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) |
|
|
|
|
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
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12th TS Grewal’s Accountancy Solutions