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

Open a 'T' shape account for machinery and put the following transactions on the proper side:

S.No		₹
i	Machinery purchased	40,000
ii	Machinery sold	10,000
iii	Machinery purchased	8,000
iv	Machinery discarded	14,000
v	Depreciation on machinery	1,000

Pass Journal entries in the books of Hari Shankar & Co. from the following:

2017		₹
April 1	Commenced business with cash	50,000
April 2	Purchased goods from Subhash	20,000
April 4	Sold goods to Ramnath	15,000
April 6	Ramnath returned defective goods	1,000
April 10	Received cash from Ramnath and	13,800
	Discount allowed	200
April 12	Gopal sold goods to us	10,000
April 14	Paid to Gopal in full settlement of his account after deducting 5% discount
April 15	Paid Rent	10,000
April 16	Paid Rent of Hari Shankar's residence	5,000
April 18	Purchased goods for cash from Govind for ₹ 6,000 at 20% trade discount
April 20	Purchased goods from Govind for ₹ 10,000 at 20% trade discount
April 24	Paid to Govind ₹ 7,850 in full settlement of his account
April 25	Paid to Subhash ₹ 4,750 discount received ₹ 250
April 30	Paid wages ₹ 400, Salaries ₹ 4,000, Advertisement expenses ₹ 800 and Trade expenses ₹ 1,000

Rahul sold 100 Cricket Bats to V. Sports @ ₹ 5,000 each less 25% Trade Discount plus IGST @ 12% and 2% Cash Discount if V. Sports paid the amount in 14 days of sale. V. Sports paid the amount within 14 days. What will be the amount that Rahul should credit to Sales Account?
What will be the Journal entries for the transaction in the books of Rahul?

Develop an Accounting Equation from the following transactions:

S.no		₹
(i)	Mohan commenced business with cash	50,000
(ii)	Purchased goods for cash	30,000
(iii)	Purchased goods on credit	20,000
(iv)	Sold goods (costing ₹ 10,000) for	12,000
(v)	Bought furniture on credit	2,000
(vi)	Paid cash to a creditor	15,000
(vii)	Salary paid	1,000

What is a Ledger?

How is Cash Discount recorded in the books of account?

Elucidate the following statement:
Cash Book is both Journal and Ledger'.

Prepare an Accounting Equation from the following:

1. Started business with cash ₹ 1,00,000.
2. Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.
3. Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%

Prepare bank reconciliation statement as on December 31, 2017. This day the passbook of Mr. Himanshu showed a balance of ₹ 7,000.

1. Cheques of ₹ 1,000 directly deposited by a customer.
2. The bank has credited Mr. Himanshu for ₹ 700 as interest.
3. Cheques for ₹ 3000 were issued during the month of December but of these cheques for ₹ 1,000 were not presented during the month of December.

What do you mean by posting?