Question
What is a Voucher? Prepare an imaginary Specimen of Voucher.
✓
Answer
Voucher is a document evidencing a business transaction. It flows from the above definition that when a transaction is entered into, an evidence to that effect is also established. Such evidences are Source Documents. On the basis of Source Documents, a voucher detailing the accounts that are debited and credited is prepared. A specimen of a Voucher is given below:
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State two demerits of Reducing Instalment Method of providing depreciation.
Give two differences between provisions and reserves.
Journalise the following in the books of Som Nath & Sons:
| 2019 | |
| May 1 | Purchased a Machinery for ₹ 1,00,000 and the payment was made by issuing a cheque from Proprietor's saving bank account. |
| May 4 | Received an order from Chakravarti for goods of ₹ 4,00,000 alongwith a cheque of 10% of the order as advance. |
| May 8 | Paid cash ₹ 8,000 to Dushyant and discount allowed by him ₹ 800. |
| May 10 | Goods stolen by an employee (Sale Price ₹ 20,000; Cost ₹ 15,000). |
| May 15 | Purchased stationery worth ₹ 8,000 for office use and ₹ 2,000 for personal use. |
| May 20 | Manoj pays us ₹ 5,400 after deducting 10% for prompt payment. |
| May 28 | Sold goods to Kuber costing ₹ 2,00,000 at 25% above cost less trade discount of 10% and cash discount of 5%. Kuber did not avail the cash discount. |
Open a 'T' shape Cash Account with the following transactions:
|
S.No
|
|
₹
|
|
i
|
Mohan started business with cash
|
40,000
|
|
ii
|
Purchased Goods
|
20,000
|
|
iii
|
Sold Goods
|
24,000
|
|
iv
|
Paid Rent
|
400
|
|
v
|
Paid salaries
|
600
|
|
vi
|
Drew for personal use
|
1,000
|
Distinguish between ‘general reserve’ and ‘specific reserve’.
Open a 'T' shape account for machinery and put the following transactions on the proper side:
|
S.No
|
|
₹
|
|
i
|
Machinery purchased
|
40,000
|
|
ii
|
Machinery sold
|
10,000
|
|
iii
|
Machinery purchased
|
8,000
|
|
iv
|
Machinery discarded
|
14,000
|
|
v
|
Depreciation on machinery
|
1,000
|
Ranjan, an employee of Jumbo Electronics, deposited in the bank ₹ 40,000 as the previous day's sale held overnight in the firm's safe. He has recorded the transaction in the Cash Book as follows:
In the bank column on Payments side; and in the cash column on Receipts side. Has he passed the entry correctly?
In the bank column on Payments side; and in the cash column on Receipts side. Has he passed the entry correctly?
What do you understand by balancing of account?
Following transactions took place in M/s Goodluck Computers. Prepare the Accounting Vouchers
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
|
2019
|
Particular
|
₹
|
| Jan-1 | Bought Computer Mouse (4 Nos.) vide Cash Memo No. 338* | 6,000 |
| Jan-8 | Wages paid for the month of December, 2018 | 10,000 |
| Jan-12 | Purchased two Desktop Computers from M/s Computech for cash vide Cash Memo No. 170 | 32,500 |
| Jan-25 | Paid cash to Hari & Sons vide receipt No. 102 for repairs | 1,000 |
| Jan-28 | Paid postage | 200 |
| Jan-30 | Cash withdrawn from bank | 10,000 |
Why are the rules of debit and credit same for liability and capital?