Introduction to Accounting — Account STD 11 Commerce — Question

Prepare Two Column Cash Book from the following transactions and balance the book on 31st Jan., 2014:

2014
Jan. 1	Cash in hand ₹ 50,000; Bank overdraft ₹ 1,90,000.
Jan. 2	Purchased goods from Rajesh Kumar of the list price of ₹ 50,000 at 5% trade discount and payment made by cheque.
Jan. 6	Goods sold for ₹ 80,000 and payment received by cheque. Cheque deposited into Bank on same day.
Jan. 10	Goods purchased for cash ₹ 19,800.
Jan. 15	Furniture sold for ₹ 1,77,000 and payment received by cheque & cheque deposited into Bank on same day.
Jan. 18	Salaries paid ₹ 4,500.
Jan. 21	Settled the amount due to Ram ₹ 2,000 by paying cash ₹ 1,910.
Jan. 22	Cash received from Jai ₹ 14,780 in full settlement of his account of ₹ 15,000.
Jan. 23	Paid Life Insurance premium ₹ 1,500.
Jan. 31	Deposited with bank the entire balance after retaining ₹ 7,000 cash in hand.

Explain Debit and Credit note in five sentences.

Write a note on types of assets with one example of each.

On 1st Jan. 2012, Panjim Dryfruits Ltd. bought a plant for ₹ 15,00,000. The company writes off depreciation @ 20% p.a. on Written Down Value Method and closes its books on 31st March every year. On 1st Oct. 2014, a part of the plant purchased on 1st Jan. 2012 for ₹ 3,00,000 was sold for ₹ 1,75,000. On 1st Jan. 2015 a fresh plant was purchased for ₹ 5,00,000. Prepare Plant A/c, Provision for Dep. A/c and Plant Disposal A/c.

On 15th June, 2019, X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date, X discounted the first bill with his bank at 6% p.a. and endorsed the second bill in favour of his creditor, Z. The first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. On 1st October, Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 as interest.
Record the necessary Journal entries in the books of both X and Y.

Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:

2019		₹
March 1	Started business with cash	2,00,000
March 2	Opened bank account with SBI	80,000
March 4	Goods purchased from Raj, Jaipur (Rajasthan)	22,000
March 5	Goods purchased for cash	30,000
March 8	Goods sold to Naman, Delhi	12,000
March 10	Cash paid to Raj	22,000
March 15	Cash received from Naman	11,700
	Discount allowed	300
March 16	Paid wages	200
March 18	Furniture purchased for office use	5,000
March 20	Withdrawn from bank for personal use	4,000
March 22	Issued cheque for rent	3,000
March 23	Goods taken for household purpose. These goods were purchased from Raj	2,000
March 24	Drawn cash from bank for office use	6,000
March 26	Commission received	1,000
March 27	Bank charges	300
March 28	Cheque issued for life insurance premium of Proprietor	3,000
March 29	Paid salary	10,000
March 30	Cash sales	20,000

Journalise the following transactions in the books of Ashok:

1. Received ₹ 11,700 from Hari Krishan in full settlement of his account for ₹ 12,000.
2. Received ₹ 11,700 from Shyam on his account for ₹ 12,000.
3. Received a first and final dividend of 70 paise in the rupee from the official receiver of Rajagopal who owed us ₹ 7,000.
4. Paid ₹ 2,880 to A.K. Mandal in full settlement of his account for ₹ 3,000.
5. Paid ₹ 2,880 to S.K. Gupta on his account for ​₹ 3,000.

Enter the following transactions in a Single Column Cash Book:

2016		(₹)
Dec. 1	Cash-in-hand	25,000
Dec. 2	Cash Sales (CGST 6%, SGST 6%)	40,000
Dec. 4	Received from X on behalf of Y	4,000
Dec. 9	Paid to Som Pal	4,900
	Discount Received	100
Dec. 12	Received from Vijay Kumar	7,800
	discount allowed	200
Dec. 20	Bought goods for Cash (CGST 6%, SGST 6%)	20,000
Dec. 21	Paid Cartage (CGST 6%, SGST 6%)	1,000
Dec. 23	Remitted to Dharamvir	1,880
	discount allowed by him	120
Dec. 25	Received M.O. from Mohan	500
Dec. 27	Borrowed from Mahabir	7,500
Dec. 29	Received from Bhushan	3,900
	discount allowed	100
Dec. 31	Paid to Lalit ₹ 2,700 in full settlement of his account of ₹ 3,000

On 1st April, 2018, following balances appeared in the books of M/s Krishna Traders:

	₹
Furniture Account	50,000
Provision for Depreciation on Furniture Account	22,000

On 1st October, 2018 a part of Furniture purchased for ₹ 20,000 on 1st April, 2014 was sold for ₹ 5,000. On the same date a new furniture costing ₹ 25,000 was purchased.
The depreciation was provided @ 10% p.a. on original cost of the asset and no depreciation was charged on the asset in the year of sale. Prepare 'Furniture Account' and 'Provision for Depreciation Account' for the year ending 31st March, 2019.

Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh):

2019		₹
Jan 1	Rakesh commenced business with cash	50,000
Jan 2	Purchased goods for cash	10,000
Jan 5	Purchased goods from Mohan, Delhi	6,000
Jan 7	Opened bank account with Bank of India	10,000
Jan 10	Purchased furniture for office	2,000
Jan 15	Sold goods for cash	8,000
Jan 20	Sold goods to Ram, Delhi	5,000
Jan 25	Cash sales	3,500
Jan 27	Paid to Mohan on account	3,000
Jan 28	Ram returns goods costing	500
Jan 31	Paid Salaries	9,000
Jan 31	Rejected and returned 10% of goods supplied by Mohan