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Question No 09 Chapter No 7
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09. From the information given below:
(a) Prepare the account of Mr Small as it would appear in the books of Mr Big.
| 2019 | Rs | |
| Mar. 1 | Debit balance brought forward | 3,000 |
| Mar. 7 | Mr Small made credit purchases from Mr Big | 1,500 |
| Mar. 12 | Mr Small returned defective goods | 150 |
| Mar. 15 | Mr Small paid on account | 3,000 |
| Mar. 30 | Mr Small repaid the roof of Mr Big’s premises and agrees to adjust the value of this work in his account Rs 530 | |
(b) What does the balance of the account at the end of the months mean?
The solution of Question No 09 Chapter No 7: –
| Dr. | Books of Big Small’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2019 | 2019 | ||||||
| Mar. 1 | To Balance b/d | 3,000 | Mar. 12 | By Return inwards A/c | 150 | ||
| Mar. 7 | To Sale A/c | 1,500 | Mar. 15 | By Cash A/c | 3,000 | ||
| Mar. 30 | By Repair A/c | 530 | |||||
| Apr. 30 | By Balance c/d | 820 | |||||
| 4,500 | 4,500 | ||||||
(b) The debit balance of Rs 820 in the account of Mr Small indicates that he is indebted to Big
What is Ledger in accounting – explain its Types
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Also, Check out the solved question of all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)