Question
What do you mean by posting?
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Answer
The process of transferring the transaction written in the Journal to a Ledger is called posting. In other words, the process of transferring of debits and credits from the Journal to the Ledger Accounts is called posting. Posting is necessary as it summarises all transactions relating to the account at one place and also shows how transactions have changed the account balances.
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Give two examples of entries which appear in a 'Journal Proper'.
Enter the following transactions in proper Subsidiary Books and post them into Ledger:
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2017
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March 2
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Purchased from Navrang Traders for ₹ 8,300 |
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March 3
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Sold goods to Rohan for ₹ 3,200 |
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March 5
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Bought of Ruchi Traders for ₹ 12,100 |
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March 8
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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 |
Rectify the following entries assuming that the narration in each case is correct:
Why fixed assets are not shown in the books at market value?
Open 'T' shape account of our Debtor 'Ram' and write the following transactions on proper side:
| (₹) | ||
| i. | Sold goods to Ram on Credit | 20,000 |
| ii. | Received from Ram | 15,000 |
| iii. | Ram returned goods to us | 3,000 |
| iv. | Again sold goods to Ram on Credit | 10,000 |
| v. | Ram returned goods to us | 1,000 |
What is Trade Discount? Give an example.
From the following particulars, prepare the proprietor's Capital Account:
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₹
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2013
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April 1
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Started business with
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45,000
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May 10
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Withdrew from business for personal use
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10,000
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July 15
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Further Capital introduced
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55,000
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Nov 30
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Income tax paid
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5,000
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2014
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Mar 31
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Profit for the year
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30,000
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The passbook of Mr. Mohit current account showed a credit Balance of ₹ 20,000 on dated December 31, 2016. Prepare a Bank Reconciliation Statement with the following information.
- A cheque of ₹ 400 drawn on his saving account has been shown on current account.
- He issued two cheques of ₹ 300 and ₹ 500 on of December 25, but only the Ist cheque was presented for payment.
- One cheque issued by Mr. Mohit of ₹ 500 on December 25, but it was not presented for payment whereas it was recorded twice in the cash book.
On 1st April, 2019, the position of Rahman was as follows: Cash-in Hand ₹ 11,200; Cash at bank ₹ 2,57,600; Bills Receivable ₹ 68,800; Jai Ram (Dr.) ₹ 16,000; Ram Kumar (Dr.) ₹ 48,080; Office Furniture ₹ 52,800; Stock-in-Trade ₹ 4,16,000; Doulat Ram (Cr.) ₹ 1,74,720, Hari Ram (Cr.) ₹ 2,16,960; Bills Payable ₹ 80,000. What was the amount of capital of Rahman on that date? Pass the Journal entry to Open his books.
Is a trial balance conclusive proof of the accuracy of the books of accounts?