Question No 15 Chapter No 11 - T.S. Grewal 11 Class

Question No 15 Chapter No 11

15. (Transfer Entries). Give the Journals entries for the following:

(i) Gross Profit of Rs 32,000 from Trading Account to Profit and Loss Account.
(ii) Net Profit of Rs 14,500 to Capital Account of Sri Sankar Saha.
(iii)Sri Sankar Saha draws Rs 10,000 from his Capital Account.
(iv) Purchases Return of Rs 7,000 plus IGST @ 12%
(v) Sale Return of Rs 6,000 plus CGST and SGST @ 6% each

The solution of Question No 15 Chapter 11

Date	Particulars		L.F.	Debit	Credit
(i)	Profit & lose A/c	Dr		32,000
	To Gross Profit A/c				32,000
	(Being Gross Profit Transfer to Profit & Loss Account)
(ii)	Net Profit A/c	Dr		14,500
	To Capital A/c				14,500
	(Being Net Profit Transfer to Capital Account )
(iii)	Capital A/c	Dr		10,000
	To Cash A/c				10,000
	(Being Cash from the Capital )
(iv)	Cash A/c	Dr		7,840
	To Purchases Return A/c				7,000
	To Input IGST A/c				840
	(Being Good Return to Creditor )
(v)	Sale Return A/c			6,000
	Output CGST A/c			360
	Output SGST A/c			360
	To Cash A/c				6,720
	(Being Sale return )

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

Journal Proper | Subsidiary Books | Examples

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Also, Check out the solved question of previous Chapters: –

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal’s Double Entry Book Keeping

Question No 15 Chapter No 11 – T.S. Grewal 11 Class

The solution of Question No 15 Chapter 11

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