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

Question No.15 - Chapter No.11 - T.S. Grewal +1 Book 2019-Solution-min


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
(i)Profit & lose A/cDr 32,000 
 To Gross Profit A/c  32,000
 (Being Gross Profit Transfer to Profit & Loss Account)   
(ii)Net Profit A/cDr 14,500 
 To Capital A/c   14,500
 (Being Net Profit Transfer to Capital Account )    
(iii)Capital A/cDr 10,000 
 To Cash A/c   10,000
 (Being Cash from the Capital )   
(iv)Cash A/cDr 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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T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping


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