Accounting Terms — Account STD 11 Commerce — Question

On comparing the Cash Book with Pass Book of Naman it is found that on March 31, 2017, bank balance of ₹ 40,960 showed by the Cash Book differs from the bank balance with regard to the following:

1. Bank charges ₹ 100 on March, 31 2017, are not entered in the Cash Book.
2. On March 21, 2017, a debtor paid ₹ 2,000 into the company's bank in settlement of his account, but no entry was made in the Cash Book of the company in respect of this.
3. Cheques totalling ₹ 12,980 were issued by the company and duly recorded in the Cash Book before March 31, 2017, but had not been presented at the bank for payment until after that date.
4. A bill for ₹ 6,900 discounted with the bank is entered in the Cash Book without recording the discount charge of ₹ 800.
5. ₹ 3,520 is entered in the Cash Book as paid into bank on March 31st 2017, but not credited by the bank until the following day.
6. No entry has been made in the Cash Book to record the dishonour on March 15, 2017 of a cheque for ₹ 650 received from Bhanu.

Prepare a reconciliation Statement as on March 31, 2017.

Journalise the following transaction in the books of Sanjana and post them into the ledger:

January, 2017		₹
1	Cash in hand	6,000
	Cash at bank	55,000
	Stock of goods	40,000
	Due to Rohan	6,000
	Due from Tarun	10,000
3	Sold goods to Karuna	15,000
4	Cash sales	10,000
6	Goods sold to Heena	5,000
8	Purchased goods from Rupali	30,000
10	Goods returned from Karuna	2,000
14	Cash received from Karuna	13,000
15	Cheque given to Rohan	6,000
16	Cash received from Heena	3,000
20	Cheque received from Tarun	10,000
22	Cheque received from to Heena	2,000
25	Cash given to Rupali	18,000
26	Paid cartage	1,000
27	Paid salary	8,000
28	Cash sale	7,000
29	Cheque given to Rupali	12,000
30	Sanjana took goods for Personal use	4,000
31	Paid General expense	500

Prepare journal Entries of the following postings:

Kapil Ltd. purchased a machinery on July 01, 2011 for ₹ 3,50,000. It purchased two additional machines, on April 01, 2012 costing ₹ 1,50,000 and on October 01, 2012 costing ₹ 1,00,000. Depreciation is provided @10% p.a. on straight line basis. On January 01, 2013, first machinery become useless due to technical changes. This machinery was sold for ₹ 1,00,000. prepare machinery account for 4 years on the basis of calendar year.

On 1st April 2012, Banglore Silk Ltd. purchased a machinery for ₹ 20,00,000. It provides depreciation at 10% p.a. on the Written Down Value Method and closes its books on 31st March every year. On 1st July 2014, a part of the machinery purchased on 1st April 2012 for ₹ 4,00,000 was sold for ₹ 3,20,000. On 1st November 2014, a new machinery was purchased for ₹ 4,80,000. You are required to prepare Machinery Account, Depreciation Account and Provision for Depreciation Account for three years ending 31st March 2015.

Prepare an Accounting Equation on the basis of the following transaction:

1. Started business with cash ₹ 70,000.
2. Credit purchase of goods ₹ 18,000.
3. Payment made to creditors in full settlement ₹ 17,500.
4. Purchase of machinery for cash ₹ 20,000.
5. Depreciation on machinery ₹ 2,000.

What is contra entry? How can you deal this entry while preparing double column cash book?

What is meant by maturity of a bill of exchange?

Prepare bank reconciliation statement of Dinesh on 30th June 2014 with following particulars:

1. Pass Book showed an overdraft of ₹ 15,000 on 30th June 2014.
2. A cheque of ₹ 200 was deposited in bank but not recorded in Cash Book.
3. Cheques of ₹ 17,000 were issued but cheques worth only ₹ 10,000 were presented for payment up to 30th June 2014.
4. Cheques of ₹ 2,000 were received and recorded in Cash Book but not sent to bank.
5. Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014.
6. Bank paid ₹ 300 fee of Chamber of Commerce on behalf of Dinesh, which was not recorded in Cash Book.
7. Bank charged interest on overdraft ₹ 800 which was not recorded in Cash Book.
8. ₹ 40 for bank charges were recorded two times in Cash Book and bank expenses of ₹ 35 were not at all recorded in Cash Book.
9. Total of credit side of bank column of Cash Book was undercast by ₹ 1,000 by mistake.

The bank statement of Mr. James Flint showed an overdraft to the tune of ₹ 60,400 as on 31-12-2014. Cash Book showed a debit balance of ₹ 2,00,120 as on the same date. The following further facts are available:

		₹
(a)	Cheque issued to Tax Consultants was not cashed till 31-12-2014.	12,000
(b)	Cheque issued to Management Consultancy Services was cashed on 14-1-2015.	20,000
(c)	Cheque received from M/s General Studies and deposited into the bank was credited in the account on 3-1-2015.	2,20,000
(d)	Dividend warrant deposited on 29-12-2014 was not credited by the bank till 31-12-2014.	74,400
(e)	Bank charge not adjusted in books of Mr. Flint till 31-12-2014	680
(f)	Interest credited by the bank and not adjusted in the books till 31-12-2014	2,560

Prepare a Bank Reconciliation Statement of Mr. James Flint as on 31-12-2014.