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

Explain the following:
Dual Aspect Concept.

Find the due date of a Bill of Exchange dated 9th December, 2018, payable after 45 days.

Journalise the following transactions of Raj Kumar Traders, timber merchants:

1. Purchased timber from Kuldeep Kumar, for cash ₹ 2,000 and credit ₹ 10,000.
2. Paid to Kuldeep Kumar in full settlement of his account ₹ 9,950.
3. Paid rent in advance ₹ 10,000.
4. Purchased machinery for ₹ 1,00,000 by cheque and carriage ₹ 2,000 and installation charges ₹ 1,000 paid in Cash.
5. Purchased goods for ₹ 50,000 from Govind and sold it to Manohar for ₹ 65,000.

What are the objectives of IFRS? (Any two)

What is Accounting Cycle?

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.

1. A cheque of ₹ 400 drawn on his saving account has been shown on current account.
2. He issued two cheques of ₹ 300 and ₹ 500 on of December 25, but only the Ist cheque was presented for payment.
3. 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.

Open a 'T' shape account of creditor, 'Rakesh', and write the following transactions on the proper side:

S.No		₹
i	Goods purchased from Rakesh on credit	50,000
ii	Goods returned to Rakesh for	5,000
iii	Paid to Rakesh	20,000
iv	Purchase goods from Rakesh on credit	10,000

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

Enter the following transactions in proper Subsidiary Books and post them into Ledger:

2017
March 2	Purchased from Navrang Traders for ₹ 8,300
March 3	Sold goods to Rohan for ₹ 3,200
March 5	Bought of Ruchi Traders for ₹ 12,100
March 8	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