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Question No 14 Chapter No 11 - T.S. Grewal 11 Class

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Question No 14 Chapter No 11

Journal Proper

14. ( Closing Entries).Give the necessary entries in Journal Proper of Ram on 31st March 2018 to close their books:

Freehold Premises Rs 30,000; Plant and Machinery Rs 20,000; Sundry Debtors Rs 25,000; Purchase Rs 37,500; Sales Rs 95,000; Discount (Dr) Rs 150; Discount(Cr) Rs 175; Sundry Creditors Rs 12,500; Carriage Inward Rs 375; Carriage Outward Rs 600; Furniture and Fixtures Rs 2,500; Wages Rs 5,000; Bad Debts Rs 750; Salaries Rs 3,600; Commission (Cr) Rs 2,125; Capital Account Rs 25,000; Bills Payable Rs 7,500; Bills Receivable Rs 9,000; Trade Expenses Rs 2,550; Ram’s Loan Account Rs 20,000; Cash in Hand Rs 75; Cash in Bank Rs 3,125

The solution of Question No 14 Chapter 11

Particulars		Debit	Credit
Trading A/c	Dr	42,875
To Purchase A/c			37,500
To Carriage Inwards A/c			375
To Wages A/c			5,000
(Being Account Transfer to Trading Account)
Sale A/c	Dr	95,000
To Trading A/c			95,000
(Being Sale Account Transfer to Trading Account )

Profit & Loss A/c	Dr	7,650
To Discount Allowed 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 Account Transfer to Profit & Loss Account)
Discount Received A/c	Dr	175
Commission Received A/c	Dr	2,125
To Profit & Loss A/c			2,390
(Being Account Transfer to Profit & Loss Account )
Profit & lose A/c	Dr	46,775
To Capital A/c			46,775
(Being Account Transfer to Trading Account)