Question
13:
From the following particulars, prepare the proprietor's
Capital Account:
|
|
` |
|
1st
April, 2020 − Commenced business with cash |
2,00,000 |
|
31st
March, 2021 − Net Loss as per Profit and Loss Account |
18,000 |
|
31st
March, 2021 − Drawings during the period |
15,000 |
Balance the same and explain what the closing balance indicates.
Answer:
|
Capital Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
J.F. |
(`.) |
Date |
Particulars |
J.F. |
(`.) |
|
2021 |
|
|
|
2020 |
|
|
|
|
March 31 |
Profit and Loss A/c (Net Loss) |
|
18,000 |
April 01 |
Cash |
|
2,00,000 |
|
March 31 |
Drawings |
|
15,000 |
|
|
|
|
|
March 31 |
Balance c/d |
|
1,67,000 |
|
|
|
|
|
|
|
|
2,00,000 |
|
|
|
2,00,000 |
|
|
|
|
|
|
|
|
|
Question
14:
From the following particulars, prepare the proprietor's Capital Account:
|
2013 |
|
` |
|
April
1 |
Started
business with |
45,000 |
|
May
10 |
Withdrew
from business for personal use |
10,000 |
|
July
15 |
Further
Capital introduced |
55,000 |
|
Nov.
30 |
Income
tax paid |
5,000 |
|
2014 |
|
|
|
Mar.
31 |
Profit
for the year |
30,000 |
Answer:
|
Proprietor’s Capital Account |
||||||
|
Dr. |
Cr. |
|||||
|
Date |
Particulars |
(`) |
Date |
Particulars |
(`) |
|
|
2013 |
|
|
2013 |
|
|
|
|
Mar.10 |
Drawings A/c |
10,000 |
Apr.01 |
Cash A/c |
45,000 |
|
|
Nov.30 |
Drawings A/c (
Income Tax) |
5,000 |
July 15 |
Cash A/c |
55,000 |
|
|
2014 |
|
|
2014 |
|
|
|
|
Mar.31 |
Balance c/d |
1,15,000 |
Mar.31 |
Profit and Loss
A/c |
30,000 |
|
|
|
|
|
|
|
|
|
|
|
|
1,30,000 |
|
|
1,30,000 |
|
|
|
|
|
|
|
|
|
Class : 11th Ts Grewal solution 2022-2023
Chapter 6: Accounting procedures rules of debit and credit
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