Theory Base of Accounting — Account STD 11 Commerce — Question

Asha sold goods worth ₹ 19,000 to Nisha on March 2, 2016. ₹ 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank @ 10% p.a. On the due date Nisha dishonoured the bill and the bank paid ₹ 30 as noting charges.
On 5th June, Nisha paid ₹ 3,030 (including noting charges) in cash and accepted a new bill at one month for the amount due to Asha together with interest @ 15% p.a. Record the necessary journal entries in the books of Asha and Nisha.

Enter the following transactions in proper Subsidiary Books and post them into Ledger:

2017
March 2	Purchased from Navrang Traders for ₹ 8,300
March 3	Sold goods to Rohan for ₹ 3,200
March 5	Bought of Ruchi Traders for ₹ 12,100
March 8	Rohan returns the goods for ₹ 600
March 10	Purchased goods from Jaipur Stores of the list price of ₹ 15,400 less 5% Trade Discount
March 12	Sold goods to Arun Traders for ₹ 18,000 less 15% Trade Discount
March 12	Bought of Amit Traders for ₹ 10,000
March 16	Purchased Machinery from Kirloskar Ltd. ₹ 20,000
March 18	Returned goods to Jaipur Stores for ₹ 800 less 5% Trade Discount
March 19	Arun Traders returned goods for ₹ 3,000, less 15% Trade Discount
March 20	Sales to Kalpna & Co. for ₹ 14,700
March 22	Purchased goods from Navrang Traders ₹ 25,000
March 25	Returns outward to Navrang Traders for ₹ 1,200
March 26	Sales to Rupa Traders for ₹ 10,000 less 10% Trade Discount
March 29	Returns inward from Kalpana & Co. for ₹ 2,000

Asha sold goods worth ₹ 19,000 to Nisha on March 2, 2016. ₹ 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank @ 10% p.a. On the due date Nisha dishonoured the bill and the bank paid ₹ 30 as noting charges.
On 5th June, Nisha paid ₹ 3,030 (including noting charges) in cash and accepted a new bill at one month for the amount due to Asha together with interest @ 15% p.a. Record the necessary journal entries in the books of Asha and Nisha.

Complete the following Accounting Equation by filling the missing ammount:

Give one example of Compensating error.

Pass entries for the following transactions in the books of M/s Karthikeyan & Co. of Chennai:

2019
June 10	Purchased goods from Ravichandran of Madurai of the list price of ₹ 2,00,000 at 25% trade discount at 4% cash discount on purchase price of goods. Paid CGST and SGST @ 9% each. Paid the entire amount by cheque on the same date.
June 25	Sold goods to Ramalingam of Erode of the list price of ₹ 3,75,000 at 20% trade discount and 2% cash discount on sale price. Charged CGST and SGST @ 9% each. Full amount was received by cheque on the same date.

Ignore adjustment and payment of GST.

What is the reason for maintaining separate accounts for CGST, SGST and IGST?

State reasons for the following:
The Cash Account and the Bank Account are not posted in the Ledger.

Give journal entries of M/s. Mohit traders; post them to the Ledger from the following transactions:

August, 2017		₹
1	Commenced business with cash	1,10,000
2	Opened bank account with H.D.F.C.	50,000
3	Purchased furniture	20,000
7	Bought goods for cash from M/s. Rupa Traders	30,000
8	Purchased good from M/s. Hema Traders	42,000
10	Sold goods for cash	30,000
14	Sold goods on credit to M/s. Gupta Traders	12,000
16	Rent paid	4,000
18	Paid trade expenses	1,000
20	Received cash from Gupta Traders	12,000
22	Goods return to Hema Traders	2,000
23	Cash paid to Hema Traders	40,000
25	Bought postage stamps	100
30	Paid salary to Rishabh	4,000

What is a Petty Cash Book?