Class 11 Accountancy Chapter 3 - Accounting Procedures Rules of Debit and Credit

TS Grewal Solutions for Class 11 Accountancy Chapter 3:

TS Grewal Solutions for Class 11 Accountancy Chapter 3- Accounting Procedures Rules of Debit and Credit is a major concept to be considered by the students. Here, we have rendered in a simplistic and a step by step method, which is useful for the students.

Class 11 TS Grewal Solutions Accountancy Chapter 3:-Download PDF Here

Board CBSE
Class Class 11
Subject Accountancy
Chapter Chapter 3
Chapter Name Accounting Procedures Rules of Debit and Credit
Number of questions solved 7
Category TS Grewal

Chapter 3- Accounting Procedures Rules of Debit and Credit defines the below-mentioned concepts:

  • Debit and Credit in Accounting
  • Creditor’s & Debtor’s Account
  • Preparing Financial Statements
  • Asset Account
  • Personal, Real, Nominal Accounts

Ts Grewal Solutions for Class 11 Accountancy Chapter 3- Accounting Procedures Rules of Debit and Credit

QUESTION 1

Classify the following Assets, Liabilities, Capital, Revenue, and Expenses.

(i) Land (ii) Investment (iii) Building (iv) Interest Received (v) Salary (vi)Bank Overdraft (vii) Debtors (viii)Creditors (ix) Bad Debtors (x) Capital (xi) Depreciation (xii) Motor Vehicle (xiii) Freight (xiv) Wages (xv) Goodwill Solution:

Assets Liabilities Capital Revenue Expenses
(i) Land (ii) Investment (iii) Building (vii) Debtors (xii) Motor Vehicle (xv) Goodwill (vi)Bank Overdraft (ix) Bad Debtors (x) Capital (iv) Interest Received (v) Salary (ix) Bad Debtors (xi) Depreciation (xiii) Freight (xiv) Wages

QUESTION 2

Following accounts are maintained in the books of Mr. Bipin. 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 Return (xviii) Drawings (xix)Freight (xx) Return Inwards Solution.

Personal Real Nominal
(iii) Creditors (iv) Capital (ix)Debtors (ix)Debtors (xiv) Ramesh, a debtor (xvi) Bank Overdraft (xviii) Drawings (i) Land and Building (v) Motor Vehicles (vi) Goodwill (vii) Investments (ii) Excise Duty (viii) Salary (x) Bad Debts (xi) Depreciation (xii) Wages (xiii) Repairs (xv) Interest Received (xvii) Purchase Return (xix)Freight (xx) Return Inwards

QUESTION 3

In which account will the increase of the following be recorded? State the kind of the account. (i) Furniture A/C (ii) Bipin (Owner) (iii) Salary Account (iv) Purchase A/C (v) Sales Account (vi) Interest Paid Account (vii) Bigyan (Creditor) (viii) Madan (Debtor) Solution.

Name of Account Consequences od Increase Modern Approach
Furniture Debit Assets
Bipin (proprietor) Credit Capital
Salary Debit Expense
Purchase Debit Expense
Sales Credit Revenue
Interest Paid Debit Expense
Bigyan (Creditor) Credit Liabilities
Madan (Debtor) Debit Assets
Name of Account Consequences od Increase Traditional Approach
Furniture Debit Real Account
Bipin (proprietor) Credit Personal Account
Salary Debit Nominal Account
Purchase Debit Nominal Account
Sales Credit Nominal Account
Interest Paid Debit Nominal Account
Bigyan (Creditor) Credit Personal Account
Madan (Debtor) Debit Personal Account

QUESTION 4

Prepare a ‘T’ shape account for electrical goods and insert the below-mentioned transaction on the correct side.

1 2 3 4 5 Electric Goods Purchased Electric Goods Sold Electric Good Purchased Electric Good Discarded Depreciation on Electric Goods Rs. 60,000 20,000 7,000 16,000 2,000

Solution.

Dr. Electric Goods (Asset) Account Cr.
Sr.
No.
Particulars Rs Sr.
No.
Particulars Rs.
i To Bank A/C 60,000 ii By Bank A/C 20,000
ii To Bank A/C 7,000 iv By Bank A/C 16,000
v By Depreciation A/c 2,000
By Balance c/d (Balancing Fig.) 29,000
67,000 67,000

QUESTION 5

Prepare a ‘T’ shape account for Mukesh (creditor) and place the below-mentioned transaction on the correct side. (i) Goods purchased on credit from Mukesh – ₹60,000 (ii) Item was returned to Mukesh for ₹10,000 (iii) Paid to Mukesh ₹30,000 (iv) Goods purchased on credit from Mukesh – ₹20,000

Dr. Mukesh Account (Creditor) Cr.
Sr.
No.
Particulars Rs. Sr.
No.
Particulars Rs.
ii To purchase return A/C 10,000 i By Purchase A/C 60,000
iii To Cash A/C 30,000 iv By Purchase A/C 20,000
To Balance c/d (Balancing Fig.) 40,000 v
80,000 80,000

QUESTION 6

Prepare the owner’s capital account with the following particulars. (i) 2nd April 2017- Started business with cash ₹3,00,000 (ii) 30th March 2018 – Net loss according to profit and loss account ₹20,000 (iii) 30th March 2018 – Drawings during the period ₹13,000 Solution.

Dr. Capital Account Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
30th March To Profit & Loss A/C 20,000 2nd April By Cash A/C 3,00,000
30th March To Drawing A/C 13,000
30th March To Balance A/C 2,67,000
3,00,000 3,00,000

QUESTION 7

Prepare a cash account, debtor account, and creditor’s account. (i) Goods sold to Deepa on credit ₹60,000 (ii) Goods sold to Arvind for cash ₹30,000 (iii) Purchased goods from Sushmita on credit ₹20,000 (iv) Cash received from Deepa ₹22,000 (v) Good returned by Deepa ₹4,000 (vi) Paid rent ₹1,000 (vii) Cash paid to Sushmita ₹8,000 Solution.

Dr. Cash Account Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
To Sale A/C 30,000 By Rent A/C 1,000
To Deepa A/C 22,000 By Sushmita A/C 8,000
By balance c/d Balancing Fig. 43,000
52,000 52,000
Dr. Debtors Account (Deepa) Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
To Sale A/C 60,000 By Cash A/C 22,000
By Sales Return A/C 4,000
By balance c/d Balancing Fig. 34,000
60,000 60,000
Dr. Creditor’s Account (Sushmita) Cr.
Date
2018
Particulars Rs. Date
2017
Particulars Rs.
To Cash A/C 8,000 By Purchase A/C 20,000
To balance c/d Balancing Fig. 12,000
20,000 20,000

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