Question 13:
(Closing Entries). Give the
necessary entries in the Journal Proper of Ram on 31st March, 2022 to close his
books:
Freehold Premises ` 30,000; Plant and Machinery ` 20,000; Sundry
Debtors ` 25,000; Purchases ` 37,500; Sales ` 95,000; Discount (Dr.) ` 150; Discount (Cr.) ` 175;
Sundry Creditors ` 12,500; Carriage Inwards ` 375; Carriage Outwards ` 600;
Furniture and Fixtures ` 2,500; Wages ` 5,000; Bad debts ` 750; Salaries ` 3,600; Commission (Cr.) ` 2,125; Capital Account − ` 25,000;
Bills Payable ` 7,500; Bills Receivable ` 9,000; Trade
Expenses ` 2,550; Opening stock ` 22,075; Closing Stock ` 10,000; Ram's Loan Account ` 20,000; Cash in
Hand ` 75; Cash at Bank ` 3,125.
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
Trading
A/c |
Dr. |
|
64,950 |
|
|
To Opening stock A/c
To Purchases A/c |
|
|
|
22,075 37,500 |
|
To Carriage Inwards A/c |
|
|
|
375 |
|
To Wages A/c |
|
|
|
5,000 |
|
(Being Direct
expenses debited to Trading A/c) |
|
|
|
|
|
|
|
|
|
|
|
Sales
A/c |
Dr. |
|
95,000 |
|
|
Closing
Stock A/c |
Dr. |
|
10,000 |
|
|
To Trading A/c |
|
|
|
1,05,000 |
|
(Being Sales
credited to Trading A/c) |
|
|
|
|
|
|
|
|
|
|
|
Trading
A/c |
Dr. |
|
40,050 |
|
|
To Profit & Loss A/c |
|
|
|
40,050, |
|
(Being Transfer
of gross profit to Profit &Loss A/c) |
|
|
|
|
|
|
|
|
|
|
|
Profit
& Loss A/c |
Dr. |
|
7,650 |
|
|
To Discount A/c |
|
|
|
150 |
|
To Carriage Outwards A/c |
|
|
|
600 |
|
To Bad Debts A/c |
|
|
|
750 |
|
To Salaries A/c |
|
|
|
3,600 |
|
To Trade Expenses A/c |
|
|
|
2,550 |
|
(Being Indirect
expenses debited to P&L A/c) |
|
|
|
|
|
|
|
|
|
|
|
Discount
A/c |
Dr. |
|
175 |
|
|
Commission
A/c |
Dr. |
|
2,125 |
|
|
To Profit & Loss A/c |
|
|
|
2,300 |
|
(Being Indirect
incomes credited to P&L A/c) |
|
|
|
|
|
|
|
|
|
|
|
Profit
& Loss A/c |
Dr. |
|
34,700 |
|
|
To Capital A/c |
|
|
|
34,700 |
|
(Being Transfer
of net profit to Capital A/c) |
|
|
|
|
Question
14:
(Transfer Entries). Give the Journal entries for
the following:
(i) Gross Profit of ` 32,000 from
Trading Account to Profit and Loss Account.
(ii) Net Profit of ` 14,500 to Capital Account of Sri Sankar Saha.
(iii) Sri Sankar Saha
draws ` 10,000 from his Capital Account.
(iv) Purchases Return of ` 7,000.
(v) Sales Return of ` 6,000.
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
(i) |
Trading
A/c |
Dr. |
|
32,000 |
|
|
To Profit & Loss A/c |
|
|
|
32,000 |
|
(Being Transfer
of gross profit to Profit &Loss A/c) |
|
|
|
|
|
|
|
|
|
|
(ii) |
Profit
& Loss A/c |
Dr. |
|
14,500 |
|
|
To Sri Sankar Saha’s
Capital A/c |
|
|
|
14,500 |
|
(Being Transfer
of net profit to Capital A/c) |
|
|
|
|
|
|
|
|
|
|
(iii) |
Sri
Sankar Saha’s Capital A/c |
Dr. |
|
10,000 |
|
|
To Drawings A/c |
|
|
|
10,000 |
|
(Being Withdrawals
from capital) |
|
|
|
|
|
|
|
|
|
|
(iv) |
Cash
A/c |
Dr. |
|
7,000 |
|
|
To Purchases Return A/c |
|
|
|
7,000 |
|
(Being Goods
returned by us) |
|
|
|
|
|
|
|
|
|
|
(v) |
Sales
Return A/c |
Dr. |
|
6,000 |
|
|
To Cash A/c |
|
|
|
6,000 |
|
(Being Goods
returned by customers) |
|
|
|
|
Class : 11th | Ts Grewal solution 2022-2023
Chapter 11: Special Purpose Books II-Other Books
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