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

Question No.14 Chapter No.11 T.S. Grewal 1 Book 2019 Solution min min 1024x576 - Question No 14 Chapter No 11 - T.S. Grewal 11 Class

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

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)      
         

 

 

 

To understand more about cash book please check out following links: –

Journal Proper | Subsidiary Books | Examples

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T.S. Grewals Double Entry Book Keeping - Question No 14 Chapter No 11 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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