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Page No 7.48:

Answer:

Personal Account

Real Account

Nominal Account

(vii) Bank Overdraft

(i) Land

(iv) Interest Received

(viii) Debtors

(ii) Investments

(v) Salary

(ix) Creditors

(iii) Building

(vi) Excise Duty

(xii) Capital

(xv) Motor Vehicles

(x) Purchase Returns

(xiii) Drawings

(xviii) Goodwill

(xi) Bad Debts

 

 

(xiv) Depreciation

 

 

(xvi) Freight

 

 

(xvii) Wages

 

 

(xix) Return Inwards

 

 

(xx) Repairs

 

Page No 7.48:

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

 

 

(xvii)

Rent Received

(vii)

Carriage Outwards

(xiv)

Furniture and Fixtures

(xv)

Outstanding Expenses

 

 

 

 

(viii)

Purchases

 

 

 

 

 

 

 

 

(x)

Wages

 

Page No 7.48:

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 7.48:

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 7.48:

Answer:

Account Name

Account Type 

(i)

Drawings

Personal

(ii)

Cash

Real

(iii)

Outstanding Salaries

Personal

(iv)

Prepaid Insurance Premium

Personal

(v)

Depreciation

Nominal

(vi)

Loan

Personal

(vii)

Capital

Personal

 

Page No 7.48:

Answer:

 

Account Name

Account Type 

(i)

Stock

Real

(ii)

Loan

Personal

(iii)

Bank Loan

Personal

(iv)

Capital

Personal

(v)

Drawings

Personal

(vi)

Current Account of a Partner

Personal

(vii)

Furniture

Real

(viii)

Cash

Real

(ix)

Bank

Personal

(x)

Raja Ram (Purchaser)

Personal

 



Page No 7.49:

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 7.49:

Answer:

Item

Account Type

Reason

(i)

Salary

Nominal

Expenses 

(ii)

Outstanding Salary

Personal

Payable

(iii)

Accrued Rent

Personal

Receivable

(iv)

Prepaid Rent

Personal

Payment in advance

(v)

Rent Received in Advance

Personal

Income Received in Advance

(vi)

Doubtful Debts

Personal

Doubtful Receivable

 

Page No 7.49:

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 7.49:

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 7.49:

Answer:

S. No.

Transaction

Accounts

Involved

Nature of

Account

Reasons for Debit and Credit

Amount

Debit

(Rs)

Credit

(Rs)

(i)

Lal started business with cash

Cash

Real

Cash is Coming in.

3,00,000

 

Capital

Personal

Lal is the giver of the cash.

 

3,00,000

(ii)

Purchased Furniture from Shanti Furniture House for Cash

Furniture

Real

Furniture is coming in.

75,000

 

Cash

Real

Cash is going out.

 

75,000

(iii)

Purchased good for cash

Purchases

Nominal

Expenses

55,000

 

Cash

Real

Cash is going out

 

55,000

(iv)

Sold Goods for Cash to Pal

Cash

Real

Cash is coming in

35,000

 

Sales

Nominal

Revenue

 

35,000

(v)

Sold goods to Om on Credit

Om

Personal

Receiver of goods

60,000

 

Sales

Nominal

Revenue

 

60,000

(vi)

Deposited Cash in Bank

Bank

Personal

Bank is receiver

70,000

 

Cash

Real

Cash is the going out

 

70,000

(vii)

Received a cheque from Om

Cash

Real

Cash is coming in

20,000

 

Om

Personal

Om is giver

 

20,000

(viii)

Deposited Om’s cheque on next day

Bank

Personal

Bank is the receiver

20,000

 

Cash

Real

Cash is going out

 

20,000

(ix)

Borrowed from Sohan

Cash

Real

Cash is coming in

1,00,000

 

Sohan

Personal

Sohan is the giver

 

1,00,00

(x)

Purchased furniture from Haryana Safe

Furniture

Real

Furniture is coming in

50,000

 

Haryana Safe

Personal

Haryana Safe is the giver

 

50,000

(xi)

Paid interest on loan

Interest

Nominal

Expense

10,000

 

Cash

Real

Cash is going out

 

10,000

(xii)

Paid rent by Cheque

Rent

Nominal

Expense

4,000

 

Bank

Personal

Bank is the giver

 

4,000

(xiii)

Paid salary to staff

Salary

Nominal

Expense

14,000

 

Cash

Real

Cash is going out

 

14,000

(xiv)

Withdrew Cash for Personal use

Drawings

Personal

Proprietor  is the receiver

5,000

 

Cash

Real

Cash is going out

 

5,000

 



Page No 7.50:

Answer:

 

Journal

Date

Particulars

L.F.

Debit Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

June 03

Cash A/c

Dr.

 

5,000

 

 

To Ram

 

 

5,000

 

(Cash received from Ram)

 

 

 

 

 

 

 

 

June 04

Purchases A/c

Dr.

 

1,500

 

 

To Cash A/c

 

 

1,500

 

(Purchased goods for Cash)

 

 

 

 

 

 

 

 

June 11

Hari

Dr.

 

1,200

 

 

To Sales A/c

 

 

1,200

 

 (Sold goods to Hari )

 

 

 

 

 

 

 

 

June 13

Ramavtar

Dr.

 

400

 

 

To Cash

 

 

400

 

 (Paid Ramavtar)

 

 

 

 

 

 

 

 

June 17

Cash A/c

Dr.

 

100

 

 

To Hari

 

 

100

 

 (Received from Hari)

 

 

 

 

 

 

 

 

June 20

Furniture A/c

Dr.

 

200

 

 

To Ram

 

 

200

 

(Bought Furniture from Ram )

 

 

 

 

 

 

 

 

June 27

Rent A/c

Dr.

 

280

 

 

To Cash A/c

 

 

280

 

 (Paid Rent )

 

 

 

 

 

 

 

 

June 30

Salary A/c

Dr.

 

500

 

 

To Cash A/c

 

 

500

 

(Paid Salary)

 

 

 

 

 

 

 

 

 

Page No 7.50:

Answer:

 

Journal

In the Books of Mr. Rakesh

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

Jan. 01

Cash A/c

Dr.

 

50,000

 

 

To Capital A/c

 

 

50,000

 

(Business started with capital)

 

 

 

 

 

 

 

 

Jan. 02

Purchases A/c

Dr.

 

10,000

 

 

To Cash A/c

 

 

10,000

 

(Goods purchased for cash)

 

 

 

 

 

 

 

 

Jan. 05

Purchases A/c

Dr.

 

6,000

 

 

To Mohan’s A/c

 

 

6,000

 

(Goods purchased on credit from Mohan)

 

 

 

 

 

 

 

 

Jan. 07

Bank A/c

Dr.

 

5,000

 

 

To Cash A/c

 

 

5,000

 

(Cash deposited into the bank)

 

 

 

 

 

 

 

 

Jan. 10

Furniture A/c

Dr.

 

2,000

 

 

To Cash A/c

 

 

2,000

 

(Purchased furniture for cash)

 

 

 

 

 

 

 

 

Jan. 15

Cash A/c

Dr.

 

7,000

 

 

To Sales A/c

 

 

7,000

 

(Sold goods for cash)

 

 

 

 

 

 

 

 

Jan. 20

Ram’s A/c

Dr.

 

5,000

 

 

To Sales A/c

 

 

5,000

 

(Sold goods on credit to Ram)

 

 

 

 

 

 

 

 

Jan. 25

Cash A/c

Dr.

 

3,500

 

 

To Sales A/c

 

 

3,500

 

(Sold goods for cash)

 

 

 

 

 

 

 

 

Jan. 27

Mohan’s A/c

Dr.

 

3,000

 

 

To Cash A/c

 

 

3,000

 

(Paid cash to Mohan against credit purchases)

 

 

 

 

 

 

 

 

Jan. 28

Sales Return A/c

Dr.

 

500

 

 

  To Ram’s A/c

 

 

500

 

(Goods returned to Ram)

 

 

 

 

 

 

 

 

Jan. 30

Rent A/c

Dr.

 

1,200

 

 

  To Cash A/c

 

 

1,200

 

(Rent paid through cash)

 

 

 

 

 

 

 

 

Jan. 31

Salaries A/c

Dr.

 

2,800

 

 

To Cash A/c

 

 

2,800

 

(Salaries paid to employees through cash)

 

 

 

 

 

 

 

 

Jan. 31

Mohan’s A/c (6,000 × 10%)

Dr.

 

600

 

 

  To Purchases Return A/c

 

 

600

 

(10% of goods rejected and returned to Mohan)

 

 

 

 

 

 

 

 

 

Page No 7.50:

Answer:

Journal 

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

Jan.01

Cash A/c

Dr.

 

30,000

 

 

To Capital A/c

 

 

30,000

 

 (Ram Commenced business with Cash)

 

 

 

 

 

 

 

 

Jan.02

Bank A/c

Dr.

 

21,000

 

 

To Cash A/c

 

 

21,000

 

(Paid into Bank )

 

 

 

 

 

 

 

 

Jan.03

Purchases A/c

Dr.

 

1,500

 

 

To Cash A/c

 

 

1,500

 

 (Purchased goods)

 

 

 

 

 

 

 

 

Jan.07

Cash A/c

Dr.

 

3,000

 

 

To Bank A/c

 

 

3,000

 

 (Drew cash from Bank for office use )

 

 

 

 

 

 

 

 

Jan.10

Hari

Dr.

 

1,000

 

 

To Sales A/c

 

 

1,000

 

(Sold goods to Hari)

 

 

 

 

 

 

 

 

Jan.15

Purchases A/c

Dr.

 

1,500

 

 

To Shyam

 

 

1,500

 

(Purchased goods from Shyam)

 

 

 

 

 

 

 

 

Jan.20

Cash A/c

Dr.

 

3,000

 

 

To Sales A/c

 

 

3,000

 

(Cash Sales)

 

 

 

 

 

 

 

 

Jan.25

Shyam

Dr.

 

1,500

 

 

To Cash A/c

 

 

1,475

 

To Discount Received A/c

 

 

25

 

 (Paid to Shyam and received discount from him)

 

 

 

 

 

 

 

 

Jan.30

Rent A/c

Dr.

 

500

 

 

To Cash A/c

 

 

500

 

 (Paid Rent )

 

 

 

 

 

 

 

 

Jan.31

Salaries A/c

Dr.

 

1,000

 

 

To Cash A/c

 

 

1,000

 

(Paid Salaries)

 

 

 

 

 

 

 

 

Page No 7.50:

Answer:

Books of Ramesh

Journal

Date

Particulars

L.F

Debit

Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

April 01

Cash A/c

Dr.

 

10,000

 

 

To Capital A/c

 

 

10,000

 

(Ramesh started business with Cash )

 

 

 

 

 

 

 

 

April 02

Bank A/c

Dr.

 

7,000

 

 

To Cash A/c

 

 

7,000

 

(Cash paid into Bank)

 

 

 

 

 

 

 

 

April 03

Purchases A/c

Dr.

 

500

 

 

To Cash A/c

 

 

500

 

(Purchased goods for Cash )

 

 

 

 

 

 

 

 

April 04

Cash A/c

Dr.

 

100

 

 

To Bank A/c

 

 

100

 

(Drew Cash from Bank for office use)

 

 

 

 

 

 

 

 

April 13

Krishna

Dr.

 

150

 

 

To Sales A/c

 

 

150

 

(Sold goods to Krishna on credit)

 

 

 

 

 

 

 

 

April 20

Purchases A/c

Dr.

 

225

 

 

To Shyam A/c

 

 

225

 

(Bought goods from Shyam on credit)

 

 

 

 

 

 

 

 

April 24

Cash A/c

Dr.

 

145

 

 

Discount Allowed A/c

Dr.

 

5

 

 

To Krishna

 

 

150

 

(received can from Krishna and discount allow)

 

 

 

 

 

 

 

 

April 28

Shyam

Dr.

 

225

 

 

To Cash

 

 

215

 

To Discount Received

 

 

10

 

(Paid to Shyam and discount Received)

 

 

 

 

 

 

 

 

April 30

Cash A/c

Dr.

 

800

 

 

To Sales A/c

 

 

800

 

(Sold goods for cash)

 

 

 

 

 

 

 

 

April 30

Rent A/c

Dr.

 

50

 

 

Salary A/c

Dr.

 

100

 

 

To Cash A/c

 

 

150

 

(Rent and salary were paid)

 

 

 

 



Page No 7.51:

Answer:

 

Books of Satish

Journal

Date

Particulars

L.F

Debit Amount (Rs)

Credit Amount

(Rs)

2016

 

 

 

 

Jan.01

Cash A/c

Dr.

 

10,000

 

 

To Capital A/c

 

 

10,000

 

 (Rahul started business with Cash )

 

 

 

 

 

 

 

 

Jan.02

Bank A/c

Dr.

 

6,000

 

 

To Cash A/c

 

 

6,000

 

(Paid into Bank)

 

 

 

 

 

 

 

 

Jan.03

Purchases A/c

Dr.

 

2,000

 

 

To M/s. S. Singh of Co

 

 

2,000

 

(Purchased goods from M/s S. Singh & Co)

 

 

 

 

 

 

 

 

Jan.04

Furniture A/c

Dr.

 

200

 

 

Adding Machine A/c

Dr.

 

800

 

 

Typewriter A/c

Dr.

 

600

 

 

To Bank A/c

 

 

1,600

 

(Purchase Furniture, Adding Machine and Typewriter through cheque)

 

 

 

 

 

 

 

 

Jan.06

Postage A/c

Dr.

 

15

 

 

To Cash

 

 

15

 

(Paid for postage)

 

 

 

 

 

 

 

 

Jan.08

Cash A/c

Dr.

 

400

 

 

To Sales A/c

 

 

400

 

(Sold goods for Cash)

 

 

 

 

 

 

 

 

Jan.09

M/s S. Sharda & Co.

Dr.

 

1,000

 

 

To Sales A/c

 

 

1,000

 

(Sold goods to M/s. S. Sharda & Co)

 

 

 

 

 

 

 

 

Jan.15

M/s S. Singh & Co.

Dr.

 

2,000

 

 

To Cash A/c

 

 

1,950

 

To Discount Received

 

 

50

 

(Paid to M/s. S. Singh & Co and discount received)

 

 

 

 

 

 

 

 

Jan.25

M/s. Ray & Co.

Dr.

 

560

 

 

To Sales A/c

 

 

560

 

(Sold goods to M/s. Ray & Co)

 

 

 

 

 

 

 

 

Jan.27

Bank A/c

Dr.

 

975

 

 

Discount Allowed A/c

Dr.

 

25

 

 

To M/s. S. Sharda & Co

 

 

1,000

 

(Cash received from M/s. Sharda & Co. and discount allowed )

 

 

 

 

 

 

 

 

Jan.31

Electricity Charges A/c

Dr.

 

10

 

 

Salary A/c

Dr.

 

150

 

 

To Cash A/c

 

 

160

 

(Paid electricity charges and salary)

 

 

 

 

 

 

 

 

Jan.31

Rent A/c

Dr.

 

250

 

 

Drawings A/c

Dr.

 

250

 

 

To Bank A/c

 

 

500

 

(Paid rent half of which related to personal use)

 

 

 

 

 

 

 

 

 

Drawings A/c

Dr.

 

350

 

 

To Cash A/c

 

 

350

 

(Drew for private use)

 

 

 

 

 

 

 

 

 

Page No 7.51:

Answer:

Books of R. Singh & Co

Journal

Date

Particulars

L.F.

Debit Amount

(Rs)

Credit Amount

(Rs)

2016

 

 

 

 

July 01

Cash  A/c

Dr.

 

8,000

 

 

To Capital A/c

 

 

8,000

 

(Started business with cash)

 

 

 

 

 

 

 

 

July 01

Bank A/c

Dr.

 

5,000

 

 

To Cash A/c

 

 

5,000

 

(Cash paid into bank )

 

 

 

 

 

 

 

 

July 01

Stationery A/c

Dr.

 

30

 

 

To Cash A/c

 

 

30

 

(Purchased stationery for Cash)

 

 

 

 

 

 

 

 

July 02

Purchases A/c

Dr.

 

2,100

 

 

To Cash A/c

 

 

2,100

 

(Bought goods for Cash)

 

 

 

 

 

 

 

 

July 03

Postage Stamps A/c 

Dr.

 

10

 

 

To Cash A/c

 

 

10

 

(Bought postage Stamps)

 

 

 

 

 

 

 

 

July 05

Cash A/c

Dr.

 

750

 

 

To Sales A/c

 

 

750

 

(Sold Goods for Cash)

 

 

 

 

 

 

 

 

July 06

Furniture A/c

Dr.

 

500

 

 

To Bannerjee Bros.

 

 

500

 

(Bought office furniture from Bannerjee Bros.)

 

 

 

 

 

 

 

 

July 11

Mahendra

Dr.

 

1,000

 

 

To Sales A/c

 

 

1,000

 

(Good Sold to Mahendra)

 

 

 

 

 

 

 

 

July 12

Bank A/c

Dr.

 

1,000

 

 

To Mahendra

 

 

1,000

 

(Received cheque from Mahendra)

 

 

 

 

 

 

 

 

July 14

Bannerjee Bros.

Dr.

 

500

 

 

To Bank A/c

 

 

500

 

(Paid to Bannerjee Bros by cheque)

 

 

 

 

 

 

 

 

July 16

Ramesh & Co

Dr.

 

500

 

 

To Sales A/c

 

 

500

 

(Sold goods to Ramesh & co)

 

 

 

 

 

 

 

 

July 20

Purchases A/c

Dr.

 

700

 

 

To S. Seth & Bros.

 

 

700

 

(Bought goods from S. Seth & Bros)

 

 

 

 

 

 

 

 

July 23

Purchases A/c

Dr.

 

225

 

 

To Cash A/c

 

 

225

 

(Purchases of goods in cash from S. Narain & Co.)

 

 

 

 

 

 

 

 

July 24

P. Prakash

Dr.

 

350

 

 

To Sales A/c

 

 

350

 

( Sold goods to P. Parkash)

 

 

 

 

 

 

 

 

July 26

Cash A/c

Dr.

 

250

 

 

To Ramesh & Co

 

 

250

 

(Cash received from Ramesh & Co)

 

 

 

 

 

 

 

 

July 28

S. Seth & Bros

Dr.

 

700

 

 

To Bank A/c

 

 

685

 

To Discount Received A/c

 

 

15

 

(Paid to S. Seth & Bros. and discount received)

 

 

 

 

 

 

 

 

July 31

Salaries A/c

Dr.

 

250

 

 

To Cash A/c

 

 

250

 

(Paid Salaries)

 

 

 

 

 

 

 

 

July 31

Rent A/c

Dr.

 

100

 

 

To Rent Outstanding A/c

 

 

100

 

(Rent due to S. Sharma)

 

 

 

 

 

 

 

 

 



Page No 7.52:

Answer:

Books of Suresh

Journal

Date

Particulars

L.F.

Debit Amount

(Rs)

Credit Amount

(Rs)

2016

 

 

 

 

April 01

Bank A/c

Dr.

 

6,000

 

 

To Capital A/c

 

 

6,000

 

(Paid into Bank as Capital)

 

 

 

 

 

 

 

 

April 02

Purchases A/c

Dr.

 

2,400

 

 

To Bank A/c

 

 

2,400

 

(Bought goods for cheque)

 

 

 

 

 

 

 

 

April 03

Mukand & Co.

Dr.

 

670

 

 

To Sales A/c

 

 

670

 

(Sold Goods to Mukand & Co.)

 

 

 

 

 

 

 

 

April 04

Cash A/c

Dr.

 

1,090

 

 

To Sales A/c

 

 

1,090

 

(Sold goods for Cash)

 

 

 

 

 

 

 

 

April 05

Sundry Expenses A/c

Dr.

 

300

 

 

To Cash A/c

 

 

300

 

(Paid Sundry Expenses)

 

 

 

 

 

 

 

 

April 06

Bank A/c

Dr.

 

1,500

 

 

To Cash A/c

 

 

1,500

 

(Send Cash to Bank)

 

 

 

 

 

 

 

 

April 07

Bank A/c

Dr.

 

650

 

 

Discount Allowed A/c

Dr.

 

20

 

 

To Mukand & Co.

 

 

670

 

(Received Cheque From Mukand & Co and discount allowed)

 

 

 

 

 

 

 

 

April 08

Wages A/c

Dr.

 

100

 

 

To Cash

 

 

100

 

(Paid wages in Cash)

 

 

 

 

 

 

 

 

April 08

Furniture A/c

Dr.

 

400

 

 

To Bank A/c

 

 

400

 

(Bought Office furniture by cheque)

 

 

 

 

 

 

 

 

April 09

Purchases A/c

Dr.

 

1,060

 

 

To Ramesh and Bros.

 

 

1,060

 

(Bought goods from Ramesh and Bros.)

 

 

 

 

 

 

 

 

April 10

Mahendra A/c

Dr.

 

1,870

 

 

To Sales A/c

 

 

1,870

 

(Sold goods to Mahendra)

 

 

 

 

 

 

 

 

April 11

Ramesh and Bros.

Dr.

 

150

 

 

To Purchase Return A/c

 

 

150

 

(Good returned to Ramesh and Bros.)

 

 

 

 

 

 

 

 

April 12

Ramesh Bros. A/c

Dr.

 

910

 

 

To Bank A/c

 

 

900

 

To Discount Received A/c

 

 

10

 

(Cheque sent to Ramesh and Bros. and discount received)

 

 

 

 

 

 

 

 

April 14

Cash A/c

Dr.

 

490

 

 

To Sales A/c

 

 

490

 

(Sold goods for Cash)

 

 

 

 

 

 

 

 

April 14

Bank A/c

Dr.

 

400

 

 

To Cash

 

 

400

 

(Paid into Bank)

 

 

 

 

 

 

 

 

April 15

Drawings A/c

Dr.

 

50

 

 

To Cash A/c

 

 

50

 

(Drew Cash for personal use)

 

 

 

 

 

 

 

 

April 30

Interest A/c

Dr.

 

20

 

 

To Bank A/c

 

 

20

 

(Bank charged Interest)

 

 

 

 

 

 

 

 

April 30

Stationery A/c

Dr.

 

30

 

 

To Cash A/c

 

 

30

 

(Cash paid for Stationery)

 

 

 

 

 

 

 

 

April 30

Cash A/c

Dr.

 

5,000

 

 

To Loan from Ridhi

 

 

5,000

 

(Borrowed from Ridhi)

 

 

 

 

 

 

 

 

April 30

Cash A/c

Dr.

 

600

 

 

To Mahendra

 

 

600

 

(Cash received from Mahendra)

 

 

 

         

April 30

Cash A/c

Dr.

 

2,000

 

 

To Capital A/c

 

 

2,000

 

(Sold household furniture and transferred money into business)

 

 

 

 

 

 

 

 

April 30

Cash A/c

Dr.

 

4,800

 

 

To Sales A/c

 

 

4,800

 

(Sold goods for Cash)

 

 

 

 

 

 

 

 

 

Page No 7.52:

Answer:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

(a)

Cash A/c

Dr.

 

750

 

 

Bad Debts A/c

Dr.

 

250

 

 

To Shyam’s A/c

 

 

1,000

 

(Shyam became insolvent and only 75 paise in a rupee was recovered from his estate)

 

 

 

 

 

 

 

 

(b)

Cash A/c

Dr.

 

500

 

 

To Bad Debts Recovered A/c

 

 

500

 

(Received cash from bad debts written-off last year)

 

 

 

 

 

 

 

 

(c )

Rent A/c

Dr

 

800

 

 

  To Outstanding Rent A/c

 

 

800

 

(Rent due to landlord)

 

 

 

 

 

 

 

 

(d)

Depreciation A/c

Dr.

 

100

 

 

  To Office Furniture A/c

 

 

100

 

(Depreciation charged on office furniture)

 

 

 

 

 

 

 

 

(e )

Salaries A/c

Dr.

 

1,000

 

 

   To Salaries Outstanding A/c

 

 

1,000

 

(Salaries due to employees)

 

 

 

 

 

 

 

 

(f)

Drawings A/c

Dr.

 

3,000

 

 

  To Cash A/c

 

 

3,000

 

(Income tax paid)

 

 

 

 

 

 

 

 

 

Page No 7.52:

Answer:

Journal

In the Books of P.K. Nair

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

Jan. 01

Cash A/c

Dr.

 

10,000

 

 

To Capital A/c

 

 

10,000

 

(Business started with capital)

 

 

 

 

 

 

 

 

Mar. 18

Bank A/c

Dr.

 

300

 

 

Cash A/c

Dr.

 

200

 

 

Discount Allowed A/c

Dr.

 

10

 

 

  To Prem Nath & Co. A/c

 

 

510

 

(Received from Prem Nath & Co.)

 

 

 

 

 

 

 

 

July 15

Lal Chand & Co. A/c

Dr.

 

2,500

 

 

  To Machinery A/c

 

 

2,500

 

(Sold machinery on credit)

 

 

 

 

 

 

 

 

Oct. 21

Cash A/c

Dr.

 

550

 

 

  To Sales A/c

 

 

550

 

(Sold goods for cash)

 

 

 

 

 

 

 

 

Oct. 21

Purchases A/c

Dr.

 

215

 

 

  To Cash A/c

 

 

215

 

(Purchased goods for cash)

 

 

 

 

 

 

 

 

Oct. 22

Furniture A/c

Dr.

 

1,000

 

  Stock A/c Dr.   3,000  

 

  To Cash A/c

 

 

4,000