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Question 28 Chapter 4 – Unimax Publications of Class 11
28. On 1 August, 2021 Taran’s assets and liabilities stood as follows:
Assets: Cash at Bank Rs. 24,000; Cash in hand Rs. 11,000; Stock Rs. 7,000; Bills receivable Rs. 6,000 Building Rs. 25,000; Furniture Rs. 4,000; Amount due from Varun Rs. 2,500.
Liabilities: Bills payable Rs. 2,500; Creditors Rs. 8,000; Munish’s Loan Rs. 17,000.
Pass on opening journal entry.
The solution of Question 28 Chapter 4 – Unimax Publications of Class 11:
BOOKS OF TARAN (JOURNAL)
| Date | Particulars | L.F. | Debit | Credit | |
| 2021 | |||||
| Aug. 1 | Bank A/c | Dr. | 24,000 | ||
| Cash A/c | Dr. | 11,000 | |||
| Stock A/c | Dr. | 7,000 | |||
| Bills receivable A/c | Dr. | 6,000 | |||
| Building A/c | Dr. | 25,000 | |||
| Furniture A/c | Dr. | 4,000 | |||
| Varun’s A/c | Dr. | 2,500 | |||
| To Bills Payable A/c | 2,500 | ||||
| To Creditors A/c | 8,000 | ||||
| To Loan A/c | 17,000 | ||||
| To Capital A/c | 52,000 | ||||
| (Being opening balances brought forward) | |||||
| Grand Total | 79,500 | 79,500 | |||
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