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:-
| 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 |
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.
Solution:
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
Solution:
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
Solution:
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)
Solution:
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
Solution:
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
Solution:
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 |
Solution:
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
Solution:
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
Solution:
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
Solution:
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
Solution:
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.
Solution:
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 |
Solution:
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