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| 1. |
From the following transctions, pass necessary Journal entries in the books of Mohan & Co., post them into their Ledger and prepare a Trial Balance: |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S04.png" width="80%"/> <br/> Notes : At the end of the year balance of Purchases A/c will be transferred to the debit of Trading A/c and balance of Sales A/c will be transferred to the credit of Trading A/c. <br/> 2. Balance of SalariesA/c will be transferred to the debit of Probit of Profit and Loss A/c and balance of Discount Received A/c will be transferred to the credit of Profit and Loss A/c. <br/> At the time of preparing final accounts <a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a> accounts (e.g., Purchases A/c, Sales A/c, Discount Received A/c and <a href="https://interviewquestions.tuteehub.com/tag/salaries-1193459" style="font-weight:bold;" target="_blank" title="Click to know more about SALARIES">SALARIES</a> A/c) are closed by <a href="https://interviewquestions.tuteehub.com/tag/transferring-1425726" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRING">TRANSFERRING</a> their balances to Trading and Profit and Loss A/c.</body></html> | |