On Feb. 02, 2017, Verma purchased from Sharma goods forRs 17,500. Verma paidRs2,500 immediately ...

On Feb. 02, 2017, Verma purchased from Sharma goods for Rs 17,500. Verma paid Rs 2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. Sharma immediately endorsed the promissory note in favour of his creditor. Gupta for the full settlement of a debt of Rs 15,400. On the due date of the bill Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs 5,000 noting charges. On the same date Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for Rs 15,500 which includes noting charges and interest. Verma settled Sharma’s claim by cheque for the same amount. Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma’s and Gupta’s accounts in the books of Sharma. Sharma’s account in the books of Verma. And also Sharma’s account in the books of Gupta.

Rectify the following errors: Goods purchased from Kunal for Rs. 8,000 and from Kapil of Rs. 9,000 recorded correctly in the Purchases Book. However, Rs. 9,000 was posted to Kunal and Rs. 8,000 to Kapil. (ii) Anil's Account was excess debited by Rs. 500 while Suraj's Account was short debited by Rs. 500. (iii) Parkar's Account was short credited by Rs. 700 while Manish's Account was excess credited by Rs. 700. (iv) Goods sold to Roopak for Rs. 1,000 and to Sagar for Rs. 1,800 recorded correctly in the Sales Book. However, Rs. 1,800 was posted to Roopak and Rs. 1,000 to Sagar.

Journalise the following transactions: Dec. 01 Hema started business with cash 1,00,000 Dec. 02 Open a bank account with SBI 30,000 Dec. 04 Purchased goods from Ashu 20,000 Dec.06 Sold goods to Rahul for cash 15,000 Dec.10 Bought goods from Tara for cash 40,000 Dec.13 Sold goods to Suman 20,000 Dec.16 Received cheque from Suman 19,500 Discount allowed 500 Dec.20 Cheque given to Ashu on account 10,000 Dec.22 Rent paid by cheque 2,000 Dec.23 Deposited into bank 16,000 Dec.25 Machine purchased from Parigya 10,000 Dec.26 Trade expenses 2,000 Dec.28 Cheque issued to Parigya 10,000 Dec.29 Paid telephone expenses by cheque 1,200 Dec.31 Paid salary 4,500

Rectify the following errors: (i) Wages paid to the firm's workmen for making certain additions to machinery amounting to Rs. 5,500 were posted to Wages Account. Credit purchase of goods of Rs. 1,500 from Mohan & Co. was not recorded in the books although the goods were taken into stock. (iii) Goods returned of Rs. 500 by Mohan was entered in the Purchases Return Book. (iv) Return of goods of Rs. 800 to Sohan was passed through the Sales Return Book. (v) Credit Sale of goods to Sunil amounting to Rs 5,000 was posted to the account of Surmail.

From the following information of M/s. Narain & Co., Delhi, prepare the Purchases Book for the month of February, 2019 : 2019 February 1 Purchased from M/s. Brown & Co., Kolkata: 5 gross pencils @ Rs. 1,200 per gross 2 dozen registers @ Rs. 500 per dozen Less: Trade Discount @ 10% February 2 Purchased for cash from the Stationery Mart: 10 dozen exercise books @ Rs. 300 per dozen February 3 Purchased computer printer for office use from M/s. Office Goods Co. for Rs. 20,000 February 4 Purchased from The Paper Co., Delhi: 8 reams of white paper @ Rs. 500 per ream 10 reams of ruled paper @ Rs. 600 per ream Less: Trade Discount @ 10% February 5 Purchased 80 Reynolds Pens @ Rs. 5 each from M/s. Verma Bros., Delhi Note: CGST and SGST is levied @ 2.5% each and IGST is levied @ 5%.

From the following information of M/s. Narain & Co., Delhi, prepare the Purchases Book for the month of February, 2019 : 2019 February 1 Purchased from M/s. Brown & Co., Kolkata: 5 gross pencils @ Rs. 1,200 per gross 2 dozen registers @ Rs. 500 per dozen Less: Trade Discount @ 10% February 2 Purchased for cash from the Stationery Mart: 10 dozen exercise books @ Rs. 300 per dozen February 3 Purchased computer printer for office use from M/s. Office Goods Co. for Rs. 20,000 February 4 Purchased from The Paper Co., Delhi: 8 reams of white paper @ Rs. 500 per ream 10 reams of ruled paper @ Rs. 600 per ream Less: Trade Discount @ 10% February 5 Purchased 80 Reynolds Pens @ Rs. 5 each from M/s. Verma Bros., Delhi

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 transaction in the Books of the M/s Bhanu Traders and Post them into the Ledger. 1. Started business with cash 92,000 2. Deposited into bank 60,000 4. Bought goods on credit from Himani 40,000 6. Purchased goods from cash 20,000 8. Returned goods to Himani 4,000 10. Sold goods for cash 20,000 14. Cheque given to Himani 36,000 17. Goods sold to M/s Goyal Traders. 3,50,000 19. Drew cash from bank for personal use 2,000 21. Goyal traders returned goods 3,500 22. Cash deposited into bank 20,000 26. Cheque received from Goyal Traders 31,500 28. Goods given as charity 2,000 29. Rent paid 3,000 30. Salary paid 7,000 31. Office machine purchased for cash 3,000