TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 5. This solution contains questions, answers, images, explanations of the complete Chapter 5 titled Journal of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 5 Journal. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 5 Journal in one place.

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 1.
Journal
Without Goods and Services Tax (GST)
Following transactions of Ramesh for April,2018 are given below. Journalise them.
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 1
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 2
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 3

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 2.
Journalise the following transactions of Mr. Rahul:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 4
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 5
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 6
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 7

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 3.
Journalise the following transactions in the books of M/s. R.K. & Co.
(i) Purchased goods at list price of ₹ 20,000 from Vishal at 20% trade discount against cheque payment.
(ii) Purchased goods at list price of ₹ 20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods at list price of ₹ 30,000 from Amrit at 20% trade discount.
(iv) Purchased goods at list price of ₹ 40,000 for ₹ 35,000 for cash.
(v) Goods returned of list price ₹ 10,000 purchased from Amrit.
(vi) Sold goods to Parul at list price of ₹ 40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman at list price of ₹ 30,000 at 10% trade discount against cash.
(viii) Sold goods to Pawan at list price of ₹ 20,000 at 10% trade discount.
(ix) Sold goods to Yamini at list price of ₹ 25,000 for ₹ 23,000.
(x) Sold goods costing ₹ 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of ₹ 50,000 less 15% trade discount sold at a profit of 25% & 10% trade discount against cheque.
(xii) Aman returned goods of list price of ₹ 10,000 sold to him at 10% trade discount.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 8
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 9
Working Notes:
1. Calculation of Sales Price
Sales Price = Goods Sold + Cost – trade discount
Sales Price = 10,000 + 20% – 10% = Rs. 10,800
2. Calculation of Purchase and sales Price
Purchase Price = Purchases goods – Trade Discount
Purchase Price = 50,000 – 15% = Rs.42,500
Sales Price = Goods Sold + Profit – trade discount
Sales Price = 42,500 + 25% – 10% = Rs.47,812.50

Question 4.
Journalise the following transactions in the books of Bhushan Agencies:
(i) Received from Bharat cash ₹ 20,000, allowed him discount of ₹ 500.
(ii) Received from Vikas ₹ 35,000 by cheque, allowed him discount of ₹ 750.
(iii) Received from Akhil ₹ 38,000 in settlement of his dues of ₹ 40,000 in cash.
(iv) Received from Amrit ₹ 50,000 by cheque on account against dues of ₹ 60,000.
(v) Paid cash ₹ 40,000 to suresh, availed discount of 2%.
(vi) Paid by cheque ₹ 25,000 to Mehar and settled her dues of ₹ 26,000.
(vii) Paid ₹ 25,000 to Yogesh by cheque on account.
(viii) Purchased goods costing ₹ 1,00,000 against cheque and availed discount of 3%.
(ix) Purchased goods costing ₹ 60,000 from Akash & Co., paid 50% immediately availing 3% discount.
(x) Sold goods of ₹ 30,000 against cheque allowing 2% discount.
(xi) Sold goods of ₹ 60,000 to Vimal received 50% of due amount allowing 2% discount.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 10
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal Q4.1

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 5.
Journalise the following transactions:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal Q5
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 11

Question 6.
Journalise the following entries:
(i) Goods worth ₹ 500 given as charity.
(ii) Sold goods to Mayank of ₹ 1,00,000, payable 25% by cheque at the time of sale and balance after 30 days of sale.
(iii) Received ₹ 975 from Harikrishna in full settlement of his account for 1,000.
(iv) Received a first and final dividend of 60 paise in a rupee from the Official Receiver of Rajan, who owed us ₹ 1,000.
(v) Charged depreciation on plant ₹ 1,000.
(vi) Charge interest on Drawings ₹ 1,500.
(vii) Sold goods costing ₹ 40,000 to Anil for cash at a profit of 25% on cost less 20% trade discount and charged 8% Value Added Tax and paid cartage ₹ 100, which is not to be charged from customer.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 12

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 7.
Journalise the following transaction:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 13
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 14

Question 8.
With Goods and Services Tax (GST)
Journalise the following transactions of Singh Enterprises, Delhi:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 15
CGST and SGST @ 6% each is levied on Intra-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 16
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 17

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 9.
Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh):
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 18
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @12% on inter-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 19
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 20

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 10.
Journalise the following transactions of Ram Delhi:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 21
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @12% on inter-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 22
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 23

Question 11.
Following transactions of Ramesh Delhi for April, 2018 are given below. Journalise them.
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 24
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @12% on inter-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 25
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 26
Note: In transaction dated Apr 28, there is a misprint in the book. The payment of Rs 2,150 is made to Atul and not Shyam.

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 12.
Journalise the following transactions of Satish, Noida (UP):
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 27
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 28
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 29
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 30

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 13.
Following are the transactions of R.Singh & Co., Kanpur (UP) for the month of July, 2017. You are required to Journalise them:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 31
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 32
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 33
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 34

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 14.
Record the following transactions in the Journal of Ashoka Furniture Traders, Ludhiana (Punjab):
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 35
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 36
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 37
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 38

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal
*Some Error in Question. Amount specified is more than actual amount due.

Question 15.
Enter the following transactions in the Journal of Suresh who trades in ready-made garments:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 39
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 40
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 41
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 42
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 43
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 44

Question 16.
M/s. Auto Aid, Delhi purchased 500 pieces of car horns @ ₹ 200 each less 10% Trade Discount plus IGST @ 12% from M/s Auto Horns, Chandigarh. What is the invoice value?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 45
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 46

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 17.
M/s. Vaish Traders, Delhi purchased 500 Parker Pens @ ₹ 200 each less Trade Discount @ 15% from Luxor Pens Ltd., Delhi. CGST and SGST was levied @ 6% each. Further, Cash Discount was allowed @ 5% as the payment was made within specified time. What will be the amount of trade discount and cash discount ?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 47
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 48

Question 18.
On 1st April, 2018, the position of Rahman was as follows: Cash-in-Hand ₹ 11,200; Cash at Bank ₹ 2,57,600; Bills Receivable ₹ 68,000; Jai Ram (Dr.) ₹ 16,000; Ram Kumar (Dr.) ₹ 48,080; Office Furniture ₹ 52,800; Stock-in-Trade ₹ 4,16,000; Doulat Ram (Cr.) ₹ 1,74,720, Hari Ram (Cr.) ₹ 2,16,960; Bills Payable ₹ 80,000. What was the amount of capital of Rahman on that date? Show the Journal entry to Open his books.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 49

Question 19.
On 1st April, 2018, the position of Tendulkar was as follows: Stock-in-Hand ₹ 2,88,000; Bills Payable ₹ 48,000; Cash at Bank ₹ 2,16,000; Plant and Machinery ₹ 1,20,000; Owing by debtors ₹ 60,000; Owing to creditors ₹ 96,000; Investment ₹ 2,40,000; Loan from S.K. Garg ₹ 1,80,000. What was the amount of Tendulkar’s capital on the date? Show an opening Journal entry.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 50

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 20.
M/s. Auto Help, Delhi purchased 500 pieces of motor cycle horns at ₹ 100 each plus IGST @ 12% from M/s G.S., Auto, Ghaziabad, (UP). Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days. M/s. Auto Help made the payment after 30 days. Determine the amount of Trade Discount and Cash Discount.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 51
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 52

Question 21.
Name the accounts to be credited along with the amount for payment to Ajay of ₹ 4,800 by cheque in full settlement of ₹ 5,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 53

Question 22.
Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 54

Question 23.
Pass Journal entry for purchase of goods by Amrit, Delhi from Ayur Products, Agra, (UP) for ₹ 25,000 less Trade Discount @ 15% plus IGST @ 12%.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 55

Question 24.
Pass Journal entry for purchase of goods by Amrit, Delhi from Add Gel Pens, Delhi for ₹ 15,000 less Trade Discount 10% and Cash Discount 3% CGST and SGST is levied @ 6% each. Assume payment is made at the time of purchase.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 56

Question 25.
Mittal Cycles purchased 100 cycles from Hero Cycles, Ludhina (Punjab) @ ₹ 1,200 per cycle plus IGST @ 12%. Hero Cycles allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Cycles received 10 cycles damaged during transit, which it returned. Mittal Cycles settled the payment in 10 days time.
​Pass Journal entries for the above transactions.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 57

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 26.
Oswal Woollen Mills, Amritsar (Punjab) sold shawls to Gupta Shawls, Jaipur as per details: Sold 100 shawls @ ₹ 200 per shawl on 4th January, 2018, IGST is levied @ 12%. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Gupta Shawls sent 50% of the payment on 14th January, 2018 and balance payment on 10th February,2018. Pass Journal entries.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 58

Question 27.
Journalise the following transactions in the books of Ashok:
(i) Received ₹ 11,700 from Hari Krishan in full settlement of his account for ₹ 12,000.
(ii) Received ₹ 11,700 from Shyam on his account fro ₹ 12,000.
(iii) Received a first and final divident of 70 paise in the rupee from the official receiver of Rajagopal who owed us ₹ 7,000.
(iv) Paid ₹ 2,880 to A.K. Mandal in full settlement of his account for ₹ 3,000.
(v) Paid ₹ 2,880 to S.K. Gupta on his account for ₹ 3,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 59

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 28.
Journalise the following transactions:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 60
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal - 61
Note for Apr 17:
Cheque of Rs 2,940 dishonoured. Bank charged Rs 10 (to be recovered from Shiv and Co.). Total due from Shiv and Co. Rs 2,950. New cheque received for Rs 3,000, so interest charged should be Rs 50 (not Rs 40, as given in the book).

Question 29.
Journalise the following in the books of Amit Saini, Gurugram (Haryana):
(i) Goods of ₹ 5,000 were used by him for domestic purpose.
(ii) ₹ 2,000 due from Sohan became bad debts.
(iii) Goods of ₹ 6,000 were destroyed by fire and were not insured.
(iv) Paid ₹ 4,000 in cash as wages on installation of machine. GST is not to be levied.
(v) Sold goods to Arjun of Delhi of list price ₹ 20,000. Trade discount @ 10% and cash discount of 5% was allowed.
He paid the amount on the same day and availed the cash discount.
(vi) Received cash for a bad debt written off last year ₹ 2,000.
(vii) Goods of ₹ 1,000 given as charity.
(viii) Received ₹ 9,750 from Ramesh in full settlement of his account of ₹ 10,000.
(ix) Paid rent in advance ₹ 4,000.
​CGST and SGST is to be levied on intra-state sale @ 6% each and IGST @ 12% on inter-state sale.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 61
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 62

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 30.
Journalise the following transactions in the books of Mohan Singh, Delhi:
(i) Raj of Alwar, Rajasthan who owed Mohan Singh ₹ 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.
(ii) Mohan Singh owes to his landlord ₹ 10,000 as rent.
(iii) Charge depreciation of 10% on furniture costing ₹ 50,000.
(iv) Salaries due to employees ₹ 20,000.
(v) Sold to Sunil goods in cash of ₹ 10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of ₹ 8,500.
(vi) Provided interest on capital of ₹ 1,00,000 @ 10% per annum.
(vii) Goods lost in theft – ₹ 5,000, which were purchased paying IGST @ 12% from Alwar, Rajasthan.
Hint:
(vii) Loss of Stock by Theft A/c – ₹ 5,600
To Purchase A/c – ₹ 5,000
To Input IGST A/c – ₹ 600
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 63

Question 31.
Pass Journal entries in the books of Puneet, Delhi for the following:
(i) Received an order from Karan & Co. for supply of goods of ₹ 50,000.
(ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance.
(iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000.
(iv) Sold goods to Bharat, Kaithal (Haryana) of ₹ 10,000 plus IGST @ 12% out of which 1/5th were returned being defective.
(v) Cheque of ₹ 20,000 issued by Feroz was dishonoured.
(vi) Received 40 paise in a rupee from Feroz against the above dues.
(vii) Received a cheque of ₹ 25,000 from Mohan after banking hours.
(viii) Purchased goods from Barun of Chandigarh of ₹ 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at ₹ 22,400, including IGST @ 12%.
(ix) Arun returned goods of ₹ 6,720, including IGST which were returned to Barun.
(x) ABC & Co. purchased 10 TV sets @ 20,000 per set and paid IGST @ 12%. It sold all the sets @ 25,000 per set plus CGST and SGST @ 6% each.
(xi) Paid insurance of ₹ 12,000 plus CGST and SGST @ 6% each for a period of one year.
(xii) Sold personal car for ₹ 1,00,000 and invested the amount in the firm.
(xiii) Goods costing ₹ 1,00,000 were destroyed in fire. Insurance company admitted the claim for ₹ 75,000. These goods were purchased within Delhi.
(xiv) Purchased machinery for ₹ 56,000 including IGST of ₹ 6,000 and paid cartage thereon ₹ 5,000 and installation charges ₹10,000.
(xv) Goods costing ₹ 40,000 sold to Mr. X at a profit of 20% on sales less 10% Trade Discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount.
(xvi) Purchased machinery from New Machinery House for ₹ 50,000 and paid it by means of a bank draft purchased from bank. Paid charges ₹ 500.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 64
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 65
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 66

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 32.
D.Chadha commenced business on 1st January, 2017. His transactions for the month are given below. Journalise them.
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 67
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 68
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 69
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 70
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 71

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 33.
Record the following transactions in the Journal of Ashoka Furniture Traders:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 72
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 73
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 74

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 34.
Journalise the following transactions in the books of Manoj Store:
(i) Purchased goods from Ramesh ₹ 20,000 less Trade Discount at 20% plus IGST @ 12%.
(ii) Sold goods costing ₹ 7,000 to Krishna for ₹ 9,000 plus IGST @ 12%.
(iii) Sold goods for ₹ 10,000 and charged IGST @ 12% against cheque.
(iv) ₹ 5,000 were deposited into Saving Account.
(v) Machinery costing ₹ 4,00,000 for which order was placed earlier paying advance of ₹ 40,000. The balance payment was paid as follows:
(a) An old machine (personal) valued at ₹ 30,000 was given in exchange;
(b) Issued a cheque from his savings account for ₹ 1,30,000; and
(c) Balance by issue cheque from firm’s bank account.
(vi) Paid in cash wages ₹ 2,500 for installation of machine.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 75
Note: An old personal machinery in exchange of Rs.30,000 and bank transaction of Rs.1,30,000 from Saving account will increasing the Capital account of proprietor.

TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal

Question 35.
Pass the Opening Entry from the following Balance Sheet as at 31st March, 2018 of Vikas:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 76
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal image - 77
* Capital Account is tally amount of Balancing Figure.

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TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher

TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 4. This solution contains questions, answers, images, explanations of the complete Chapter 4 titled Origin of Transactions Source Documents and Preparation of Voucher of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher in one place.

TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher

Question 1.
The following transactions took place in M/s. Goodluck Computers. Prepare the Accounting Vouchers:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 1
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 2
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 3
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 4

 

Question 2.
Prepare the Accounting Vouchers for the following transactions:​
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 5
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 6
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 7
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 8
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 9

 

Question 3.
Prepare the Vouchers to be recorded in the books of M/s. Computer Aids:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 10
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 11
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 12

 

Question 4.
Prepare the Vouchers to be recorded in the books of M/s. Elegant Furnitures, New Delhi:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 13
Tranactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 14
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 15

Question 5.
Prepare the Vouchers:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 16
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 17
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 18

 

Question 6.
Prepare the Transfer Vouchers from the books of Mangla Agencies, Faridabad, Haryana from the Source Vouchers:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 19
Solution:
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 20
TS-Grewal-Accountancy-Class-11-Solutions-Chapter-4-Origin-of-Transactions-Source-Documents-and-Preparation-of-Voucher image - 21

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TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 3. This solution contains questions, answers, images, explanations of the complete Chapter 3 titled Accounting Procedures Rules of Debit and Credit of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 3 Accounting Procedures Rules of Debit and Credit. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 3 Accounting Procedures Rules of Debit and Credit in one place.

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 1.
Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts:
(i) Land and Building
(ii) Excise Duty
(iii) Creditors
(iv) Capital
(v) Motor Vehicles
(vi) Goodwill
(vii) Investments
(viii) Salary
(ix) Debtors
(x) Bad Debts
(xi) Depreciation
(xii) Wages
(xiii) Repairs
(xiv) Ramesh, a debtor
(xv) Interest Received
(xvi) Bank Overdraft
(xvii) Purchase Returns
(xviii) Drawings
(xix) Freight
(xx) Return Inwards.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 1

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 2.
Clasify the follwoing into Assets, Liabilities, Capital, Expenses and Revenue:
(i) Land
(ii) Investments
(iii) Building
(iv) Interest Received
(v) Salary
(vi) Bank Overdraft
(vii) Debtors
(viii) Creditors
(ix) Bad Debts
(x) Capital
(xi) Depreciation
(xii) Motor Vehicles
(xiii) Freight
(xiv) Wages
(xv) Goodwill
(xvi) Repairs
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 2

Question 3.
Classify the following into assets, liabilities, capital, revenue, and expenses:
(i) Plant and Machinery
(ii) Bank Loan
(iii) Sales
(iv) Rent
(v) Discount Received
(vi) Carriage Inwards
(vii) Carriage outwards
(viii) Purchases
(ix) Bills Payable
(x) Wages
(xi) Advance Income
(xii) Accrued Income
(xiii) Goodwill
(xiv) Furniture and Fixtures
(xv) Outstanding Expenses
(xvi) Capital
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 3

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 4.
On which side will the increase in the following accounts be recorded ? Also, state the nature of the account:
(i) Furniture A/c
(ii) Mohan (proprietor)
(iii) Salary A/c
(iv) Purchases A/c
(v) Sales A/c
(vi) Interest Paid A/c
(vii) Sohan (Creditor)
(viii) Ram (Debtor)
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 4

Question 5.
On which side will the decrease in the following accounts be recorded ? Also, state the nature of the account:
(i) Cash
(ii) Bank Overdraft
(iii) Outstanding salary paid
(iv) Outstanding Rent
(v) Prepaid Insurance
(vi) Mohan, Proprietor of the business
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 5
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 6

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 6.
From the following Transactions, state the nature of account and state which account will be debited and which account credited:
(i) Manu started business with cash – ₹ 1,00,000
(ii) He purchased furniture for business – ₹ 20,000
(iii) Purchase goods on credit from Anshul – ₹ 6,000
(iv) Paid to his creditor, Anshul – ₹ 2,000
(v) Paid salary to his clerk – ₹ 1,000
(vi) Paid Rent – ₹ 500
(vii) Received Interest – ₹ 200
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 7

Question 7.
Analyse the following transactions, state the nature of accounts and state which account will be debited and which account credited:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 8
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 9

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 8.
Open a ‘T’ shape account for machinery and put the following transactions on the proper side:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 10
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 10

Question 9.
Open a ‘T’ shape Cash Account. Put the following transactions on the proper side and balance the account:
(i) Mohan started business with cash – ₹ 40,000
(ii) Purchased Goods – ₹ 20,000
(iii) Sold Goods – ₹ 24,000
(iv) Paid Rent – ₹ 400
(v) Paid salaries – ₹ 600
(vi) Drew for personal use – ₹ 1,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 12

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 10.
Open a ‘T’ shape account of creditor, Rakesh and write the following transactions on the proper side:
(i) Goods purchased from Rakesh on credit – ₹ 50,000
(ii) Goods returned to Rakesh for – ₹ 5,000
(iii) Paid to Rakesh – ₹ 20,000
(iv) Purchase goods from Rakesh on credit – ₹ 10,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 13

Question 11.
Open a ‘T’ shape account of debtor ‘Brij’ and write the following transactions on the proper side:
(i) Sold goods to Brij on credit – ₹ 25,000
(ii) Cash received from Brij – ₹ 10,000
Discount allowed to him – ₹ 500
(iii) Goods returned by Brij – ₹ 5,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 14

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 12.
Put the following on the proper side of a Cash Account, a Debtor’s Account and a Creditor’s Account:
(i) Sold goods to Sanjay on credit – ₹ 50,000
(ii) Sold goods to Mohan for cash – ₹ 20,000
(iii) Purchased goods from Ram on credit – ₹ 25,000
(iv) Cash received from Sanjay – ₹ 19,000
(v) Goods returned by Sanjay – ₹ 2,000
(vi) Paid rent – ₹ 500
(vii) Cash paid to Ram – ₹ 15,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 15

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 13.
From the following particulars, prepare the proprietor’s Capital Account:
1st April, 2017 – Commenced business with cash – ₹ 2,00,000
31st March, 2018 – Net Loss as per Profit and Loss Account – ₹ 18,000
31st March, 2018 – Drawings during the period – ₹ 15,000
Balance the same and explain what the closing balance indicates.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 16

Question 14.
From the following particulars, prepare the proprietor’s Capital Account:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 17
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit - 18

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TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation

TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 2. This solution contains questions, answers, images, explanations of the complete Chapter 2 titled Accounting Equation of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 2 Accounting Equation. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 2 Accounting Equation in one place.

TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation

Question 1.
What will be effect of the following on the Accounting Equation?
(i) Started business with cash ₹ 45,000
(ii) Opened a Bank Account with a deposit of ₹ 4,500
(iii) Bought goods from M/s. Sun & Co. for ₹ 11,200
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 1

Question 2.
Show the Accounting Equation for the following transactions:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 2
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 3

 

Question 3.
Show the effect of the following transactions on the Accounting Equation:
(i) Started business with cash ₹ 50,000.
(ii) Salaries paid ₹ 2,000.
(iii) Wages Outstanding ₹ 200.
(iv) Interest due but not paid ₹ 100.
(v) Rent paid in advance ₹ 150.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 4

Question 4.
What will be the effect of the following on the Accounting Equation?
(i) Harish started business with cash ₹ 18,000
(ii) Purchased goods for Cash ₹ 5,000 and on credit ₹ 2,000
(iii) Sold goods for cash ₹ 4,000 (costing ₹ 2,400)
(iv) Rent paid ₹ 1,000 and Rent Outstanding ₹ 200
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 5

 

Question 5.
Prepare Accounting Equation from the following:
(i) Started business with cash ₹ 1,00,000 and Goods ₹ 20,000.
(ii) Sold goods worth ₹ 10,000 for cash ₹ 12,000.
(iii) Purchased furniture on credit for ₹ 30,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 6

Question 6.
Prepare an Accounting Equation and Balance Sheet on the following basis:
(i) Ajeet started business ₹ 20,000.
(ii) He purchased furniture for ₹ 2,000.
(iii) He paid rent of ₹ 200.
(iv) He purchase goods on credit ₹ 3,000.
(v) He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 7

 

Question 7.
Prepare an Accounting Equation from the following:
(i) Started business with cash ₹ 1,00,000.
(ii) Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.
(iii) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 8

Question 8.
Develop an Accounting Equation from the following transactions:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 9
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 10

 

Question 9.
Prepare an Accounting Equation on the basis of the following transactions:
(i) Started business with Cash ₹ 70,000
(ii) Credit purchase of goods ₹ 18,000
(iii) Payment made to creditor ₹ 17,500 in full settlement
(iv) Purchase of Machinery for Cash ₹ 20,000
(v) Depreciation on Machinery ₹ 2,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 11

Question 10.
Prove that the Accounting Equation is satisfied in all the following transactions of Suresh. Also prepare a Balance Sheet.
(i) Commenced business with cash ₹ 60,000.
(ii) Paid Rent in Advance ₹ 500.
(iii) Purchased goods for Cash ₹ 30,000 and Credit ₹ 20,000.
(iv) Sold goods for Cash ₹ 30,000 Costing ₹ 20,000.
(v) Paid Salary ₹ 500 and Salary Outstanding being ₹ 100.
(vi) Bought motorcycle for personal use ₹ 5,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 12

 

Question 11.
Show the effect of the following transactions on assets, liabilities and capital using the Accounting Equation. Also prepare a Balance Sheet:
(i) Started business with Cash ₹ 60,000
(ii) Rent Received ₹ 2,000
(iii) Accrued Interest ₹ 500
(iv) Commission received in advance ₹ 1,000
(v) Amount withdrawn ₹ 5,000
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 13

Question 12.
Prove that the Accounting Equation is satisfied in all the following transactions of Sameer Goel:
(i) Started business with cash ₹ 10,000.
(ii) Paid rent in Advance ₹ 300.
(iii) Purchased goods for cash ₹ 5,000 and credit ₹ 2,000.
(iv) Sold goods for cash ₹ 8,000 costing ₹ 4,000.
(v) Paid salary ₹ 450 and salary outstanding being ₹100.
(vi) Bought motorcycle for personal use ₹ 3,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 14

 

Question 13.
Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet on the last new equation balance:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 15
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 16
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 17

 

Question 14.
Raghunath had the following transactions in an accounting year:
(i) Commenced business with cash ₹ 50,000.
(ii) Paid in to bank ₹ 10,000.
(iii) Purchased goods for Cash ₹ 20,000 and Credit ₹30,000.
(iv) Sold goods for Cash ₹ 40,000 Costing ₹ 30,000.
(v) Rent paid ₹ 500.
(vi) Rent Outstanding ₹ 100.
(vii) Bought furniture ₹5,000 on credit.
(viii) Bought refrigerator for personal use ₹ 5,000.
(ix) Purchased motorcycle for cash ₹ 20,000.
Create an Accounting Equations to show the effect of the above transaction on his assets, liabilities and capital and also show his final Balance Sheet.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 18
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 19

 

Question 15.
Prepare an Accounting Equation from the following :
(i) Started business with cash ₹ 50,000 and goods ₹ 30,000.
(ii) Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.
(iii) Goods costing ₹ 40,000 were Sold for ₹ 55,000.
(iv) Withdrew cash for personal use ₹ 10,000.
(v) Rent outstanding ₹ 2,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 20

Question 16.
Show an Accounting Equation for the following transactions:
(i) D. Mahapatra commenced business with cash of ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.
(ii) 1/3 rd of above goods sold at a profit of 10% on cost, and half of the payment is received in cash.
(iii) Depreciation on machinery provided @ 10%.
(iv) Cash withdrawn for personal use ₹ 10,000.
(v) Interest on drawings charged @ 5%.
(vi) Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months.
(vii) Received ₹ 10,000 from Gupta against the Bill Receivable on its maturity.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 21
Working Note:
Rs.60,000 × 1/3 = Rs.20,000 × 110% = Rs.22,000
Half received in Cash = Rs.11,000

 

Question 17.
Prepare Accounting Equation from the following:
(a) Started business with cash ₹ 1,00,000.
(b) Purchase goods for cash ₹ 20,000 and on credit ₹ 30,000.
(c) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.
(d) Paid salaries ₹ 8,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 22.

Question 18.
Show the accounting equation on the basis of following transactions:
(a) Ram started business with ₹ 25,000.
(b) Purchased goods from Shyam ₹ 10,000.
(c) Sold goods to Sohan costing ₹ 1,500 for ₹ 1,800.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 23

Question 19.
If the capital of a business is ₹ 3,00,000 and liabilities are ₹ 50,000, loss ₹ 70,000, calculate the total assets of the business.
Solution:
Total Assets = Capital – Loss + Liabilities = Rs.3,00,000 – Rs.70,000 + Rs.50,000 = Rs.2,80,000
Total Assets of the business is Rs.2,80,000

Question 20.
If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors.
Solution:
Creditors = Total Assets – Net worth = Rs.1,30,000 – Rs.80,000 = Rs.50,000
Creditors is Rs.50,000.

 

Question 21.
A commenced his cloth business on 1st April, 2017 with a capital of ₹ 30,000. On 31st March 2018, his assets were worth ₹ 50,000 and liabilities of ₹ 10,000. Find out his closing capital and profits earned during the year.
Solution:
Closing Capital = Assets – Liabilities = Rs.50,000 – Rs.10,000 = Rs.40,000
Profit = Closing Capital – Opening Capital = Rs.40,000 – Rs.30,000 = Rs.10,000

Question 22.
If capital of a business is ₹ 1,40,000 and liabilities are of ₹ 80,000, calculate the total assets of the business.
Solution:
Total Assets = Liabilities + Capital = Rs.80,000 + Rs.1,40,000 = Rs.2,20,000
Total Assets of the business is Rs.2,20,000

Question 23.
Calculate the total assets if:
(i) Capital is ₹ 40,000.
(ii) Creditors are ₹ 25,000.
(iii) Revenue during the period is ₹ 50,000.
(iv) Expenses during the period are ₹ 40,000.
Solution:
Capital after Adjustments = Capital + Revenue – Expenses = Rs.40,000 + Rs.50,000 – Rs.40,000 = Rs.50,000
Total Assets = Capital after adjustment + Creditors = Rs.50,000 + Rs.25,000 = Rs.75,000

Question 24.
(a) A had a capital of ₹ 75,000 on 1st April, 2017. He had also goods amounting to ₹ 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.
(b) After a period of one month, he came to know that he had suffered a loss of ₹ 1,700. He withdrew ₹ 800 for his personal use. Find out his capital and assets of the business.
Solution:
a. Total Assets = Capital + Creditors = Rs. 75,000 + Rs. 15,000 = Rs. 90,000
b. Revised Capital = Capital – Loss – Drawings = Rs. 75,000 – Rs. 1,700 – Rs. 800
i. Revised Capital = Rs. 72,500
Assets = Revised Capital + Creditors = Rs. 72,500 + Rs. 15,000
ii. Assets = Rs. 87, 500

Question 25.
(a) Mohan started a business on 1st April, 2017 with a capital of ₹ 10,000 and borrowed ₹ 3,000 form a friend. He earned a profit of ₹ 5,000 during the year ended 31st March, 2018 and withdrew cash ₹ 4,000 for private use. What is his capital on 31st March, 2018 ?
(b) Mahesh started a business with a capital of ₹ 15,000 on 1st April, 2017. During the year, he made a profit of ₹ 3,000. He owes ₹ 2,500 to suppliers of goods. What is the total of assets in his business on 31st March, 2018 ?
Solution:
Mohan Started the Business
a. Capital on 31st March 2018 = Capital on April 01,2017 + Profit – Drawings
= Rs.10,000 + Rs.5,000 – Rs.4,000 = Rs.11,000
Mahesh Started the Business
b. Total Assets on 31st March 2018 = Capital on April 01, 2017 + Profit + Creditors
= Rs.15,000 + Rs.3,000 + Rs.2,500 = Rs.20,500

 

Question 26.
Mohan started a business on 1st April, 2017 with a capital of ₹ 25,000 and a loan of ₹ 12,500 borrowed from Shyam. During 2017-18 he had introduced additional capital of ₹ 12,500 and had withdrawn ₹ 7,500 for personal use. On 31st March, 2018 his assets were ₹ 75,000. Find out his capital as on 31st March, 2018 and profit made or loss incurred during the year 2017-18.
Solution:
Mohan Started the Business
Capital on 31st March 2018 = Assets – Loan from Shyam = Rs.75,000 – Rs.12,500 = Rs.62,500
Profit (or Loss) during the year 2017 – 18 = Capital on March 31, 2018 + Drawings – (Capital on April 01,2017 + Additional Capital)
= Rs. 62,500 + Rs. 7,500 – (Rs. 25,000 + Rs. 12,500) = Rs.70,000 – Rs.37,500 = Rs.32,500

Question 27.
On 31st March, 2018, the total assets and external liabilities were ₹ 2,00,000 and ₹ 6,000 respectively. During the year, the proprietor had introduced capital of ₹ 20,000 and withdrawn ₹ 12,000 for personal use. He made a profit of ₹ 20,000 during the year. Calculate the capital as on 1st April, 2017.
Solution:
Capital on 31st March 2018 = Total Assets – External Liabilities = Rs. 2,00,000 – Rs. 6,000 = Rs. 1,94,000
Capital on 01st April 2017 = Capital on March 31, 2018 – Additional Capital + Drawings – Profit
= Rs. 1,94,000 – Rs. 20,000 + Rs. 12,000 – Rs. 20,000 = Rs. 1,66,000

Question 28.
Show an Accounting Equation on the basis of the following transactions:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 24
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 25
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 26

 

Question 29.
Draw an Accounting Equation on the basis of the following transactions:
​(i) Commenced business with cash ₹ 50,000, cheque ₹ 1,00,000, goods ₹ 30,000 and furniture ₹ 20,000.
(ii) Car, personal asset of the proprietor, was sold for ₹ 1,00,000 against cheque which he deposited in his Savings Account.
(iii) An amount of ₹ 50,000 was transferred from his Savings Account to the firm’s Bank Account.
(iv) A new car was purchased for ₹ 6,00,000 for office use. It was paid by taking loan from Bank of ₹ 5,00,000 and balance by issue of cheque from firm’s Bank Account.
(v) Sold goods to Ajay on credit costing ₹ 4,000 for ₹ 5,000.
(vi) Sold goods for cash costing ₹ 12,000 for ₹ 16,000.
(vii) Purchased good for cash ₹ 40,000.
(viii) Purchased goods on credit for ₹ 20,000.
(ix) Paid rent ₹ 3,000 including ₹ 2,000 in advance.
(x) Paid salaries ₹ 2,000.
(xi) Sold goods costing ₹ 8,000 for ₹ 10,000.
(xii) Salaries outstanding ₹ 1,000.
(xiii) Charge depreciation on furniture ₹ 500.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 27
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 28
TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation - 29
Note: In transaction (ii), there is not impact on the Accounting Equation, therefore it is not shown in the above statement.

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TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 1. This solution contains questions, answers, images, explanations of the complete chapter 1 titled Introduction Of Accounting of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across chapter 1 Basic Accounting Terms. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 1 Basic Accounting Terms in one place.

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms

Question 1.
Mr. Gopal started business for buying and selling of readymade garments with ₹ 8,00,000 as an initial investments. Out of this he paid ₹ 4,00,000 for the purchase of garments and ₹ 50,000 for furniture and ₹ 50,000 for computers and the remaining amount was deposited into the bank. He sold some of the ladies and kids garments for ₹ 3,00,000 for cash and some garments for ₹ 1,50,000 on credit to Mr. Rajesh.

Subsequently, he bought men’s garments of ₹ 2,00,000 from Mr.Satish. In the first week of the next month, a fire broke out in his office and stock of garments worth ₹ 1,00,000 was destroyed. Later on, some garments which cost ₹ 1,20,000 were sold for ₹ 1,30,000. Expenses paid during the same period were ₹ 15,000. Mr. Gopal withdrew ₹ 20,000 from business for his domestic use.
From the above, answer the following:
(i) What is the amount of capital with which Mr. Gopal started the business ?
(ii) What fixed assets did he buy?
(iii) What is the value of goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) Who is the debtor and what is the amount receivable from him?
(vi) What is the total amount of expenses?
(vii) What is the amount of drawings of Mr. Gopal?
Solution:
(i) Initial capital introduced by Mr. Gopal for starting the business of “Readymade Garments” is Rs.8,00,000.
(ii) He purchased two Fixed Assets i.e., Furniture and Computer. Therefore,
Total Fixed Assets bought by him = Furniture + Computer = Rs.50,000 + Rs.50,000 = Rs.1,00,000
(iii) Value of the goods purchased by Mr. Gopal (Proprietor) = Purchase of Garments + Purchase of Men’s Garments
= 4,00,000 + 2,00,000 = Rs.6,00,000

(iv) The creditor of the business is Mr. Satish with Rs.2,00,000 being payable to him.
(v) The debtor of the business is Mr. Rajesh with Rs.1,50,000 being the amount to be received from him.
(vi) Total amount of expenses is Rs.15,000. (note)
(vii) The amount of drawings of Mr. Gopal is Rs.20,000.
Note: As per this Question correct answer is (vi) Total amount of expenses is Rs.15,000. While, according to the book solution is (vi) Total amount of expenses is Rs.6,15,000.

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TS Grewal Solutions Class 11