Transactions
Relating to Fixed Assets
Question 9:
Pass necessary Journal entries for the following transactions:
|
2024 |
` |
|
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 ` |
|
|
2024 |
Repairing
A/c |
Dr. |
|
1,000 |
|
|
Apr 01 |
To Cash A/c (Being
Paid repairing charges on existing machineries.) |
|
|
|
1,000 |
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Apr 02 |
Machinery A/c |
Dr. |
|
42,500 |
|
|
|
To Cash A/c |
|
|
|
42,500 |
|
|
(Being
Purchased a new machinery.) |
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Apr 03 |
Machinery A/c |
Dr. |
|
2,500 |
|
|
|
To Cash A/c |
|
|
|
2,500 |
|
|
(Being
Paid freight and carriage on machinery.) |
|
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Apr 04 |
Machinery A/c |
Dr. |
|
5,000 |
|
|
|
To Cash A/c |
|
|
|
5,000 |
|
|
(Being
Paid installation charges on machinery.) |
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|
|
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|
Apr 05 |
Machinery A/c |
Dr. |
|
18,000 |
|
|
|
To Cash A/c |
|
|
|
18,000 |
|
|
(BeingPurchased
a second-hand machinery.) |
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|
|
|
|
Apr 06 |
Machinery A/c |
Dr. |
|
2,500 |
|
|
|
To Cash A/c |
|
|
|
2,500 |
|
|
(Being
Paid repairing charges on above machinery.) |
|
|
|
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Adjustment Entries
Question 10:
Pass Journal entries for the following adjustment on 31st March, 2024:
(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) |
|
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|
10,000 |
|
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(ii) |
Salaries
A/c |
Dr. |
|
50,000 |
|
|
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To Outstanding Salaries A/c |
|
|
|
50,000 |
|
|
(BeingSalaries due to
staff `50,000.) |
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(iii) |
Prepaid
Rent A/c |
Dr. |
|
5,000 |
|
|
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To Bank
A/c |
|
|
|
5,000 |
|
|
(BeingOut of the rent
paid this year, `5,000
is for the next year.) |
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|
|
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(iv) |
Depreciation
A/c |
Dr. |
|
10,000 |
|
|
|
To
Provision for depreciation A/c |
|
|
|
10,000 |
|
|
(BeingProvide 10% depreciation on Furniture costing `1,00,000.) |
|
|
|
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(v) |
Furniture A/c |
Dr. |
|
4,000 |
|
|
|
To
Purchases A/c |
|
|
|
4,000 |
|
|
(BeingGoods used in making Furniture (Sales Price `5,000; Cost `4,000).) |
|
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|
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(vi) |
Bank
A/c |
Dr. |
|
20,000 |
|
|
|
To
Commission Received A/c To
Commission Received in advance A/c |
|
|
|
10,000 10,000 |
|
|
(BeingReceived
commission of `20,000
by cheque, half of which is in advance.) |
|
|
|
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(vii) |
Interest
on Capital A/c |
Dr. |
|
8,000 |
|
|
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To Capital A/c |
|
|
|
8,000 |
|
|
(Being
Allow interest on capital) |
|
|
|
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|
(viii) |
Capital A/c |
Dr. |
|
1,500 |
|
|
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To Interest on Drawings A/c |
|
|
|
1,500 |
|
|
(Being
Charge interest on drawings) |
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Opening journal Entry
Question 11:
Following balances existed in the books of M/s. Anand Stores as on 1st April, 2024:
Assets Cash `60,000; Bank `40,000; Stock `1,50,000; Furniture `43,000; Debtors1,45,000 (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 |
|
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To Capital A/c |
|
|
|
3,25,000 |
|
|
(Being
Balances of various Assets, liabilities and Capital brought forward) |
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Miscellaneous
Question
12: Pass Journal entries for the following
transactions:
(a) Pankaj
started business with cash `2,00,000
and Bank `8,00,000.
(b) Bought a machinery for `25,00,000 by making a down-payment of 10%.
(c) Paid `48,000 as wages
for installation of machine.
(d) Bought goods from Chhabra Bros. `3,00,000.
(e) Withdrawn from bank `50,000.
(f) Repaid bank loan `35,000
including interest of `3,000.
(g) Sold goods to Samuel `40,000.
(h) Received from Samuel `39,750,
discount allowed 250.
(i)
Paid rent of `37,500 by cheque.
(j) Provide depreciation on
machinery at 15% per annum.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
(a) |
Cash A/c |
Dr. |
|
2,00,000 |
|
|
Bank A/c |
Dr. |
8,00,000 |
|||
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To Capital A/c |
|
|
|
10,00,000 |
|
|
(Being Pankaj started
business with capital in Cash and Bank) |
|
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(b) |
Machinery A/c |
Dr. |
|
25,00,000 |
|
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To Cash A/c |
|
|
2,50,000 |
||
|
To Bank Loan A/c |
22,50,000 |
||||
|
(Being a machinery Bought for `25,00,000 by making a
down-payment of 10%) |
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(c) |
Machinery A/c |
Dr. |
|
48,000 |
|
|
To Cash A/c |
|
|
|
30,000 |
|
|
(Being wages Paid for
installation of machine) |
|
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(d) |
Purchases A/c |
Dr. |
|
3,00,000 |
|
|
To Chhabra Bros.’s
A/c |
|
|
|
3,00,000 |
|
|
(Being goods Purchased from Chhabra Bros. on
credit) |
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(e) |
Cash A/c |
Dr. |
|
50,000 |
|
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To Bank A/c |
|
|
50,000 |
||
|
(Being cash withdrawn
from bank) |
|
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(f) |
Bank Loan A/c |
Dr. |
|
32,000 |
|
|
Bank Interest A/c |
Dr. |
3,000 |
|||
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To Bank A/c |
|
|
|
35,000 |
|
|
(Being bank loan repaid including interest) |
|
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(g) |
Samuel’s A/c |
Dr. |
|
40,000 |
|
|
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To Sales A/c |
|
|
|
40,000 |
|
|
(Being goods Sold
to Samuel on credit) |
|
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(h) |
Cash A/c |
Dr. |
|
39,750 |
|
|
Discount Allowed A/c |
Dr. |
|
250 |
||
|
To Samuel’s
A/c |
40,000 |
||||
|
(Being goods sold for cash) |
|
|
|
|
|
|
(i) |
Rent A/c |
Dr. |
|
37,500 |
|
|
To Bank A/c |
|
|
|
37,500 |
|
|
(Being rent paid ) |
|
|
|
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(j) |
Depreciation A/c |
Dr. |
|
3,75,000 |
|
|
To Machinery
A/c |
|
|
|
3,75,000 |
|
|
(Being depreciation provide on machinery at 15% per
annum ) |
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Ts Grewal Solution 2024-2025
Class 11th