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Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 13 Marks
Question
What are compound journal entries? Give an example.
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Answer

Compound Journal Entry: Compound Journal entry is a Journal entry in which more than two accounts are affected, i.e., one or more accounts are debited and/or one or more accounts are credited or vice versa. For example, a sale of 5,000 is made to Satish. It is discharged by Satish by paying 2,000 in cash, balance to be paid later. This transaction of sale affects three accounts as follows:Images

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Which of the following errors will affect the trial balance?
  1. The total of the Sales Book has not been posted to the Sales Account.
  2. ₹ 1,000 paid as installation charges of a new machine has been debited to Repairs Account.
  3. Goods costing ₹ 4,000 taken by the proprietor for personal use have been debited to Debtors Account.
  4. ₹ 1,000 paid for repairs to building have been debited to Building Account.
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Give specimen of the following, with two entries in each:
  1. Purchase Book.
  2. Purchase Return Book.
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Open a 'T' shape account of creditor, 'Rakesh', and write the following transactions on the proper side:
S.No
 
₹
i
Goods purchased from Rakesh on credit
50,000
ii
Goods returned to Rakesh for
5,000
iii
Paid to Rakesh
20,000
iv
Purchase goods from Rakesh on credit
10,000
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Calculate the due dates of the bills in the following cases:
 
Date of the Bills
Period
I.
1st February, 2017
2 months
II.
31st January, 2017
3 months
III.
30th September, 2017
2 months
IV.
30th September, 2017
3 months
V.
29th December, 2017
2 months
VI.
31st December, 2017
2 months
VII.
15th July, 2017
30 days
VIII.
27th January, 2016
1 month
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Which of the following errors will affect the trial balance?
  1. The total of the Sales Book has not been posted to the Sales Account.
  2. ₹ 1,000 paid as installation charges of a new machine has been debited to Repairs Account.
  3. Goods costing ₹ 4,000 taken by the proprietor for personal use have been debited to Debtors Account.
  4. ₹ 1,000 paid for repairs to building have been debited to Building Account.
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Prepare the Vouchers:
2019
Particular
₹
Jan-5
Received cash from Wahi & Co. on account vide cash receipt No. 551
10,000
Jan-10
Commission received vide cash receipt No. 520*
10,000
Jan-15
Sold leather purses for cash vide Cash Memo Nos. 307-310*
6,000
Jan-24
Sold two old machines vide Cash Memo No. 1560*
3,000
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
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Purchases Book is a record prepared from the invoices received from suppliers. Is it correct? Give reasons.
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Distinguish between Revenue Reserves and Capital Reserves.
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Journalise the following in the books of Som Nath & Sons:
2019  
May 1 Purchased a Machinery for ₹ 1,00,000 and the payment was made by issuing a cheque from Proprietor's saving bank account.
May 4 Received an order from Chakravarti for goods of ₹ 4,00,000 alongwith a cheque of 10% of the order as advance.
May 8 Paid cash ₹ 8,000 to Dushyant and discount allowed by him ₹ 800.
May 10 Goods stolen by an employee (Sale Price ₹ 20,000; Cost ₹ 15,000).
May 15 Purchased stationery worth ₹ 8,000 for office use and ₹ 2,000 for personal use.
May 20 Manoj pays us ₹ 5,400 after deducting 10% for prompt payment.
May 28 Sold goods to Kuber costing ₹ 2,00,000 at 25% above cost less trade discount of 10% and cash discount of 5%. Kuber did not avail the cash discount.
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Find out the due dates of the bills in the following cases:
 
Date of the Bills
Period
I.
 29th May, 2017 4 months
II.
 31st March, 2017 1 month
III.
 21st July, 2017 60 days
IV.
 14th May, 2017 90 days
V.
 28th January, 2016 1 month
VI.
 31st January, 2016 1 month
 
Emergency holiday 22nd September
  
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