Meaning and Objectives of Accounting — Account STD 11 Commerce — Question

From the following prepare Single Column Cash Book of Suresh, Chennai and post them into ledger accounts:

2019			₹
April 1	Cash in Hand		6,400
April 3	Received Cash from Anupama		1,00,000
April 4	Paid into Bank		80,000
April 5	Received from Bhumika as commission ₹ 6,000 plus CGST and SGST @ 6% each
April 6	Paid Wages		30,000
April 7	Withdrawn from Bank for expenses		30,000
April 8	Purchased goods from Ashok on credit of ₹ 10,000 plus CGST and SGST @ 6% each
April 9	Cash sales of ₹ 10,000 charged CGST and SGST @ 6% each
April 11	Drew Cash for domestic purposes		10,000
April 12	Purchased furniture for ₹ 4,000 plus CGST and SGST @ 6% each
April 13	Paid to Ruma		1,200
April 14	Paid to Ganguly Brothers for office fan ₹ 1,500 plus CGST and SGST @ 6% each
April 15	Paid own life insurance premium from office cash		800
April 16	Purchased stationery ₹ 1,000 plus CGST and SGST @ 6% each
April 17	Paid office expenses		500
April 18	Remitted to Raman		900
April 19	Paid electricity charges		100
April 20	Received interest from Gupta & Co.		500
April 30	Deposited all cash into bank in excess of		2,000

Journalise the following transaction in the books of Sanjana and post them into the ledger:

January, 2017		₹
1	Cash in hand	6,000
	Cash at bank	55,000
	Stock of goods	40,000
	Due to Rohan	6,000
	Due from Tarun	10,000
3	Sold goods to Karuna	15,000
4	Cash sales	10,000
6	Goods sold to Heena	5,000
8	Purchased goods from Rupali	30,000
10	Goods returned from Karuna	2,000
14	Cash received from Karuna	13,000
15	Cheque given to Rohan	6,000
16	Cash received from Heena	3,000
20	Cheque received from Tarun	10,000
22	Cheque received from to Heena	2,000
25	Cash given to Rupali	18,000
26	Paid cartage	1,000
27	Paid salary	8,000
28	Cash sale	7,000
29	Cheque given to Rupali	12,000
30	Sanjana took goods for Personal use	4,000
31	Paid General expense	500

Following was the position of Harish & Co. as on 1st April, 2017: Cash in Hand ₹ 10,000; Cash at Bank ₹ 16,800; Furniture ₹ 8,000; Stock ₹ 50,000; Debtors−Ram ₹ 8,000; Shyam ₹ 12,000; Creditors−Anil ₹ 4,000; Sunil ₹ 5,000. Following transactions took place during April, 2017:

2017
April 2	Received a cheque from Ram in full settlement of his account after deducting 5% cash discount.
April 4	Deposited the above cheque into Bank.
April 5	Goods purchased for ₹ 20,000 at 10% trade discount and 5% cash discount. Payment made by cheque.
April 6	Discount allowed to him ₹ 140. Cheque deposited into the bank on the same day.
April 10	Cash paid to Anil after deducting 2% cash discount.
April 15	Old furniture sold for ₹ 800.
April 16	Sold goods to Shiv Parshad of the list price of ₹ 10,000 at a trade discount of 15%.
April 18	Shiv Parshad returned goods of the list price of ₹ 1,000.
April 20	Paid for furniture repairs to Bahadur Singh ₹ 100.
April 25	Received a cheque from Shiv Parshad after deducting 4% cash discount. Cheque was deposited into bank.
April 28	Bank charged ₹ 50 for 'Bank Charges'.
April 30	Received Commission ₹ 200.

Pass Journal entries for the above transactions.

During the course of an accounting year, the accountant prepared a trial balance which did not tally. He put the difference in a suspense account. Subsequently, he located the following errors in his books of account:

1. The total of the returns outwards book, ₹ 21,500 has not been posted.
2. A sale of ₹ 4,300 to Ramesh has been credited to him as ₹ 3,400.
3. A sale of ₹ 2,960 to Shyam has been recorded in sales book as ₹ 2,690.
4. Old furniture sold for cash worth ₹ 5,400 has been posted in sales account as ₹ 4,500. There was no profit or loss on sale.
5. Goods taken by proprietor worth ₹ 1,000 have not been recorded in the books of account at all.

Pass journal entries of rectify the above mentioned errors and prepare suspense account assuming no error has remained undetected.

A bill of exchange must contain “an unconditional promise to pay” Do you agree with a statement?

Prepare the Vouchers to be recorded in the books of M/s Computer Aids:

2019	Particular	₹
Jan-1	Bought computer for resale for cash vide Cash Memo No. 512*	7,200
Jan-8	Salary paid for the month of December, 2018	10,000
Jan-10	Sold computer for cash vide Cash Memo No. 64*	12,000
Jan-15	Withdraw cash from bank for office use vide cheque No. 13456	1,700

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.

Explain any three of the following:

1. Retiring of Bills of Exchange.
2. Holder in due course.
3. Bills sent to bank for collection.
4. Noting charges.

Anita purchased goods for ₹ 23,000 from Kavita on October 15, 2009 and accepted a bill of exchange drawn upon her by Kavita payable after two months. On the date of maturity the bill was duly presented for payment. Anita dishonoured the bill. The payee noted with ₹ 95 as noting charges.
Record the necessary journal entries in the books of Kavita and Anita, when (a) The bill was immediately discounted by Kavita with her Bank @ 9% p.a. (b) The bill was endorsed by Kavita in favour of her creditor Shankar after one month.

Trial balance of Raju showed an excess debit of ₹ 10,000. He put the difference to suspense account and discovered the following errors:

1. Depreciation written-off the furniture ₹ 6,000 was not posted to Furniture account.
2. Credit sales to Rupam ₹ 10,000 were recorded as ₹ 7,000.
3. Purchases book undercast by ₹ 2,000.
4. Cash sales to Rana ₹ 5,000 were not posted.
5. Old Machinery sold for ₹ 7,000 was credited to sales account.
6. Discount received ₹ 800 from kanan on playing cash to him was not posted.

Rectify the errors and prepare suspense account.

On 1st January, 2019, X sold goods of ₹ 20,000 to Y and drew a bill on Y at three months for the amount. Y accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books of X and Y, if X discounted the bill @ 12% p.a. from bank on 4th January.