Theory Base of Accounting — Account STD 11 Commerce — Question

Pass Journal entries for the following transactions:

1. Purchased Machinery for ₹ 20,000 and paid ₹ 200 for its carriage.
2. Received a cheque fo ₹ 4,850 from X in full settlement of his account of ₹ 5,000. Cheque was immediately deposited into bank.
3. Received by cheque a first and final payment of 60 paise in a ₹ from Y who owed us ₹ 10,000.
4. Sold goods to Z for ₹ 10,000 at a trade discount of 20%. Next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank.
5. Goods costing ₹ 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.

Journalise the following transactions of Singh Enterprises, Delhi:

2018		₹
June 1	Started business with cash	50,000
June 2	Deposited cheque from Savings Account in firm's account	2,00,000
June 3	Received cash from Ram	50,000
June 4	Purchased goods for cash	15,000
June 11	Sold goods to M/s. Hari Sales, Delhi	12,000
June 13	Paid to Ramavtar	40,000
June 17	Received from M/s. Hari Sales	10,000
June 20	Bought furniture from S.R. Furnishers against Cash	22,400
June 27	Paid rent	28,000
June 30	Paid salary	50,000

On March 31, 2017 the cash book showed a balance of ₹ 3,700 as cash at bank, but the bank passbook made up to same date showed that cheques for ₹ 700, ₹ 300 and ₹ 180 respectively had not presented for payment, Also, cheque amounting to ₹ 1,200 deposited into the account had not been credited. Prepare a bank reconciliation statement.

Fill in the missing information in the following journal entries:

Prepare the Vouchers:

2019	Particular	₹
Jan-5	Received cash from Wahi & Co. on account vide cash receipt No. 551	10,000
Jan-10	Commission received vide cash receipt No. 520*	10,000
Jan-15	Sold leather purses for cash vide Cash Memo Nos. 307-310*	6,000
Jan-24	Sold two old machines vide Cash Memo No. 1560*	3,000

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

A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2017 is ₹ 40,00,000. On October 01, 2017 it sold one of its cranes whose value was ₹ 5,00,000 on April 01, 2017 at a 10% profit. On the same day it purchased 2 cranes for ₹ 4,50,000 each. Prepare cranes account. It closes the books on December 31 and provides for depreciation on 10% written down value.

There was a difference of ₹ 430 in a Trial Balance. It was placed on the Debit side of a Suspense A/c. Later on the following errors were discovered. Pass rectifying entries and prepare Suspense A/c.

1. Purchases book was overcast by ₹ 100.
2. Sales book was overcast by ₹ 1,000.
3. Goods for ₹ 800 purchased from Umakant, though entered in the purchase book, has not been posted to his account.
4. An amount of ₹ 500 has been posted to the credit side of commission account instead of ₹ 570.
5. Goods sold to Bharti for ₹ 4,400 has been posted to her account as ₹ 4,000.
6. Goods sold to X for ₹ 750 were recorded in purchase book.

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.

Following transactions of Ramesh for April, 2019 are given below. Journalise them.

2019		₹
April 1	Ramesh started business with cash	1,00,000
April 2	Paid into bank	20,000
April 3	Bought goods for cash	50,000
April 4	Drew cash from bank for office use	10,000
April 13	Sold goods to Krishna	15,000
April 20	Bought goods from Shyam	22,500
April 22	Krishna returned goods	2,000
April 24	Received from Krishna	12,500
	Allowed him discount	500
April 28	Paid cash to Shyam	21,500
	Discount received	1,000
April 30	Cash sales for the month	80,000
April 30	Paid rent	5,000
April 30	Paid salary	10,000