Edaccountancy

Class 11 Chapter 3 - Journal Entry Solution     Class 11 Chapter 4 - Ledger Accounts   Class 11 Chapter 5 - Subsidiary Book Solution   Class 11 Chapter 6 - Bank Reconciliation Statement     Class 11 Chapter 7 - Depreciation       Class 11 Chapter 8 - Rectification of Errors Solution in Accounting Journal Entry   Class 11 Chapter 9 - Final Account of Proprietary Concern         Maharashtra board Class 11th chapter 3 Journal Entry Solutions

Accounting refers to the entire body of the theory and the process of accounting. It is the process of Practice of recording, classifying and reporting of business transactions for a Business. For better understanding of accounting, it is necessary to learn meaning of certain basic terms used in accounting.  Accounting is very vast system which we all use in our Daily life. Let take an example for better understand. We all go to Malls, Supermarkets, Big Bazar, etc. There we purchase vegetable, clothes and any other thing which we required. The time we purchase the thing that time seller give an Invoice also know as Bill. That is a proof that we buy a goods from the seller but, for the seller the invoice is a entry of Sale of goods. Now, we move to see the Accounting Terms.  Basic Accounting Terminologies. 1. Transactions . As we Buy a goods from the seller. We did the exchange of goods or Service between two persons or parties for money or money`s wort

1) Bank charges ₹22,000 2) Interest (Cr.) ₹16,000 3) Sundry expenses ₹42,000      4) Insurance ₹35,000 5) Salaries ₹40,000 6) Rates and Taxes ₹13,000 7) Postages ₹8,000 8) Advertisement ₹40,000 9) Rent paid ₹32,000 10) Bad debts ₹10,000 11) Commission (Cr.) ₹17,500 12) Printing & Stationery ₹21,000 13) Loss by fire ₹18,000 14) Discount (Dr.) ₹23,000 15) Discount (Cr.) ₹37,000 16) Misc. Income ₹14,000 17) Depreciation ₹34,000 18) Carriage Outwards ₹60,000 19) Godown Expenses ₹40,000 Note： Gross Profit ₹4,07,500

1. A credit sales of goods to Sanjay ₹3,000/- has been wrongly passed through the ‘ Purchase Book ’. 2. A credit purchase of goods from Sheetal amounting to ₹2,000/- has been wrongly passed through the ‘Sales Book’. 3. A return of goods worth 4500/- to Umesh waspassed through the ‘Sales Return Book’. 4. A return of goods worth ₹900/- by Ganesh were entered in ‘ Purchase  Return Book’. 5. Credit  Purchase from Neha ₹10,000/- were recoreded as ₹11,000/-

1. Machinery purchased for ₹9,000/- has been debited to Purchase Account. 2. ₹15,000/- paid to Indus Company for Machinery purchased stand debited to Indus Company Account. 3. Printer Purchased for ₹10,000/- was wrongly passed through Purchase Book. 4. ₹800/- paid to Mohan as Legal Charges was debited to his personal account. 5. Cash paid to Ramesh ₹500/- was debited to Suresh.

Particulars    Debit    Amount (₹)   Credit   Amount (₹)   Opening Stock   41,000     Purchases   59,000     Purchases Returns     7,000   Sales Returns   1,600     Sales     1,03,000   Wages   3,400     Carriage Inward   1,000     Royalty   4,000     Total   1,10,000   1,10,000       Closing Stock ₹ 40,000   Solution ：     In the Books of Jayashri Traders for the year ended 31st March 2019. T rading Account  Particulars   Amount       ( ₹)   Amount          ( ₹)   Particulars   Amount            ( ₹)   Amount          ( ₹)   To Opening Stock     41,000   By Sales   (-) Sales Return   1,03,000   ( 1,600 )     1,01,400   To Purchase   (-) Purchase Return   59,000   ( 7,000 )     52,000         To Wages      3,400         To Carriage inward     1,000         To Royalty     4,000   By Closing Stock     40,000   To Gross Profit     40,000             1,41,400       1,41,400   Explanation ： 1) Opening Stock Opening Stock is a number of goods in the organization. Opening Stock is always com