Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

Give one example of each of the following transactions:

1. Increase in an asset and a liability.
2. Decrease in an asset and a liability.
3. Increase in assets and capital.
4. Decrease in assets and capital.

A sold goods to B for ₹ 20,000 plus CGST and SGST @ 9% each on credit 3 months. B paid A ₹ 3,600 by cheque and accepted a draft for the balance amount. The draft was endorsed in favour of C, who got the payment on maturity.
Give Journal entries in the books of A.

Following balances appeared in the books of Radhika Traders as on 1st April, 2017:
Assets: Cash ₹ 8,000; Cash at Bank ₹ 7,000; Stock ₹ 30,000; Debtors; ₹ 36,000 (Mohan ₹ 10,000; Sohan ₹ 12,000; Dinesh ₹ 14,000); Furniture ₹ 5,000; Building ₹ 25,000.
Liabilities: Creditors− X ₹ 5,000; Y ₹ 6,000.
In April, 2017, the following transaction took place:

2017		₹
April 2	Bought goods of the list price of ₹ 6,000 from Khanna Brothers less 15% trade discount and 2% cash discount and paid 40% price at the same time.
April 3	Received a draft from Mohan in full settlement and deposited it into Bank
April 5	Purchased goods from Suresh of the list price of ₹ 8,000 at 20% trade discount and paid him by cheque.	9,750
April 8	Sold goods and received a cheque	25,000
April 10	Deposited the above cheque into Bank	12,000
April 12	Sohan deposited in our Bank A/c	4,000
April 16	Paid Income Tax by Cheque	5,600
April 20	Received a cheque from Sohan and sent to Bank	7,800
	Discount allowed	200
April 21	Withdrew from Bank−for office	2,000
	for private use	4,000
April 23	Sent a cheque to X in full settlement of his A/c	4,900
April 27	Cheque of Sohan returned by the bank as dishonoured.
April 28	Dinesh was declared insolvent and a payment of 60 paise in a ₹ received from his estate by a Cheque
April 30	Bank allowed Interest	350
	Paid for Rent by cheque	1,500
	Paid for traveling expenses by cheque	500

Pass Journal entries for the above transactions.

Prepare an Opening Entry with the help of imaginary figures and show its posting.Pass the Opening Entry on 1st April, 2019 on the basis of the following inform action takes form the books of Raman. Also, post the opening entry:

	₹
Cash in Hand.	20,000
Sundry Dedtors.	60,000
Stock of Goods.	40,000
Input IGST Account.	15,000
Input SGST Account.	5,000
Plant.	50,000
Land and Building.	1,00,000
Sundry Creditors.	1,00,000

What are Fictitious Assets?

What Journal entries will be made by the drawer in his books, when:

1. A Bill is drawn.
2. A Bill is discounted.
3. A Bill is dishonoured and noting charges paid.

Journalise the following transactions:

2018
April 1	Purchased goods for ₹ 1,00,000 from Manoj and availed discount of ₹ 10,000
April 2	Paid amount due to Manoj by cheque and availed discount of ₹ 4,500
April 5	Cash ₹ 5,000 paid to Desai and discount allowed by him ₹ 200
April 10	Cash ₹ 10,000 received from Govardhan and allowed him discount ₹ 500.
April 12	Sold personal Car of the proprietor for ₹ 80,00 against cheque, which was deposited into the firm's bank account.
April 16	Sold personal Car of the proprietor for ₹ 1,50,000 against cheque, which was deposited into the proprietor's personal bank account.
April 20	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.
April 24	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.

From the following particulars, prepare the proprietor's Capital Account:

		₹
2013
April 1	Started business with	45,000
May 10	Withdrew from business for personal use	10,000
July 15	Further Capital introduced	55,000
Nov 30	Income tax paid	5,000
2014
Mar 31	Profit for the year	30,000

State whether the following expenditure are Capital, Revenue or Deferred Revenue. Give reasons:

1. Furniture of the book value of ₹ 10,000 were sold off at ₹ 2,500 and new furniture of the value of ₹ 6,000 were acquired, cartage on purchase ₹ 50.
2. Property purchased for ₹ 20,00,000 and ₹ 1,50,000 paid for its registration and legal fee.
3. Replacement of old machine by a new one.
4. Damages paid by a transport company to its passengers injured in an accident.
5. Erection of shed for parking of vehicles at a cost of ₹ 10 Lac.

From the following particulars, prepare the proprietor's Capital Account:

		₹
2018
1 April	Commenced business with cash	2,00,000
2019
31 march	Net Loss as per Profit and Loss Account	18,000
31 march	Drawings during the period	15,000