TS Grewal Solutions 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 13
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

Also Check: Class 11 Accountancy Syllabus

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

Q.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.

The account classification is made as follows

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit

Q.2 Classify the following 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

The classification is made as follows

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -1

Q.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

The classification is made as follows

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -2

Q4. 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)

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -3

Q.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

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit - 4

Q.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

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit- 5

Q.7 Open a ‘T’ shape account for machinery and put the following transactions on the proper side:

 

 

(i)

 Machinery purchased

40,000

(ii)

 Machinery sold

10,000

(iii)

 Machinery purchased

8,000

(iv)

 Machinery discarded

14,000

(v)

 Depreciation on machinery

1,000

 

 

 

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -6

Q8. 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

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -7

Q.9 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

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -8

Q.10 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

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -9

Q.11 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

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -10

Q.12 From the following particulars, prepare the proprietor’s Capital Account:

1st April, 2018 − Commenced business with cash 2,00,000

31st March, 2019 − Net Loss as per Profit and Loss Account 18,000

31st March, 2019 − Drawings during the period 15,000

Balance the same and explain what the closing balance indicates.

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -11

Q.13 From the following particulars, prepare the proprietor’s Capital Account:

2013

 

April 1

Started business with

45,000

May 10 

Withdrew from business for personal use

10,000

July 15

Further Capital introduced

55,000

Nov. 30

Income tax paid

5,000

 2014

 

 

Mar. 31

Profit for the year

30,000

The solution for this question is as follows:

TS Grewal Accountancy 2019 Class 11 Solutions Chapter 3 Accounting Procedures Rules Of Debit And Credit -12

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