Record the following transactions in the petty cash book under imprest system:
21. Rectify the following errors :
a) Salary paid ₹5,000 was debited to employee’s personal account.
b) Rent paid ₹4,000 was posted to landlord’s personal account.
c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses
account.
d) Cash received from Kohli ₹2,000 was posted to Kapur’s account.
e) Cash paid to Babu ₹1,500 was posted to Sabu’s account.
f) Credit sales to Mohan ₹ 7,000 were not recorded.
22. Compute cost of goods sold for the year 2019-20 with the help of the following information.
₹
Stock on 1st April, 2019 3,00,000
Stock on 31st March, 2020 4,00,000
Purchases during the year 15,00,000
Sales during the year 20,00,000
Wages 1,20,000
Date Particulars ₹
2020
January 01
03
07
09
12
15
18
20
26
31
Received cash from head cashier
Spent for postage
Travelling expenses to the manager
Paid for office cleaning
Paid subscription to news papers
Messaging charges
Auto fare
Xerox charges
Refreshments to customers
Cartage
1,000
58
75
98
80
30
25
40
50
20
Answers
Answer:
Salary paid ₹5,000 was debited to employee’s personal account.
b) Rent paid ₹4,000 was posted to landlord’s personal account.
c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses
account.
d) Cash received from Kohli ₹2,000 was posted to Kapur’s account.
e) Cash paid to Babu ₹1,500 was posted to Sabu’s account.
f) Credit sales to Mohan ₹ 7,000 were not recorded.
22. Compute cost of goods sold for the year 2019-20 with the help of the following information.
₹
Stock on 1st April, 2019 3,00,000
Stock on 31st March, 2020 4,00,000
Purchases during the year 15,00,000
Answer:
record the following transaction is the petty cash book under imprest system 2020 January 01 received cash from head cashier ₹1000 ,03 spent for postage ₹58 ,07 travelling expenses to manager ₹75, 09 paid for office cleaning ₹98 , 12 paid for subscription on news paper ₹80 , 15 messaging charges ₹30 , 18 auto fare ₹25, 20 Xerox charges ₹40 , 26 refreshment to coustomers ₹50 , 31 cartage ₹20