Name the accounts to be credited along w...

Name the accounts to be credited along with the amount for payment to Ajay of Rs. 4,800 by cheque in full settlement of Rs. 5,000.

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[Bank A/c -Rs. 4,800; Discount Received A/c -Rs. 200.]

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Prepare Accounting Equation on the basis of the following transactions : (a) Started business with cash Rs. 70,000. (b) Credit purchase of good Rs. 18,000. (c ) Payment made to creditors in full settlement Rs. 17,500. (d) Purchase of machinery for cash Rs. 20,000.

Journalise the following transactions in the books of Ashok: (i) Received Rs. 11,700 from Hari Krishan in full settlement of his account for Rs. 12,000. (ii) Received Rs. 11,700 from Shyam on his account for Rs. 12,000. (iii) Received a first and final dividend of 70 paise in the rupee from the official receiver of Rajagopal who owed us Rs. 7,000. (iv) Paid Rs. 2,880 to A.K. Madal in full settlement of his account for Rs. 3,000. (v) Paid Rs. 2,880 to S.K. Gupta on his account for Rs. 3,000.

Journalise the following transactions in the books of Ashutosh, Kolkata: (i) He started business contributing Rs. 10, 000 in cash, Rs. 5,00,000 in cheque and a building valued at Rs. 5,00,000. (ii) Purchased goods from D. Lal, Kanpur for Rs. 2,00,000 out of which cheque was issued for Rs. 60, 000. (iii) Sold goods on credit to Ramesh, Kolkata for Rs. 1,60,000. (iv) Received Rs. 1,84,800 by cheque from Ramesh in full settlement of his account. (v) Paid Rs. 1,74,000 to D. Lal in full settlement of amount due to him. (vi) A new machine of Rs. 2,40,000 was purchased from Machine Tools Ltd., Delhi in exchange of an old machine valued at Rs. 50,000. He gave a cheque of Rs. 1,00,000 from his savings account and balance from firm's account. (vii) Purchased machinery from Pele & Sons, Kolkata for Rs. 50,000 on credit. (viii) Depreciation of Rs. 5,000 was provided on the machinery at the end of the year. (ix) Ashutosh issued a chaque for Rs. 50,000 from his savings account in firm's name. (x) Paid Rs. 5,000 as income tax. (xi) A cheque amounting to Rs. 50, 000 deposited in the bank from his savings account returned dishonoured for technical reasons. CGST and SGST @ 9% each is to be levied on intra-state (within the state purchase and sale ) while IGST is to be levied @ 18% on inter-state transactions.

On checking the Bank Pass Book it was found that it showed an overdraft Rs. 5,220 as on 31st March, 2019 while as per Ledger it was different. The following differences were noted : (i) Cheques deposited but not yet credited by the bank Rs. 6,000 Cheques dishonoured and debited by the bank but not given effect ot it in the Ledger Rs. 800 (iii) Bank charges debited by the Debit Memo not received fro the bank Rs. 50 (iv) Interest on overdraft excess credited in the Ldger Rs. 200 (v) Wrongly credited by the bank to account , deposite of some other party Rs. 900 (vi) Cheques issued but not presented for payment Rs. 400

Pass necessary Journal entries to rectify the following errors: (i) A credit sale of Rs. 1,700 to Krishan was posted to Krishan's Account. A cash sale of Rs. 1,700 to Meena was posted to the credit of Meena. (iii) A credit sale of old furniture to Prem for Rs. 1,700 was credited to the Sale Account. (iv) A credit sale of old furniture to Rohan for Rs. 1,700 was posted as Rs. 7,100. (v) A cheque for Rs. 640 received from Guru was dishonoured and was posted to the debit of Sales Return Account. (vi) An amount of Rs. 2,860 due from Prassed, written off as bad in previous year, was recovered and credited to his personal account. (vii) A discounted bill of exchange receivable for Rs. 8,000 returned by the firm's bank had been credited to the Bank Account and debited to Bills Receivable Account. (viii) Rs. 10,000 paid for the electricity bill of the proprietor's residence was debited to Electricity Expenses Account. (ix) An amount of RS. 7,500 withdrawn from bank by the proprietor for his personal use was debited to Purchases Account. (x) An amount of Rs. 15,000 withdrawn from bank by the proprietor for office use was debited to Drawings Account. (xi) Rs. 8,000 salary paid to Varun, an employes, debited to his personal account.

On 31st March, 2019 Bank, Pass Book, of Naresh & Co. showd an overdraft of Rs. 10,700 From the following particulars prepare, Bank Reconciliation Statement (i) Cheques issued befor 31st March, 2019 but presented for payment after that date amounted to Rs 900 Cheques paid into the bank but not collect and credited until 31st March 2019 amounted to Rs. 2,200 (iii) Interest on overdraft amounting to Rs. 1,200 did not appear in the Cash Book. (iv) Rs. 5,000 being intrested on investments collected by the bank and credited in the Cash Book. (v) Bank chargers of Rs. 50 werr not entered in the Cash Book (vi) Rs. 800 in respect of dishonoured cheque were entered in the Pass Book but not in the Cash Book.

On 31st March, 2019 the Pass Book of Madan shows a debit balance of Rs. 41,000, Prepare Bank Reconciliation Statement from the following particulars: (i) A wrong debit of Rs. 15,600 were drawn onn 27th March, 2019 .Out of which cheque for Rs. 11,000 were encashed up to 31st March, 2019 (ii) A wrong debit of Rs. 800 was has been given by the bank in the Pass Book. (iii) A cheque for Rs. 200 was credited in the Pass Book but was not recorded in the Cash Book. (iv) Cheques amounting to Rs. 21,000 were deposited for collection. But of these cheques for Rs. 7,400 have been credited in the Pass Book on 5th April, 2019 (v) A cheque for Rs. 1,000 was returned dishonoured by the bank and was debited in the Pass Book. only (vi) A Bill Receiveable for Rs. 500 discounted with the bank on 28th February, 2019 was dishonoured on 30th March, 2019. The Bank debited the account along with notary chargees of Rs. 500 . (viii) Interest on overdraft to Rs. 100 were not entered in the Cash Book. (viii) A cheque of Rs. 500 detbited in the Cash Book was omitted to be banked.

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