Question 14 of 22
Q.The following balances appeared in the books of Kumaran on April 1, 2017.
Assets :
Cash ₹ 1,00,000; Stock ₹ 40,000
Sundry debtors ₹ 10,000; Furniture ₹ 10,000
Liabilities :
Sundry creditors ₹ 40,000
Kumaran's capital ₹ 1,20,000
Show the ledger postings for the above opening balances.
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2023Subjective· 3mImportance★★★★★
64% · 14/22 Questions
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Start your 14-day free trial to unlock the full solution →Pass an opening journal entry (assets Dr; liabilities and capital Cr), then post to the ledger so each asset shows a debit balance b/d and creditors and capital show credit balances b/d.
Step 1 — Opening Journal Entry (as on 1 April 2017):
| Particulars | L.F. | Debit ₹ | Credit ₹ |
|---|---|---|---|
| Cash A/c Dr | 1,00,000 | ||
| Stock A/c Dr | 40,000 | ||
| Sundry Debtors A/c Dr | 10,000 | ||
| Furniture A/c Dr | 10,000 | ||
| To Sundry Creditors A/c | 40,000 | ||
| To Kumaran's Capital A/c | 1,20,000 | ||
| Total | 1,60,000 | 1,60,000 | |
| (Being opening balances brought into the books) |
Step 2 — Ledger postings (each account shows its opening balance b/d):
| Account | Balance b/d (1.4.2017) |
|---|---|
| Cash A/c | ₹1,00,000 (Dr) — To Balance b/d |
| Stock A/c | ₹40,000 (Dr) — To Balance b/d |
| Sundry Debtors A/c | ₹10,000 (Dr) — To Balance b/d |
| Furniture A/c | ₹10,000 (Dr) — To Balance b/d |
| Sundry Creditors A/c | ₹40,000 (Cr) — By Balance b/d |
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