Navrang Traders ₹ 25,000
March 25 Returns outward to Navrang Traders for ₹ 1,200
March 26 Sales to Rupa Traders for ₹ 10,000 less 10% Trade Discount
March 29 Returns inward from Kalpana & Co. for ₹ 2,000
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