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11th | Special Purpose Books II- Other Books | Question No. 13 and 14 | Ts Grewal Solution 2022-2023

Question 13:


(Closing Entries). Give the necessary entries in the Journal Proper of Ram on 31st March, 2022 to close his books:
Freehold Premises ` 30,000; Plant and Machinery ` 20,000; Sundry Debtors ` 25,000; Purchases ` 37,500; Sales ` 95,000; Discount (Dr.) ` 150; Discount (Cr.) ` 175; Sundry Creditors ` 12,500; Carriage Inwards ` 375; Carriage Outwards ` 600; Furniture and Fixtures ` 2,500; Wages ` 5,000; Bad debts ` 750; Salaries ` 3,600; Commission (Cr.) ` 2,125; Capital Account − ` 25,000; Bills Payable ` 7,500; Bills Receivable ` 9,000; Trade Expenses ` 2,550; Opening stock ` 22,075; Closing Stock ` 10,000; Ram's Loan Account ` 20,000; Cash in Hand ` 75; Cash at Bank ` 3,125.

Answer:


Journal

Date

Particulars

L.F.

Debit

 (`)

Credit

 (`)

 

Trading A/c

Dr.

 

64,950

 

 

  To Opening stock A/c

  To Purchases A/c

 

 

 

22,075

37,500

 

  To Carriage Inwards A/c

 

 

 

375

 

  To Wages A/c

 

 

 

5,000

 

(Being Direct expenses debited to Trading A/c)

 

 

 

 

 

 

 

 

 

 

 

Sales A/c

Dr.

 

95,000

 

 

Closing Stock A/c

Dr.

 

10,000

 

 

  To Trading A/c

 

 

 

1,05,000

 

(Being Sales credited to Trading A/c)

 

 

 

 

 

 

 

 

 

 

 

Trading A/c

Dr.

 

40,050

 

 

  To Profit & Loss A/c

 

 

 

40,050,

 

(Being Transfer of gross profit to Profit &Loss A/c)

 

 

 

 

 

 

 

 

 

 

 

Profit & Loss A/c

Dr.

 

7,650

 

 

  To Discount A/c

 

 

 

150

 

  To Carriage Outwards A/c

 

 

 

600

 

  To Bad Debts A/c

 

 

 

750

 

  To Salaries A/c

 

 

 

3,600

 

  To Trade Expenses A/c

 

 

 

2,550

 

(Being Indirect expenses debited to P&L A/c)

 

 

 

 

 

 

 

 

 

 

 

Discount A/c

Dr.

 

175

 

 

Commission A/c

Dr.

 

2,125

 

 

  To Profit & Loss A/c

 

 

 

2,300

 

(Being Indirect incomes credited to P&L A/c)

 

 

 

 

 

 

 

 

 

 

 

Profit & Loss A/c

Dr.

 

34,700

 

 

  To Capital A/c

 

 

 

34,700

 

(Being Transfer of net profit to Capital A/c)

 

 

 

 

Question 14:


(Transfer Entries). Give the Journal entries for the following:
(i) Gross Profit of ` 32,000 from Trading Account to Profit and Loss Account.
(ii) Net Profit of ` 14,500 to Capital Account of Sri Sankar Saha
(iii) Sri Sankar Saha draws ` 10,000 from his Capital Account.
(iv) Purchases Return of ` 7,000.
(v) Sales Return of ` 6,000.

Answer:


Journal

Date

Particulars

L.F.

Debit

 (`)

Credit

 (`)

(i)

Trading A/c

Dr.

 

32,000

 

 

  To Profit & Loss A/c

 

 

 

32,000

 

(Being Transfer of gross profit to Profit &Loss A/c)

 

 

 

 

 

 

 

 

 

 

(ii)

Profit & Loss A/c

Dr.

 

14,500

 

 

  To Sri Sankar Saha’s Capital A/c

 

 

 

14,500

 

(Being Transfer of net profit to Capital A/c)

 

 

 

 

 

 

 

 

 

 

(iii)

Sri Sankar Saha’s Capital A/c

Dr.

 

10,000

 

 

  To Drawings A/c

 

 

 

10,000

 

(Being Withdrawals from capital)

 

 

 

 

 

 

 

 

 

 

(iv)

Cash A/c

Dr.

 

7,000

 

 

  To Purchases Return A/c

 

 

 

7,000

 

(Being Goods returned by us)

 

 

 

 

 

 

 

 

 

 

(v)

Sales Return A/c

Dr.

 

6,000

 

 

  To Cash A/c

 

 

 

6,000

 

(Being Goods returned by customers)

 

 

 

 

 

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