Question
Write a short note on 'balancing an account'. Explain by balancing a Cash Account.
✓
Answer
A balance of an account is the difference between the total of its debit and credit sides. If the total of debit side is more than the total of credit side, the account is said to have a debit balance. It has a credit balance when total of credit side is more than the total of debit side. Balancing a Cash Account.
| ₹ | ₹ | ||||
| 1. | Cash sales | 50,000 | 2. | Sold goods to X on credit | 80,000 |
| 3. | Cash received from X | 56,000 | 4. | Purchased goods from Y on credit | 44,000 |
| 5. | Paid to Y | 30,000 | 6. | Cash purchases from Y | 16,000 |
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Enter the following transactions in Return Inward Book of M/s Kanitkar & Co. of Mumbai (Maharashtra) assuming CGST @ 2.5% and SGST @ 2.5% and post it into Ledger:
|
2018
|
|
|
Jan. 5
|
Goods returned to us by Giriraj & Co., Pune (Maharashtra) worth ₹ 40,000, less 10% trade discount |
|
Jan. 10
|
Shah Brothers, Jaipur (Rajasthan) returned goods, being not according to sample ₹ 30,000 |
|
Jan. 16
|
Allowance claimed by Jai Singh & Co., Mathura (U.P) on account of a mistake in the invoice ₹ 10,000 |
|
Jan. 20
|
Good returned by Gopalsons, Mumbai being defective ₹ 20,000 |
What is Trade Discount? Give an example.
Briefly explain your understanding of Ind-AS.
How does the Matching Principle apply to depreciation?
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
|
Give one example of error of Omission?
A machine was purchased on 1st April, 2013. The balance of this machine on 31st March, 2016 is ₹ 5,83,200. Depreciation is charged @ 10% p.a. on written down value method. What was the cost price of the machine on 1st April, 2013?
Open 'T' shape account for Furniture and write the following on the proper side∶
- Furniture purchased for ₹ 50,000
- Furniture sold costing ₹ 20,000
- Furniture destroyed by fire ₹ 16,000
- Furniture again purchased ₹ 32,000
- Old furniture discarded ₹ 2,000
- Value of furniture was reduced by ₹ 5,000
Give one difference between General Reserve and Specific Reserve.
What is GST?