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

Fill in the missing information in the following journal entries:

Prepare a Petty Cash Book on the Imprest System from the following:

2017
April 1	Received ₹ 10,000 for Petty Cash
April 3	Paid Cartage ₹ 800
April 4	Paid Bus Fare ₹ 400; Speed Post ₹ 200
April 6	Paid for Stationery ₹ 700
April 7	Paid for Courier Services ₹ 300
April 9	Paid for Taxi fare ₹ 800; Wages ₹ 300
April 10	Paid for Wages ₹ 400; Charity ₹ 500
April 11	Paid for Newspaper bill ₹ 600
April 12	Paid for soap ₹ 320; Speed post charges ₹ 300
April 13	Paid for Postage ₹ 780
April 14	Paid for Repairs of Chairs ₹ 500
April 15	Paid for Refreshment to customers ₹ 900

On 1st July, 2016, Sohan Lal & Sons purchased a plant costing ₹ 60,000. Additonal plant was purchased on 1st January, 2017 for ₹ 40,000 and on 1st October, 2017, for ₹ 20,000, plus CGST and SGST @ 6% each. On 1st April, 2018, one-third of the plant purchased on 1st July, 2016, was found to have become obsolete and was sold for ₹ 6,000, charging CGST and SGST @ 6% each.
Prepare the Plant Account for the first three years in the books of Sohan Lal & Sons. Depreciation is charged @ 10% p.a. on Straight Line Method. Accounts are closed on 31st March each year.

Explain the meaning and significance of “money measurement concept'.

Prepare a Bank Reconciliation Statement on 31 December, 2014 from the following particulars:

1. A's overdraft as per Pass Book ₹ 20,000 as at 31st Dec.
2. On 30th December, cheques had been issued for ₹ 80,000, of which cheques worth ₹ 15,000 only had been encashed up to 31st December.
3. Cheques amounting to ₹ 6,500 had been paid into the bank for collection but of these only ₹ 2,500 had been credited in the Pass Book.
4. The bank has charged ₹ 700 as interest on overdraft and the intimation of which has been received on 2nd January 2015.
5. The Bank Pass Book shows credit for ₹ 2,000 representing ₹ 1,400 paid by debtor of A direct into the bank and ₹ 600 collected direct by bank in respect of interest on A,s investment. A had no knowledge of these items.
6. A cheque for ₹ 3,600 has been debited in bank column of Cash Book by A, but it was not sent to bank at all.

Prepare accounting equation from the following:

1. Started business with cash ₹ 50,000 and goods ₹ 30,000.
2. Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.
3. Goods costing ₹ 40,000 were sold for ₹ 55,000 for cash.
4. Withdrew cash for personal use ₹ 10,000.
5. Rent outstanding ₹ 2,000.

Enter the following transactions in a Cash Book with Cash and Bank Columns:

2017		(₹)
March 1	Commenced business with ₹ 1,00,000 of which ₹ 20,000 were borrowed from Mr. Ratan
March 2	Opened current account with Punjab National Bank	75,000
March 4	Bought goods by cheque	60,000
March 5	Purchased a typewriter for ₹ 4,000 and spent ₹ 500 on its repairs
March 8	Paid petty cash expenses	200
March 10	Transferred from Current account to Fixed Deposit Account in the Bank	5,000
March 12	Sold goods for Cash ₹ 25,000 and cheque ₹ 15,000
March 13	Deposited the above cheque into bank
March 15	Purchased goods from Ram Singh on Credit	25,000
March 18	Settled Ram Singh's Account by cheque	24,750
March 20	Sent a cheque in payment of the fees of Proprietor's son	500
March 25	Cash sales, received a cheque	4,000
March 28	Deposited the above cheque into bank, collection charges	25
March 31	Repaid the loan taken from Mr. Ratan including interest @18% p.a.

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.

Write up Cash Book of Bhanu Partap with Cash and Bank Columns from the following transactions:

2017		(₹)
March 1	Cash-in-hand	2,710
	Cash at Bank	27,500
March 3	Received from Subhash	3,500
March 4	Sold goods for cash	10,000
March 7	Paid Rent by Cheque	800
March 8	Paid Sohan by cheque	3,000
March 10	Bought goods for cash	15,000
March 12	Paid cash for stationery	200
	Drew from Bank for office use	8,000
March 15	Received cheque from Surendra and sent it to Bank	6,600
March 16	Paid for advertisement	750
March 18	Issued cheque in favour of Nath Brothers	4,300
March 19	Cash Sales	13,000
	Paid into Bank	16,000
March 20	Received cheque from Vinod and sent it to Bank	2,400
March 22	Bought Scooter and paid for the same by cheque	18,000
March 25	Bank returned Surendra's cheque dishonoured
March 28	Paid salary by cheque	7,200
	Paid Trade expenses	2,000
March 29	Cash sales	9,500
March 30	Paid into Bank	10,000

A limited company purchased on 01-01-2017 a plant for ₹ 38,000 and spent ₹ 2,000 for carriage and brokerage. On 01-04-2018 it purchased additional plant costing ₹ 20,000. On 01-08-2019 the plant purchased on 01-01-2017 was sold for ₹ 25,000. On the same date, the plant purchased on 01-04-2018 was sold at a profit of ₹ 2,800. Depreciation is provided @10% per annum on diminishing balance method every year. Accounts are closed on 31st December every year. Show the plant A/c for 3 years.