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Trial Balance and Rectification of Errors — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTrial Balance and Rectification of Errors6 Marks
Question
Rectify the following errors assuming that suspension account was opened. Ascertain the difference in trial balance.
  1. Furniture purchased for ₹ 10,000 wrongly debited to purchase account as ₹ 4,000.
  2. Machinery purchased on credit from Raman for ₹ 20,000 recorded through Purchases Book as ₹ 6,000.
  3. Repairs on machinery ₹ 1,400 debited to Machinery account as ₹ 2,400.
  4. Repairs on overhauling of second hand machinery purchased Rs. 2,000 was debited to Repairs account as ₹ 200.
  5. Sale of old machinery at book value ₹ 3,000 was credited to sales account as ₹ 5,000.
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Pass Journal entries in the books of Raghunath Bros. from the following transactions:
2016
 
June 1
Raghunath Bros. started business with cash ₹ 80,000; Goods ₹ 40,000 and furniture ₹ 20,000
June 2
Sold goods to Nandlal of the list price of ₹ 20,000 at trade discount of 10%
June 4
Nandlal returned goods of the list price of ₹ 4,000
June 8
Received from Nandlal ₹ 14,150 in full settlement of his account
June 10
Purchased goods from Brij Mohan of the list price of ₹ 10,000 at 15% trade discount
June 13
Returned goods to Brij Mohan of the list price of ₹ 1,000
June 16
Settled the account of Brij Mohan by paying cash, under a discount of 4%
June 18
Purchased goods from Anil ₹ 5,000, Sunil ₹ 10,000
June 19
Paid cash to Anil ₹ 1,900 and discount received ₹ 100
June 20
Paid ₹ 9,800 to Sunil in full settlement of his account
June 20
Bought a 'Table Fan' for ₹ 8,000 for the domestic use of Raghunath
June 25
Sold goods for cash of the list price of ₹ 8,000 at 10% trade discount and 3% cash discount
June 30
Paid Rent ₹ 8,000; Trade Expenses ₹ 7,000 and Travelling Expenses ₹ 3,800
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Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:
2019
 
₹
March 1
Started business with cash
2,00,000
March 2
Opened bank account with SBI
80,000
March 4
Goods purchased from Raj, Jaipur (Rajasthan)
22,000
March 5
Goods purchased for cash
30,000
March 8
Goods sold to Naman, Delhi
12,000
March 10
Cash paid to Raj
22,000
March 15
Cash received from Naman
11,700
Discount allowed
300
March 16
Paid wages
200
March 18
Furniture purchased for office use
5,000
March 20
Withdrawn from bank for personal use
4,000
March 22
Issued cheque for rent
3,000
March 23
Goods taken for household purpose. These goods were purchased from Raj
2,000
March 24
Drawn cash from bank for office use
6,000
March 26
Commission received
1,000
March 27
Bank charges
300
March 28
Cheque issued for life insurance premium of Proprietor
3,000
March 29
Paid salary
10,000
March 30
Cash sales
20,000
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Rectifying the following errors:
  1. Sales Book has been totalled ₹ 1,000 short.
  2. Goods worth ₹ 1,500 returned by Green & Co. have not been recorded anywhere.
  3. Goods purchased worth ₹ 2,500 have been posted to the debit of the supplier, Gupta & Co.
  4. Furniture purchased from Gulab & Co. worth ₹ 10,000 has been entered in Purchases Book.
  5. Cash received from A ₹ 2,500 has not been posted in his account.
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Classify the following into Assets, Liabilities, Capital, Expenses and Revenue:
i Land ii Investments
iii Building iv Interest Received
v Salary vi Bank Overdraft
vii Debtors viii Creditors
ix Bad Debts x Capital
xi Depreciation xii Motor Vehicles
xiii Freight xiv Wages
xv Goodwill xvi Repairs.
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On October 01, 2010, a Truck was purchased for ₹ 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% p.a. on the diminishing balance basis on this truck. On December 31, 2013 this Truck was sold for ₹ 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck Account for the four years.
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What are the attributes (features) of accounting?
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Journalise the following transactions:
2018
 
April 1
Purchased goods for ₹ 1,00,000 from Manoj and availed discount of ₹ 10,000
April 2
Paid amount due to Manoj by cheque and availed discount of ₹ 4,500
April 5
Cash ₹ 5,000 paid to Desai and discount allowed by him ₹ 200
April 10
Cash ₹ 10,000 received from Govardhan and allowed him discount ₹ 500.
April 12
Sold personal Car of the proprietor for ₹ 80,00 against cheque, which was deposited into the firm's bank account.
April 16
Sold personal Car of the proprietor for ₹ 1,50,000 against cheque, which was deposited into the proprietor's personal bank account.
April 20
Sold goods to Gaurav costing ₹ 1,00,000 at a profit of 40% and allowed him 10% trade discount and paid for cartage ₹ 3,000 not to be charged from him.
April 24
Placed an order with Rudra & Co. for supply of goods of ₹ 80,000 and a cheque for 40% amount is sent to them as an advance.
→
On Jan. 1, 2017 Neha sold goods for ₹ 20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the payment against the bill at a rebate @12% p.a. Neha agreed to the request of Muskan and Muskan retired the bill under the agreed rate of rebate.
Journalise the above transactions in the books of Neha and Muskan.
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Journalise the following transactions:
2017
 
₹
Jan. 1
Paid into bank for opening a Current Account
10,000
Jan. 3
Goods sold for ₹ 50,000 and the amount was deposited into the bank
 
Jan. 7
Amount withdrawn from bank
20,000
Jan. 10
Goods sold for Cash
15,000
Jan. 12
Amount deposited into bank
12,000
Jan. 14
Goods purchased and payment made by cheque.
25,000
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Bank Statement of a customer shows bank balance of ₹ 62,000 on 31st March, 2019. On comparing it with the Cash Book the following discrepancies were noted:
  1. Cheques were paid into the bank in March but were credited in April:
P - ₹ 3,500; Q - ₹ 2,500; R - ₹ 2,000.
  1. Cheques issued in March were presented in April:
X - ₹ 4,000; Q - ₹ 4,500.
  1. Cheque for ₹ 1,000 received from a customer entered in the Cash Book but was not banked.
  2. Pass Book shows a debit of ₹ 1,000 for bank charges and credit of ₹ 2,000 as interest.
  3. Interest on investment ₹ 2,500 collected by the bank appeared in the Pass Book.
Prepare Bank Reconciliation Statement showing the balance as per Cash Book on 31st March, 2019.
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