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

Question No 14 Chapter No 11

Journal Proper

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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

Date	Particulars		L.F.	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		2,215
	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)