) Following transactions are given: [5]Magh 3: Opening bank balance Rs. 1,50,000.Magh 6: Received revolving fund of Rs. 3,00,000 through NRB transfer. Magh 12: Purchased motorcycle for Rs. 75,000 and paid through cheque. Magh 15: Furniture purchase advance of Madhu Thapa Rs. 50,000 Is cleared as per the bill submitted by him.Magh 25: The total salary of the month Rs. 55,000 is distributed after deducting provident fund Rs. 10,000 and income tax Rs. 4,000. Required: Bank Cash Book.
Question
) Following transactions are given: [5]Magh 3: Opening bank balance Rs. 1,50,000.Magh 6: Received revolving fund of Rs. 3,00,000 through NRB transfer. Magh 12: Purchased motorcycle for Rs. 75,000 and paid through cheque. Magh 15: Furniture purchase advance of Madhu Thapa Rs. 50,000 Is cleared as per the bill submitted by him.Magh 25: The total salary of the month Rs. 55,000 is distributed after deducting provident fund Rs. 10,000 and income tax Rs. 4,000. Required: Bank Cash Book.
Solution
To prepare a Bank Cash Book, we need to record all the transactions that affect the bank balance. Here's how you can record the given transactions:
| Date | Particulars | Debit (Rs.) | Credit (Rs.) | Balance (Rs.) |
|---|---|---|---|---|
| Magh 3 | Opening Balance | - | - | 1,50,000 |
| Magh 6 | Revolving Fund Received | 3,00,000 | - | 4,50,000 |
| Magh 12 | Motorcycle Purchase | - | 75,000 | 3,75,000 |
| Magh 15 | Furniture Purchase Advance Cleared | - | 50,000 | 3,25,000 |
| Magh 25 | Salary Distributed (Net of Deductions) | - | 41,000 | 2,84,000 |
Note:
- The opening balance is the starting point of the cash book.
- When we receive funds, it increases our bank balance, so we debit the cash book.
- When we make payments through the bank, it decreases our bank balance, so we credit the cash book.
- The salary distributed is net of deductions (55,000 - 10,000 - 4,000 = 41,000), which is the actual amount that decreases the bank balance.
The final balance on Magh 25 is Rs. 2,84,000.
Similar Questions
Following information are given: [6]a) On Magh 31, Cash book showed a bank balance of Rs. 85,000.b) Cheque issued but not presented for payment Rs. 15,000.c) Cheque deposited but not credited by bank Rs. 10,000.d) Interest on saving account credited by bank Rs. 5,000.e) Bank charge debited only in pass book Rs. 500.f) Insurance premium paid by bank not recorded in cash book Rs. 3,000.Required: Bank Reconciliation Statement
22) Following information are provided: [6]Budget Head Annual Budget Expenditure upto Falgun Expenditure of ChaitraSalary 1,80,000 1,20,000 15,000Fuel 60,000 40,000 5,000Office materials 36,000 24,000 3,000Miscellaneous expenditure 48,000 32,000 4,000Furniture 24,000 16,000 2,000Machinery 96,000 70,000 Additional information:Revolving fund received Rs. 3,50,000.Petty Cash balance Rs 1,000.Unclear furniture advance Rs 2,000.Required: Statement of Expenditure for the month of chaitra.
Q-1: Journalise the following transactions:Jan-1 Ramesh started business with cash Rs. 50,000.Jan-4 Purchased goods for cash Rs. 7,000.Jan-5 Sold goods for cash Rs. 5,000.Jan-7 Purchased goods from Mohan on credit worth Rs. 4,500.Jan-12 Sold goods to Sohan on credit worth Rs. 2,000.Jan-16 Paid wages amounted to Rs. 4,000.Jan-17 Paid salaries to Rs. 2,500Jan-22 Received commission Rs. 2,000.Jan-25 Goods returned by Sohan worth Rs. 1,500.Jan-28 Returned goods to Mohan Rs. 1,000.Jan-30 Cash Received from Sohan Rs. 1,200.Jan-31 Purchased furniture from Deepak worth Rs. 5,000.
(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.(ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash.
Given - Fixed Assets ₹ 3,00,000, Current Assets ₹ 1,50,000, Current Liabilities ₹ 50,000, Debenture ₹ 1,50,000, Reserve ₹ 20,000, Net Assets will be. (दिया गया है - स्थायी सम्पत्तियाँ ₹ 3,00,000, चालू सम्पत्तियाँ ₹ 1,50,000, चालू दायित्व ₹ 50,000, ऋणपत्र ₹ 1,50,000, संचय ₹ 20,000, शुद्ध सम्पत्तियाँ होंगी)a.₹ 4,00,000b.₹ 2,50,000c.₹ 3,00,000d.₹ 2,30,000
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