Question No 07 Chapter No 10 – D.K Goal 11 Class

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)

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