Question No 07 Chapter No 10
07. Following is the Trial Balance as at 31st March, 2015 :
| Name of Accounts | Dr. | Cr. |
| Capita | 3,20,000 | |
| Fixed Assets | 1,80,000 | |
| Drawings | 60,000 | |
| Debtors | 2,40,000 | |
| Creditors | 1,80,000 | |
| Purchases | 7,10,000 | |
| Sales | 10,50,000 | |
| Bank Balance | 45,000 | |
| Cash in Hand | 30,000 | |
| Salary | 1,65,000 | |
| Rent | 1,20,000 | |
| 15,50,000 | 15,50,000 |
Having prepared the Trial Balance, it was discovered that the following transactions remained unrecorded :
(i) Goods were sold on credit amounting to 40,000.
(ii) Paid to creditors 22,000 by cheque.
(iii) Goods worth 7,000 were returned to a supplier.
(iv) Paid salary 15,000 by cheque.
Required:
(i) Pass Journal entries for the above-mentioned transactions and post them into Ledger.
(ii) Redraft the Trial Balance
The solution of Question No 07 Chapter No 10: –
| Date | Particulars |
L.F. | Debit | Credit | |
| 2019 | |||||
| i | Debtors A/c | Dr. | 40,000 | ||
| To Sales A/c | 40,000 | ||||
| (Being Goods sold on credit) | |||||
| ii | Creditors A/c | Dr. | 22,000 | ||
| To Bank A/c | 22,000 | ||||
| (Being Cheque given to creditors ) | |||||
| iii | Creditors A/c | Dr. | 7,000 | ||
| To Purchases Return A/c | 7,000 | ||||
| (Being Goods returned to a supplier) | |||||
| iv | Salary A/c | Dr. | 15,000 | ||
| To Bank A/c | 15,000 | ||||
| (Being Salary paid ) | |||||
| Dr. | Debtors A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| By Balance b/d | 2,40,000 | ||||||
| By Sales A/c | 40,000 | ||||||
| By Balance c/d | 2,80,000 | ||||||
| 2,80,000 | 2,80,000 | ||||||
| Dr. | Sales A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| By Balance b/d | 10,50,000 | ||||||
| By Debtors A/c | 40,000 | ||||||
| To Balance c/d | 10,90,000 | ||||||
| 10,90,000 | 10,90,000 | ||||||
| Dr. | Creditors A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| To Bank A/c | 14,000 | By Balance b/d | 1,80,000 | ||||
| To Purchases Return A/c | 1,07,000 | ||||||
| To Balance c/d | 1,51,000 | ||||||
| 1,80,000 | 1,80,000 | ||||||
| Dr. | Bank A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| To Balance b/d | 45,000 | By Creditors A/c | 22,000 | ||||
| By Salary A/c | 15,000 | ||||||
| By Balance c/d | 8,000 | ||||||
| 45,000 | 45,000 | ||||||
| Dr. | Purchases Return A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| By Creditors A/c | 7,000 | ||||||
| To Balance c/d | 7,000 | ||||||
| 7,000 | 7,000 | ||||||
| Dr. | Salary A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| To Balance b/d | 1,65,000 | ||||||
| To Bank A/c | 15,000 | ||||||
| By Balance c/d | 1,80,000 | ||||||
| 1,80,000 | 1,80,000 | ||||||
| Trail Balance A/c | |||
| Particulars |
J.F. | Debit | Credit |
| Capita A/c | 3,20,000 | ||
| Fixed Assets A/c | 1,80,000 | ||
| Drawings A/c | 60,000 | ||
| Debtors A/c | 2,80,000 | ||
| Creditors A/c | 1,51,000 | ||
| Purchases A/c | 7,10,000 | ||
| Sales A/c | 10,90,000 | ||
| Bank Balance A/c | 8,000 | ||
| Cash in Hand A/c | 30,000 | ||
| Salary A/c | 1,80,000 | ||
| Rent A/c | 1,20,000 | ||
| Purchases Return A/c | 7,000 | ||
| 15,68,000 | 15,68,000 | ||
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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
- Chapter 1 Evolution of Accounting & Basic Accounting Terms
- Chapter 2 Accounting Equations
- Chapter 3 Meaning and Objectives of Accounting
- Chapter 4 Double Entry System
- Chapter 5 Books of Original Entry – Journal
- Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
- Chapter 7 Books of Original Entry – Cash Book (Coming soon)
- Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
- Chapter 9 Ledger (Coming soon)
- Chapter 10 Trial Balance and Errors (Coming soon)
- Chapter 11 Bank Reconciliation Statement (Coming soon)
- Chapter 12 Depreciation (Coming soon)
- Chapter 13 Bills of Exchange (Coming soon)
- Chapter 14 Generally Accepted Accounting Principles(GAAP)
- Chapter 15 Bases of Accounting
- Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
- Chapter 17 Capital and Revenue
- Chapter 18 Provisions and Reserves
- Chapter 19 Final Accounts (Coming soon)
- Chapter 20 Final Accounts – With Adjustments (Coming soon)
- Chapter 21 Errors and their Rectification (Coming soon)
- Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
- Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
- Chapter 24 Computerised Accounting System (Coming soon)
- Chapter 25 Introduction to Accounting Information System (Coming soon)
Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.
