Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune.
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1 Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. BOOK-KEEPING & ACCOUNTANCY SOLUTIONS STD. XI Salient Features Solutions to all the Textual and Practice Problems Accurate solutions with precise formats Working Notes to simplify the problems Systematic presentation to alleviate the learning process Printed at: Repro Knowledgecast Ltd., Mumbai Target Publications Pvt. Ltd. No part of this book may be reproduced or transmitted in any form or by any means, C.D. ROM/Audio Video Cassettes or electronic, mechanical including photocopying; recording or by any information storage and retrieval system without permission in writing from the Publisher _10680_JUP P.O
2 Preface Std. XI Commerce: Book Keeping and Accountancy Solutions has been designed to complement the Std. XI Commerce: Book Keeping and Accountancy book. This book will enable the student to verify the solutions and solve the questions independently. The book includes accurate solutions to all the Textual and Practice Problems with precise formats. Working Notes have been provided to simplify the various complicated adjustments in the problems. The systematic and consistent presentation of solutions alleviates the learning process for the student. We are sure, this study material will turn out to be a powerful resource for the students and facilitate them in understanding the concepts of this subject in the most lucid way. The journey to create a book is strewn with triumphs, failures and near misses. If you think we've nearly missed something or want to applaud us for our triumphs, we'd love to hear from you. Please write to us at: mail@targetpublications.org Yours faithfully, Publisher Best of luck to all the aspirants! Chapter Page 2 Meaning and Fundamentals of Double Entry Book Keeping 1 3 Source Documents Required for Accounting 16 4 Journal 32 5 Subsidiary Books 64 6 Ledger 95 7 Bank Reconciliation Statement Trial Balance Errors and their Rectification Depreciation, Provisions & Reserves Financial Statements of Proprietary Concern 220 Note: All the Textual questions are represented by * mark.
3 02 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping Meaning and Fundamentals of Double Entry Book Keeping Textual Problems *Sol. Q.1.: Personal Real Nominal ii. Mr. Kulkarnis s Capital iii. Goods i. Life Insurance Premium viii. Outstanding Income vi. Goodwill iv. Freight x. Outstanding Expenses vii. Copyright v. Wages xii. Income Receivable xiv. Furniture ix. Bank Charges xix. Drawings xx. Fixed Deposit xi. Sundry Income xxiii. Bank of India xxii. Office Equipment xiii. Export Duty xxvii. Loan xxiv. Machinery xv. Import Duty xxviii. Deposits with MSEB xvi. Free Sample Distribution xvii. Sundry Expenses xviii. Discount xxi. Profit on Sale of Furniture xxv. Carriage Outward xxvi. Loss on Sale of Machinery xxix. Loss by Fire xxx. Legal Expenses *Sol. Q.2.: Asset Liability Capital Revenue Expenditure iii. Goods x. Outstanding ii. Mr. Kulkarnis s xi. Sundry Income i. Life Insurance Expenses Capital Premium vi. Goodwill xxvii. Loan xix. Drawings xxi. Profit on Sale of iv. Freight Furniture vii. Copyright v. Wages viii. Outstanding ix. Bank Charges Income xii. Income xiii. Export Duty Receivable xiv. Furniture xv. Import Duty xx. Fixed Deposit xvi. Free Sample Distribution xxii. Office Equipment xvii. Sundry Expenses xxiii. Bank of India xviii. Discount xxiv. Machinery xxv. Carriage Outward xxviii. Deposits MSEB with xxvi. Loss on Sale of Machinery xxix. Loss by Fire xxx. LegalExpenses 1
4 Std. XI: Commerce *Sol. Q.3.: i. Mr. Kumar commenced business with cash ` 50,000 50,000 = ,000 50,000 = ,000 ii. Paid Salary ` 1,200 () 1,200 = 0 + () 1,200 48,800 = ,800 iii. Purchased furniture ` 5,000 () 5,000 (+) 5,000 = ,800 = ,800 iv. Purchased goods from Rakesh for cash ` 7,500 () 7,500 (+) 7,500 = ,800 = ,800 v. Sold goods to Shyam costing ` 13,000 () 13,000 (+) 13,000 = ,800 = ,800 vi. Paid Rent ` 500 () 500 = 0 + () ,300 = ,300 *Sol. Q.4.: i. Mr. Rohit Kulkarni started business with cash ` 70,000 70,000 = ,000 70,000 = ,000 ii. Bought goods from Sanjay ` 10,000 (+) 10,000 = (+) 10, ,000 = 10, ,000 iii. Sold goods to Shyam for ` 50,000 (costing ` 30,000) () 30,000 (+) 50,000 = 0 + (+) 20,000 1,00,000 = 10, ,000 iv. Goods destroyed by fire (cost ` 500, sale price ` 600) () 500 = 0 + () ,500 = 10, ,500 v. Purchased furniture from J.K. Furniture on credit ` 5,000 (+) 5,000 = (+) 5, ,04,500 = 15, ,500 *Sol. Q.5.: i. Rajkumar started business with cash ` 30,000 30,000 = ,000 30,000 = ,000 ii. Purchased goods for cash ` 1,000 () 1,000 (+) 1,000 = ,000 = ,000 iii. Paid salary ` 400 () 400 = 0 + () 400 2
5 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping 29,600 = ,600 iv. Paid rent in advance ` 2,000 () 2,000 (+) 2,000 = ,600 = ,600 v. Charged depreciation ` 300 on Furniture and ` 500 on () 300 Machinery () 500 = 0 + () ,800 = ,800 *Sol. Q.6.: i. Mr. Ketan Shah started business with cash ` 50,000 50,000 = ,000 50,000 = ,000 ii. Purchased goods from Ramesh ` 30,000 (+) 30,000 = (+) 30, ,000 = 30, ,000 iii. Withdrew goods for personal use ` 2,000 () 2,000 = 0 + () 2,000 78,000 = 30, ,000 iv. Purchased household goods for ` 15,000 giving ` 5,000 in cash and balance through loan () 5,000 = (+) 10,000 + () 15,000 73,000 = 40, ,000 v. Paid cash ` 300 for interest () 300 = 0 + () ,700 = 40, ,700 *Sol. Q.7.: Chart showing analysis of transactions: Transactions i. Raghav started business with cash ` 50,000 ii. iii. iv. Sold goods for ` 1,500 Purchased goods for ` 1,000 from Amit Deposited into Bank of India ` 5,000 v. Paid salary of ` 1,200 Two aspects/ Effects Accounts Involved Classification of Accounts Rules applied Cash Cash Real Debit what the business Proprietor is Capital Personal Credit the of the capital Cash Cash Real Debit what Sales is an Sales Nominal Credit the Purchase is an Purchases Nominal Debit the s Amit is the Amit s Personal Credit the Bank is the Bank Personal Debit the Cash Cash Real Credit what Salary is an Salary Nominal Debit the s Cash Cash Real Credit what Account to be debited Account to be credited Cash Capital Cash Sales Purchases Amit s Bank Cash Salary Cash 3
6 Std. XI: Commerce vi. vii. viii. 4 Received commission ` 250 from Ram Purchased goods for cash worth ` 750 from Jay Withdrew ` 500 for personal use ix. Sold goods to Roshan worth ` 1,500 x. Withdrew money for office use ` 1,300 xi. Paid for transportation ` 430 xii. Loan taken from Mr. Mehta ` 5,000 xiii. Paid for Advertisement ` 320 xiv. xv. *Sol. Q.8.: Additional capital introduced ` 5,000 Received interest investment ` 1,500 on Chart showing analysis of transactions: Transactions i. Mr. Rohit Shah started business with cash ` 10,000 ii. Purchased goods for cash ` 1,500 Cash Cash Real Debit what Cash Commission is Commission Nominal Credit the Commiss an ion Purchase is an Purchases Nominal Debit the Purchases s Cash Cash Real Credit what Cash Proprietor is Drawings Personal Debit the Drawings Cash Cash Real Credit what Cash Roshan is Roshan s Personal Debit the Roshan s Sales is an Sales Nominal Creditthe Sales Cash Cash Real Debit what Cash Bank is Bank Personal Credit the Bank Transportation is Transportation s tation Nominal Debit the Transporan Cash Cash Real Credit what Cash Cash Cash Real Debit what Cash Mr. Mehta is Loan from Personal Credit the Mr. Mr. Mehta s Mehta s Loan Advertisement is Advertise Nominal Debit the Advertisean ment s ment Cash Cash Real Credit what Cash Cash Cash Real Debit what the business Cash Proprietor is the Capital Personal Credit the Capital Cash Cash Real Debit what Cash Interest is an Interest Nominal Credit the Interest Two aspects/ Effects Accounts Involved Classification of Accounts Rules applied Cash Cash Real Debit what the business Proprietor is Capital Personal Credit the the Purchase is an Purchases Nominal Debit the s Cash Cash Real Credit what Account to be Debited Account to be Credited Cash Purchases Capital Cash
7 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping iii. iv. Deposited into Bank of Maharashtra ` 1,000 Sold goods to Rakesh ` 500 v. Paid rent of ` 200 vi. Received dividend of ` 550 vii. Loan taken from SBI ` 2,000 viii. Withdrew for office use ` 2,000 ix. Paid for repairs ` 150 x. Paid wages to Rane ` 200 Bank is the Bank Personal Debit the Bank Cash Cash Real Credit what Cash Rakesh is the Rakesh s Personal Debit the Rakesh s Sales is an Sales Nominal Credit the Sales Rent is an Rent Nominal Debit the s Rent Cash Cash Real Credit what Cash Cash Cash Real Debit what Cash Dividend is an Dividend Nominal Credit the Dividend Cash Cash Real Debit what Cash Bank is the Loan from Personal Credit the Loan from SBI SBI Cash Cash Real Debit what Cash Bank is the Bank Personal Credit the Bank Repairs are the Repairs Nominal Debit the s s Repairs Cash Cash Real Credit what Cash Wages are the Wages Nominal Debit the s s Wages Cash Cash Real Credit what Cash Practice Problems Sol. Q.1.: Personal Real Nominal ii. Loan v. Goodwill i. Octroi iii. Insurance Company s vii. Furniture vi. Commission iv. Prepaid Insurance x. Goods stolen by theft viii. Bank xi. Conveyance ix. Archana s Sol. Q.2.: Asset Liability Income Expenditure iii. Copyright ii. Loan xi. Rent received i. Octroi iv. Prepaid Insurance vi. Commission paid v. Goodwill vii. Furniture and Fixtures viii. Land ix. Patents x. Livestock 5
8 Std. XI: Commerce Sol. Q.3.: Asset Liability Capital Revenue Expenditure i. Bank xii. Bills Payable v. Ram s Capital ix. Dividend ii. Octroi Received vii. Live stock xiii. Advance From x. Rent Received iii. Printing & Customer Stationery viii. Investments xiv. Interest on iv. Depreciation Drawings xi. Patents vi. Interest on Loan Taken Sol. Q.4.: Natural Personal Artificial Personal Representative Personal iii. Sunny s i. Kumar and Co. s v. Commission received in advance iv. Akshay s ii. Ramakant s Sports Club vi. Outstanding salary vii. Surveen s x. Nashik Corporation viii. Outstanding Rent ix. Jay s Sol. Q.5.: No i. Opening Balances: Cash ` 1,00,000, Balance in Bank of Baroda ` 3,50,000 4,50,000 = 0 + 4,50,000 4,50,000 = 0 + 4,50,000 ii. Ghosh paid salaries to staff ` 30,000 by cheque ( ) 30,000 = 0 + ( ) 30,000 4,20,000 = 0 + 4,20,000 iii. Paid ` 1,000 by cash towards office maintenance s ( ) 1,000 = 0 + ( ) 1,000 4,19,000 = 0 + 4,19,000 iv. 6 Purchased on credit from Sinha & Co. goods worth ` 79,000 (+) 79,000 = (+) 79, ,98,000 = 79, ,19,000 v. Paid ` 1,325 to Marketing Executive towards conveyance s ( ) 1,325 = 0 + ( ) 1,325 4,96,675 = 79, ,17,675 vi. Paid ` 975 by cheque towards electricity s ( ) 975 = 0 + ( ) 975 4,95,700 = 79, ,16,700 vii. Paid ` 12,000 by cheque towards office rent ( ) 12,000 = 0 + ( ) 12,000 4,83,700 = 79, ,04,700 viii. Sol. Q.6.: Issued a cheque to Sinha & Co. of ` 78,000 towards full and final settlement and received a discount of ` 1,000 against purchase made ( ) 78,000 = ( ) 79,000 + (+) 1,000 4,05,700 = 0 + 4,05,700 i. Brought in ` 15,00,000 as capital into the business 15,00,000 = ,00,000 15,00,000 = ,00,000 ii. Opened account with SBI bank and deposited full amount therein ( ) 15,00,000 (+) 15,00,000 = 0 + 0
9 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping 15,00,000 = ,00,000 iii. Leased a premise for office and paid rent of ` 20,000 by cheque ( ) 20,000 = 0 + ( ) 20,000 14,80,000 = ,80,000 iv. Purchased a second hand computer for office use on credit from Mr. Aniket ` 12,000 (+) 12,000 = (+) 12, ,92,000 = 12, ,80,000 v. Withdrew from bank for business use ` 5,000 ( ) 5,000 (+) 5,000 = ,92,000 = 12, ,80,000 vi. Took a personal loan from Sudha ` 50,000 (+) 50,000 = (+) 50, ,42,000 = 62, ,80,000 vii. Brought into business, additional capital in the form of Cash ` 25,000 and Furniture ` 40,000 viii. Bought Machinery worth ` 15,00,000 after paying 50% amount by cheque Sol. Q.7.: (+) 25,000 (+) 40,000 = 0 + (+) 65,000 16,07,000 = 62, ,45,000 ( ) 7,50,000 (+) 15,00,000 = (+) 7,50, ,57,000 = 8,12, ,45,000 i. Opening Balance: Cash ` 50,000, HDFC Bank ` 1,50,000, Stock ` 45,000 2,45,000 = 0 + 2,45,000 2,45,000 = 0 + 2,45,000 ii. Paid ` 4,500 by cheque towards stationery s ( ) 4,500 = 0 + ( ) 4,500 2,40,500 = 0 + 2,40,500 iii. Purchased goods from Mr. Bharat worth ` 12,500 on 15 days credit (+) 12,500 = (+) 12, ,53,000 = 12, ,40,500 iv. Purchased a computer from Global Computers on credit at ` 25,000 (+) 25,000 = (+) 25, ,78,000 = 37, ,40,500 v. Cash sales made ` 19,500 (+) 19,500 ( ) 19,500 = ,78,000 = 37, ,40,500 vi. Depreciation charged on Computer ` 600 ( ) 600 = 0 + ( ) 600 2,77,400 = 37, ,39,900 vii. Purchased a Motor Car worth ` 2,25,000 by issuing cheque ( ) 2,25,000 (+) 2,25,000 = ,77,400 = 37, ,39,900 viii. Sol. Q.8.: Sold goods to Sharma Traders and received ` 11,600 by cheque (+) 11,600 ( ) 11,600 = ,77,400 = 37, ,39,900 i. Rajesh started business with cash ` 40,000 40,000 = ,000 40,000 = ,000 ii. Purchased goods on credit ` 4,000 (+) 4,000 4,
10 Std. XI: Commerce 44,000 = 4, ,000 iii. Paid Rent in Advance ` 2,500 ( ) 2,500 (+) 2,500 = ,000 = 4, ,000 iv. Paid cash ` 500 for Loan and ` 200 for interest () 700 = ( ) ( ) ,300 = 3, ,800 v. Sold goods to Rupal costing ` 25,000 for ` 30,000 () 25,000 = ( +) 30, ,000 48,300 = 3, ,800 vi. Paid Salary ` 5,000 () 5,000 = 0 + () 5,000 43,300 = 3, ,800 vii. Purchased Chair of ` 500 in cash (+) 500 ( ) 500 = ,300 = 3, ,800 viii. Paid Rent ` 600 ( ) 600 = 0 + ( ) ,700 = 3, ,200 Sol. Q.9.: i. Siddhi started business with cash ` 15,000 15,000 = ,000 15,000 = ii. Purchased goods on credit ` 5,000 (+) 5,000 = 5, ,000 = 5, ,000 iii. Paid Salary ` 3,000 ( ) 3,000 = 0 + ( ) 3,000 17,000 = 5, ,000 iv. Withdrew for personal use ` 3,000 ( ) 3,000 = 0 + ( ) 3,000 14,000 = 5, ,000 v. Received dividend ` 2,000 (+) 2,000 = 0 + 2,000 16,000 = 5, ,000 vi. Purchased Machinery for business ` 7,000 (+) 7,000 ( ) 7,000 = ,000 = 5, ,000 vii. Paid to Creditor ` 1,500 ( ) 1,500 = ( ) 1, ,500 = 3, ,000 viii. Additional Capital introduced in business ` 5,000 (+) 5,000 = 0 + 5,000 19,500 = 3, ,000 Sol. Q.10.: i. Morari started business with cash ` 35,000 35,000 = ,000 35,000 = ii. Borrowed from Palak ` 10,000 (+) 10,000 = 10, ,000 = 10, ,000 iii. Goods destroyed by fire [Cost ` 400, Sale price ` 500] ( ) 400 = 0 + ( ) ,600 = 10, ,600 iv. Paid Salary ` 2,500 ( ) 2,500 = 0 + ( ) 2,500 42,100 = 10, ,100 v. Purchased goods on credit ` 5,000 (+) 5,000 = 5, ,100 = 15, ,100 vi. Withdrew for personal use ` 500 ( ) 500 = 0 + ( ) 500 8
11 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping 46,600 = 15, ,600 vii. Received interest ` 1,500 (+) 1,500 = 0 + (+) 1,500 48,100 = 15, ,100 viii. Charged depreciation on Machinery ` 400 ( ) 400 = 0 + ( ) ,700 = 15, ,700 Sol. Q.11.: i. Mr. Maulik started business with ` 25,000 25,000 = ,000 25,000 = ,000 ii. Sold goods ot Suhani costing ` 20,000 for ` 30,000 ( ) 20,000 (+) 30,000 = 0 + (+) 10,000 35,000 = ,000 iii. Paid Rent ` 2,000 ( ) 2,000 = 0 + ( ) 2,000 33,000 = ,000 iv. Purchased goods on credit ` 10,000 (+) 10,000 = 10, ,000 = 10, ,000 v. Withdrew for personal use ` 500 ( ) 500 = 0 + ( ) ,500 = 10, ,500 vi. Received commission ` 1,500 (+) 1,500 = 0 + (+) 1,500 44,000 = 10, ,000 vii. Goods worth ` 5,000 were distributed as free samples ( ) 5,000 = 0 + ( ) 5,000 39,000 = 10, ,000 viii. Purchased Furniture for business ` 6,000 (+) 6,000 ( ) 6,000 = ,000 = 10, ,000 Sol. Q.12.: i. Ronit commenced business with ` 60,000 60,000 = ,000 60,000 = ,000 ii. Bought Machinery from Sumaria ` 4,000 (+) 4,000 = 4, ,000 = 4, ,000 iii. Sold goods to Rajan costing ` 20,000 for ` 30,000 ( ) 20,000 (+) 30,000 = 0 + (+) 10,000 74,000 = 4, ,000 iv. Paid Rent ` 5,000 ( ) 5,000 = 0 + ( ) 5,000 69,000 = 4, ,000 v. Received dividend of ` 3,500 (+) 3,500 = 0 + 3,500 72,500 = 4, ,500 vi. Charged depreciation ` 600 on furniture ( ) 600 = 0 + ( ) ,900 = 4, ,900 vii. Goods destroyed by fire cost ` 600, Sale price ` 700 ( ) 600 = 0 + ( ) ,300 = 4, ,300 viii. Paid Salary ` 2,500 ( ) 2,500 = 0 + ( ) 2,500 68,800 = 4, ,800 9
12 Std. XI: Commerce Sol. Q.13.: i. Jackie started business with cash ` 30,000 30,000 = ,000 30,000 = ,000 ii. Cash Sales ` 8,000 (+) 8,000 = 0 + 8,000 38,000 = ,000 iii. Received commission ` 1,500 (+) 1,500 = 0 + (+) 1,500 39,500 = ,500 iv. Cash purchases ` 7,000 ( ) 7,000 (+) 7,000 = ,500 = ,500 v. Purchased Machinery from Thacker and Sons ` 11,000 (+) 11,000 = 11, ,500 = 11, ,500 vi. Purchased goods for ` 4,500 on credit (+) 4,500 = 4, ,000 = 15, ,500 vii. Paid salary ` 6,000 ( ) 6,000 = 0 + ( ) 6,000 49,000 = 15, ,500 viii. Received Interest ` 1,000 (+) 1,000 = 0 + (+) 1,000 50,000 15, ,500 Sol. Q.14.: i. Cash introduced in business ` 5,00,000 5,00,000 = 0 + 5,00,000 5,00,000 = 0 + 5,00,000 ii. Opened an Account with Bank of Baroda and deposited ` 4,00,000 (+) 4,00,000 () 4,00,000 = ,00,000 = 0 + 5,00,000 iii. Bought Machinery by issuing a cheque from Bank of Baroda ` 50, (+) 50,000 () 50,000 = ,00,000 = 0 + 5,00,000 iv. Goods purchased from Mr. Sarang on credit ` 50,000 (+) 50,000 = 50, ,50,000 = 50, ,00,000 v. Paid to Mr. Sarang in full by issuing a cheque () 50,000 = () 50, ,00,000 = 0 + 5,00,000 vi. Paid wages ` 5,000 () 5,000 = 0 + () 5,000 4,95,000 = 0 + 4,95,000 vii. Royalty received in cash ` 7,000 (+) 7,000 = 0 + (+) 7,000 5,02,000 = 0 + 5,02,000 viii. Paid salary by cheque ` 12,000 () 12,000 = 0 + () 12,000 4,90,000 = 0 + 4,90,000 ix. Legal s paid in cash ` 2,500 () 2,500 = 0 + () 2,500 4,87,500 = 0 + 4,87,500 x. Paid conveyance s ` 250 () 250 = 0 + () 250 4,87, ,87,250
13 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping Sol. Q.15.: i. Opening balance ` 25,000 Cash, ` 30,000 Machinery, 4,55,000 = 0 + 4,55,000 ` 3,70,000 Bank Balance and ` 30,000 Furniture 4,55,000 = 0 + 4,55,000 ii. Bought computer from Ahmed on credit ` 20,000 (+) 20,000 = 20, ,75,000 = 20, ,55,000 iii. Advance from customer received in cash ` 10,000 (+) 10,000 = (+) 10, ,85,000 = 30, ,55,000 iv. Sold machinery costing ` 20,000 at ` 25,000 () 20,000 (+) 25,000 = 0 + (+) 5,000 4,90,000 = 30, ,60,000 v. Withdrew from Bank for business use ` 5,000 () 5,000 (+) 5,000 = ,90,000 = 30, ,60,000 vi. Introduced additional capital of ` 50,000 (+) 50,000 = 0 + (+) 50,000 5,40,000 = 30, ,10,000 vii. Charged depreciation on Machinery ` 500 () 500 = 0 + () 500 5,39,500 = 30, ,09,500 viii. Carriage inward paid in cash ` 500 () 500 = 0 + () 500 5,39,000 30, ,09,000 Sol. Q.16.: Transaction Accounts Affected Classification i. Commenced business with cash ` 7,000 Cash Real Capital Personal ii. Purchased goods for cash ` 5,000. Purchases Nominal Cash Real iii. Received commission ` 2,000 Cash Real Commission Nominal iv. Withdrew goods worth ` 3,000 for personal use Drawings Personal Cash A/ Real v. Sold goods to Chintan ` 20,000 on credit Chintan s Personal Sales Nominal vi. Cash purchases ` 10,000 Purchases Nominal Cash Real vii. Purchased Chair for business ` 800 Chair Real Cash Real viii. Paid Rent ` 800 Rent Nominal Cash Real ix. Received interest of ` 1,000 Cash Real Interest Nominal x. Sold goods to Suraj for cash ` 3,000 Cash Real Sales Nominal 11
14 Std. XI: Commerce Sol. Q.17.: Transaction Accounts Affected Classification i. Started business with cash ` 21,000 Cash Real Capital Personal ii. Depostied into the bank ` 5,500 Bank Personal Cash Real iii. Purchased goods for cash ` 7,000 Purchases Nominal Ac Cash Real iv. Paid Salaries ` 7,700 Salary Nominal Cash Real v. Received Rent ` 1,000 Cash Real Rent Nominal vi. Cash Sales ` 5,000 Cash Real Sales Nominal vii. Bought goods from Viral ` 8,000 Purchases Nominal Viral Personal viii. Purchased Furniture for cash ` 6,000 Furniture Real Cash Real ix. Withdrew cash from business for personal use ` 1,500 Drawings Personal Cash Real x. Paid advertisement ` 7,000 Advertisement Nominal Cash Real Sol. Q.18.: 12 Transactions i. Mahesh commenced business with a capital of ` 2,00,000 ii. iii. Purchased goods from Mr. Raj ` 6,000 and payment made in cash Paid telephone bill by cash ` 3,000 iv. Paid for electrical fittings for his business premises ` 5,000 v. Paid conveyance s in cash ` 2,000 Two aspects/ Effects Cash bought in the business Proprietor is of the capital Accounts Involved Classification of Accounts Rules applied Cash Real Debit what Capital Personal Credit the Purchase is an Purchases Nominal Debit the Cash Cash Real Credit what Telephone bill Telephone Nominal Debit the is Expenses s Cash Cash Real Credit what Electrical Electrical Real Debit what fittings is an Fittings asset Cash Cash Real Credit what Conveyance is Conveyance Nominal Debit the an s Cash Cash Real Credit what Account to be Debited Account to be Credited Cash Capital Purchases Cash Telephone Expenses Cash Electrical Fittings Cash Conveyance Cash
15 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping vi. Paid for advertisement ` 6,000 vii. Took loan from bank ` 5,00,000 viii. Salary paid ` 9,000 ix. Mahesh bought a Laptop for his personal use by withdrawing ` 30,000 from business x. Sold goods to Mr. Sunil on credit ` 7,000 Sol. Q.19.: Transactions i. Mr. Rahul commenced business by introducing machinery worth ` 30,00,000 ii. iii. Bought computer from Ahmed on credit ` 20,000 Mr. Rahul paid LIC premium ` 5,000 iv. Advance from customer received in cash ` 10,000 Advertisment is an Advertisement Nominal Debit the s Cash Cash Real Credit what Cash Cash Real Debit what Bank is the Salary is an Bank Loan Personal Credit the Salaries Nominal Debit the s Cash Cash Real Credit what Purchased laptop for personal use Drawings Personal Debit the reciever Cash Cash Real Credit what Sunil is the of the goods Sales is an Two aspects/ Effects Machinery brought capital as Proprietor is of the capital Computer Ahmed is the LIC of Rahul is a personal Sunil s Personal Debit the Sales Nominal Credit the Accounts Involved Classification of Accounts Rules applied Machinery Real Debit what Capital Personal Credit the Computer Real Debit what Ahmed s Personal Credit the Drawings Personal Debit the Cash Cash Real Credit what Cash Cash Real Debit what Advance from customer is a liability Advance from Customer Personal Credit the Advertisement Cash Cash Bank Loan Salaries Cash Drawings Cash Sunil s Account to be Debited Sales Account to be Credited Machinery Capital Computer Ahmed s Drawings Cash Cash Advance from Customer 13
16 Std. XI: Commerce v. Sold machinery costing ` 20,000 at ` 25,000 vi. Deposited into HDFC Bank amount of ` 20,000 vii. Introduced additional capital in the form of Furniture worth ` 50,000 viii. Interest on investments ` 2,500 received in cash ix. Sol. Q.20.: Carriage Inward paid in cash ` 500 Cash Cash Real Debit what Machinery Machinery Real Credit what Profit on Sale Profit on Sale Nominal Credit the is a gain of Machinery gains Bank is the HDFC Bank s Personal Debit the Receiver Cash Cash Real Credit what Furniture Furniture Real Debit what Proprietor is Capital Personal Credit the the Cash Cash Real Debit what Interest is an Interest on Nominal Credit all Investment s and gains Carriage Carriage Nominal Debit the Inward is an Inward Cash Cash Real Credit what Cash Machinery Profit on Sale of Machinery HDFC Bank s Cash Furniture Capital Cash Interest on Investment Carriage Inward Cash Transactions i. Cash introduced in business ` 5,00,000 ii. Opened an account with Bank of Baroda and deposited ` 4,00,000 iii. Bought machinery by issuing a cheque from Bank of Baroda ` 50,000 iv. Goods purchased from Mr. Sunder on credit worth ` 50,000 Two aspects/ Effects Cash the business Proprietor is of the capital Bank of Baroda receives the amount Cash from business Machinery Paid through Bank Purchase is an Sunder is the of the goods Accounts Involved Classification of Accounts Rules applied Cash Real Debit what Capital Personal Credit the Bank Baroda s of Personal Debit the Receiver Cash Real Credit what Machinery Real Debit what Bank of Personal Credit the Baroda s Giver Purchases Nominal Debit the Sunder s Personal Credit the Account to be Debited Account to be Credited Cash Capital Bank of Baroda s Cash Machinery Bank of Baroda s Purchases Sunder s 14
17 Chapter 02: Meaning and Fundamentals of Double Entry Book Keeping v. Paid to Mr. Sunder in full by issuing a cheque vi. Paid wages ` 1,000 vii. viii. Royalty received in cash ` 7,000 Paid salary by cheque ` 12,000 ix. Legal s paid in cash ` 2,500 x. Paid conveyance s ` 250 Sunder is the Paid through Bank Sunder s Personal Debit the Bank of Personal Credit the Baroda s Wages is an Wages Nominal Debit the Cash Cash Real Credit what Cash Cash Real Debit what Royalty is an Royalty Nominal Credit all s and gains Salary is an Salary Nominal Debit the Paid through Bank of Personal Credit the Bank Baroda s Giver Legal Expenses is an Legal Expenses Nominal Debit the Cash Cash Real Credit what Conveyance is Conveyance Nominal Debit the an Expense Cash Cash Real Credit what Sunder s Bank of Baroda s Wages Cash Cash Royalty Salary Bank of Baroda s Legal Expenses Cash Conveyance Expense Cash 15
Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune.
Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. BOOK-KEEPING & ACCOUNTANCY SOLUTIONS STD. XII Salient Features Solutions
More informationWritten as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune.
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More informationWritten as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune.
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