TS Grewal Solutions Class 11 Accountancy Chapter 3

Class 11 accounts TS Grewal Solutions Chapter 3  Accountancy focuses on the Accounting Procedures: Rules of Debit and Credit. This is an important concept that students need to understand well. We have provided the solutions in a simple, step-by-step format to make it easy for students to follow and learn.

Class 11 TS Grewal Solutions Accountancy Chapter 2:

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

 

Ts Grewal Solutions for Class 11 Accountancy Chapter 3 – Accounting Procedures Rules of Debit and Credit

Ts Grewal Solutions for Class 11 Accountancy Chapter 3 Question 1 – 4

Question 1:

Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real, and Nominal Accounts:

1. Land and Building
2. Excise Duty
3. Creditors
4. Capital
5. Motor Vehicles
6. Goodwill
7. Investments
8. Salary
9. Debtors
10. Bad Debts
11. Depreciation
12. Wages
13. Repairs
14. Ramesh, a debtor
15. Interest Received
16. Bank Overdraft
17. Purchase Returns
18. Drawings
19. Freight
20. Return Inwards

Answer:

Item	Nature of Account
Land & Building	Real Account
Excise Duty	Nominal Account
Creditors	Personal Account
Capital	Personal Account
Motor Vehicles	Real Account
Goodwill	Real Account
Investments	Real Account
Salary	Nominal Account
Debtors	Personal Account
Bad Debts	Nominal Account
Depreciation	Nominal Account
Wages	Nominal Account
Repairs	Nominal Account
Ramesh, a debtor	Personal Account
Interest Received	Nominal Account
Bank Overdraft	Personal Account
Purchase Returns	Nominal Account
Drawings	Personal Account
Freight	Nominal Account
Return Inwards	Nominal Account

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Question 2:

Classify the following into Assets, Liabilities, Capital, Expenses, and Revenue:

1. Land
2. Investments
3. Building
4. Interest Received
5. Salary
6. Bank Overdraft
7. Debtors
8. Creditors
9. Bad Debts
10. Capital
11. Depreciation
12. Motor Vehicles
13. Freight
14. Wages
15. Goodwill
16. Repairs

Answer:

Category	Items
Assets	Land, Investments, Building, Debtors, Motor Vehicles, Goodwill
Liabilities	Bank Overdraft, Creditors
Capital	Capital
Expenses	Salary, Bad Debts, Depreciation, Freight, Wages, Repairs
Revenue	Interest Received

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Question 3:

Classify the following into Assets, Liabilities, Capital, Revenue, and Expenses:

1. Plant and Machinery
2. Bank Loan
3. Sales
4. Rent
5. Discount Received
6. Carriage Inwards
7. Carriage Outwards
8. Purchases
9. Bills Payable
10. Wages
11. Advance Income
12. Accrued Income
13. Goodwill
14. Furniture and Fixtures
15. Outstanding Expenses
16. Capital

Answer:

Category	Items
Assets	Plant and Machinery, Accrued Income, Goodwill, Furniture and Fixtures
Liabilities	Bank Loan, Bills Payable, Advance Income, Outstanding Expenses
Capital	Capital
Revenue	Sales, Discount Received
Expenses	Rent, Carriage Inwards, Carriage Outwards, Purchases, Wages

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Question 4:

On which side will the increase in the following accounts be recorded? Also, state the nature of the account:

1. Furniture A/c
2. Mohan (proprietor)
3. Salary A/c
4. Purchases A/c
5. Sales A/c
6. Interest Paid A/c
7. Sohan (Creditor)
8. Ram (Debtor)

Answer:

Name of Accounts	Consequence of Increase	Modern Approach	Traditional Approach
Furniture	Debit	Asset	Real Account
Mohan (Proprietor)	Credit	Capital	Personal Account
Salary	Debit	Expense	Nominal Account
Purchases	Debit	Expense	Nominal Account
Sales	Credit	Revenue	Nominal Account
Interest Paid	Debit	Expense	Nominal Account
Sohan (Creditor)	Credit	Liabilities	Personal Account
Ram (Debtor)	Debit	Asset	Personal Account

Ts Grewal Solutions for Class 11 Accountancy Chapter 2 Question 5 – 8

Question 5:

On which side will the decrease in the following accounts be recorded? Also, state the nature of the account:

1. Cash
2. Bank Overdraft
3. Outstanding Salary Paid
4. Outstanding Rent
5. Prepaid Insurance
6. Mohan, Proprietor of the Business

Answer:

Name of Accounts	Consequence of Decrease	Modern Approach	Traditional Approach
Cash	Credit	Asset	Real Account
Bank Overdraft	Debit	Liability	Personal Account
Outstanding Salary Paid	Debit	Liability	Personal Account
Outstanding Rent	Debit	Liability	Personal Account
Prepaid Insurance	Credit	Asset	Personal Account
Mohan, Proprietor of Business	Debit	Capital	Real Account

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Question 6:

From the following transactions, state the nature of account and which account will be debited and credited:

1. Manu started business with cash ₹1,00,000
2. He purchased furniture for business ₹20,000
3. Purchased goods on credit from Anshul ₹6,000
4. Paid to his creditor, Anshul ₹2,000
5. Paid salary to his clerk ₹1,000
6. Paid rent ₹500
7. Received interest ₹200

Answer:

Transaction	Nature of Account	Debit Account	Credit Account
Manu started business with cash	Capital and Cash	Cash A/c	Capital A/c
Purchased furniture for business	Furniture and Cash	Furniture A/c	Cash A/c
Purchased goods on credit from Anshul	Purchases and Creditors	Purchases A/c	Creditor A/c
Paid to his creditor, Anshul	Creditor and Cash	Creditor A/c	Cash A/c
Paid salary to his clerk	Salary and Cash	Salary A/c	Cash A/c
Paid rent	Rent and Cash	Rent A/c	Cash A/c
Received interest	Cash and Interest	Cash A/c	Interest A/c

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Question 7:

Open a ‘T’ shape account for machinery and put the following transactions on the proper side:

1. Machinery purchased ₹40,000
2. Machinery sold ₹10,000
3. Machinery purchased ₹8,000
4. Machinery discarded ₹14,000
5. Depreciation on machinery ₹1,000

Answer:

Machinery (Asset) Account

Dr.		Cr.
Date	Particulars	Amount (₹)
—-	———–	———
Bank (Purchased)	40,000
Bank (Purchased)	8,000
Balance c/d	23,000
	48,000

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Question 8:

Open a ‘T’ shape Cash Account with the following transactions:

1. Mohan started business with cash ₹40,000
2. Purchased Goods ₹20,000
3. Sold Goods ₹24,000
4. Paid Rent ₹400
5. Paid salaries ₹600
6. Drew for personal use ₹1,000

Answer:

Cash Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
(i) Capital		40,000
(iii) Sales		24,000
Balance c/d		42,000
		64,000

Ts Grewal Solutions for Class 11 Accountancy Chapter 2 Question 9 – 13

Question 9:

Open a ‘T’ shape account of creditor, ‘Rakesh’, and write the following transactions on the proper side:

1. Goods purchased from Rakesh on credit ₹50,000
2. Goods returned to Rakesh for ₹5,000
3. Paid to Rakesh ₹20,000
4. Purchase goods from Rakesh on credit ₹10,000

Answer:

Rakesh Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
(ii) Purchases Return		5,000
(iii) Cash		20,000
Balance c/d		35,000
		60,000

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Question 10:

Open a ‘T’ shape account of debtor ‘Brij’ and write the following transactions on the proper side:

1. Sold goods to Brij on credit ₹25,000
2. Cash received from Brij ₹10,000
3. Discount allowed to him ₹500
4. Goods returned by Brij ₹5,000

Answer:

Brij (Debtors) Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
(i) Sales		25,000
Balance c/d		9,500
		25,000

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Question 11:

Put the following on the proper side of a Cash Account, a Debtor’s Account, and a Creditor’s Account:

1. Sold goods to Sanjay on credit ₹50,000
2. Sold goods to Mohan for cash ₹20,000
3. Purchased goods from Ram on credit ₹25,000
4. Cash received from Sanjay ₹19,000
5. Goods returned by Sanjay ₹2,000
6. Paid rent ₹500
7. Cash paid to Ram ₹15,000

Answer:

Cash Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
(ii) Sales		20,000
(iv) Sanjay		19,000
Balance c/d		23,500
		39,000

Sanjay (Debtors) Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
(i) Sales		50,000
Balance c/d		29,000
		50,000

Ram (Creditors) Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
(vii) Cash		15,000
Balance c/d		10,000
		25,000

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Question 12:

From the following particulars, prepare the proprietor’s Capital Account:

1. 1st April, 2018 − Commenced business with cash ₹2,00,000
2. 31st March, 2019 − Net Loss as per Profit and Loss Account ₹18,000
3. 31st March, 2019 − Drawings during the period ₹15,000

Balance the same and explain what the closing balance indicates.

Answer:

Capital Account

Dr.		Cr.
Date	Particulars	J.F.
—-	———–	—-
2019 March 31	Profit and Loss A/c (Net Loss)
2019 March 31	Drawings
		2,00,000

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Question 13:

From the following particulars, prepare the proprietor’s Capital Account:

1. 2013 April 1 – Started business with ₹45,000
2. 2013 May 10 – Withdrew from business for personal use ₹10,000
3. 2013 July 15 – Further Capital introduced ₹55,000
4. 2013 Nov. 30 – Income tax paid ₹5,000
5. 2014 Mar. 31 – Profit for the year ₹30,000

Answer:

Proprietor’s Capital Account

Dr.		Cr.
Date	Particulars	Amount (₹)
—-	———–	———
2013 Mar.10	Drawings A/c	10,000
2013 Nov.30	Drawings A/c (Income Tax)	5,000
2014 Mar.31	Balance c/d	1,15,000
		1,30,000

Answer:

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