Question No 7 Chapter No 13
7. Following are the ledger balances of Sri Paul on 31st March 2018:
| Rs | Rs | ||
| Sundry Debtors (Dr) | 79,300 | Interest on loan | 10,000 |
| Sundry Creditors (Cr) | 1,36,500 | Conveyance | 200 |
| Rent (Cr) | 6,300 | furniture | 30,000 |
| Miscellaneous expenses | 3,200 | Commission | 4,000 |
| Plant and Machinery(Dr) | 7,98,750 | Plant and Machinery(Cr) | 90,000 |
| Creditors for furniture | 30,000 | Sundry Debtors (Cr) | 20,800 |
| Opening stock | 40,000 | Drawings | 15,000 |
| Discount(Cr) | 9,900 | Salaries and wages | 25,900 |
| Sundry creditors(Dr) | 36,500 | Discount(Dr) | 5,500 |
| Building (Dr) | 9,81,000 | Capital | 5,00,000 |
| Rent | 12,000 | Purchases | 3,13,450 |
| Loan (Cr) | 10,00,000 | Sales | 5,61,300 |
| Input IGST A/c | 2,500 | Input SGST A/c | 1,000 |
| Input CGST | 1,000 | Output IGST A/c | 4,500 |
The solution of Question No 7 Chapter No 13: –
| Trail Balance A/c | |||
| Particulars |
J.F. | Debit | Credit |
| Sundry Debtors(Dr.) | 58,500 | ||
| Sundry creditors (Cr.) | 1,00,000 | ||
| Rent (Cr.) | 6,300 | ||
| Miscellaneous expenses | 3,200 | ||
| Plant and Machinery | 7,08,750 | ||
| Creditors for furniture | 30,000 | ||
| Opening stock | 40,000 | ||
| Discount(Cr) | 9,900 | ||
| Building (Dr) | 9,81,000 | ||
| Rent | 12,000 | ||
| Loan (Cr) | 10,00,000 | ||
| Input IGST | 2,500 | ||
| Input CGST | 1,000 | ||
| Interest on loan | 10,000 | ||
| Conveyance | 200 | ||
| Furniture | 30,000 | ||
| Commission | 4,000 | ||
| Drawing | 15,000 | ||
| Salaries and wages | 25,900 | ||
| Discount(Dr) | 5,500 | ||
| Capital | 5,00,000 | ||
| Purchases | 3,13,450 | ||
| Sales | 5,61,300 | ||
| Input SGST | 1,000 | ||
| Output SGST | 4,500 | ||
| 22,12,000 | 22,12,000 | ||
Note
Net Debtors = Sundry Debtors (Dr)- Sundry Debtors(Cr)
=79,300-20,800
= 58,500
Note
Net Creditors = Sundry Creditors (Cr)- Sundry Creditors (Dr)
=1,36,500-36,500
= 1,00,000
Note
Net Plant and Machinery = Plant and Machinery (Dr)- Plant and Machinery (Cr)
=7,98,750 – 90,000
= 7,08,750
To understand more about cash book please check out following links: –
Trial Balance | Explanation | Methods | Examples
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Also, Check out the solved question of previous Chapters: –
- Chapter No. 1 – Introduction to Accounting
- Chapter No. 2 – Basic Accounting Terms
- Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
- Chapter No. 4 – Bases of Accounting
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
- Chapter No. 11 – Special Purpose Books II – Other Books
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Trial Balance
- Chapter No. 14 – Depreciation
- Chapter No. 15 – Provisions and Reserves
- Chapter No. 16 – Accounting for Bills of Exchange
- Chapter No. 17 – Rectification of Errors
- Chapter No. 18 – Financial Statements of Sole Proprietorship
- Chapter No. 19 – Adjustments in preparation of Financial Statements
- Chapter No. 20 – Accounts from incomplete Records – Single Entry System
- Chapter No. 21 – Computers in Accounting
- Chapter No. 22 – Accounting Software – Tally
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication
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