TS Grewal Solutions for Class 11 Accountancy Chapter 3 Accounting Procedures Rules of Debit and Credit

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TS Grewal Class 11 Accountancy Solutions

Class 11 Accountancy Chapter 3 – Accounting Procedures Rules of Debit and Credit

Question 1:

Classify the following Assets, Liabilities, Capital, Revenue, and Expenses.

(i) Land (ii) Investment (iii) Building (iv) Interest Received (v) Salary (vi)Bank Overdraft (vii) Debtors (viii)Creditors (ix) Bad Debtors (x) Capital (xi) Depreciation (xii) Motor Vehicle (xiii) Freight (xiv) Wages (xv) Goodwill

Solution:

Assets Liabilities Capital Revenue
Expenses
(i) Land (ii) Investment (iii) Building (vii) Debtors (xii) Motor Vehicle (xv) Goodwill (vi)Bank Overdraft (ix) Bad Debtors (x) Capital (iv) Interest Received
(v) Salary (ix) Bad Debtors (xi) Depreciation (xiii) Freight (xiv) Wages

 

Question 2:

Following accounts are maintained in the books of Mr. Bipin. Classify them into Personal, Real, and Nominal accounts. (i) Land and Building (ii) Excise Duty (iii) Creditors (iv) Capital (v) Motor Vehicles (vi) Goodwill (vii) Investments (viii) Salary (ix)Debtors (x) Bad Debts (xi) Depreciation (xii) Wages (xiii) Repairs (xiv) Ramesh, a debtor (xv) Interest Received (xvi) Bank Overdraft (xvii) Purchase Return (xviii) Drawings (xix)Freight (xx) Return Inwards

Solution:

Personal Real Nominal
(iii) Creditors (iv) Capital (ix)Debtors (ix)Debtors (xiv) Ramesh, a debtor (xvi) Bank Overdraft (xviii) Drawings (i) Land and Building (v) Motor Vehicles (vi) Goodwill (vii) Investments
(ii) Excise Duty (viii) Salary (x) Bad Debts (xi) Depreciation (xii) Wages (xiii) Repairs (xv) Interest Received (xvii) Purchase Return (xix)Freight (xx) Return Inwards

 

Question 3:

In which account will the increase of the following be recorded? State the kind of the account. (i) Furniture A/C (ii) Bipin (Owner) (iii) Salary Account (iv) Purchase A/C (v) Sales Account (vi) Interest Paid Account (vii) Bigyan (Creditor) (viii) Madan (Debtor)

Solution:

Name of Account Consequences of Increase
Modern Approach
Furniture Debit Assets
Bipin (proprietor) Credit Capital
Salary Debit Expense
Purchase Debit Expense
Sales Credit Revenue
Interest Paid Debit Expense
Bigyan (Creditor) Credit Liabilities
Madan (Debtor) Debit Assets

 

Name of Account Consequences of Increase
Traditional Approach
Furniture Debit
Real Account
Bipin (proprietor) Credit
Personal Account
Salary Debit
Nominal Account
Purchase Debit
Nominal Account
Sales Credit
Nominal Account
Interest Paid Debit
Nominal Account
Bigyan (Creditor) Credit
Personal Account
Madan (Debtor) Debit
Personal Account

 

Question 4:

Prepare a ‘T’ shape account for electrical goods and insert the below-mentioned transaction on the correct side.

1

2

3

4

5

Electric Goods Purchased

Electric Goods Sold

Electric Good Purchased

Electric Good Discarded

Depreciation on Electric Goods

Rs. 60,000
Rs. 20,000
Rs. 7,000
Rs. 16,000
Rs. 2,000

 

Solution:

Dr. Electric Goods (Asset) Account Cr.
Sr.
No.
Particulars Rs Sr.
No.
Particulars Rs.
i To Bank A/C 60,000 ii By Bank A/C 20,000
ii To Bank A/C 7,000 iv By Bank A/C 16,000
v By Depreciation A/c 2,000
By Balance c/d (Balancing Fig.) 29,000
67,000 67,000

 

Question 5:

Prepare a ‘T’ shape account for Mukesh (creditor) and place the below-mentioned transaction on the correct side.

(i) Goods purchased on credit from Mukesh – ₹60,000

(ii) Item was returned to Mukesh for ₹10,000

(iii) Paid to Mukesh ₹30,000

(iv) Goods purchased on credit from Mukesh – ₹20,000

Solution:

Dr. Mukesh Account (Creditor) Cr.
Sr.
No.
Particulars Rs. Sr.
No.
Particulars Rs.
ii To purchase return A/C 10,000 i By Purchase A/C 60,000
iii To Cash A/C 30,000 iv By Purchase A/C 20,000
To Balance c/d (Balancing Fig.) 40,000 v
80,000 80,000

 

Question 6:

Prepare the owner’s capital account with the following particulars.

(i) 2nd April 2017- Started business with cash ₹3,00,000

(ii) 30th March 2018 – Net loss according to profit and loss account ₹20,000

(iii) 30th March 2018 – Drawings during the period ₹13,000

Solution:

Dr. Capital Account Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
30th March To Profit & Loss A/C 20,000 2nd April By Cash A/C
3,00,000
30th March To Drawing A/C 13,000
30th March To Balance A/C 2,67,000
3,00,000
3,00,000

 

Question 7:

Prepare a cash account, debtor account, and creditor’s account.

(i) Goods sold to Deepa on credit ₹60,000

(ii) Goods sold to Arvind for cash ₹30,000

(iii) Purchased goods from Sushmita on credit ₹20,000

(iv) Cash received from Deepa ₹22,000

(v) Good returned by Deepa ₹4,000

(vi) Paid rent ₹1,000

(vii) Cash paid to Sushmita ₹8,000

Solution:

Dr. Cash Account Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
To Sale A/C 30,000 By Rent A/C 1,000
To Deepa A/C 22,000 By Sushmita A/C 8,000
By balance c/d Balancing Fig. 43,000
52,000 52,000

 

Dr. Debtors Account (Deepa) Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
To Sale A/C 60,000 By Cash A/C 22,000
By Sales Return A/C 4,000
By balance c/d Balancing Fig. 34,000
60,000 60,000

 

Dr. Creditor’s Account (Sushmita) Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
To Cash A/C 8,000 By Purchase A/C 20,000
To balance c/d Balancing Fig. 12,000
20,000 20,000

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