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Page No 6.19:

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

 

 

 

 

 

 

Note: As per the book solution item no (x) Capital is shown under the head Assets which is wrong. Capital is always shown separately under Capital Account.

Page No 6.19:

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 6.19:

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 6.19:

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 6.19:

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 6.20:

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 6.20:

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 6.20:

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 (Sale)

14,000

 

 

 

Depreciation

1,000

 

 

 

Balance c/d

23,000

 

 

48,000

 

48,000

 

 

 

 

 

 

Page No 6.20:

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 6.20:

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 6.21:

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 6.21:

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 6.21:

Answer:

Capital Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2014

 

 

 

2013

 

 

 

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 6.21:

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 6.21:

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

 



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