TS Grewal Solutions for Class 11Accountancy 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.
|Chapter Name||Accounting Procedures Rules of Debit and Credit|
|Number of questions solved||7|
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
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:
|(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|
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.
|(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|
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|
|Name of Account||Consequences od Increase||Traditional Approach|
|Bipin (proprietor)||Credit||Personal Account|
|Interest Paid||Debit||Nominal Account|
|Bigyan (Creditor)||Credit||Personal Account|
|Madan (Debtor)||Debit||Personal Account|
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|
|Dr.||Electric Goods (Asset) Account||Cr.|
|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|
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.|
|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|
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.
|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|
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.
|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|
|Dr.||Debtors Account (Deepa)||Cr.|
|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|
|Dr.||Creditor’s Account (Sushmita)||Cr.|
|To Cash A/C||8,000||By Purchase A/C||20,000|
|To balance c/d Balancing Fig.||12,000|
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