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TS Grewal Accountancy Class 11 Solutions

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TS Grewal Accountancy Class 11 Solutions 2019

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TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System

TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System.

BoardCBSE
TextbookNCERT
ClassClass 11
SubjectAccountancy
ChapterChapter 16
Chapter NameAccounts from Incomplete Records Single Entry System
Number of Questions Solved38
CategoryTS Grewal Solutions

TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System

Question 1.
Following information of an accounting year is given:
Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit and Loss for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 1

Question 2.
Mayank does not keep proper records of his business, he gives you the following information:
Opening Capital – ₹ 1,00,000
Closing Capital – ₹ 1,25,000
Drawings during the year – ₹ 30,000
Capital added during the year – ₹ 37,500
Calculate the profit or loss for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 2

Question 3.
Capital of Ganesh Gupta in the beginning of the year was ₹ 70,000. During the year his business earned a profit of ₹ 20,000, he withdrew ₹ 7,000 for his persona use. He sold ornaments of his wife for ₹ 20,000, and invested that amount into the business. Find out his Capital at the end of the year.
Solution:
Capital at the end of the year = Capital in the beginning + Additional Capital + Profit – Drawings
= 70,000 + 20,000 + 20,000 – 7,000
= Rs. 1,03,000

Question 4.
Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital
introduced in the business during the year 2017-18.
Opening Capital – ₹ 1,30,000 ; Drawing during the year ₹ 50,000
Closing Capital – ₹ 2,00,000 ; Profit made during the year ₹ 1,00,000
Solution:
Additional Capital = Closing Capital + Drawings – (Opening Capital + Profit) = 2,00,000 + 50,000 – (1,30,000 + 1,00,000)
= 2,50,000 – 2,30,000 = Rs.20,000

Question 5.
Mohan maintains books on Single Entry System. He gives you the following information:
Capital on 1st April, 2017 – ₹ 15,200
Capital on 31st March, 2018 – ₹ 16,900
Drawings made during the year – 4,800
Capital introduced on 1st August, 2017 – 2,000
You are required to calculat the Profit or Loss made by Mohan.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 3

Question 6.
Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2017 his Capital was ₹ 4,00,000 and on 31st March, 2018 it was ₹ 3,50,000. He had withdrawn ₹ 20,000 per month besides goods of the sale value of ₹ 60,000. How much did he earn in 2017-18?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 4
Calculation For Cost of Goods Sold:
Sales = COGS + Profit
Cost of Goods Sold = 100
Gross Profit = 50
Sales = 150
Gross Profit = \(\frac { 50 }{ 150 }\) or \(\frac { 1 }{ 3 }\)
Sales = 60,000 x \(\frac { 1 }{ 3 }\) = 20,000
COGS = Sales – Gross Profit = 60,000 – 20,000 = 40,000
Drawings = Cash + Cost of Goods Sold
Drawings = 2,40,000 + 40,000 = 2,80,000

Question 7.
Krishan started his business on 1st April, 2017 with a Capital of ₹ 1,00,000. On 31st March, 2018, his assets were :
Cash – ₹ 3,200
Stock – ₹ 34,800
Debtors – ₹ 31,000
Plant – ₹ 85,000
He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for the private expenses. Ascertain his profit.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 5

Question 8.
Ram Prashad keeps his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31st March, 2018:
Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (estimated) ₹ 6,000; Furniture and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000; Ram Prashad stated that he started business on 1st April with cash ₹ 6000 paid into bank but stocks valued at ₹ 4,000. During the year he estimated his drawings to be ₹ 2,400. You are required to prepare the statement, showing the profit for the year, after writing off 10% for Depreciation on Furniture and Fittings.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 6
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 7

Question 9.
Shruti maintains her books of account from Incomplete Records. Her books provide the following information:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 8
She with drew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at 5% premium and introduced the amount into business.
You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 9
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 10

Question 10.
Hari maintains her books of account on Single Entry System. His books provide the following information:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 11
His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors.
Prepare the statement showing the profits for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 12
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 13

Question 11.
A commenced business on 1st April, 2017 with a capital of ₹ 10,000. He immediately bought Furniture and Fixtures for ₹ 2,000. On 1st October, 2017, he borrowed ₹ 5,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further capital of his own amounting to ₹ 1,500. A drew @ ₹ 300 per month at the end of each month for household expenses. On 31st March, 2018 his position was as follows:
Cash in Hand ₹ 2,800; Sundry Debtors ₹ 4,800; Stock ₹ 6,800; Bills Receivable ₹ 1,600; Sundry Creditors ₹ 500 and owing for Rent ₹ 150. Furniture and Fixtures to be depreciated by 10%. Ascertain the profit or loss made by A during 2017-18.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 14

Question 12.
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results, of his business on 31st March, 2018 and for that following information is available:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 15
During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional cpaital. Calculate his profits on 31st March, 2018 and prepare the Statement of Affairs as on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 16

Question 13.
Following information is supplied to you by a shopkeeper:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 59During the year, he withdrew ₹ 2,500 per month for dometstic purposes. He also borrowed from a friend at 9% a sum of ₹ 20,000 on 1st October, 2017. He has not yet paid the interest. A provision of 5% on debotrs for doubtful debts is to be made.
Ascertain the profit or loss made by him during the period.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 60
Question 14.
Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was ₹ 2,50,000 and his capital on 31st December, 2016 was ₹ 4,25,000. He further informs you that during the year he gave a loan of ₹ 30,000 to his brother on private account and withdrew ₹ 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ ₹ 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the business account. During the year he sold his 7% Government Bonds of ₹ 50,000 at 1% premium and brought that money into the business.
Prepare a Statement of Profit or Loss for the year ended 31st December, 2016.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 17

Question 15.
Manu started business with a capital of ₹ 4,00,000 on 1st October, 2005. He borrowed from his friend a sum of ₹ 1,00,000. He brought further ₹ 75,000 as capital on 31st March, 2006, his position was:
Cash : ₹ 30,000; Stock : ₹ 4,70,000; Debtors : ₹ 3,50,000 and Creditors : ₹ 3,00,000.
He withdrew ₹ 8,000 per month during this period. Calculate profit on loss, for the period.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 18

Question 16.
From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertaint the profit or loss for the year 2017-18:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 19
Mr. X withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 300 as fresh capital on 15th January, 2018. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 20
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 21

Question 17.
X, a retailer, has not maintained proepr books of accont but it has been possible to obtain the follwoing details:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 22
Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
(a) Shop Fittings are to be depreciated by ₹ 780.
(b) X has drawn ₹ 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
(d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 23

Question 18.
On 1st April, 2017, X started a business with ₹ 40,000 as his capital. On 31st March, 2018, his position was as follows:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 24
During the year 2017-18, X drew ₹ 24,000. On 1st October, 2017, he introduced further capital amounting to ₹ 30,000. You are required to ascertain profit on loss made by him during the year 2017-18.
Adjustments:
(a) Plant is to be depreciated at 10%.
(b) A provision of 5% is to be made against debtors, Also prepare the Statement of Affairs as on 31st March, 2018.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 25

Question 19.
C maintains his books according to Single Entry System. Following figures were available from the books for the six months ended 31st December 2017:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 26
Adjustments:
(a) He had withdrawn ₹ 200 in the beginning of every month for household purposes.
(b) Depreciation on Plant and Machinery @ 10% p.a.
(c) Further Bad Debts ₹ 5,000 and Provision for Doubtful Debts to be created @ 2%.
(d) During the period, salaries have been prepaid by ₹ 500 while wages outstanding were ₹ 1,000.
(e) Interest on drawings to be reckoned @ 6% p.a.
You are required to prepare the Statement of Profit or Loss for the half year ended 31st December, 2017, followed by Revised Statement of Affairs as on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 61TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 28
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 29

Question 20.
A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock was ₹ 40,000; Purchases were ₹ 1,10,000 and the Stock on 31st March, 2018 was ₹ 30,000. What was the value of Sales?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 30

Question 21.
A firm sells goods at Cost plus 25%. Sales to credit customers (\(\frac { 3 }{ 4 }\) of total) was ₹1,80,000. His Opening and Closing Stocks were ₹ 20,000 and ₹ 15,000 respectively. Find out the value of Purchases.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 31
Calculation For Gross Profit = 2,40,000 × 20% = 48,000

Question 22.
Calculate Stock in the beginning:
Sales – ₹ 80,000
Purchases – ₹ 60,000
Stock at the end – ₹ 8,000
Loss on Cost – \(\frac { 1 }{ 6 }\)
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 32
Calculation For Gross Loss = 80,000 × 20% = 16,000

Question 23.
Calculate the Stock at the end:
Stock in the beginning – ₹ 20,000
Cash Sales – ₹ 60,000
Credit Sales – ₹ 40,000
Purchases – ₹ 70,000
Rate of Gross Profti on cost – \(\frac { 1 }{ 3 }\)
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 33
Calculation For Gross Profit = 1,00,000 × 25% = 25,000

Question 24.
Calculate the value of CLosing Stock from the following information:
Purchases – ₹ 93,000
Wages – ₹ 20,000
Sales – ₹ 1,20,000
Carriage Outwards – ₹ 3,200
Opening Stock – ₹ 16,000
Rate of Gross Profit 25% on Cost
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 34
Calculation For Gross Profit = 1,20,000 × 20% = 24,000
Note: Carriage Outward pass the entry on Profit and Loss A/c

Question 25.
Calculate Purchases:
Cost of Goods Sold – ₹ 65,000
Stock in the beginning – ₹ 4,000
Closing Stock – ₹ 5,000
Solution:
Purchases = Cost of Goods sold – Opening Stock + Closing Stock
Purchases = 65,000 – 4,000 + 5,000 = 66,000

Question 26.
Calculate Sales:
Cost of goods sold – ₹ 2,00,000
Rate of Gross Profit 20% on Sales
Solution:
Gross Profit = 2,00,000 × 25% = 50,000
COGS + Gross Profit = Sales
2,00,000 + 50,000 = 2,50,000

Question 27.
Debtors in the beginning of the year were ​₹ 30,000, Sales on credit during the year were ₹ 75,000, Cash received from the Debtors during the year was ₹ 35,000, Returns Inward (regarding credit sales) were ₹ 5,000 and Bills Receivable drawn during the year were ₹ 25,000. Find the balance of Debtors at th end of the year, assuming that there were Bad Debts during the year of ₹ 2,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 35

Question 28.
Creditors on 1st April, 2017 were ₹ 15,000, Purchases on credit were ₹ 30,000, Cash paid to Creditors during 2017-18 was ₹ 20,000, Returns Outward (regarding credit purchases) were ₹ 1,000 and Bills Payable accepted during the year ₹ 10,000. Find the balance of Creditors on 31st March, 2018.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 36

Question 29.
Following information is given of an accounting year:
Opening Creditors ₹ 15,000; Cash paid to creditors ₹ 15,000; Returns Outward ₹ 1,000 and Closing creditors ₹ 12,000.
Calculate Credit Purchases during the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 37

Question 30.
From the following information supplied by X, who keeps his books on Single Entry System, you are required to calculate Total Purchases:
Opening balance of Bills Payable – ₹ 5,000
Opening balance of Creditors – ₹ 6,000
Closing balance of Bills Payable – ₹ 7,000
Closing balance of Creditors – ₹ 4,000
Cash paid to Creditors during the year – ₹ 30,200
Bills Payable discharged during the year – ₹ 8,900
Returns Outward – ₹ 1,200
Cash Purchases – ₹ 25,800
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 38
Total Purchases = Cash Purchases + Credit Purchases
Total Purchases = 25,800 + 40,300 = Rs 66,100

Question 31.
Cash sales of a business in a year were ​₹ 85,000, the Cost of Goods Sold (including direct expenses) was ₹ 97,000 and Gross Profit as shown by the Trading Account for the year was ₹ 1,29,000. Calculate Credit Sales during the year.
Solution:
Gross Profit = Net Sales – Cost of Goods Sold
1,29,000 = Net Sales – 97,000
Net Sales = Rs 2,26,000
Credit Sales = Total Net Sales – Cash Sales
Credit Sales = 2,26,000 – 85,000 = Rs 1,41,000

Question 32.
From the following information, calculate Total Sales made during the period:
Debtors as on 1st April, 2017 – ₹ 20,400
Cash received from debtors during the year (as per Cash Book) – ₹ 60,800
Returns Inward – ₹ 5,400
Bad Debts – ₹ 2,400
Debtors as on 31st March, 2018 – ₹ 27,600
Cash Sales (as per Cash Book) – ₹ 56,800
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 39
Total Sales = Cash Sales + Credit Sales
Total Sales = 56,800 + 75,800 = Rs 1,32,600

Question 33.
Calculate Total Sales from the following information:
Bills Receivables as on 1st April, 2017 – ₹ 7,800
Debtors as on 1st April, 2017 – ₹ 30,800
Cash received on maturity of Bills Receivable during the year – ₹ 20,900
Cash received from Debtors – ₹ 70,000
Bad Debts written off – ₹ 4,800
Returns Inward – ₹ 8,700
Bills Receivable dishonoured – ₹ 1,800
Bills Receivable on 31st March, 2018 – ₹ 6,000
Debtors as on 31st March, 2018 – ₹ 25,500
Cash Sales during the year – ₹ 15,900
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 40
Total Sales = Cash Sales + Credit Sales
Total Sales = 15,900 + 97,300 = Rs 1,13,200

Question 34.
From the following information, ascertain the opening balance of Sundry Debtors and the closing balance of Sundry Creditors:
Sundry Creditors as on 31st March, 2017 – ₹ 20,600
Sundry Debtors as on 31st March, 2018 – ₹ 37,400
Stock as on 31st March, 2017 – ₹ 26,000
Stock as on 31st March, 2018 – ₹ 24,000
During the year ended 31st March, 2018:
Purchases – ₹ 1,10,000
Discount allowed by creditors – ₹ 800
Discount allowed to customers – ₹ 1,100
Cash paid to sundry creditors – ₹ 95,000
Bills Payable issued by them – ₹ 14,000
Bills Receivable received from customers – ₹ 16,500
Cash received from customers – ₹ 1,30,000
Bills receivable dishonoured – ₹ 1,900
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 41
Cost of Goods Sold = Opening Stock + Purchases – Closing Stock
Cost of Goods Sold = 26,000 + 1,10,000 – 24,000 = 1,12,000
Gross Profit = \(\frac { 30 }{ 70 }\) x 112000 = Rs. 48,000
Sales = Cost of Goods Sold + Gross Profit
Sales = 1,12,000 + 48,000 = Rs 1,60,000
Credit Sales = 1,60,000 – 20,000 = Rs 1,40,000
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 42

Question 35.
Roshan, whose accounts are maintained by Single Entry System, acquired a retail business on 1st April, 2017. He had ₹ 40,000 of his own and he borrowed ₹ 20,000 from his wife. He paid ₹ 15,000 for Goodwill ₹ 5,000 for Furniture and ₹ 35,000 for Stock.
Total cash received by him during the financial year from the Debtors was ₹ 2,30,000. His payments were:
Purchases – ₹ 1,56,000
Salary and Wages – ₹ 21,400
Trade Expenses – ₹ 7,200
Rent:
For business premises – ₹ 5,920
For private house – ₹ 2,960
Payments made for domestic purposes and drawings – ₹ 26,400
At the end of the year, the Stock was ₹ 37,500. He owed ₹ 13,500 to Creditors for goods and his customers owed to him ₹ 15,000. Provide 5% for Depreciation on Furniture, Interest at 5% on wife’s Loan and ₹ 1,000 for Doubtful Debts.
Prepare the Cash Account, the Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet at the close of the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 43
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 44
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 45

Question 36.
Vijay commenced business as foodgrains merchant on 1st April, 2017 with a capital of ₹ 4,00,000. On the same day, he purchased furniture for ₹ 80,000. From the following particulars obtained from his books which do not conform to Double Entry principles, you are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as on that date:
Sales (including Cash Sales ₹ 2,00,000) – ₹ 5,00,000
Purchases (including Cash Purchases ₹ 1,20,000) – ₹ 4,00,000
Vijay’s Drawings (in cash) – ₹ 40,000
Salaries to Staff – ₹ 48,000
Bad Debts written off – ₹ 4,000
Trade Expenses paid – ₹ 16,000
Vijay used goods of ₹ 12,000 for private purposes during the year. On 31st March, 2018, his Debtors amounted to ₹ 1,40,000 and Creditors ₹ 80,000. Stock-in-Trade on that date was ₹ 1,60,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 46
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 47

Question 37.
Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 48
Vinay banks all receipts and makes payments by means of cheque.
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 49
From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 50
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 51
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 52

Question 38.
Surya does not keep a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 53
Following additional information is also avialable for the year ended 31st March, 2018:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 54
Bad Debts during the year were ₹ 900. As regards sale, Surya tells you that he always sells goods at Cost plus 25%. Furniture and Fittings are to be depreciated at 10% of the value in the beginning of the year.
Prepare Surya’s Trading and Profit and Loss Account for the year ended 31st March, 2018 and his Balance Sheet on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 55
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 56
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 57
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System image - 58

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TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange

TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange.

BoardCBSE
TextbookNCERT
ClassClass 11
SubjectAccountancy
ChapterChapter 12
Chapter NameAccounting for Bills of Exchange
Number of Questions Solved44
CategoryTS Grewal Solutions

TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange

Question 1.
Calculate the due dates of the bills in the following cases:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 1
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 2
Note:
(i) As per this Question, point no. iii. Correct answer is Due Date of 3rd March 2018. While, according to the book is solution is 1st March 2018.
(ii) As per this Question, point no. ii. Correct answer is Due Date of 3rd July 2018. While, according to the book is solution is 3rd July 2017

Question 2.
On 10th March, 2018, A draws on B a bill at 3 months for ₹20,000 which B accepts immediately and returns to A. The bill is honoured due date.
​Pass necessary Journal entries in the books of both the parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 3

Question 3.
On 1st January, 2018, A sold goods to B for ₹ 5,000 plus IGST @ 18%. A received ₹ 900 by cheque from B and drew on him a bill for the balance amount payable 3 months after date. The bill was duly accepted by B. A retained the bill till due date. On due date, the bill was paid. Pass Journal entries in the books of A and B. Also, show necessary accounts in the books of both the parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 4
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 5

Question 4.
Manish sold goods to Kumar for ₹ 10,000 plus CGST and SGST @ 9% each. He received ₹ 1,800 in cash and drew on him a bill for ₹ 10,000 payable 3 months after date. Kumar accepted the bill and returned it to Manish. On due date, Manish presented the bill to Kumar who honoured it. Pass Journal entries in the books of both the parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 6

Question 5.
Vinod sold goods to Darbara Singh for ₹ 1,000. He drew on the latter a bill for the amount payable 3 months after date.He discounted the bill with his bankers for ₹ 990. On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 7

Question 6.
Dinesh received from Shridhar an acceptance for ₹ 3,000 on 1st September, 2016 at 3 months. Dinesh got the acceptance discounted at 9% p.a. from his bank. On the due date, Shridhar paid the required amount.
Give the Journal entries in the books of Dinesh and Shridhar.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 8

Question 7.
A drew a bill of ₹ 1,000 on B for 3 months which was duly accepted by the latter. A endorsed the bill to C in full payment of his own acceptance to C for a like amount. C endorsed the bill to B.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 9

Question 8.
A owed B ₹ 8,000. He gave a bill for the same on 1st August, 2017 payable after 4 months at the Bank of India. Chandni Chowk, Delhi. Immediately after receiving the bill, B endorsed it to C in payment of his debt. On 1st Sepetember, C discounted the bill at 12% p.a. The bill is met on due date. Pass the necessary Journal entries in the books of A, B and C.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 10

Question 9.
A sold goods to B for ₹ 20,000 plus CGST and SGST @ 9% each on credit 3 months. B paid A ₹ 3,600 by cheque and accepted a draft for the balance amount. The draft was endorsed in favour of C, who got the payment on maturity.
Give Journal entries in the books of A.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 11

Question 10.
On 10th July, 2017, A sold goods to B for ₹ 35,000 plus IGST @ 18%. He drew on him a 3 months bill for ₹ 35,000 and received cheque for the balance amount. B accepted the bill. After 10 days, A endorsed the bill to his creditor C. On due date, acceptance is duly met. Show entries in the books of A, B and C.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 12
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 13

Question 11.
Mohan Singh draws a bill on Jagat for ₹ 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bill to his bank for collection. On due date, bank gets the payment. Make the entries in the books of all the parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 14
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 15

Question 12.
X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances:
(a) If X retains the bill till due date.
(b) If X discounts the same with his banker paying ₹ 100 for discount.
(c) If X endorses the same to his creditor Z in full settlement of his debt of ₹ 4,080.
(d) If X sends the bill to his banker for collection the next day.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 16
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 17

Question 13.
Ram draws a bill for ₹ 2,000 on Shyam on 15th September, 2017 for 3 months. On maturity, Shyam failed to honour th bill.
Pass the necessary Journal entries in the books of Ram and Shyam.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 18

Question 14.
On 20th March, 2018, Naresh sold goods to Kailash to the vlaue of ₹ 1,250, taking a bill at 3 months for the amount. On maturity, the bill was dishonoured. Naresh paid ₹ 10 as noting charges. On 1st July, Kailash cleared his account by paying ₹ 1,260.
Make the entries in the books of both the parties to record the above transactions.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 19
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 20

Question 15.
On 1st July, 2017, A drew a bill for ₹ 5,000 on B payable after 3 months. A discounted it with the Bank for ₹ 4,850. On maturity B failed to pay the amount of his acceptance and the bank had to pay ₹ 50 as noting charges.
Draw up the necessary Journal entries in the books of A and B.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 21
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 21

Question 16.
On 15th June, 2017, Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his bankers at ₹ 1,960. On the due date the bill was dishonoured and Mohan paid to the bank the amount due plus the noting charges of ₹ 10.
Draft the Journal entries in the books of all parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 23
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 24

Question 17.
On 1st March, 2018, R accepted a Bill of Exchange of ₹ 20,000 from S payable 3 months after date in full settlement of his dues. On the same day S endorsed the Bill of Exchanges to T together with a cheque for ₹ 5,000 in settlement of his debt to the latter. On 2nd March, 2018, T discounted the Bill of Exchange @ 6% p.a. with his bankers. On maturity the Bill of Exchange was dishonoured.
Journalise the transactions in the books of R and T.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 25
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 26

Question 18.
On 1st January, 2018, A drew a bill on B for ₹ 10,000 payable after 3 months. B accepted the bill and returned it to A. After 10 days, A endorsed the bill to his creditor C. On the due date, the bill was dishonoured and C paid ₹ 50 as noting charges.
Record the transactions in the books of A, B and C.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 27
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 28

Question 19.
B owes A ₹ 4,000. On 1st January, 2018, B accepts a 3 months bill for ₹ 3,900 being in full settlement of the claim. At its due date the bill is dishounoured. Nothing charges ₹ 50 are paid by A. Give the Journal entries in the books of A and B.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 29

Question 20.
Y owes X ₹ 4,000. On 1st January, 2017, Y accepts a 3 months bill for ₹ 3,900 in satisfaction of his full claim. On the same date, it was endorsed by X to Z in satisfaction of his claim of ₹ 3,980. The bill is dishonoured on the due date. Give the Journal entries in the books of X.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 30

Question 21.
Rama sold goods of ₹ 12,000, charged IGST @ 18% to Reshma on 1st January, 2018. On the same date Rama draws a bill on Reshma for ₹ 12,000 for a period of 3 months and received the balance amount by cheque. On receipt of the bill on 1st January, 2018 duly accepted by Reshma, Rama discounts it with a bank at 6% p.a. On the date of maturity, the bill was dishonoured, the bank having to pay ₹ 500 as noting charges. Reshma paid the due amount less ₹ 500 in full settlement.
Show Journal entries arising from the above in the books of both Rama and Reshma.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 31
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 32

Question 22.
On 1st January, 2017, A draws a bill on B for ₹ 1,000 payable after 3 months. Immediately after its acceptance, A sends the bill to his bank for collection. On the due date, the bill was dishonoured. Record the transactions in the Journals of A and B.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 33

Question 23.
A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Bank of India. Show what entries should be passed in the books of A under each of the following circumstances:
(a) If A retained the bill till the due date and then realized it on maturity.
(b) If A discounted it with his bankers for ₹ 950.
(c) If A endorsed it to his creditor C in full settlement of his debt.
(d) If A sent it to his bankers for collection.
Also, give the necessary entries in each of the cases if the bill is dishonoured.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 34
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 35

Question 24.
On 1st January, 2018 for goods sold, Ramesh drew a Bill of Exchange on Mahesh for ₹ 4,000, for a period of 3 months. Mahesh accepts it and returns to Ramesh. Ramesh then endorses it to Mukesh who in turn endorses it to Suresh on 1st February, 2018. The bill is then discounted by Suresh on the same date with his banker at 5% p.a. On the due date the bill is dishonoured.
Pass the necessary Journal entries in the books of all the four parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 36
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 37

Question 25.
A purchases goods worth ₹ 6,200 from B and gives him his acceptance for ₹ 6,000 in full satisfaction. B purchases goods worth ₹ 10,000 from C and endorses the bill to him, paying the balance by cheque. On maturity the bill is dishonoured, noting charges amounted to ₹ 100.
Give the Journal entries in the books of A, B and C.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 38
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 39

Question 26.
X sells goods for ₹ 40,000 to Y on 1st January, 2012 and on the same day draws a bill on Y at three months for the amount. Y accepts it and returns it to X, who discounted it on 4th January, 2018 with his bank at 6% p.a. The acceptance is dishonoured on the due date and the noting charges were paid by bank being ₹ 200.
On 4th April, 2018, Y accepts a new bill at three months for the amount then due to X together with interest at 12% p.a.
Make Journal entries to record these transactions in the books of X.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 40
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 41

Question 27.
On 1st January, 2018, X received from Y three Bills of Exchange for ₹ 6,000; ₹ 8,000; and ₹ 10,000 for 6 months, 4 months and 3 months respectively. On 3rd January the first bill was discounted by X with his bankers at a discount of 5% p.a. On 1st February the 3rd bill was endorsed in favour of a creditor Z. The second bill was retained till the due date. On due dates all the three bills were dishonoured.
Show the necessary Journal entries in the books of X and Y.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 42
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 43

Question 28.
On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹ 4,500 on credit and drew 3 bills on him first bill for ₹ 1,000 for 1 month, second bill for ₹ 1,500 for 2 months and third bill for ₹ 2,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.
The first bill was retained by Mr. X till the date of maturity. Second bill was endorsed to his creditor Mr. Z on 3rd January, 2018 and third bill was sent to bank for collection on 4th January, 2017. On maturity all the bills were dishonoured and noting charges amount to ₹ 10, ₹ 15 and ₹ 20 respectively. Give the Journal entries in the books of X, Y and Z.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 44
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 45

Question 29.
Ram owes ₹ 2,000 to Mohan on 1st January, 2018. On this date, he accepted a draft for the amount for 3 months. Mohan got the bill discounted at his bank @ 6% p.a. On the due date, the bill was dishonured, nothing charges ₹ 20. Ram agreed to pay ₹ 520 immediately and accept another bill for the remaining amount for 3 months together with interest at 9% p.a. This bill was met on the due tate. Give the Journal entries in the books of both the parties.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 46
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 47

Question 30.
On 15th June, 2017, X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date, X discounted the first bill with his bankers at 6% p.a. and endorsed the second bill in favour of his creditor, Z. The first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. On 1st October, Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 a s interest.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 48
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 49

Question 31.
X draws a bill on Y for ₹ 2,000 on 1st January, 2017, Y accepts the same and returns it to X. The bill was drawn by X in full settlement of a debt owing by Y amounted to ₹ 2,050. X discounts the bill on the same date with the Central Bank of India for ₹ 1,980. At maturity the bill was duly met by Y. Give the entries in the books of X and Y. Suppose the bill is dishonoured, what entries witll be passed?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 50
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 51

Question 32.
On 1st June, 2017 A sold goods to B for ₹ 250. B gave to A his acceptance payable 1 month after date. Before maturity B requests A to renew it, which A does adding ₹ 10 to the new bill for interest. Make the necessary Journal entries to record these transactions in the books of both A and B.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 52
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 53

Question 33.
A sold goods to B on 1st September, 2017 for ₹ 16,000. B immediately accepted a 3 months bill. On the due date, B requested that the bill be renewed for a further period of 2 months. A agreed provided interest at 9% p.a. was paid immediately in cash. To this B was agreeable. The second bill was met on the due date. Give the Journal entries in the books of A.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 54
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 55

Question 34.
On 1st May, 2017 Merchant & Co. sold goods to AB & Co. valued at ₹ 500 and drew upon them a bill at 3 months for the amount. AB & Co.
accepted the draft on presentation. When the bill was about to mature. AB & Co. expressed their inability to meet it, and offered to pay Merchant & Co. ₹ 200 in cash and to accept a fresh bill for the balance plus interest at 6% p.a. for 3 months Merchant & Co. agreed to the proposal and bill was renewed. On maturity, the bill was duly met.
Make the entries in the books of both the parties to record the above transactions.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 56
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 57

Question 35.
A owed B ₹ 400. A accepted a Bill of Exchange at 3 months date for this amount which B discounted for ₹ 380.
Give the necessary Journal entries in the books of A and B if this bill is:
(a) dishonoured on the due date;
(b) met at maturity and
(c) retired under rebate at 6% p.a. 2 months before its maturity.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 58
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 59
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 60

Question 36.
Amar sells goods to Bhola for ₹ 10,000 and draws upon him a bill for the amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bankers at a discount of ₹ 150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his banker and his expenses amounting to ₹ 100. Bhola gives a fresh bill, 2 months date to Amar for ₹ 10,250, which he met at maturity.
Show the necessary Journal entries in Amar’s books.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 61

Question 37.
‘B’ being unable to meet his acceptance for ₹ 2,000 due on 15th June, approaches the Drawer ‘A’ (who is in possession of the bill) on 30th June, with the request to receive ₹ 800 in cash and draw on him for the balance plus ₹ 15 for interest at 3 months date and cancel the old bill for ₹ 2,000. A agrees to this. Pass the entries in the books of A and B.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 62

Question 38.
Give the Journal entries for the following:
(a) B’s acceptance to us for ₹ 1,000 due this day, renewed at his request for 3 months with interest @ 6% p.a.
(b) Our bill to C. Chandra for ₹ 5,000 renewed for 2 months with interest @ 6% p.a.
(c) B’s acceptance of ₹ 3,000 is discharged on his paying us cash ₹ 1,000 and accepting a fresh bill for the balance with interest ₹ 100.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 63
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 64

Question 39.
Leena sold goods to Meena on 1st March, 2009 for ₹ 68,000 and drew two Bills of Exchange of the equal amount upon Meena payable after three months. Leena immediately discounted the first bill with her bank at 12% p.a. The bill was dishonoured by Meena and Bank paid ₹ 55 as noting charges. The second bill was retired on 4th May, 2009 under a rebate of 6% p.a. with mutual agreement. Journalise the above in the books of Leena and Meena.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 65
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 66

Question 40.
How will you record the following transactions in the books Kapadia?
(a) A bill received from Dalpat for ₹ 1,000 has to be renewed, Dalpat agrees to pay ₹ 20 as interest.
(b) Swamy’s bill for ₹ 800 endorsed in favour of Ghosh dishonoured, Ghosh pays ₹ 10 as noting charges. Swamy pays ₹ 300 immediately and agrees to accept a new bill for 3 months for the balance together with interest at 6% p.a. Ghosh’s Account is settled by cheque.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 67
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 68

Question 41.
Y purchased goods for ₹ 6,000 on 1st June, 2011 from X and on the same date accepted a bill payable after three months. 3 days later, X
endorsed the bill to Z. On maturity, the bill was dishonoured for non-payment and Z had to pay ₹ 50 as noting charges. Two days after the dishonour of bill, Y paid ₹ 2,000 to X and requested him to draw a second bill for the balance plus ₹ 90 for the amount of interest, payable after two months. X accepted the proposal and draws the bill on Y, which was accepted by Y and was duly met on maturity.
Pass Journal entries for the above transactions in the books of X.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 69

Question 42.
On 1st January, 2008, A sold goods to B for ₹ 1,00,000 received ₹ 25,000 in cash and drew two bills, first ₹ 45,000 and second for ₹ 30,000 of two months each. Both bills were duly accepted by B. First bill was endorsed to C in settlement of his account of ₹ 45,000 and second bill was discounted from the bank at the rate of 12% p.a. On the due date of these bills, both bills were dishonoured, C has paid ₹ 100 and bank has paid ₹ 80 as noting charges. Pass Journal entries in the books of A, B and C.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 70
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 71
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 72

Question 43.
On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹45,000 plus CGST and SGST @ 9% each on credit. Mr. Y paid the amount of GST immediately in cash. Mr. X drew 3 bills on him: first bill for ₹10,000 for 1 month, second bill for ₹15,000 for 2 months and third bill for ​₹20,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 73
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 74
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 75

Question 44.
Amar sells goods to Bhola for ₹10,000 plus CGST and SGST @ 9% each. he receives the GST amount in cash and draws upon Bhola a bill for the balance amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bank at a discount of ₹150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his bank and his expenses amounting to ₹100. Bhola gives a fresh bill of 2 months date to Amar for ₹10,250, which he meets at maturity.
​Show necessary Journal entries in Amar’s books.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 76
TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange image - 77

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 12 Accounting for Bills of Exchange, drop a comment below and we will get back to you at the earliest.

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TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher

TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher.

 

BoardCBSE
TextbookNCERT
ClassClass 11
SubjectAccountancy
ChapterChapter 4
Chapter NameOrigin of Transactions Source Documents and Preparation of Voucher
Number of Questions Solved6
CategoryTS Grewal Solutions

TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher

Question 1.
The following transactions took place in M/s. Goodluck Computers. Prepare the Accounting Vouchers:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 1
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 2
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 3
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 4

 

Question 2.
Prepare the Accounting Vouchers for the following transactions:​
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 5
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 6
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 7
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 8
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 9

 

Question 3.
Prepare the Vouchers to be recorded in the books of M/s. Computer Aids:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 10
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 11
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 12

 

Question 4.
Prepare the Vouchers to be recorded in the books of M/s. Elegant Furnitures, New Delhi:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 13
Tranactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 14
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 15

Question 5.
Prepare the Vouchers:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 16
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 17
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 18

 

Question 6.
Prepare the Transfer Vouchers from the books of Mangla Agencies, Faridabad, Haryana from the Source Vouchers:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 19
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 20
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 21

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher, drop a comment below and we will get back to you at the earliest.

 

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TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books

TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books.

BoardCBSE
TextbookNCERT
ClassClass 11
SubjectAccountancy
ChapterChapter 8
Chapter NameSpecial Purpose Books II Other Books
Number of Questions Solved23
CategoryTS Grewal Solutions

TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books

Question 1.
Record the following transactions in the Purchases Book of Subhash General Stores, Delhi:
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Solution:
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Question 2.
Verma Bros. Kolkata carry on business as wholesale cloth dealer. From the following, write up their Purchases Book for January, 2018:
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Solution:
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Note:
a. Cash purchases made on 8th Jan will be recorded in cash book as it is cash transaction and not credit.
b. Purchase of Typewriters on 20th Jan is not recorded in Purchase book as it is not goods that the firm trade in. It is an asset for the firm and not goods (i.e., stock)

Question 3.
From the following information of Kamal, Guwahati, prepare a Purchases Book and post them into Ledger:
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Solution:
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Question 4.
The following purchases were made by M/s. B.K Gupta, Kolkata, during the month of April, 2018. Prepare Purchases Book and post them in the Ledger Accounts:
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Solution:
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Note:
a. Cash purchases made on 12th April will be recorded in cash book as it is cash transaction and not credit.
b. Purchase of show cases on 18th April is not recorded in Purchase book as it is not goods that the firm trade in. It is an asset for the firm and not goods (i.e., stock)
c. Purchases made on 25th April will not be recorded in purchases book as it is purchased for household consumption for the proprietor and not for the trading purpose of the firm.

Question 5.
Prepare a Sales Book from the following transactions of Hema Traders, Kolkata dealing in furniture. Open a Ledger Account also:
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Solution:
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Question 6.
From the following particulars, prepare a Sales Book of M/s. Gyan Prasad & Bros., Delhi, dealers of stationery and post into Ledger Accounts:
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Solution:
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Question 7.
From the following particulars, prepare Sales Book of Gupta & Co., Kolkata who deals in furniture :
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Solution:
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Question 8.
Prepare the Purchase Book and Sales Book from the following transactions:
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Solution:
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Question 9.
Prepare Purchases Return Book of Aruna Stores, Kolkata from the following transactions and post them into Ledger:
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Solution:
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TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books image - 110 TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books image - 111

Question 10.
Record following transactions in the Purchases Return Book of Kamla Stores for June 2017:
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Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books image - 36

Question 11.
Prepare Sales Return Book of Shiv Shankar, Delhi from the following transactions and post them into Ledger:
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Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books image - 38

Question 12.
Enter following transactions in the Sales Return Books of Raj Computers, Delhi:
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Solution:
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Question 13.
Prepare Returns Inward and Return Outward Books of Manoj, Mumbai from the following transactions:
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Solution:
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Question 14.
(Closing Entries). Give the necessary entries in the Journal Proper of Ram on 31st March, 2018 to close their 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; Ram’s Loan Account ₹ 20,000; Cash in Hand ₹ 75; Cash at Bank ₹ 3,125.
Solution:
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Question 15.
(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 plus IGST @ 12%.
(v) Sales Return of ​₹ 6,000 plus CGST and SGST @ 6% each.
Solution:
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Question 16.
(Adjustment Entries) From the following information available on 31st March, 2018, pass the necessary Adjustment Entries in the Journal for the year ending on that date:
(i) Interest accrued ₹ 2,500.
(ii) Wages for March, 2018 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.
Solution:
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Question 17.
Enter the following transactions in Proper Subsidiary Books of Ram, Lucknow (UP) for the month of January 2018:
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Solution:
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Question 18.
Write up Purchases and Sales Books from the following transactions of Kalyan Silks, Kochi, Kerala given for April, 2018 and post the totals in the Ledger.
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Solution:
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Question 19.
Record the following transactions of Prabhat Electric Co., Delhi in the proper subsidiary books:
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Solution:
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TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books image - 65

Question 20.
R. Chetan has the following balances in his books on 1st March, 2018:
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 2018:
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Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each. Transactions marked ** are inter-state transactions subject to IGST @ 12%.
Record these transactions in his subsidiary books, post to the Ledger and prepare a Trail Balance as on 31st March, 2018.
Solution:
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TS Grewal Accountancy Class 11 Solutions Chapter 8 Special Purpose Books II Other Books image - 76
Calculation of Total Sales
Total Sales = Sales – Sales Return = 16,000 – 2,000 = 14,000

Question 21.
On 1st March, 2018, Shri Kailash Chand, Lucknow commenced business with cash ₹ 50,000. The following are his transactions for the month of March, 2018. Record them in proper books, post them to the Ledger and take out a Trial Balance:
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Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each.
Transactions marked ** are inter-state transactions subject to IGST @ 12%.
Solution:
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Question 22.
On 1st January, 2018, Ram of Kolkata commenced business with a capital of ₹ 50,000 and entered into following transactions:
Pass the following transactions through proper books to the Ledger. Take out a Trial Balance as on 31st January, 2018. The Cash Book must be balanced.
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Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each.
Transactions marked ** are inter-state transactions subject to IGST @ 12%.
Solution:
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Question 23.
The following are the transactions of Kamal, Delhi for the month of July, 2017:
(All cheques are paid into the Bank on the day received.)
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Transaction marked * are intra-state transactions subject to CGST and SGST @ 6% each.
Transactions marked ** are inter-state transactions subject to IGST @ 12%.
Pass above transactions through suitable books of original entry. Post them to Ledger accounts and draw up a Trial Balance.
Solution:
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TS Grewal Accountancy Class 11 Solutions Chapter 13 Rectification of Errors

TS Grewal Accountancy Class 11 Solutions Chapter 13 Rectification of Errors are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 13 Rectification of Errors.

BoardCBSE
TextbookNCERT
ClassClass 11
SubjectAccountancy
ChapterChapter 13
Chapter NameRectification of Errors
Number of Questions Solved49
CategoryTS Grewal Solutions

TS Grewal Accountancy Class 11 Solutions Chapter 13 Rectification of Errors

Question 1.
How will you rectify the following errors?
(i) Purchases Book is overcast by ₹ 10,000.
(ii) Purchases Return Book is overcast by ₹ 1,000.
(iii) Purchases Return Book’s balance is carried forward in excess by ₹ 100.
(iv) Purchases Book’s balance is carried forward in excess by ₹ 1,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 13 Rectification of Errors image - 1

Question 2.
How will you rectify the following errors?
(i) Sales Book is short casted by ₹ 5,000.
(ii) Sales Return Book is short casted by ₹ 500.
(iii) Balance of Sales Book is carried forward short by ₹ 1,000.
(iv) Balance of Sales Return Book is carried forward short by ₹ 100.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 13 Rectification of Errors image - 2b

Question 3.
How will you rectify the following errors?
(i) Sales Book is overcast by ₹ 5,000.
(ii) Sales Return Book is short casted by ₹ 500.
(iii) Balance of Sales Book is carried forward in excess by ₹ 1,000.
(iv) Balance of Sales Return Book is carried forward in excess by ₹ 100.
Solution:
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Question 4.
Rectify the following errors assuming that there is no Suspense Account:
(i) Salary of ₹ 5,000 paid to Rahul was not posted to Salaries Account.
(ii) Sales to Amrish of ₹ 1,430 posted to his account as ₹ 1,340.
(iii) Sales to Vijay of ₹ 2,470 posted to his account as ₹ 2,740.
(iv) Purchases from Pal of ₹ 1,430 posted to his account as ₹ 1,340.
Solution:
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Question 5.
Which of the following errors will affect the Trial Balance?
(i) The total of the Sales Book has not been posted to the Sales Account.
(ii) ₹ 1,000 paid as installation charges of a new machine has been debited to Repairs Account.
(iii) Goods costing ₹ 4,000 taken by the proprietor for personal use have debited to Debtors Account.
(iv) ₹ 1,000 paid for repairs to building have been debited to Building Account.
Solution:
The correct answer is option (i).
Total of Sales book has not been posted to Sales Account will affect the Trial Balance because due to undercast of Sales Accounts results in undercasting of credit side of the Trial Balance.

Question 6.
Rectify the following errors:
(i) The Sales Book of December was added short by ₹ 500.
(ii) A periodical total of the Purchases Book was cast short by ₹ 5,000.
(iii) The total of Purchases Return Book has been undercast by ₹ 1,500.
(iv) The Sales Return Book is added ₹ 200 short.
Solution:
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Question 7.
Rectify the following errors assuming that there is no Suspense Account:
(i) The Returns Inward Book has been overcast by ₹ 200.
(ii) Purchases Book carried forward ₹ 75 less.
(iii) Sales Book carried forward ₹ 41 less on Page 10 and ₹ 43 more on Page 12.
(iv) Goods sold to Gautam were posted as ₹ 215 instead of ₹ 251.
Solution:
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Question 8.
Following errors are discovered in the books of Sh. Ram Lal. Make the necessary entries to rectify them:
(i) Purchases Journal was undercast by ₹ 2,150.
(ii) ₹ 500 received from K. Krishna was debited to his account.
(iii) An amount of ₹ 3,000 withdrawn by the proprietor of the firm for his personal use was posted to the Travelling Expense Account.
(iv) An amount of ₹ 175 for a credit sale to R. Gopalan correctly entered in the Sales Book, has been debited to his account as ₹ 157.
Solution:
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Question 9.
Pass the Journal entries rectifying the following errors:
(i) Purchases for ₹ 10,000 was omitted to be recorded.
(ii) Purchases of office furniture of ₹ 10,000 was recorded in Purchases Book.
(iii) Office Rent of ₹ 15,000 was debited to the Personal Account of the landlord.
(iv) Old machine was sold for ₹ 5,000 was credited to Sales Account.
Solution:
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Question 10.
Following errors affecting the accounts of the year 2016-17 were detected in the books of Das & Co., Meerut:
(i) Sale of old furniture for ₹ 5,000 was treated as sales of goods.
(ii) Rent of proprietor’s residence ₹ 6,000 was debited to Rent Account.
(iii) Cash received from Rajesh ₹ 2,150 was credited to Brajesh.
Pass the rectifying Journal entries. State the nature of each of these mistakes.
Solution:
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Question 11.
Rectify the following errors:
(i) Purchases Book has been undercast by ₹ 1,000.
(ii) Credit sale to Anu Prakash ₹ 7,000 was recorded in Purchases Book.
(iii) Credit sale to Rahul ₹ 7,000 was recorded as ₹ 700.
Solution:
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Note: In the book, this transaction is incomplete, thus it has been assumed that Credit sales to Rahul was recorded as Rs.700 instead of Rs.7,000

Question 12.
Rectify the following errors:
(i) Total of one page of the Sales Book was carried forward to the next page as ₹ 2,785 instead of ₹ 2,587.
(ii) A cheque of ₹ 400 received from Mohan was dishonoured and had been posted to the debit side of the ‘Allowance Account’.
(iii) Return of goods worth ₹ 5,000 by a customer was entered in the Purchases Return Book.
(iv) Sum of ₹ 200 owed by ‘X’ has been included in the list of Sundry Creditors.
(v) Sale of old furniture worth ₹ 430 was credited to the Sales Account as ₹ 340.
Solution:
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Question 13.
Rectify the following errors:
(i) Purchases Book is overcast by ₹ 500.
(ii) Salary paid to an employee, Mr. Ajay, is debited to his Personal account ₹ 3,000.
(iii) Goods sold to Shashi on credit ₹ 300 have been wrongly passed through the Purchases Book.
(iv) Total of returns inward has been added ₹ 9 short.
(v) Purchase of chair from Happy Traders for ₹ 35 has been entered in the Purchases Books as ₹ 53.
Solution:
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Question 14.
Correct the following errors in Mohan Lal’s Book:
(i) A payment of ₹ 5,000 for salaries (to Mr. Ram) has been posted twice to the Salaries Account.
(ii) ₹ 750 received from Rajesh are entered on the debit side of the Cash Book. No posting was done in Rajesh’s Account.
(iii) Sales Book was overcast by ₹ 3,000.
(iv) Goods (Cost ₹ 2,000, Sales Price ₹ 2,500) distributed as free simples among prospective customers were not recorded anywhere.
Solution:
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Question 15.
Rectify the following errors:
(i) Sales to Vinod of ₹ 143 posted to his account as ₹ 134.
(ii) Sales to Vinod of ₹ 143 debited to his account as ₹ 134.
(iii) Sales to Vinod of ₹ 143 credited to his account as ₹ 134.
Solution:
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Question 16.
Give the rectifying entries of the following:
(i) Sales of ₹ 20,000 to Manoj were recorded as ₹ 2,000 in the Sales Book.
(ii) An amount of ₹ 25,000 spent for the extension of machinery has been debited to the Wages Account.
(iii) Discount received from Ram & Co. ₹ 350, has not been entered in the discount column of the Cash Book.
(iv) Goods of ₹ 3,000 sold to Mahesh were recorded in the Purchases Book.
Solution:
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Question 17.
Correct the following errors in Mohan Lal’s Book:
(i) A sum of ₹ 1,500 written off as depreciation on furniture has not been debited to the Depreciation Account.
(ii) Returns Outward Journal has been overcast by ₹ 85.
(iii) Basudev returned goods worth ₹ 500; his account was debited by this amount.
(iv) Purchase from Krishna Mohan of ₹ 2,250 has been debited to his account.
Solution:
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Question 18.
Correct the following errors in Hari’s Books:
(i) Credit sale of ₹ 132 to R. Krishan correctly entered in Sales Journal but posted to his account as ₹ 312.
(ii) The total of the credit side of Ramesh’s Account was overcast by ₹ 2,000.
(iii) Total of the Purchases Journal of ₹ 5,250 has been posted to Purchases Account as ₹ 5,205.
(iv) Printer purchased from R. Ltd. for ₹ 4,000 on credit was entered in the Purchases Book.
(v) An item of ₹ 2,000 entered in the Sales Return Book was posted to the debit of Pandey who had returned the goods.
Solution:
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Question 19.
Rectify the following errors:
(i) A purchase of ₹ 5,000 from Ram was omitted to be entered in the Purchases Book.
(ii) A credit sale of ₹ 257 to Messrs Goodluck & Co. was recorded as ₹ 275.
(iii) A purchase of office furniture for ₹ 500 from Salwan Furnitures was entered through the Purchases Book.
(iv) Rent paid to Landlord ₹ 500 was debited to his Personal Account.
(v) A debt balance of ₹ 2,000 on the Personal Account of Mr. John (correctly shown in the Ledger) has been omitted when extracting a Trial Balance.
Solution:
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Question 20.
Mukesh found that the Trial Balance did not agree. He found the following errors:
(i) In the Sales Book for the month of January, total of Page No. 3 was carried forward to Page No. 4 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 7 was carried forward to Page No. 8 as ₹ 5,600 instead of ₹ 5,000.
(ii) Goods returned to Anshuka ₹ 10,000 were recorded in the Sales Book.
(iii) Bill Receivable for ₹ 800 from Riya was dishonoured and posted to the debit of Allowances Account.
Solution:
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Question 21.
Pass the rectifying entries for the following:
(i) Sales of goods ₹ 6,000 to Madan were recorded as ₹ 600 in the Sales Book.
(ii) Credit purchase of goods from Mohan amounting to ₹ 2,000 has been wrongly passed through the Sales Book.
(iii) Return of goods worth ₹ 500 by a customer was entered in ‘Purchases Return Book’.
(iv) Cheque of ₹ 400 received from Ranjan was dishonoured and debited to the Discount Account.
(v) Bill for ₹ 820 received from Ramesh for repair of machinery was entered in the Purchases Book as ₹ 720.
Solution:
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Question 22.
Give rectifying Journal entries for the following errors:
(i) Sales of goods to Madan ₹ 6,000 were entered in the Sales Book as ₹ 600.
(ii) Credit purchase of ₹ 1,500 from Ajay has been wrongly passed through the Sales Book.
(iii) Repairs to building ₹ 300 were debited to Building Account.
(iv) ₹ 2,050 paid to Rohit is posted to the debit of Mohit’s Account as ₹ 5,020.
(v) Purchases Return Book is overcast by ₹ 400
Solution:
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Question 23.
Give rectifying entries for the following:
(i) ₹ 5,400 received from Mr. A was posted to the debit of his account.
(ii) The total of Sales Return Book overcast by ₹ 800.
(iii) ₹ 2,740 paid for repairs to motor car was debited to Motor Car Account as ₹ 1,740.
(iv) Returned goods to Shyam ₹ 1,500 were passed through Returns Inward Book.
Solution:
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Question 24.
Pass Journal entries rectifying the following errors:
(i) A cheque for ₹ 10,000 was received from Ranjan on which ₹ 200 Cash Discount was allowed. The cheque was not honoured on due date and the amount of discount was credited to Discount Received Account.
(ii) ₹ 2,000 paid as wages for machinery installation was debited to Wages Account.
(iii) ₹ 5,000 received from Rakesh were credited to his Personal Account. The amount had been written off as bad debt earlier.
(iv) Repair bill of machinery was recorded as ₹ 100 against the bill amount of ₹ 1,000.
Solution:
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Question 25.
Rectifying the following errors:
(i) Sales Book has been totalled ₹ 1,000 short.
(ii) Goods worth ₹ 1,500 returned by Green & Co. have not been recorded anywhere.
(iii) Goods purchased worth ₹ 2,500 have been posted to the debit of the supplier, Gupta & Co.
(iv) Furniture purchased from Gulab & Co. worth ₹ 10,000 has been entered in Purchases Book.
(v) Cash received from A ₹ 2,500 has not been posted in his account.
Solution:
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Question 26.
How will you rectify the following errors?
(i) ₹ 500 spent on building repairs has been debited to the Building Account.
(ii) Furniture worth ₹ 5,000 purchased from X on credit omitted from being recorded in the books.
(iii) Total of Returns Inward Book was added by ₹ 200 instead of ₹ 250.
(iv) Goods purchased from Mohan for ₹ 5,000 was passed through Returns Inward Book.
(v) Goods returned to Ram was passed through Sales Book.
(vi) Bills payable of ₹ 5,000 accepted in favour of Murari, was passed through bills receivable book with ₹ 500 but Murari’s account was correctly debited.
Solution:
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Question 27.
Pass Journal entries to rectify the errors in the following cases:
(i) A purchase of goods from David amounting to ₹ 150 has been wrongly passed through the Sales Book.
(ii) A credit sale of goods of ₹ 120 to Peter has been wrongly passed through the Purchases Book.
(iii) ₹ 200, salary paid to Cashier, B. Naidu, stands wrongly debited to his Personal Account.
(iv) A credit sales of ₹ 4,230 to Krishan entered as purchase from Kishan ₹ 4,320.
(v) Ramesh’s Account was credited with ₹ 840 twice instead of once.
Solution:
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Question 28.
(i) What are the different causes that make a Trial Balance incorrect?
(ii) Pass the rectifying Journal entries:
(a) A credit sale of goods for ₹ 2,500 to Krishna has been wrongly passed through the Purchases Book.
(b) ₹ 5,000 paid for freight on machinery purchased was debited to the Freight Account as ₹ 500.
(c) The Returns Inward Book has been wrongly overcast by ₹ 100.
(d) An amount of ₹ 500 due from Ramesh which had been written off as bad debt in previous year was recovered and had been posted to the Personal Account of Ramesh.
(e) A sum of ₹ 460 owed by Hari had not been included in the list of debtors.
Solution:
(i) The following are the causes that make a Trial Balance incorrect.
(a) Incomplete posting of Journal Entry
(b) Posting in the wrong side of Account.
(c) Wrong totalling of Subsidiary Books
(d) Wrong balance of Account
(e) Omission of total of Subsidiary book into Account
(f) Wrong totalling of the Trial Balance
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Question 29.
Rectify the following errors:
(i) Wages paid for the construction of office debited to the Wages Account, ₹ 5,000
(ii) Machinery purchased for ₹ 35,000 was passed through the Purchases Book.
(iii) Old furniture sold for ₹ 1,000, passed through the Sales Book.
(iv) ₹ 2,000 paid to Mehta Bros. against acceptance were debited to Malhotra Bros. Account.
(v) Sales of ₹ 204 to Ram debited to his account as ₹ 402 and purchases of ₹ 1,012 from Shyam credited to his account as ₹ 1,210.
Solution:
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Question 30.
There was an error in the Trial Balance of Ram Gopal on 31st March, 2018 and the difference in books was carried to the Suspense Account. On going through the books, you find that:
(i) ₹ 540 received from M. Mehta was posted to the debit side of his account.
(ii) ₹ 100 being purchases return was posted to the debit of the Purchases Account.
(iii) Discount of ₹ 300 received was posted to the debit of the Discount Account.
(iv) ₹ 374 paid for motor car repairs was debited to the Motor Car Account as ₹174.
(v) ₹ 400 paid to C. Das was debited to the account of G. Dass.
Pass the Journal entries to rectify the above errors and state what amount was carried to the Suspense Account.
Solution:
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Question 31.
Trial Balance of a bookkeeper shows an excess of debits over credits by ₹ 261. This difference is placed in a Suspense Account to facilitate books closure. Later on the following errors were discovered:
(i) A credit item of ₹ 349 has been debited to a Personal Account as ₹ 439.
(ii) A sum of ₹ 625 written off from fixtures as depreciation has not been posted to the Depreciation Account.
(iii) ₹ 9,000 paid for furniture bought have been charged to the Purchases Account.
(iv) A discount allowed to a customer has been credited to him as ₹ 145 in place of ₹ 154.
(v) A sale of ₹ 594 was posted as ₹ 495 in the Sales Account.
(vi) The total of Returns Inward Book has been added ₹ 10 short.
Pass the Journal entries to correct these errors and prepare the Suspense Account.
Solution:
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Question 32.
The accountant of a firm finds that the Trial Balance as on 31st December, 2017 is out by as excess debit of ₹ 283. He placed the amount in the Suspense Account. In the first week of January, 2018, he discovered the following errors. Pass the Journal entries necessary to rectify these errors and show the Suspense Account as it would appear at the end of the week. Have you any comment to make?
(i) Cash paid to Amar Nath, ₹ 75, was posted to the credit of Amar Singh’s Account as ₹ 57.
(ii) Discount allowed by Brijesh of ₹ 5 was not entered in the Cash Book but Brijesh stands debited correctly.
(iii) No entry was made of goods worth ₹ 40 taken away by proprietor for personal use.
(iv) ₹ 500 received from Jhaveri Bros. for interest on loan advanced to them were recorded in the Cash Book. But the entry was not posted in the Ledger.
(v) The total of Returns Outward Book was short by ₹ 100.
Solution:
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As the Suspense account has not tallied, there are errors still to be rectified.

Question 33.
You are presented with a Trial Balance showing a difference which has been carried to the Suspense Account and the following errors are revealed:
(i) ₹ 1,700 paid in cash for an office equipment was charged to Office Expenses Account.
(ii) A cash sale of ₹ 5,000 to Black, correctly entered in the Cash Book, was posted to the credit of Black’s Account in the Ledger.
(iii) Goods amounting to ₹ 800, returned by Blue, were entered in the Sales Book and posted therefrom to the credit of Blue’s Account.
(iv) Furniture purchased for ₹ 8,100 was posted to Furniture Account as ₹ 810.
(v) Goods amounting to ₹ 10,000 sold to Red were correctly entered in Sales Book but posted to Red’s Account for ₹ 18,000.
(vi) Sales Return Book was overcast by ₹ 100.
You are required to pass the necessary rectification entries in respect of the above.
Solution:
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Question 34.
Rectify the following errors found in the books of Mr. B. Trial Balance had ₹ 930 excess credit. The difference has been posted to a Suspense Account:
(i) The total of Returns Inward Book has been cast ₹ 1,000 short.
(ii) The purchase of an office table costing ₹ 3,000 has been passed through Purchases Book.
(iii) ₹ 3,750 paid for wages to workmen for making showcases had been charged to the Wages Account.
(iv) A purchases of ₹ 670 had been posted to the Creditors Account as ₹ 600.
(v) A cheque for ₹ 2,000 received from Mr. P.C. Joshi had been dishonoured and was passed to the debit of the Allowances Account.
(vi) An amount of ₹ 15,720 due from Prasad written off as had in a previous year, was recovered and credited to the Personal Account of Prasad.
After rectification reflect the transactions in the Suspense Account.
Solution:
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Question 35.
Pass the rectification entries for the following transactions:
(i) An amount of ₹ 2,000 received from Mohan on 1st April, 2017 had been entered in the Cash Book as having been received on 31st March, 2017.
(ii) The balance in the account of Mr. Rahim ₹ 1,000 had been written off as bad but no other account has been debited.
(iii) An addition in the Returns Inward Book had been cast ₹ 100 short.
(iv) A cheque for ₹ 200 drawn for the Petty Cash Account has been posted in the account of Asif.
(v) A discounted Bill of Exchange for ₹ 20,000 returned by the firm’s bank had been credited to the Bank Account and debited to Bills Receivable Account. A cheque was received later from the customer for ₹ 20,000 and duly paid.
(vi) Ramesh’s Account was credited with ₹ 840 twice instead of once.
Solution:
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Question 36.
The Trial Balance of M/s. Gupta & Sons shows a difference of ₹ 52,200. To prepare the Final Account on 31st March, 2009, this difference is placed in a Suspense Account. Afterwards the following errors were disclosed. Pass the necessary entries to rectify them and show the Suspense Account.
(i) Purchases Book total had been undercasted by ₹ 20,000.
(ii) A cheque received from Vasudev for ₹ 7,800 had been debited in the Cash Book but not posted in Vasudev’s Personal Account.
(iii) Returns Outward Book had been overcasted by ₹ 10,000.
(iv) Goods returned by Yash Pal worth ₹ 15,000 have been entered in Returns Outward Book. However, Yash Pal’s Account is correctly posted.
Solution:
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Question 37.
A Trial Balance disclosed a difference of ₹ 417 placed on the credit side of the Suspense Account. Later on the following errors were located:
(i) Goods worth ₹ 200 purchased from Sohan had been posted to his account as ₹ 250.
(ii) A purchase of furniture for ₹ 500 was recorded in the Purchases Book.
(iii) Instead of crediting Gian’s Account with ₹ 512, it was debited with ₹ 215.
(iv) Goods worth ₹ 130 returned by Gian were entered in the Sales Book and posted therefrom to the credit of Gian’s Personal Account.
Pass the rectifying entries and prepare a Suspense Account.
Solution:
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Question 38.
There was a difference of ₹ 720 in the Trial Balance which has been transferred to the credit side of the Suspense Account. Pass the rectifying entries and prepare a Suspense Account to rectify the following errors:
(i) An amount of ₹ 375 now posted on the debit side of the Commission Account instead of ₹ 275.
(ii) Credit amount of ₹ 260 posted to the debit of the Personal Account as ₹ 360.
(iii) Goods sold to Surinder recorded in Purchases Book ₹ 300.
(iv) D’s bill for erection of godown at a cost of ₹ 1,200 has been charged to the Repairs Account.
Solution:
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Question 39.
Rectify the following errors by means of Journal entries:
(i) A cheque of ₹ 5,000 received from Ashish was dishonoured and was debited to Discount Account.
(ii) Purchases of ₹ 540 from Ramneek was written in Sales Book but was correctly posted to correct side to Ramneek’s Account.
(iii) Salary paid to Miss Yugakshi ₹ 1,000 was debited to her Personal Account as ₹ 900.
(iv) Furniture costing ₹ 500, purchased from Jyoti, was wrongly entered in Purchases Book as ₹ 450.
Solution:
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Question 40.
The Trial Balance of S. Sen did not agree and the difference in books as carried to a Suspense Account. Pass the entries required to rectify the following errors which accounted for the difference. Also, prepare the Suspense Account:
(i) A Sales Invoice for ₹ 1,000 for goods sold on credit to B. Basu was entered in the Purchases Book but in the Ledge, the amount was correctly debited to the account of B. Basu.
(ii) Goods bought on credit from Ram Lal for ₹ 1,500 were wrongly debited to his account as ₹ 5,100.
(iii) An amount of ₹ 275 was posted as ₹ 325 to the debit side of the Commission Account.
(iv) The Sales Book for the month of April was undercast by ₹ 100.
(v) ₹ 460 paid for building repairs was debited to the Building Account as ₹ 640.
Solution:
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Question 41.
Rectify the following errors:
(i) Sale of old furniture worth ₹ 3,000 treated as sales of goods.
(ii) Sales Book added ₹ 5,000 short.
(iii) Rent of proprietor’s residence, ₹ 6,500 debited to Rent Account.
(iv) Goods worth ₹ 11,970 returned by Manav posted to his debit as ₹ 11,790.
Solution:
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Question 42.
There was a difference in the Trial Balance of M/s. Jain & Sons, prepared for the year ended 31st March, 2009. The accountant put the difference in Suspense Account.
The following errors were found:
(i) Purchases Return Book total ₹ 400 has not been posted to Ledger Account.
(ii) ₹ 5,100 spent on legal expense for the newly acquired Building was debited to the Building Account as ₹ 1,500.
(iii) A sale of ₹ 6,540 to Rajat has been credited to his account.
Rectify the errors and show the Suspense Account with Nil closing balance.
Solution:
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Question 43.
Give the Journal entries to rectify the following errors:
(i) Purchases Book was overcast by ₹ 1,000.
(ii) Installation charges on new machinery purchased ₹ 500 were debited to Sundry Expenses Account as ₹ 50.
(iii) Radhey Shyam returned goods worth ₹ 500 which was entered in the Purchases Return Book.
(iv) Goods taken by the proprietor for ₹ 5,000 have not been entered in the books at all.
Solution:
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Question 44.
Rectify the following errors:
(i) The total of one page of Sales Book was carried forward as ₹ 371 instead of ₹ 317.
(ii) ₹ 540 received from Yatin was posted to the debit of his Account.
(iii) Purchases Returns Book was overcast by ₹ 300.
(iv) An item of ₹ 1,062 entered in Sales Return Book had been posted to the debit of customer who returned the goods.
(v) ₹ 1,500 paid for furniture purchased had been charged to ordinary Purchase Account.
Solution:
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Question 45.
Rectify the following errors by passing Journal entries:
(i) Old furniture sold for ₹ 500 has been credited to Sales Account.
(ii) Machinery purchased on credit from Raman for ₹ 2,000 recorded through Purchases Book as ₹ 16,000.
(iii) Cash received from Rajat ₹ 5,000 was posted to the debit of Bhagat as ₹ 6,000.
(iv) Depreciation provided on machinery ₹ 3,000 was posted to Machinery Account as ₹ 300.
Solution:
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Question 46.
Rectify the following errors by passing Journal entries:
(i) A sum of ₹ 470 received from Ganga was posted to her debit as ₹ 740.
(ii) A debit balance of ₹ 550 in the personal account of Mr. John was undercast.
(iii) Bills Receivable from Brown for ₹ 3,000 posted to the credit of Bills Payable Account and credited to Brown’s Account.
(iv) Goods returned by Mridul ₹ 225 have been entered in the Returns Outward Book.
Solution:
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Question 47.
While trying to close his books for the year ended 31st March, 2014, Mahesh found that the Trial Balance did not agree. He traced the following errors:
(i) In the Sales Book for the month of January total of Page No. 2 was carried forward to Page No. 3 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 6 was carried forward to Page No. 7 as ₹ 5,600 instead of ₹ 5,000.
(ii) Goods returned to Ram ₹ 1,000 were recorded in the Sales Book.
(iii) Bills Receivable for ₹ 1,600 from Noor was dishonoured and posted to debit of Allowances Account.
Rectify the above errors.
Solution:
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Question 48.
Pass the rectification entries for the following transactions:
(i) Repairs to plant amounting to ₹ 2,000 had been charged to Plant and Machinery Account.
(ii) Wages paid to the firm’s workmen for making certain additions to machinery amounting to ₹ 1,340 were debited to Wages Account.
(iii) A cheque for ₹ 7,500 received from S. Desai was credited to the account of R. Gupta.
(iv) Goods to the value of ₹ 7,000 returned by X were included in closing stock, but no entry was made in the books.
(v) Goods costing ₹ 5,000 were purchased for various members of the staff and the cost was included in Purchases. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account.
(vi) Credit purchase of old machinery from Sohan for ₹ 1,70,000 was entered in the Purchase Book as purchase from Mohan for ₹ 7,10,000. ₹ 30,000 paid as repairing charges on the reconditioning of a newly purchased second had machinery were debited to General Expenses Account.
(vii) Debit and Credit totals of discount columns in the Cash Book which come to ₹ 400 and ₹ 370 respectively have not been posted to Discount Accounts.
Solution:
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Question 49.
The bookkeeper of a firm found that his Trial Balance was out (excess credit) by ₹ 742. He placed the amount in a Suspense Account and subsequently found the following errors:
(i) A discount of ₹ 178 was allowed to Ramesh but in his account only ₹ 100 is recorded.
(ii) The total of the Purchases Book was ₹ 1,000 short.
(iii) A sale of ₹ 375 to Kohli was entered in the Sales Book as ₹ 735.
(iv) From the Purchases Book, Bose’s Account was debited with ₹ 175.
(v) Cash ₹ 250 received from Maitra against debt previously written off was credited to his account.
(vi) Purchase of office furniture worth ₹ 750 on credit from Delhi Furnitures was entered in the Purchases Book.
(vii) While carrying forward the total of the Sales Book from one page to another the amount of ₹ 11, 358 was written as ₹ 11,538.
(viii) The proprietor took goods of the value of ₹ 150 for his domestic consumption. No record of it has been made in the books.
(ix) Repairs bill for the proprietor’s personal car, ₹ 410, has been paid by the firm and debited to the Repairs Account.
(x) A sale to Kassim of ₹ 700 has been entered in the Purchases Book.
Rectify the errors by means of suitable Journal entries and show the Suspense Account.
Solution:
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