Question 15:
(Adjustment Entries) From the following information available on
31st March, 2022, pass the necessary Adjustment Entries in the Journal for the
year ending on that date:
(i) Interest accrued ` 2,500.
(ii) Wages for March, 2022 outstanding `
10,000.
(iii) Insurance prepaid `
1,500.
(iv) Commission due to manager 6% on net profit after
charging such commission. The profit before charging such commission was ` 1,06,000.
(v) Interest due on loan but not paid. Loan of ` 1,50,000 was
taken at 9% p.a. 9 months before end of the year.
Answer:
|
Journal |
||||||
|
S. No. |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
||
|
2022 |
|
|
|
|
||
|
March 31 |
Accrued
Interest A/c |
Dr. |
|
2,500 |
|
|
|
|
To Interest A/c |
|
|
2,500 |
||
|
|
(Interest
accrued) |
|
|
|
||
|
|
|
|
|
|
||
|
March 31 |
Wages A/c |
Dr. |
|
10,000 |
|
|
|
|
To Wages Outstanding A/c |
|
|
10,000 |
||
|
|
(Wages for
the month of March outstanding) |
|
|
|
||
|
|
|
|
|
|
||
|
March 31 |
Prepaid
Insurance A/c |
Dr. |
|
1,500 |
|
|
|
|
To Insurance A/c |
|
|
1,500 |
||
|
|
(Insurance
paid in advance) |
|
|
|
||
|
|
|
|
|
|
||
|
March 31 |
Manager’s Commission
A/c |
Dr. |
|
6,000 |
|
|
|
|
To Manager’s Commission Payable
A/c |
|
|
6,000 |
||
|
|
(Manager Commission Charged on
Net Profit) |
|
|
|
||
|
|
Note:
Manager’s Commission=1,06,000×6/106 |
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
March 31 |
Interest
on Loan A/c |
Dr. |
|
10,125 |
|
|
|
|
To Interest Outstanding A/c |
|
|
10,125 |
||
|
|
(Interest
on Loan Outstanding for 9 months) |
|
|
|
||
|
|
Note:
Interest on Loan=1,05,000×9×9/100×12 |
|
|
|
||
Question 16:
R. Chetan, Kolkata has the
following balances in his books on 1st March, 2022:
Cash `
15,400; Cash at Bank `
82,500; Stock `
1,92,500; Plant and Machinery `
4,40,000.
Sundry Debtors: Rajesh `
27,500; James `
13,750.
Sundry Creditors: Rao `
19,250, Samanta; `
35,750; Capital `
7,16,650.
The following are the transactions for the month of March 2022:
|
2022 |
Transactions |
` |
|
March 1 |
Cash
Sales |
2,000 |
|
March 2 |
Purchases
machinery by cheque |
5,000 |
|
March 4 |
Paid
salaries by cheque |
2,750 |
|
March 7 |
Paid
wages |
440 |
|
March 9 |
Rajesh
settled his account by cheque less 5%
discount |
|
|
March 11 |
Sold
goods on credit to James, Patna |
10,000 |
|
March 13 |
Sent
a credit note to James for goods returned |
2,000 |
|
March 18 |
Paid
to Rao by cheque in full settlement |
18,000 |
|
March 20 |
Took
loan from Bank of Baroda |
50,000 |
|
March 22 |
Withdrawn
from bank for personal purposes |
2,500 |
|
March 25 |
Bought
goods from Samanta, Delhi |
5,000 |
|
March 27 |
Paid
corporation tax by cheque |
1,155 |
|
March 30 |
Cash
sales and paid into bank |
4,000 |
|
March 31 |
All
cash in hand, with the exception of ` 825 retained for change, was paid into the bank |
|
Record these transactions in his subsidiary books, post to the Ledger and
prepare a Trial Balance as on 31st March, 2022.
Answer:
|
Cash Book |
|
||||||||
|
Date |
Particulars |
L.F. |
Cash (`) |
Bank (`) |
Date |
Particulars |
L.F. |
Cash (`) |
Bank (`) |
|
2022 |
|
|
|
|
2022 |
|
|
|
|
|
March 01 |
To Balance b/d |
|
15,400 |
82,500 |
March 02 |
By Machinery |
|
|
5,000 |
|
March 01 |
To Sales A/c |
|
2,000 |
|
March 04 |
By Salaries |
|
|
2,750 |
|
March 09 |
To Rajesh |
|
|
26,125 |
March 07 |
By Wages A/c |
|
|
440 |
|
March 20 |
To Bank Loan A/c |
|
|
50,000 |
March 18 |
By Rao |
|
|
18,000 |
|
March 30 |
To Sales A/c |
|
4,000 |
|
March 22 |
By Drawings |
|
|
2,500 |
|
March 31 |
To Cash A/c |
C |
|
20,575 |
March 27 |
By Corporation Tax A/c |
|
|
1,155 |
|
|
|
|
|
|
March 31 |
By Bank A/c |
C |
20,575 |
|
|
|
|
|
|
|
March 31 |
By Balance c/d |
|
825 |
1,49,355 |
|
|
|
|
21,400 |
1,79,200 |
|
|
|
21,400 |
1,79,200 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases Book |
|||||
|
Date |
Particulars |
Invoice No. |
L.F. |
Details (`) |
(`) |
|
2022 |
|
|
|
|
|
|
Mar 25 |
Samanta, Delhi |
|
|
5,000 |
|
|
|
|
|
|
|
|
|
Mar 31 |
Purchases
A/c |
|
|
5,000 |
5,000 |
|
|
|
|
|
|
|
|
Sales Book |
|||||
|
Date |
Particulars |
Invoice No. |
L.F. |
Details (`) |
(`) |
|
2022 |
|
|
|
|
|
|
Mar 11 |
James
Patna |
|
|
10,000 |
10,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31 |
Sales
A/c |
|
|
|
10,000 |
|
|
|
|
|
|
|
|
Sales Return Book |
|||||
|
Date |
Particulars |
Credit Note No. |
L.F. |
Details (`) |
(`) |
|
2022 |
|
|
|
|
|
|
Mar 13 |
James
Patna |
|
|
2,000 |
|
|
|
|
|
|
|
|
|
Mar 31 |
Sales
Return A/c |
|
|
|
2,000 |
|
|
|
|
|
|
|
|
Stock Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 01 |
To Balance b/d |
|
1,92,500 |
March 31 |
By Balance c/d |
|
1,92,500 |
|
|
|
|
1,92,500 |
|
|
|
1,92,500 |
|
|
|
|
|
|
|
|
|
|
Plant and Machinery Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 01 |
To Balance b/d |
|
4,40,000 |
March 31 |
By Balance c/d |
|
4,40,000 |
|
|
|
|
4,40,000 |
|
|
|
4,40,000 |
|
|
|
|
|
|
|
|
|
|
Rajesh |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 01 |
To Balance b/d |
|
27,500 |
March 09 |
By
Bank A/c |
|
26,125 |
|
|
|
|
|
March 09 |
By Discount Allowed A/c |
|
1,375 |
|
|
|
|
27,500 |
|
|
|
27,500 |
|
|
|
|
|
|
|
|
|
|
James |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 01 |
To
Balance b/d |
|
13,750 |
March 13 |
By Sales Return A/c |
|
2,000 |
|
March 11 |
To
Sales A/c |
|
10,000 |
March 31 |
By Balance c/d |
|
21,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,750 |
|
|
|
23,750 |
|
|
|
|
|
|
|
|
|
|
Rao |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 18 |
To
Bank A/c |
|
18,000 |
March 01 |
By Balance b/d |
|
19,250 |
|
March 18 |
To Discount Received A/c |
|
1,250 |
|
|
|
|
|
|
|
|
19,250 |
|
|
|
19,250 |
|
|
|
|
|
|
|
|
|
|
Samanta |
||||||||
|
Dr. |
Cr. |
|||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
March 31 |
To Balance c/d |
|
40,750 |
March 01 |
By Balance b/d |
|
35,750 |
|
|
|
|
|
|
March 25 |
By Purchases A/c |
|
5,000 |
|
|
|
|
|
40,750 |
|
|
|
40,750 |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 04 |
To Bank A/c |
|
2,750 |
March 31 |
By Balance c/d |
|
2,750 |
|
|
|
|
2,750 |
|
|
|
2,750 |
|
|
|
|
|
|
|
|
|
|
Wages Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 07 |
To Cash A/c |
|
440 |
March 31 |
By Balance c/d |
|
440 |
|
|
|
|
440 |
|
|
|
440 |
|
|
|
|
|
|
|
|
|
|
Discount Allowed Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 09 |
To
Rajesh |
|
1,375 |
March 31 |
By Balance c/d |
|
1,375 |
|
|
|
|
1,375 |
|
|
|
1,375 |
|
|
|
|
|
|
|
|
|
|
Discount Received Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 31 |
To Balance c/d |
|
1,250 |
March 18 |
By
Rao |
|
1,250 |
|
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
|
|
|
Bank Loan Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 31 |
To Balance c/d |
|
50,000 |
March 20 |
By Bank A/c |
|
50,000 |
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
Drawings Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 22 |
To Bank A/c |
|
2,500 |
March 31 |
By Balance c/d |
|
2,500 |
|
|
|
|
2,500 |
|
|
|
2,500 |
|
|
|
|
|
|
|
|
|
|
Corporation Tax Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 27 |
To Bank A/c |
|
1,155 |
March 31 |
By Balance c/d |
|
1,155 |
|
|
|
|
1,155 |
|
|
|
1,155 |
|
|
|
|
|
|
|
|
|
|
Capital Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 31 |
To Balance c/d |
|
7,16,650 |
March 01 |
By Balance b/d |
|
7,16,650 |
|
|
|
|
7,16,650 |
|
|
|
7,16,650 |
|
|
|
|
|
|
|
|
|
|
Sales Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 31 |
To Balance c/d |
|
16,000 |
March 01 |
By Cash A/c |
|
2,000 |
|
|
|
|
|
March 30 |
By
Cash A/c |
|
4,000 |
|
|
|
|
|
March 31 |
By Sundries from Sales Book |
|
10,000 |
|
|
|
|
16,000 |
|
|
|
16,000 |
|
|
|
|
|
|
|
|
|
|
Output CGST Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 31 |
To Balance c/d |
|
360 |
March 01 |
By Cash A/c |
|
120 |
|
|
|
|
|
March 30 |
By
Cash A/c |
|
240 |
|
|
|
|
360 |
|
|
|
360 |
|
|
|
|
|
|
|
|
|
|
Machinery Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 02 |
To Bank A/c |
|
5,000 |
March 31 |
By Balance c/d |
|
5,000 |
|
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
|
|
|
|
|
Purchases Account |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
2022 |
|
|
|
2022 |
|
|
|
|
March 31 |
To Sundries from purchases Book |
|
5,000 |
March 31 |
By Balance c/d |
|
5,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
|
|
|
|
|
Sales Return Account |
||||||||
|
Dr. |
Cr. |
|||||||
|
Date |
Particulars |
J.F. |
(`) |
Date |
Particulars |
J.F. |
(`) |
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
March 31 |
To Sundries from Sales Return Book |
|
2,000 |
March 31 |
By Balance c/d |
|
2,000 |
|
|
|
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Trial Balance as on March 31, 2022 |
||||
|
S. No. |
Particular |
J.F. |
Debit (`) |
Credit (`) |
|
1 |
Capital |
|
|
7,16,650 |
|
2 |
Purchases |
|
5,000 |
|
|
3 |
Sales |
|
|
16,000 |
|
4 |
Sales
Return |
|
2,000 |
|
|
8 |
Machinery |
|
5,000 |
|
|
12 |
Bank Loan |
|
|
50,000 |
|
13 |
Drawings |
|
2,500 |
|
|
14 |
Corporation
Tax |
|
1,155 |
|
|
15 |
Salaries |
|
2,750 |
|
|
16 |
Wages |
|
440 |
|
|
17 |
Discount
Allowed |
|
1,375 |
|
|
18 |
Discount
Received |
|
|
1,250 |
|
19 |
James |
|
21,750 |
|
|
20 |
Samanta |
|
|
40,750 |
|
21 |
Stock |
|
1,92,500 |
|
|
22 |
Plant
and Machinery |
|
4,40,000 |
|
|
23 |
Cash
in hand |
|
825 |
|
|
24 |
Bank
Balance |
|
1,49,355 |
|
|
25 |
Output
GST |
|
|
360 |
|
|
|
|
8,24,650 |
8,24,650 |
|
|
|
|
|
|
Click below for more Questions
Ts Grewal Solution 2022-2023
Class 11th
Chapter 11 – Special Purpose Book II – Other Books
Question No. 1 and 2
Question No. 3 and 4
Question No. 5 and 6
Question No. 7 and 8
Click on below links for
12th TS Grewal’s Accountancy Solutions