Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

TS Grewal Solutions - Class 11 Accountancy

Created by: Nipun Tuteja

Commerce : Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

The document Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev is a part of the Commerce Course TS Grewal Solutions - Class 11 Accountancy.
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Page No 6.16:

Ques1: Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts: (i) Land and Building (vii) Investments (xiv) Ramesh, a debtor (ii) Excise Duty (viii) Salary (xv) Interest Received (iii) Creditors (ix) Debtors (xvi) Bank Overdraft (iv) Capital (x) Bad Debts (xvii) Purchase Returns (v) Motor Vehicles (xi) Depreciation (xviii) Drawings (vi) Goodwill (xii) Wages (xix) Freight (xiii) Repairs (xx) Return Inwards.
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Page No 6.16:

Ques2:Classify the following into Assets, Liabilities, Capital, Expenses and Revenue:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Ans:

Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Page No 6.17:

Ques3: Classify the following into Assets, Liabilities, Capital, Revenue, and Expenses:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Ques4: 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) 


Answer:Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Ques5: 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 


Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Ques6: From the following transactions, state the nature of account and state which account will be debited and which account credited:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

Ques7: Open a 'T' shape account for machinery and put the following transactions on the proper side:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Ans: Machinery(Asset) Account
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Page No 6.18:

Question 8: Open a 'T' shape Cash Account with the following transactions:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Question 9: Open a 'T' shape account of creditor, 'Rakesh', and write the following transactions on the proper side:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Question 10: Open a 'T' shape account of debtor 'Brij' and write the following transactions on the proper side:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Page No 6.18:


Ques 11: Put the following on the proper side of a Cash Account, a Debtor's Account and a Creditor's Account:

Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Ques 12:From the following particulars, prepare the proprietor's Capital Account: 
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev
Balance the same and explain what the closing balance indicates.
Ans :
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev


Ques13: From the following particulars, prepare the proprietor's Capital Account:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev 
Ans:
Accounting Procedures- Rules of Debit and Credit Commerce Notes | EduRev

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