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11th | Special Purpose Books II- Other Books | Question No. 15 and 16 | Ts Grewal Solution 2022-2023

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

 

 

 

 

 

 

Purchases Book

Date

Particulars

Invoice No.

L.F.

Details

(`)

 (`)

2022

 

 

 

 

 

Mar 11

James Patna

 

 

10,000

10,000 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 31

 Purchases 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

 

22,710

 

20

Samanta

 

 

41,350

21

Stock

 

1,92,500

 

22

Plant and Machinery

 

4,40,000

 

23

Cash in hand

 

825

 

24

Bank Balance

 

1,49,355

 

 

 

 

8,26,930

8,26,930

 

 

 

 

 

 

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