Q.1. Journalese the following: −
2017 March 4
Purchased building for ₹ 1,50,000 and incurred expenses of ₹ 10,000 on its purchase.
March 10
Satish who owed us ₹ 20,000 is declared insolvent and 60 paise per ₹ is received from his estate.
March 15
Paid ₹ 500 for repairing the office furniture.
March 18
Proprietor withdrew for his personal use cash ₹ 5,000 and goods worth ₹ 2,000.
March 20
Purchased the following items for business: Iron Safe ₹ 15,000; Filing Cabinet ₹ 5,000; Computer ₹ 12,000; Postage ₹ 200 and Stationery ₹ 150.
March 28
Paid electricity charges ₹ 1,600.
March 31
Charge depreciation on Machinery @ 10% for one year (Machinery ₹ 75,000).
March 31
Outstanding wages at the end of the year ₹ 6,000
Q.2. Journalize the following transactions in the books of Harpreet Bros.
(a) Goods worth ` 2,000 were used by the proprietor.
(b) Charge depreciation @ 10% p.a for two month on machine costing ` 30,000.
(c) Provide interest on capital of ` 1,50,000 at 6% p.a. for 9 months.
(d) Rahul become insolvent, who owed is ` 2,000 a final dividend of 60 paise in a rupee is received from his estate.
Q.3. Give journal entries for the following transactions.
Jan 1
Started business with cash ` 1,50,000
Jan 2
Cash purchases ` 52,000
Jan 3
Sold goods to Ram ` 10,000
Jan 6
Returned Defective goods by Ram ` 2,000
Jan 8
Paid rent ` 1800
Jan 10
Withdraw from bank for house rent ` 6,000.
Also Read:-
Q.4. Journalise the following transactions:
(1) Paid 2,000 in cash as wages on installation of a machine.
(2) Sold goods to Manohar, list price 4,000, Trade Discount 10% and Cash Discount 5%. He paid the amount on the same day and availed the cash discount.
(3) Received an order from Shyam for supply of goods of the list price of 1,00,000 with an advance of 10% of list price.
(4) Received commission 5,000 half of which is in advance.
(5) Rajanikant is declared insolvent. A final compensation of 25 paise in the rupee is received from his estate out of 5,000.
(6) Cash embezzled by an employee 1,000.
Q.5. Journalise the following:
1. Isha commenced business by investing 2,00,000 in cash.
2. Opened a Current Account in bank 1,20,000.
3. She transferred 15,00,000 to the firm's bank account from her savings account.
4. Purchased goods for 60,000 and paid 2,000 for carriage.
5. Purchased goods for 1,00,000 from Rashmi.
6. Purchased a shop for 15,00,000 and paid by cheque.
7. Purchased machinery from Rajiv for 10,000 and paid him by a bank draft taken from bank paying bank charges of 200.
Q.6.Following transactions of Ramesh, Delhi for April, 2020 are given below. Journalise them:
2020 `
April 1 Ramesh started business with . 30,000
April 2 Opened a current account with Bank by depositing cheque from Savings Account................. 70,000
April 3 Bought goods for cash............................................... 5,000
April 13 Sold goods to Krishna on ...................... 1,500
April 20 Bought goods from Atul on credit........................................... 2,250
April 24 Received from Krishna ......................................... 1,450 Allowed him discount............................................ 50
April 28 Paid cash to Shyam......................................... 2,150
Discount allowed by him .................................................................... 100
April 30 Cash sales for the month............................................ 8,000
April 30 Paid Rent .................................................................. 500
April 30 Paid salary.................................................................................... 10,000
Also Read:-
Lesson 5 Accounting Equation
Q.1. Show an Accounting Equation on the baais of the following transactions:,一
1)Sunil started business with cash,1,50,000,
2）Opened a Bank Account by depositing 25,000 out of cash,
3) He sold his personal ear for 50,000 and deposited the amount,in the frm's Bank Account.,
4) He purchased a building and furniture for,1,00,000,
5) He purchased goods from Ram on credit,50,000,
6) He paid cartage,500,
7) He sold to Shyam on credit goods costing 6,000 for,9,000,
8) Received rent from tenants,1,000
9) Received security deposit from tenants,1,500,
10) Purchased stationery for cash,100
11) Invested in shares (personal),50,000
12) Received interest in cash,200,
13 ) Introduced fresh capital,25,000
14) Goods destroyed by fire 500,
Q.2. Draw an Accounting Equation from the following transactions:
(i) Commenced business with cash 50,000, cheque 1,00,000, goods 30,000 and furniture 20,000.
(ii) Car,personal asset of the proprietor, was sold for 1,00,000 against cheque which he deposited in his Savings Account.
(iii) An amount of 50,000 was transferred from his Savings Account to the firm's Bank Account.
(iv) A new car was purchased for 6,00,000 for' office use. It was paid by taking loan from Bank of 5,00,000 and balance by issue of cheque from firm's Bank Account.
(Ï…) Sold goods to Ajay on credit costing 4,000 for 5,000.
(vi) Sold goods for cash costing 12,000 for 16,000.
(vii) Purchased goods for cash ? 40,000.
(viii) Purchased goods on credit for 20,000.
(ix) Paid rent 3,000 including 2,000 in advance.
(x) Paid salarÃes ? 2,000.
(xi) Sold goods costing 8,000 for * 10,000.
(xii) Salaries outstanding * 1,000.
(xiii) Charge depreciation on furniture 500.
Q.3. Calculate the total assets if:
(i)Capital is 40,000.
(iii) Revenue during the period is 50,000.
(iv) Expenses during the period are 40,000.
(ii) Creditors are 25,000.
Ans. [Total Assets = 75,000.]
Q.4. (a) A had a capital of 75,000 on 1st April, 2015. He had also goods amounting to 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.
Ans. [90,000.]
(b) After a period of one month, he came to know that he had suffered a loss of 1.700. He withdrew 800 for his personal use. Find out his capital and assets of the business.
Ans. [Capital 72,500; Assets 87,500.]
Q.5. (a) Mohan started a business on 1st April, 2014 with a capital of 10,000 and borrowed 3,000 from a friend. He earned a profit of 5,000 during the year ended 31st March, 2013 and withdrew cash 4,000 for private use. What is his capital'on 31st March, 2015?
Ans. [11,000.]
(b) Mahesh started a business with a capital of 15,000 on 1st April, 2014. During the year, he made a profit of 3,000. He owes 2,500 to suppliers of goods. What is the total of assets in his business on 31st March, 2015?
Ans. [20,500.]
Q.6. Show the Accounting Equation on the basis of the following transactions and present a
Balance Sheet on the last new equation balance: `
(i) Raj commenced business with Cash 70,000
(ii) Purchased goods on credit 14,000
(iii) Withdrew for private use 1,700
(iv) Goods purchased for cash 10,000
(v) Paid wages 300
(vi) Paid to creditors 10,000
(vii) Sold goods on credit for 15,000
(viii) Sold goods for cash (cost price was ` 3,000) 4,000
(ix) Purchased furniture for 500
Ans. [Assets: Cash ` 51,500 + Stock ` 9,000 + Furniture ` 500 + Debtors ` 15,000 = Liabilities: ` 4,000 + Capital: ` 72,000.]
Q.7. Prove that the Accounting Equation is satisfied in all the following transactions of
Sameer Goel:
(i) Started business with cash ` 10,000.
(ii) Paid rent in advance ` 300.
(iii) Purchased goods for cash ` 5,000 and credit ` 2,000.
(iv) Sold goods for cash ` 8,000 costing ` 4,000.
(v) Paid salary ` 450 and salary outstanding being ` 100.
(vi) Bought motorcycle for personal use ` 3,000.
Ans. [Assets: Cash ` 9,250 + Prepaid Rent ` 300 + Stock ` 3,000 = Liabilities: Salary Outstanding ` 100 + Creditor ` 2,000 + Capital: ` 10,450.]
Q.8.Prepare an Accounting Equation from the following:
(i) Started business with cash ` 1,00,000.
(ii) Purchased goods for cash ` 20,000 and on credit ` 30,000.
(iii) Sold goods for cash costing ` 10,000 and on credit costing ` 15,000 both at a profit of 20%.
Ans. [Assets: Cash ` 92,000 + Stock ` 25,000 + Debtors ` 18,000 = Liabilities: Creditors ` 30,000 + Capital: ` 1,05,000.]
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