Practical Problems · Q12
Q.From the transactions given in Question 1 above, prepare the Capital Account and the Furniture Account, and then verify your ledger by preparing a statement showing that the total of all debit balances equals the total of all credit balances as on 31st May 2024.
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| Dr. | Cr. | ||||||
|---|---|---|---|---|---|---|---|
| Date (2024) | Particulars | J.F. | Amount (₹) | Date (2024) | Particulars | J.F. | Amount (₹) |
| May 31 | To Balance c/d | 1,00,000 | May 1 | By Cash A/c | 80,000 | ||
| May 1 | By Furniture A/c | 20,000 | |||||
| Total | 1,00,000 | Total | 1,00,000 | ||||
| Jun 1 | By Balance b/d | 1,00,000 |
Furniture Account
| Dr. | Cr. | ||||||
|---|---|---|---|---|---|---|---|
| Date (2024) | Particulars | J.F. | Amount (₹) | Date (2024) | Particulars | J.F. | Amount (₹) |
| May 1 | To Capital A/c | 20,000 | May 31 | By Balance c/d | 20,000 | ||
| Total | 20,000 | Total | 20,000 | ||||
| Jun 1 | To Balance b/d | 20,000 |
Since Meera introduced her capital partly in cash and partly in furniture, the Capital Account is credited on BOTH counts on the same date (May 1) — "By Cash A/c ... 80,000" and "By Furniture A/c ... 20,000" — giving a combined credit balance of ₹1,00,000, exactly equal to the total capital introduced.
Statement verifying the Ledger (Debit balances vs Credit balances, as on 31st May 2024)
| Debit balances | ₹ | Credit balances | ₹ |
|---|---|---|---|
| Cash A/c | 58,000 | Capital A/c | 1,00,000 |
| Furniture A/c | 20,000 | Priya's A/c | 8,000 |
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