Question 16 of 31
Q.
- Journalise the following transactions. 2019 March 1 Ram started business with cash ₹ 3,00,000 2 Money deposited into bank ₹ 2,00,000 3 Bought furniture from M/s Jaya Furniture for ₹ 28,000 on credit. 4 Purchased goods from Antony for ₹ 5,000, paid through debit card. 5 Purchased goods from Shyam on credit ₹ 50,000. 6 Paid M/s Jaya furniture. 10 Paid electricity bill of the Proprietor ₹ 2,000. 11 Withdrew from bank for personal use ₹ 800. 12 Goods sold to Mano ₹ 20,000 on credit. 18 Goods returned by Mano ₹ 5,000. OR
- From the following balances prepare trading and profit & loss account of Mr. Ganesh.
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Stock on 1/1/2019 | 8,000 | Bad debts | 1,200 |
| Purchases | 22,000 | Trade expenses | 1,200 |
| Sales | 42,000 | Discount allowed | 600 |
| Expenses on purchases | 2,500 | Commission allowed | 1,100 |
| Electricity charges | 3,500 | Selling expenses | 600 |
| Expenses on sales | 1,000 | Repairs | 600 |
Closing stock on 31/12/2019 was ₹ 4,500.
Tamil Nadu DgeTamil Nadu HSC First Year (DGE) Commerce Board 2022Subjective· 5mImportance★★★★★
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Start your 14-day free trial to unlock the full solution →(a) Journalise Ram's March-2019 transactions (journal total ₹6,38,800); (b) Mr. Ganesh's Trading & P&L Account → Gross Profit ₹14,000, Net Profit ₹4,200.
(a) Journal in the books of Ram (2019)
| Date | Particulars | L.F. | Dr (₹) | Cr (₹) |
|---|---|---|---|---|
| Mar 1 | Cash A/c Dr To Capital A/c (Business started with cash) | 3,00,000 | 3,00,000 | |
| Mar 2 | Bank A/c Dr To Cash A/c (Cash deposited into bank) | 2,00,000 | 2,00,000 | |
| Mar 3 | Furniture A/c Dr To M/s Jaya Furniture A/c (Furniture bought on credit) | 28,000 | 28,000 | |
| Mar 4 | Purchases A/c Dr To Bank A/c (Goods bought, paid by debit card) | 5,000 | 5,000 | |
| Mar 5 | Purchases A/c Dr To Shyam A/c (Goods bought on credit) | 50,000 | 50,000 | |
| Mar 6 | M/s Jaya Furniture A/c Dr To Cash A/c (Amount paid to Jaya Furniture) | 28,000 | 28,000 | |
| Mar 10 | Drawings A/c Dr To Cash A/c (Proprietor's electricity bill paid — personal) | 2,000 | 2,000 | |
| Mar 11 | Drawings A/c Dr To Bank A/c (Withdrawn from bank for personal use) | 800 | 800 | |
| Mar 12 | Mano A/c Dr To Sales A/c (Goods sold on credit) | 20,000 | 20,000 | |
| Mar 18 | Sales Return A/c Dr To Mano A/c (Goods returned by Mano) | 5,000 | 5,000 | |
| Total | 6,38,800 | 6,38,800 |
Notes: payment by debit card reduces the bank balance, so Mar 4 is credited to Bank. The electricity bill "of the Proprietor" is a personal expense → Drawings, not an office expense.
(b) Trading and Profit & Loss Account of Mr. Ganesh for the year ended 31/12/2019
Trading Account
| Dr — Particulars | ₹ | Cr — Particulars | ₹ |
|---|---|---|---|
| To Opening stock (1/1/2019) | 8,000 | By Sales | 42,000 |
| To Purchases | 22,000 | By Closing stock | 4,500 |
| To Expenses on purchases (direct) | 2,500 | ||
| To Gross profit c/d | 14,000 |
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