Home
Class 11
ACCOUNTS
Following are the Ledger balances on 31s...

Following are the Ledger balances on 31st March, 2019:
Building Rs. 5,00,000, Furniture Rs. 2,00,000, Debtors Rs. 1,00,000, Creditors Rs. 80,000, Bank Overdarft Rs. 40,000, Capital Rs. 7,30,000, and Cash Rs. 50,000.
Journalise the above to open the accounts in the books of account for the financial year 2019-20.

Text Solution

Verified by Experts

Promotional Banner

Topper's Solved these Questions

  • SPECIAL PURPOSE BOOKS II - OTHER BOOKS

    TS GREWAL|Exercise Higher Order Thinking Skills (HOTS) Questions|6 Videos
  • SPECIAL PURPOSE BOOKS II - OTHER BOOKS

    TS GREWAL|Exercise Multiple Choice Questions (MCQ)|15 Videos
  • SPECIAL PURPOSE BOOKS II - OTHER BOOKS

    TS GREWAL|Exercise Illustration(With GST)|1 Videos
  • SPECIAL PURPOSE BOOKS I-CASH BOOK

    TS GREWAL|Exercise EVALUATION QUESTIONS: QUESTIONS WITH MISSING VALUES|2 Videos
  • THEORY BASE OF ACCOUNTING , ACCOUNTING STANDARDS AND INDIAN ACCOUNTING STANDARDS (IND - AS)

    TS GREWAL|Exercise Very Short Answer Type Questions|32 Videos

Similar Questions

Explore conceptually related problems

Shri Suresh Gupta purchased a running business on 1st April, 2019 at an agreed value of Rs. 10,00,000. Following are the assets and liabilities taken over: Land and Building Rs. 4,00,000, Plant and Machinery Rs. 4,50,000, Furniture and Fixtures Rs. 1,50,000, Stock Rs. 3,50,000, Sundry Debtors Rs. 3,00,000, Sundry Creditors Rs. 2,50,000, Bills Payable Rs. 1,00,000, Bank Loan Rs. 3,00,000. Pass Journal entry to record the transactions.

On 1st April, 2019, the position of Tendulkar was as following: Stock-in-Hand Rs. 2,88,000, Bills Payable Rs. 48,000, Cash at Bank Rs. 2,16,000, Plant and Machinery Rs. 1,20,000, Debtors Rs. 60,000, Creditors Rs. 96,000, Investment Rs. 2,40,000, Loan from Suresh Rs. 1,80,000. What was the amount of Tendulkar's capital on the date? Pass an opening Journal entry.

If total assets of a business are Rs. 2,00,000 and net worth (Capital ) is Rs. 1,50,000, Calculate Creditors.