commercemine.com

11th | Journal | Question No. 9 To 12 | Ts Grewal Solution 2022-2023

Transactions Relating to Fixed Assets

Question 9:


Pass necessary Journal entries for the following transactions:

2022

`

April 1: Paid repairing charges on existing machineries.

1,000

April 2: Purchased a new machinery.

42,500

April 3: Paid freight and carriage on machinery.

2,500

April 4: Paid installation charges on machinery.

5,000

April 5: Purchased a second-hand machinery.

18,000

April 6: Paid repairing charges on above machinery.

2,500

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

2022

Repairing A/c  

Dr. 

 

1,000

 

Apr 01

 To Cash A/c

(Being Paid repairing charges on existing machineries.)

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

Apr 02

Machinery  A/c

Dr.

 

42,500

 

 

 To Cash A/c

 

 

 

42,500

 

(Being Purchased a new machinery.)

 

 

 

 

 

 

 

 

 

 

Apr 03

Machinery  A/c

Dr.

 

2,500

 

 

 To Cash A/c

 

 

 

2,500

 

(Being Paid freight and carriage on machinery.)

 

 

 

 

 

 

 

 

 

 

Apr 04

Machinery  A/c

Dr.

 

5,000

 

 

 To Cash A/c

 

 

 

5,000

 

(Being Paid installation charges on machinery.)

 

 

 

 

Apr 05

Machinery  A/c

Dr.

 

18,000

 

 

 To Cash A/c

 

 

 

18,000

 

 (Being Purchased a second-hand machinery.)

 

 

 

 

Apr 06

Machinery  A/c

Dr.

 

2,500

 

 

 To Cash A/c

 

 

 

2,500

 

(Being Paid repairing charges on above machinery.)

 

 

 

 

 

Adjustment Entries

Question 10:


Pass Journal entries for the following adjustment on 31st March, 2022:

(i) Interest due but not received `10,000.

(ii) Salaries due to staff `50,000.

(iii) Out of the rent paid this year, `5,000 is for the next year.

(iv) Provide 10% depreciation on Furniture costing `1,00,000.

(v) Goods used in making Furniture (Sales Price `5,000; Cost `4,000).

(vi) Received commission of `20,000 by cheque, half of which is in advance.

(vii) Allow interest on capital `8,000.

(viii) Charge interest on drawings `1,500.

 

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

(i)

Accrued Interest  A/c  

Dr. 

 

10,000 

 

 To Interest Received A/c

(Being Interest due but not received)

 

 

 

10,000

 

 

 

 

 

 

 

 

 

 

 

 

(ii)

Salaries A/c

Dr.

 

50,000

 

 

 To Outstanding Salaries A/c

 

 

 

50,000

 

(Being Salaries due to staff `50,000.)

 

 

 

 

 

 

 

 

 

 

(iii)

Prepaid Rent  A/c

Dr.

 

5,000

 

 

 To Bank  A/c

 

 

 

5,000

 

(Being Out of the rent paid this year, `5,000 is for the next year.)

 

 

 

 

 

 

 

 

 

 

(iv)

Depreciation A/c

Dr.

 

10,000

 

 

To Provision for depreciation A/c

 

 

 

10,000

 

(Being Provide 10% depreciation on Furniture costing `1,00,000.)

 

 

 

 

(v)

Furniture  A/c

Dr.

 

4,000

 

 

To Purchases A/c

 

 

 

4,000

 

 (Being Goods used in making Furniture (Sales Price `5,000; Cost `4,000).)

 

 

 

 

(vi)

Bank A/c

Dr.

 

20,000

 

 

To Commission Received  A/c

To Commission Received in advance A/c

 

 

 

10,000

10,000

 

(Being Received commission of `20,000 by cheque, half of which is in advance.)

 

 

 

 

(vii)

Interest on Capital  A/c

Dr.

 

8,000

 

 

 To Capital A/c

 

 

 

8,000

 

(Being Allow interest on capital)

 

 

 

 

(viii)

Capital A/c

Dr.

 

1,500

 

 

 To Interest on Drawings A/c

 

 

 

1,500

 

(Being Charge interest on drawings)

 

 

 

 

 

 

 

 

 

 

 

Opening journal Entry

Question 11:


 

Following balances existed in the books of M/s. Anand Stores as on 1st April, 2022:

Assets Cash ` 60,000; Bank ` 40,000; Stock ` 1,50,000; Furniture ` 43,000; Debtors 1,45,000 (X ` 35,000; Y ` 50,000; Z ` 60,000).

Liabilities Loan from Vikas 60,000; Creditors 52,500 (A ` 22,500; B ` 30,000).

Pass necessary Journal entry to record the above balances.

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

(i)

Cash A/c

Dr. 

 

60,000

 

Bank A/c

Dr.

 

40,000

 

 

Stock A/c

Dr.

 

1,50,000

 

 

Furniture A/c

Dr.

 

43,000

 

(ii)

Debtors A/c

Dr.

 

1,45,000

 

 

 To Loan from Vikas A/c

 

 

 

60,000

 

 To Creditors A/c

 

 

 

52,500

 

 To Capital A/c

 

 

 

3,25,000

 

(Being Balances of various Assets, liabilities and Capital brought forward)

 

 

 

 

 

 

 

 

 

 

Question 12:


Following transactions of Ramesh for April, 2022 are given below. Journalise them.

 

2022

`

April 1: Ramesh started business with cash.

1,00,000

April 2: Paid into bank .

20,000

April 3: Bought goods for cash.

50,000

April 4: Drew cash from bank for office use.

10,000

April 13: Sold goods to Krishna.

15,000

April 20: Bought goods from Shyam.

22,500

April 22: |Krishna returned goods,

2,000

April 24: Received from Krishna .

12,500

Allowed him discount.

500

April 28: Paid cash to Shyam.

21,500

Discount received.

1,000

April 30: Sold for Cash to Mohan, Rakesh and Maynak.

80,000

April 30: Paid rent.

5,000

April 30: Paid salary.

10,000

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

2022

 

 

 

 

 

April 01

Cash A/c

Dr.

 

1,00,000

 

 

  To Capital A/c

 

 

 

1,00,000

 

(Started business with cash)

 

 

 

 

 

 

 

 

 

 

April 02

Bank A/c

Dr.

 

20,000

 

 

  To Cash A/c

 

 

 

20,000

 

(Cash paid into bank)

 

 

 

 

 

 

 

 

 

 

April 03

Purchases A/c

Dr.

 

50,000

 

 

  To Cash A/c

 

 

 

50,000

 

(Goods purchased)

 

 

 

 

 

 

 

 

 

 

April 04

Cash A/c

Dr.

 

10,000

 

 

  To Bank A/c

 

 

 

10,000

 

(Cash withdrawn from Bank)

 

 

 

 

 

 

 

 

 

 

April 13

Krishna’s A/c

Dr.

 

15000

 

 

  To Sales A/c

 

 

 

15000

 

(Goods sold )

 

 

 

 

 

 

 

 

 

 

April 20

Purchases A/c

Dr.

 

22500

 

 

  To Shyam’s A/c

 

 

 

5,600

 

(Goods purchased)

 

 

 

 

 

 

 

 

 

 

April 22

Sales Return A/c

Dr.

 

2,000

 

 

  To Krishna’s A/c

 

 

 

2,000

 

(Goods returned )

 

 

 

 

 

 

 

 

 

 

April 24

Cash A/c

Dr.

 

12500

 

 

Discount Allowed A/c

Dr.

 

500

 

 

  To Krishna’s A/c

 

 

 

13,000

 

(Received from Krishna and availed discount)

 

 

 

 

 

 

 

 

 

 

April 28

Shyam’s A/c

Dr.

 

21,500

 

 

  To Bank A/c

 

 

1,000

 

 

  To Discount Received A/c

 

 

 

22,500

 

(Paid to shyam and received discount)

 

 

 

 

April 30

Cash A/c

Dr.

 

80,000

 

 

  To Sales A/c

 

 

 

80,000

 

(Goods Sold)

 

 

 

 

 

 

 

 

 

 

April 30

Rent A/c

Salaries A/c

Dr.

Dr.

 

5,000

10,000

 

 

  To Cash A/c

 

 

 

15,000

 

(Paid Rent and Salaries)

 

 

 

 

 

 

 

 

 

 

 

Click below for more Questions

Ts Grewal Solution 2022-2023

Class 11th

Click on below links for 

11th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021