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Bills of Exchange — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBills of Exchange6 Marks
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Fill up the missing information in the following journal entries:
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On 31st January, 2017 the Pass Book of Shri M.L. Gupta shows a debit balance of ₹ 41,000. Prepare a bank reconciliation statement from the following particulars:-
  1. Cheques amounting to ₹ 15,600 were drawn on 27th January, 2017. Out of which cheques for ₹ 11,000 were encashed up to 31-1-2017.
  2. A wrong debit of ₹ 800 has been given by the bank in the Pass Book.
  3. A cheque for ₹ 200 was credited in the Pass Book but was not recorded in the Cash Book.
  4. Cheques amounting to ₹ 21,000 were deposited for collection. But out of these, cheques for ₹ 7,400 have been credited in the Pass Book on 5th February, 2017.
  5. A cheque for ₹ 1,000 was returned dishonoured by the bank and was debited in the Pass Book only.
  6. Interest on overdraft and bank charges amounting to ₹ 100 were not entered in the Cash Book.
  7. A cheque of ₹ 500 debited in the Cash Book omitted to be banked.
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Enter the following transactions in the Two Column Cash Book of Mr. Mohan:
2018
 
₹
Jan. 1
Cash in Hand
2,200
Cash at Bank
50,000
Jan. 3
Purchased goods for ₹ 75,000; Trade Discount 20%; CGST 6%, SGST 6%; Payment made by Cheque
 
Jan. 4
Sold goods for ₹ 40,000; Trade Discount 15%; IGST 12%; Payment received by Cheque
 
Jan. 5
Received a cheque from Naresh
1,000
Jan. 8
Cheque received from Naresh endorsed to Suresh in full settlement of his account of ₹ 1,050
 
Jan. 10
Paid Life Insurance premium of Mr. Mohan
100
Jan. 13
Received a cheque from Pawan in full settlement of his account of ₹ 750
700
Jan. 16
Pawan's cheque returned dishonoured by bank
 
Jan. 20
Deposited into Bank, balance of Cash in excess of ₹ 250
 
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Enter the following transactions in a Cash Book with Cash and Bank Columns:
2017
 
March 1
Cash in Hand ₹ 15,000; Bank ₹ 8,000
March 2
Sold goods to X on credit for ₹ 10,000
March 5
Sold goods for ₹ 20,000; received cheque from them, discount allowed $2\frac{1}{2}\%$
Cheque was deposited into bank on 7th March
March 10
Purchased goods from Suresh on the terms of 5% Cash discount if the payment is made within 3 days ₹ 20,000
March 12
Payment made to Suresh; half in Cash and half by cheque
March 14
Received a Bank Draft for ₹ 6,820 from Siya Ram in full settlement of ₹ 7,000 due from him. Sent the draft to the Bank
March 16
Settled Pawan's account of ₹ 5,000 at a discount of 5%
March 17
Goods worth ₹ 8,000 were purchased from Sunil on 5th March. Its payment was made today by cheque after deducting 5% cash discount
March 18
Withdrawn from Bank ₹ 20,000 and Furniture was purchased for ₹ 15,000; the balance taken by the proprietor
March 20
Received a cheque from Ravi for ₹ 2,850 in settlement after deducting 5%
Endorsed the cheque to Gopal on 22nd March
March 22
Placed an order with 'Jai Traders' for goods of the value of ₹ 10,000 and sent a cheque of ₹ 8,000 with the order
March 23
Purchased furniture by cheque of ₹ 6,000
March 24
Cash sales ₹ 15,000; half of which deposited into bank
March 25
X settled his account by payment of ₹ 10,150; ₹ 150 being the interest charged
March 27
Paid rent to Landlord 'Rakesh' by cheque ₹ 2,000
March 28
Cashed a cheque for ₹ 10,000 and paid salaries in cash ₹ 8,000
March 31
Deposited into bank, balance of cash in excess of ₹ 5,000
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From the following particulars, prepare a Cash Book with Cash and Bank Columns:
2017
 
Jan. 1
Balance of Cash in Hand ₹ 15,000 and Bank Overdraft ₹ 6,000
Jan. 3
Issued a cheque of ₹ 4,800 to Mr. Black and earned a discount of ₹ 200
Jan. 4
Direct deposit by Mr. Kapil in our bank account ₹3,800. Discount allowed ₹ 200
Jan. 5
Given as charity ₹ 100
Jan. 7
Issued a cheque of ₹ 500 to the petty cashier
Jan. 15
Goods worth ₹ 10,000 were sold to Ganesh on 10th January. Its payment was received today by cheque after deducting 5% cash discount
Jan. 16
Deposited the above cheque into Bank
Jan. 17
Goods purchased from Raghu for ₹ 8,000. Payment is made after deducting 3% cash discount.
Jan. 18
Bought postage stamps ₹ 200
Jan. 20
Paid ₹ 4,000 by cheque for furniture purchased
Jan. 22
Arun who owed us ₹ 6,000 became bankrupt and paid 60 paise per ₹
Jan. 24
Collected from Anil ₹ 5,000 in cash and deposited into bank the next day.
Jan. 24
Cash purchases of stationery ₹ 200
Jan. 25
X settled his account of ₹ 7,000 by cheque of ₹ 6,850
Cheque was deposited into the bank on 28th January
Jan. 27
Settled Y's account of ₹ 8,000 by cheque after deducting therefrom $2\frac{1}{2}\%$ each discount
Jan. 29
Cash sales for ₹ 10,000, received cheque
Jan. 30
Interest charged by bank ₹ 1,500
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Rectify the following errors:-
  1. ₹ 4,500 spent on the extension of Buildings were debited to Repairs A/c.
  2. Wages paid to the firm's own workmen ₹ 3,600 for the installation of a new machinery were posted to Wages Account.
  3. Contractor's bill for the construction of a godown at a cost of ₹ 10,000 has been charged to 'Repairs' A/c.
  4. ₹ 1,500 paid as Wages to a worker 'Bahadur Singh', has been debited to his personal account.
  5. Old furniture sold for ₹ 500 has been credited to Sales Account.
  6. A cheque of ₹ 620 received from Ram, has been wrongly credited to Shyam.
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Journalise 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.
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Trial balance of Khatau did not agree. He put the difference to suspense account and discovered the following errors:
  1. Credit sales to Manas ₹ 16,000 were recorded in the purchases book as ₹ 10,000 and posted to the debit of Manas as ₹ 1,000.
  2. Furniture purchased from Noor ₹ 6,000 was recorded through purchases book as ₹ 5,000 and posted to the debit of Noor ₹ 2,000.
  3. Goods returned to Rai ₹ 3,000 recorded through the Sales book as ₹ 1,000.
  4. Old machinery sold for ₹ 2,000 to Maneesh recorded through sales book as ₹ 1,800 and posted to the credit of Manish as ₹ 1,200.
  5. Total of Returns inwards book ₹ 2,800 posted to Purchase account. Rectify the above errors and prepare suspense account to ascertain the difference in trial balance.
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Explain basic factors affecting the amount of depreciation.
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Chandra Ltd. purchased a second-hand machine for ₹ 8,000 plus CGST and SGST @6% each on 1st July, 2015. They spent ₹ 3,500 on its overhaul and installation. Depreciation is written off 10% p.a. on the original cost. On 30th September, 2018, the machine was found to be unsuitable and sold for ₹ 6,500. Prepare the Machinery A/c for four years assuming that accounts are closed on 31st March.
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Raja Textiles Co. which closes its books on 31st March, purchased a machine on 1-4-2009 for ₹ 50,000. On 1-10-2010, it purchased an additional machine for ₹ 30,000. The part of the machine which was purchased on 1-4-2009 costing ₹ 10,000 was sold for ₹ 3,600 on 30th Sept., 2012. Prepare the Machine Account for four years, if the depreciation is provided at the rate of 10% p.a. on Diminishing Balance Method.
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