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 1024x576 - 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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T.S. Grewals Double Entry Book Keeping - Question No 15 Chapter No 11 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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