Recording of Transactions - 2 — Account STD 11 Commerce — Question

Prepare the Vouchers to be recorded in the books of M/s Elegant Furnitures, New Delhi:

2019	Particular	₹
Jan-1	Bought furniture from Modern Furniture for cash vide Cash Memo No. 241*	7,500
Jan-8	Paid cash to Mani & Sons for purchase of 2 machines vide Cash Memo No. 1230*	5,000
Jan-20	Paid for conveyance	150
Jan-27	Sold old typewriter for cash vide cash receipt No. 314*	500

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.

Pass entries in the books of Mukerjee & Sons. assuming all transactions have taken place within the state of Uttar Pradesh. Assume CGST @ 9% and SGST @ 9%.

2018
March 1	Purchased goods for ₹ 5,00,000 from Mehta Bros.
March 10	Sold goods for ₹ 8,00,000 to Munjal & Co.
March 15	Paid for advertisement ₹ 40,000 by cheque.
March 18	Purchased furniture for office use ₹ 50,000 and payment made by cheque.
March 25	Paid for printing and stationery ₹ 8,000.
March 31	Payment made of balance amount of GST.

What is a bank overdraft?

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

Pass entries in the books of Devdhar & Bros. Odisha, assuming all transactions have been entered within the state, charging CGST and SGST @ 9% each:

2018
March 4	Purchased goods for ₹ 5,00,000 from Sunil Bros.
March 7	Goods returned to Sunil Bros. for ₹ 20,000
March 10	Sold goods to Mehta & Co. for ₹ 8,00,000
March 12	Goods returned by Mehta & Co. for ₹ 30,000
March 20	Goods withdrawn by Proprietor for personal use ₹ 10,000
March 25	Goods distributed as free samples ₹ 5,000
March 26	Paid advertisement expenses by cheque ₹ 20,000
March 31	Payment made of balance amount of GST.

Why are the rules of debit and credit same for both liability and capital?

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.

Distinguish between Reserve and Provoision on the basis of:

1. Basic Nature.
2. Effect on taxable Profits.
3. Use for payment of Dividend.

What is the purpose of posting J.F. numbers at the time entries are posted to the accounts.

Mohit has the following transactions, prepare accounting equation:

a.	Business started with cash	₹ 1,75,000
b.	Purchased goods from Rohit	₹ 50,000
c.	Sales goods on credit to Manish (Costing ₹ 17,500)	₹ 20,000
d.	Purchased furniture for office use	₹ 10,000
e.	Cash paid to Rohit in full settlement	₹ 48,500
f.	Cash received from Manish	₹ 20,000
g.	Rent paid	₹ 1,000
h.	Cash withdrew for personal use	₹ 3,000

(Ans: Cash ₹ 1,32,500 + Goods ₹ 32,500 + Furniture ₹ 10,000 = ₹ 1,75,000; Liabilition = Capital ₹ 1,75,000)