Question 13:
Pass Journal entries for the following transactions:
(a) Aakash started
business with cash `3,00,000;
Bank deposit of `40,00,000 and furniture `4,00,000.
(6) Bought goods from Bhushan
Traders 30,00,000 against cheque
of `15,00,000, balance to be paid later.
(c) Returned goods of `1,20,000 to Bhushan Traders.
(a) Sold goods to Pawan `4,00,000.
(e) Paid to Bhushan
Traders `1,50,000
and cash discount received 2%.
(f) Goods returned by Pawan
`80,000.
(g) Sold goods for cash `1,20,000.
(h) Goods given as samples `20,000.
(i) Paid income tax of `37,500.
(j) Goods taken
by Aakash for household use `10,000.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
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(a) |
Cash A/c |
Dr. |
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3,00,000 |
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Bank A/c |
Dr. |
40,00,000 |
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Furniture A/c |
Dr. |
4,00,000 |
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To Capital A/c |
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47,00,000 |
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(Being Aakash started
business with capital in Cash and Bank) |
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(b) |
Purchases A/c |
Dr. |
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30,00,000 |
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To Bhushan Trader’s A/c |
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15,00,000 |
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To bank A/c |
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(Being goods Purchased from Bhushan Trader on
credit) |
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15,00,000 |
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(c) |
Bhushan Trader’s |
Dr. |
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1,20,000 |
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To Purchases Return
A/c |
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1,20,000 |
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(Being goods Returned to Bhushan
Traders) |
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(d) |
Pawan’s A/c |
Dr. |
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4,00,000 |
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To Sales A/c |
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|
4,00,000 |
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(Being goods
Sold to Pawan on credit)
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(e) |
Bhushan Trader’s A/c |
Dr. |
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1,50,000 |
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To Cash A/c |
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1,47,000 |
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To Cash Discount
A/c |
3,000 |
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(Being Paid to Bhushan Traders
and cash discount received 2%.) |
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(f) |
Sales Return A/c |
Dr. |
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80,000 |
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To Pawan |
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80,000 |
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(Being goods
returned by Pawan)
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(g) |
Cash A/c |
Dr. |
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1,20,000 |
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To Sales A/c |
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1,20,000 |
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(Being Sold goods for cash)
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(h) |
Sample A/c |
Dr. |
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20,000 |
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To Purchases
A/c |
20,000 |
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(Being goods given as samples) |
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(i) |
Drawing A/c |
Dr. |
|
37,500 |
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To Bank A/c |
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37,500 |
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(Being income tax paid) |
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(j) |
Drawing A/c A/c |
Dr. |
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10,000 |
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To Purchases
A/c |
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10,000 |
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(Being Goods taken by Aakash for
household use ) |
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Question 14:
Pass Journal entries for the following transactions:
(a) Tejvir started
business with cash `5,00,000.
(b) Opened a bank account depositing `3,00,000.
(c) Invested in shares (personal) for `50,000, paid
out of Saving Account.
(d) Bought goods (timber) for `3,00,000, paid half by cash and half by cheque.
(e) Paid carriage for unloading the timber `5,000.
(f) Bank charges `2,000.
(g) Goods of `15,000
were used to make furniture and wages paid `5,000.
(h) Dividend collected by bank `5,000 wrongly
credited in firm's account.
(i) Tejvir sold his personal
scooter for `35,000 and deposited the amount
in firm's bank account.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
(a) |
Cash A/c |
Dr. |
|
5,00,000 |
|
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To Capital A/c |
|
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|
5,00,000 |
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|
(Being Tejvir started business with capital
in Cash) |
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(b) |
Bank A/c |
Dr. |
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3,00,000 |
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To Cash A/c |
3,00,000 |
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(Being a bank account Opened depositing)
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(c) |
It is not a business transaction will not be recorded on
in the books of firm |
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(d) |
Purchases A/c |
Dr. |
|
3,00,000 |
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To Bank A/c |
|
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|
1,50,000 |
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To Cash A/c |
1,50,000 |
||||
(Being goods
(timber) Bought for `3,00,000,
paid half by cash and half by cheque)
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(e) |
Carriage Inward A/c |
Dr. |
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5,000 |
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To Cash A/c |
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5,000 |
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(Being carriage
paid for unloading the timber)
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(f) |
Bank Charged A/c |
Dr. |
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2,000 |
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To Bank A/c |
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2,000 |
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(Being carriage
paid for unloading the timber)
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(g) |
Furniture A/c |
Dr. |
|
20,000 |
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To Cash A/c |
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|
5,000 |
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To Purchases A/c |
15,000 |
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(Being Goods of `15,000 were used to make
furniture and wages paid `5,000.)
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Bank A/c |
Dr. |
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5,000 |
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(h) |
To Capital
A/c |
5,000 |
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(Being capital contributed) |
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(i) |
Cash A/c |
Dr. |
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35,000 |
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To Capital
A/c |
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35,000 |
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(Being capital contributed) |
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Question 15:
Pass Journal
entries for the following transactions:
(a) Surekha started business with cash `5,00,000.
(b) Bought
goods from Goyalson's for `3,00,000, paid half by cash.
(c) Sold goods
to Sonika for `1,00,000,
received `60,000 immediately.
(d) 10% of the
goods returned by Sonika being defective.
(e) Paid to Goyalson's `1,49,000
in full settlement.
(f) Amount due
from Sonika is not receivable.
(g) Paid rent `15,000, 2/3rd
of the premises is occupied for own use.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
(a) |
Cash A/c |
Dr. |
|
5,00,000 |
|
|
To Capital A/c |
|
|
|
5,00,000 |
|
|
(Being Surekha started
business with capital in Cash) |
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|
|
|
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(b) |
Purchases A/c |
|
|
3,00,000 |
|
|
To Goyalson's A/c |
Dr. |
|
1,50,000 |
||
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To Cash A/c |
1,50,000 |
||||
(Being goods bought
from Goyalson's for `3,00,000, paid half by cash.)
|
|
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(c) |
Sonika’s
A/c |
Dr. |
|
40,000 |
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Cash A/c |
Dr. |
60,000 |
|||
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To Sales A/c |
1,00,000 |
||||
|
(Being goods sold
to Sonika for `1,00,000, received `60,000 immediately.) |
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(d) |
Sales Return A/c |
Dr. |
|
10,000 |
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To Sonika’s A/c |
|
|
|
10,000 |
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(Being 10% of
the goods returned by Sonika being defective.)
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(e) |
Goyalson's A/c |
Dr. |
|
1,50,000 |
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To Cash A/c |
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|
1,49,000 |
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To Discount Received A/c |
1,000 |
||||
(Being Cash paid
to Goyalson's `1,49,000
in full settlement.)
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(f) |
Bad Debts A/c |
Dr. |
|
30,000 |
|
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To Sonika’s
A/c |
|
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|
30,000 |
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(Being Amount
due from Sonika is not receivable.)
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(g) |
Drawing A/c |
Dr. |
|
10,000 |
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Rent A/c |
Dr. |
|
5,000 |
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To Cash A/c |
15,000
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(Being rent paid `15,000, 2/3rd of the premises is occupied for own
use.)
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Question 16:
Pass Journal
entries for the following transactions:
(a) Muskaan started business with Cash `3,00,000, Stock `5,00,000 and building `25,00,000.
(b)
Construction of power-back room `1,00,000.
(c) Paid
insurance premium for stock `15,000 and self
`7,000.
(d) Goods
destroyed by fire `80,000, Insurance Claim lodged.
(e) Commission
received `25,000, 20% being received in
advance.
(f) Insurance
company paid 80% in full and final settlement.
(g) Salaries
paid `48,000 and due `22,000.
(h) Provide
Depreciation on Building @ 10% per annum.
Answer:
|
Journal |
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Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
(a) |
Cash A/c |
Dr. |
|
3,00,000 |
|
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Stock A/c |
Dr.
|
5,00,000 |
|||
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Building A/c |
Dr. |
25,00,000 |
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To Capital A/c |
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28,00,000 |
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(Being Muskaan
started business with Cash `3,00,000, Stock `5,00,000
and building `25,00,000.) |
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(b) |
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Building A/c |
Dr. |
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1,00,000 |
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To Cash A/c |
1,00,000 |
||||
(Being Construction
of power-back room `1,00,000.)
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(c) |
Insurance Premium A/c |
Dr. |
|
15,000 |
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Drawing A/c |
Dr. |
7,000 |
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To Sales A/c |
22,000 |
||||
|
(Being insurance premium paid for stock `15,000
and self `7,000.) |
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(d)
A. |
Loss by fire A/c |
Dr. |
|
80,000 |
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To Purchases A/c |
|
|
|
80,000 |
|
(Being Goods
destroyed by fire `80,000,)
|
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B. |
Insurance co. A/c |
Dr. |
|
80,000 |
|
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To Loss by
fire A/c |
|
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|
80,000 |
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(Being Insurance
Claim lodged.)
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(e)
a |
Cash A/c |
Dr. |
|
25,000 |
|
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To Commission received A/c |
|
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|
25,000 |
|
(Being Commission
received `25,000, 20% being received in
advance)
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b |
Commission received A/c
|
25,000 |
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To Profit and Loss A/c
|
20,000 |
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To Unearned Commission A/c
|
5,000 |
||||
(Being Commission
received transferred to `25,000, 20% being received in
advance)
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(f) |
Bank A/c |
Dr. |
|
64,000 |
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Profit and loss A/c |
Dr. |
|
16,000 |
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To Insurance co. A/c |
80,000
|
||||
|
|
(Being Insurance
company paid 80% in full and final settlement.)
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(g) |
Salary A/c
|
Dr. |
|
70,000 |
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To Outstanding Salary A/c
|
|
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|
48,000 |
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To Cash A/c
|
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22,000 |
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|
(Being
Salaries paid `48,000 and due `22,000.)
|
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(h) |
Depreciation A/c |
Dr. |
|
2,50,000 |
|
|
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To Machinery
A/c |
|
|
|
2,50,000 |
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|
(Being depreciation provide on machinery at 10% per annum ) |
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Ts Grewal Solution 2024-2025
Class 11th