Accounting Principles — Account STD 11 Commerce — Question

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.

What is the reason for maintaining separate accounts for CGST, SGST and IGST?

What is Accounting Cycle?

Record the following transaction in the Sales Book of Karunakaran & Sons, Chennai (Tamilnadu) assuming CGST @ 90% and SGST @ 9% and post them into Ledger:

2017
Dec. 5	Sold of M/s Banwari Lal & Sons, Chennai, goods valued at ₹ 2,00,000 less Trade Discount 10%
Dec. 10	Sold to M/s Kanti Bhai & Sons, Bengaluru (Karnataka):
	75 Electric Fans @ ₹ 4,000 each
	20 Room Coolers @ ₹ 10,000 each
	Less: Trade Discount 8%
Dec. 16	Mahindra & Co., Kochi (Kerala) purchased from us goods of ₹ 1,20,000, less: 5%
Dec. 24	Sold goods for cash ₹ 60,000

Define a Promissory Note. What are the features of a Promissory Note?

What is an Account?

Name the various entries which have to be passed through a Journal even though we might have kept all the subsidiary books in the business.

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March 20	Withdrawn from bank for personal use	4,000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

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.

What are the advantages of allowing Cash Discount? (Two points)