Double Entry Book Keeping Ts Grewal 2017 Solutions for Class 11 Commerce Accountancy Chapter 3 Accounting Procedures Rules Of Debit And Credit are provided here with simple step-by-step explanations. These solutions for Accounting Procedures Rules Of Debit And Credit are extremely popular among class 11 Commerce students for Accountancy Accounting Procedures Rules Of Debit And Credit Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal 2017 Book of class 11 Commerce Accountancy Chapter 3 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal 2017 Solutions. All Double Entry Book Keeping Ts Grewal 2017 Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.

Page No 6.16:

Answer:

Assets

Liabilities

Capital

Expenses

Revenue

(i) Land

(vi) Bank Overdraft

(x) Capital

(v) Salary

(iv) Interest Received

(ii) Investments

(viii) Creditors

 

(ix) Bad Debts

 

(iii) Building

 

 

(xi) Depreciation

 

(vii) Debtors

 

 

(xiii) Freight

 

(xii) Motor Vehicles

 

 

(xiv) Wages

 

(xv) Goodwill

 

 

(xvi) Repairs

 

 

 

 

 

 

Page No 6.16:

Question 2:

Classify the following into assets, liabilities, capital, revenue, and expenses:

(i) Plant and Machinery (ii) Bank Loan (iii) Sales (iv)  Rent
(v) Discount Received (vi) Carriage Inwards (vii) Carriage outwards (viii) Purchases
(ix) Bills Payable (x) Wages (xi) Advance Income (xii) Accrued Income 
(xiii) Goodwill (xiv)Furniture and Fixtures (xv) Outstanding Expenses (xvi) Capital

Answer:

Assets

Liabilities

Capital

Revenue

Expenses

(i)

Plant and Machinery

(ii)

Bank Loan

(xvi)

Capital

(iii)

Sales

(iv)

Rent

(xii)

Accrued Income

(ix)

Bills Payable

 

 

(v)

Discount Received

(vi)

Carriage Inwards

(xiii)

Goodwill

(xi)

Advance Income

 

 

 

 

(vii)

Carriage Outwards

(xiv)

Furniture and Fixtures

(xv)

Outstanding Expenses

 

 

 

 

(viii)

Purchases

 

 

 

 

 

 

 

 

(x)

Wages

 

Page No 6.16:

Answer:

Name of Accounts

Consequence of increase   

Modern Approach

Traditional Approach

(i)

Furniture

Debit

Assets

Real Account

(ii)

Mohan (Proprietor )

Credit

Capital

Personal Account

(iii)

Salary

Debit

Expense

Nominal Account

(iv)

Purchases

Debit

Expense

Nominal Account

(v)

Sales

Credit

Revenue

Nominal Account

(vi)

Interest Paid

Debit

Expense

Nominal Account

(vii)

Sohan (Creditor)

Credit

Liabilities

Personal Account

(viii)

Ram (Debtor)

Debit

Assets

Personal Account

 

Page No 6.16:

Answer:

Name of Accounts

Consequence of decrease

Modern Approach

Traditional Approach

(i)

Cash

Credit

Assets

Real Account

(ii)

Bank Overdraft

Debit

Liability

Personal Account

(iii)

Outstanding Salary Paid

Debit

Liability

Personal Account

(iv)

Outstanding Rent

Debit

Liability

Personal Account

(v)

Prepaid Insurance

Credit

Asset

Personal Account

(vi)

Mohan, proprietor of the business

Debit

Capital

Real Account



Page No 6.17:

Answer:

Account Name

Account Type

(i)

Machinery

Asset

(ii)

Bank

Asset

(iii)

Sales

Revenue

(iv)

Purchases

Expense

(v)

Unsold Stock

Asset

(vi)

Bank Overdraft

Liability

(vii)

Ram (Customer )

Asset

(viii)

Cash

Asset

(ix)

Interest Received

Revenue

(x)

Mohan (Proprietor)

Capital

Page No 6.17:

Answer:

S. No.

Name of Account

Balance

Reason

(i)

Carriage

Debit

Expenses

(ii)

Machinery

Debit

Asset

(iii)

Sales

Credit

Revenue

(iv)

Cash

Debit

Asset

(v)

Ram (Customer)

Debit

Debtor

(vi)

Sale Return

Debit

Decreases in Revenue

(vii)

Purchases

Debit

Expense

(viii)

Bad Debts

Debit

Loss

(ix)

Discount Allowed

Debit

Loss

(x)

Rent

Debit

Expense

(xi)

Commission Received

Credit

Income

(xii)

Capital

Credit

Proprietor’s Liability 

(xiii)

Repairs

Debit

To the Firm

(xiv)

Purchases Return

Credit

Decrease in Purchases

 

Page No 6.17:

Answer:

Interest (Income) Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

 

 

 

Cash (Interest earned)

2,000

 

 

 

 

 

             

 

Interest (Expenses) Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

 

Cash (Interest paid)

1,000

 

 

 

Interest Outstanding

500

 

 

 

 

 

 

 

 

 

1,500

 

 

 

 

 

 

 

 

Page No 6.17:

Question 8:

Open a 'T' shape account for machinery and put the following transactions  on the proper side:

   
(i)  Machinery purchased 40,000
(ii)  Machinery sold 10,000
(iii)  Machinery purchased 8,000
(iv)  Machinery discarded 14,000
(v)  Depreciation on machinery 1,000
     

Answer:

Machinery(Asset) Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

 

Bank (Purchased)

40,000

Bank (Sale)

10,000

 

Bank (Purchased)

8,000

Bank (Discarded)

14,000

 

 

 

Depreciation

1,000

 

 

 

Balance c/d

23,000

 

 

48,000

 

48,000

 

 

 

 

 

 

Page No 6.17:

Question 9:

Open a 'T' shape Cash Account . Put the following transactions on the proper side and balance the account :

   
(i) Mohan started business with cash 40,000
(ii) Purchased Goods 20,000
(iii) Sold Goods 24,000
(iv) Paid Rent 400
(v) Paid salaries 600
(vi) Drew for personal use 1,000
 

Answer:

Cash Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

(i)

Capital

 

40,000

(ii)

Purchases

 

20,000

(iii)

Sales

 

24,000

(iv)

Rent

 

400

 

 

 

 

(v)

Salaries

 

600

 

 

 

 

(vi)

Drawings

 

1,000

 

 

 

 

 

Balance c/d

 

42,000

 

 

 

64,000

 

 

 

64,000

 

 

 

 

 

 

 

 

 

Page No 6.17:

Question 10:

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

   
(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
 

Answer:

Rakesh

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

(ii)

Purchases Return

 

5,000

(i)

Purchases

 

50,000

(iii)

Cash

 

20,000

(iv)

Purchases

 

10,000

 

Balance c/d

 

35,000

 

 

 

 

 

 

 

60,000

 

 

 

60,000

 

 

 

 

 

 

 

 

 



Page No 6.18:

Question 11:

Open a 'T' shape account of debtor 'Brij' and write the following transactions on the proper side:

   
(i) Sold goods to Brij on credit 25,000
(ii) Cash received from Brij
Discount allowed to him
10,000
500
(iii) goods returned by Brij 5,000

Answer:

Brij (Debtors)  

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

(i)

Sales

 

25,000

(ii)

Cash

 

10,000

 

 

 

 

 

Discount Received

 

500

 

 

 

 

(iii)

Sales Return

 

5,000

 

 

 

 

 

Balance c/d

 

9,500

 

 

 

25,000

 

 

 

25,000

 

 

 

 

 

 

 

 

 

Page No 6.18:

Question 12:

Put the following on the proper side of a Cash Account, a Debtor's Account and a Creditor's Account :

   
(i) Sold goods to Sanjay on credit 50,000
(ii) Sold goods to Mohan for cash 20,000
(iii) Purchased goods from Ram on credit 25,000
(iv) Cash received from Sanjay 19,000
(v) Goods returned by Sanjay 2,000
(vi) Paid rent 500
(vii) Cash paid to Ram 15,000

Answer:

Cash Account  

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

(ii)

Sales

 

20,000

(vi)

Rent

 

500

(iv)

Sanjay

 

19,000

(vii)

Ram

 

15,000

 

 

 

 

 

Balance c/d

 

23,500

 

 

 

39,000

 

 

 

39,000

 

 

 

 

 

 

 

 

                   

 

Sanjay (Debtors)

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

(i)

Sales

 

50,000

(iv)

Cash

 

19,000

 

 

 

 

(v)

Sales Return

 

2,000

 

 

 

 

 

Balance c/d

 

29,000

 

 

 

50,000

 

 

 

50,000

 

 

 

 

 

 

 

 

                   

 

Ram (Creditors)   

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

(vii)

Cash

 

15,000

(iii)

Purchase

 

25,000

 

Balance c/d

 

10,000

 

 

 

 

 

 

 

25,000

 

 

 

25,000

 

 

 

 

 

 

 

 

 

Page No 6.18:

Answer:

Capital Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2017

 

 

 

2016

 

 

 

March 31

Profit and Loss A/c (Net Loss)

 

1,800

April 01

Cash

 

20,000

March 31

Drawings

 

1,500

 

 

 

 

 

Balance c/d

 

16,700

 

 

 

 

 

 

 

20,000

 

 

 

20,000

 

 

 

 

 

 

 

 

 

Page No 6.18:

Answer:

S. No.

Transaction

Accounts

Involved

Nature of

Account

Reasons for Debit and Credit

Amount

Debit

(Rs)

Credit

(Rs)

(i)

Gaurav started business with Cash

Cash

Real

Cash is Coming in.

1,00,000

 

Capital

Personal

Gaurav is the Giver of Cash.

 

1,00,000

(ii)

He purchased furniture for business

Furniture

Real

Furniture is coming  in.

20,000

 

Cash

Real

Cash is going out.

 

20,000

(iii)

Purchased good of on credit form Anshul

Purchases

Real

Goods are coming in.

6,000

 

Anshul

Given

Anshul is giver of the goods.

 

6,000

(iv)

Paid to his Creditor, Anshul

Anshul

Personal

Anshul is Receiver.

2,000

 

Cash

Real

Cash is going out.

 

2,000

(v)

Paid salary to clerk

Salary

Nominal

Expenses

1,000

 

Cash

Real

Cash is going out.

 

1,000

(vi)

Paid Rent

Rent

Nominal

Expenses

500

 

Cash

Real

Cash is going out.

 

500

(vii)

Received Interest

Cash

Real

Cash is coming in.

200

 

Interest

Nominal

Incomes

 

200

 

Page No 6.18:

Question 15:

From the following particulars, prepare the proprietor's Capital Account:

2013  
April 1 Started business with 45,000
May 10  Withdrew from business for personal use 10,000
July 15 Further Capital introduced 55,000
Nov. 30 Income tax paid 5,000
 2014    
Mar. 31 Profit for the year 30,000

Answer:

Proprietor’s Capital Account

Dr.

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

2013

 

 

2013

 

 

Mar.10

Drawings A/c

10,000

Apr.01

Cash A/c

45,000

Nov.30

Drawings A/c ( Income Tax)

5,000

July 15

Cash A/c

55,000

2014

 

 

2014

 

 

Mar.31

Balance c/d

1,15,000

Mar.31

Profit and Loss A/c

30,000

 

 

 

 

 

 

 

 

1,30,000

 

 

1,30,000

 

 

 

 

 

 



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