Financial Accounting Class 11

ASSIGNMENT # 14 JOURNALISE THE FOLLOWING TRANSACTIONS: REMEMBER THE STEPS TO JOURNALISE: 1 Purchased chairs from personal money and contributed to business Rs. 1,000. 2 Purchased Machinery of 1,00,000 for which 20 % advance was already given, balance paid by two cheques of equal amount one from savings A/c and one from Current A/c. 3 Extra office Air conditioner taken to home Rs. 15,000 . 4 Stationery given to the children of the owner Rs. 800 . 5 Borrowed from bank Rs. 7,500. 6 Started business by taking loan from father Rs. 50,000. 7 Gave loan of Rs. 5,000 to brother Ramesh. 8 Paid railway freight on behalf of our customer Mr. Nitin Rs. 800. 9 Received an order of goods for Rs. 1,00,000 from Sonu. 10 Sonu's order was executed and c...

TASK  CHECK THE ANSWERS TO ASSIGNMENT # 13 ANSWERS TO ASSIGNMENT # 13 1. Goods of ₹ 2,000 lost in transit. 2. Goods costing ₹ 3000 destroyed by fire. They were not insured. 3. Goods of ₹ 4000 were destroyed by fire and Insurance company accepted and paid the full claim. 4. Goods damaged by fire ₹ 1000 and Insurance company accepted and paid claim of rupees 800. 5. Charge interest on drawings ₹ 2,000 6.Receive the cheque of ₹ 9500 from Mahesh in full settlement of ₹ 9650 and deposited into Bank 7. Cheque received from Mahesh dishonoured. Bank charged ₹ 150 8.Cheque received from Raja ₹11,000. 9.. Raja's cheque was endorsed to Shyam in full settlement of ₹ 11,800. 10.Raja's cheque returned dishonoured. DATE PARTICULARS LF DEBIT (Rs.) CREDIT (Rs.) 1 Loss of goods in transit A/C..Dr To Purchases A/C (Being goods lost in transit )   2000  2000  2 Loss by fir...

Bills of Exchange CHECK AUDIO FILE FROM SCHOOL DRIVE   Restricted to SCS drive not viewer Google classroom link  is called income received in advance or unearned income. For example : If we recover Rs 2,50,000 on account of rent against a let out building with rent of Rs 20,000 per month, then Rs 10,000 (i.e. 2,50,000 − 2,40,000) is income received in advance. It is recorded with the help of following Journal Recording of Transactions - I Specific Entries: Objectives After going through this lesson, you shall be able to understand the concept related to ' Entries for some specific transactions '. Some Specific Entries Bad Debts :  If any amount that was recoverable is not realised or is partially realised, then the amount not realised is a loss to the business and is regarded as Bad Debts. It is recorded as follows. (1)  When the full amount is not recovered Date Particulars L.F. Debit Amount (Rs) Credit Amount (...