Commerce Exam > Commerce Notes > TS Grewal Solutions - Class 11 Accountancy > Special Purpose Books II- Other Books(Part-3)
Special Purpose Books II- Other Books(Part-3) | TS Grewal Solutions - Class 11 Accountancy - Commerce PDF Download
Page No 11.50:
Question 21: On 1st March, 2019, Shri Kailash Chand, Lucknow commenced business with cash ₹ 50,000. The following are his transactions for the month of March, 2019. Record them in proper books, post them to the Ledger and take out a Trial Balance:
Transactions marked with (*) are intra-state transactions subject to CGST and SGST @ 6% each.Transactions marked with (**) are inter-state transactions subject to IGST @ 12%.
ANSWER:
Page No 11.50:
Question 22: On 1st January, 2019, Ram of Kolkata commenced business with a capital of ₹ 50,000 and entered into following transactions:
Pass the following transactions through proper books to the Ledger. Take out a Trial Balance as on 31st January, 2019. The Cash Book must be balanced.
Transactions marked with (*) are intra-state transactions subject to CGST and SGST @ 6% each.
Transactions marked with (**) are inter-state transactions subject to IGST @ 12%.
ANSWER:
The document Special Purpose Books II- Other Books(Part-3) | TS Grewal Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course TS Grewal Solutions - Class 11 Accountancy.
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FAQs on Special Purpose Books II- Other Books(Part-3) - TS Grewal Solutions - Class 11 Accountancy - Commerce
| 1. What are special purpose books in commerce? |  |
Ans. Special purpose books in commerce are specific types of accounting books that are used to record and track certain types of financial transactions or activities. These books are designed to serve a particular purpose and provide detailed information for specific areas of business operations, such as cash flow, inventory management, or sales tracking.
| 2. Why are special purpose books important in commerce? | |
Ans. Special purpose books are important in commerce because they help businesses maintain accurate and up-to-date records in specific areas of their operations. These books provide detailed information that can be used for analysis, decision-making, and compliance with legal and regulatory requirements. They also help in identifying and resolving any discrepancies or issues that may arise in the respective areas they focus on.
| 3. What are some examples of special purpose books in commerce? | |
Ans. Some examples of special purpose books in commerce include cash book, purchase book, sales book, petty cash book, and journal. The cash book is used to record all cash transactions, while the purchase book and sales book are used to record all purchases and sales, respectively. The petty cash book is used to track small cash expenses, and the journal is used to record all non-routine transactions.
| 4. How do special purpose books differ from general purpose books in commerce? | |
Ans. Special purpose books in commerce are designed to serve a specific purpose and focus on recording and tracking specific types of financial transactions or activities. They provide detailed information in their respective areas of focus. On the other hand, general purpose books, such as the general ledger and trial balance, are used to record and summarize all financial transactions of a business. They provide a broader overview of the overall financial position and performance of the business.
| 5. What are the advantages of using special purpose books in commerce? | |
Ans. There are several advantages of using special purpose books in commerce. Firstly, they provide a systematic and organized way of recording and tracking specific financial transactions or activities, ensuring accuracy and reliability of the information. Secondly, they help in identifying and resolving any discrepancies or issues in their respective areas of focus. Thirdly, they provide detailed information that can be used for analysis, decision-making, and compliance purposes. Lastly, they enable businesses to maintain proper records as required by legal and regulatory authorities.
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