commercemine.com

11th | Journal | Question No. 5 To 8 | Ts Grewal Solution 2022-2023

Bad Debts and Bad Debts Recovered

Question 5: Pass Journal entries for the following transactions:


2022

April 1 Mohan is declared insolvent. Received first and final dividend from his official Receiver 50 paise in a rupee against a debt of ` 5,000

April 2 `8,000 due from Ramesh is not recoverable

April 3 Shyam, who owed 15,000 became insolvent and 50% is received from his estate

April 4 Received 10,000 in cash from Sohan for bad debts written off last year

 

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

2022

 

 

 

 

 

Apr 01

Cash  A/c

Bad debts A/c

 To Mohan’s A/c

Dr.

Dr.

 

5,.000

 

5,000 

 

(Being Mohan is declared insolvent. Received first and final dividend from his official Receiver 50 paise in a rupee against a debt of ` 5,000)

 

 

 

 

 

 

 

 

 

 

 

Apr 02

Bad debts A/c

 To Mohan’s A/c

Dr.

 

8,000

 

8,000

 

 

 

 

 

(Being78,000 due from Ramesh is not recoverable)

 

 

 

 

 

 

 

 

 

 

Apr 03

Cash  A/c

Bad debts A/c

 To Shyam’s A/c

Dr.

Dr.

 

7,500

7,500

 

 

15,000 

 

(Being Shyam, who owed 15,000 became insolvent and 50% is received from his estate)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr 04

Cash A/c

Dr.

 

10,000

 

 

  To Bad debts recovered A/c

 

 

 

10,000

 

(Being Received 10,000 in cash from Sohan for bad debts written off last year)

 

 

 

 

 

 

 

 

 

 

 

Banking Transactions

 

Question 6:


Pass necessary Journal entries for the following transactions:

2022

`

April 1: Deposited in bank

30,000

April 3: Cash withdrawn from bank

10,000

April 7: Wages paid by cheque.

7,000

April 10: Cheque received from Deewan 78,500 and discount allowed to him 500. Cheque is deposited in bank on the same day.

 

April 12: As per standing instructions, Bank paid Telephone bill

1,000

April 14: Deewan's cheque returned by the bank as dishonored

 

April 16: Charges debited by bank

400

April 17: Goods sold and sale proceeds deposited in bank

8,000

April 19: Bank has paid insurance premium as per our standing instructions

1,800

April 25: Dividend collected by Bank.

2,500

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

2022

Bank A/c  

Dr. 

 

30,000 

 

Apr 01

 To Cash A/c

(Being Cash Deposited in bank)

 

 

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

Apr 03

Cash A/c

Dr.

 

10,000

 

 

 To Bank A/c

 

 

 

10,000

 

(Being Cash withdrawn from bank)

 

 

 

 

 

 

 

 

 

 

Apr 07

Wages A/c

Dr.

 

7,000

 

 

 To Bank A/c

 

 

 

7,000

 

(Being Wages paid by cheque.)

 

 

 

 

 

 

 

 

 

 

Apr 10

Bank A/c

Dr.

 

8,500

 

 

Discount Allowed A/c

 To Deewan’s A/c

Dr.

 

500

 

9,000

 

(Being Cheque received from Deewan 78,500 and discount allowed to him 500. Cheque is deposited in bank on the same day.)

 

 

 

 

Apr 12

Telephone Expenses A/c

Dr.

 

1,000

 

 

 To Bank A/c

(Being Telephone bill paid by bank, As per standing instructions)

 

 

 

1,000

Apr 14

Deewan’s A/c

Dr.

 

8,500

 

 

 To Bank A/c

 

 

 

8,500

 

(Being Deewan's cheque returned by the bank as dishonored)

 

 

 

 

Apr 16

Bank charges A/c

Dr.

 

400

 

 

 To Bank A/c

 

 

 

400

 

(Being Charges debited by bank)

 

 

 

 

Apr 17

Bank A/c

Dr.

 

8,000

 

 

 To Sales A/c

 

 

 

8,000

 

(Being Goods sold and sale proceeds deposited in bank)

 

 

 

 

Apr 19

Insurance premium A/c

Dr.

 

1,800

 

 

 To Bank A/c

 

 

 

1,800

 

(Being Bank has paid insurance premium as per our standing instructions)

 

 

 

 

Apr 25

Bank A/c

Dr.

 

2,500

 

 

 To Dividend A/c

 

 

 

2,500

 

(Being Dividend collected by Bank.)

 

 

 

 

 

Question 7:


Pass the necessary Journal entries for the following transactions:

2022

`

April 01: Deposited in bank for opening a Current Account.

10,000

April 02: Withdrawn from bank.

5,000

April 05: Received a cheque from Ramesh to whom goods were sold for ` 12,000 last year Allowed him 1% discount on payment.

 

April 07: Ramesh's cheque deposited in bank.

 

April 09: Ramesh's cheque dishonored (bank charges 20).

 

April 20: Ramesh settled his account by issuing cheque including `60 for interest.

12,080

April 21: Cash directly deposited by Raja (Customer) in bank account.

8,000

April 23: Bank draft got issued in favour of M/s Lal &Sons `5,000. Bank charges `700.

 

April 28: A bill of exchange of ` 4,000 (due after one month) discounted from bank for `3,800.

 

April 30: Received a cheque of `1,000 from Shyam after banking hours.

 

April 30: Goods sold for cash 7,000 and half of the sale proceeds deposited in bank.

 

 

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

2022

Bank A/c  

Dr. 

 

10,000 

 

Apr 01

 To Cash A/c

(Being Deposited in bank for opening a Current Account.)

 

 

 

10,000

 

 

 

 

 

 

 

 

 

 

 

 

Apr 02

Cash A/c

Dr.

 

5,000

 

 

 To Bank A/c

 

 

 

5,000

 

(Being Withdrawn from bank.)

 

 

 

 

 

 

 

 

 

 

Apr 05

Cheque in hand A/c

Dr.

 

11,880

 

 

Discount Allowed A/c

 

 

120

 

 

 To Ramesh’s A/c

 

 

 

12,000

 

(Being Received a cheque from Ramesh to whom goods were sold for ` 12,000 last year Allowed him 1% discount on payment.)

 

 

 

 

 

 

 

 

 

 

Apr 07

Bank A/c

Dr.

 

11,880

 

 

To Chaque in hand A/c

 

 

 

11,880

 

 

(Being Ramesh's cheque deposited in bank.)

 

 

 

 

Apr 09

Ramesh’s  A/c

Dr.

 

12,000

 

 

Bank charges A/c

Dr.

 

20

 

 

To Bank A/c

 

 

 

11,900

 

To Discount Allowed A/c

 

 

 

120

 

 (Being Ramesh's cheque dishonored (bank charges 20).)

 

 

 

 

Apr 20

Cheque in hand A/c

Dr.

 

12,080

 

 

 To Ramesh’s  A/c

 To Interest received A/c

 

 

 

12,020

60

 

(Being Ramesh settled his account by issuing cheque including `60 for interest.)

 

 

 

 

Apr 21

Bank A/c

Dr.

 

8,000

 

 

 To Raja’s A/c

 

 

 

8,000

 

(Being Cash directly deposited by Raja (Customer) in bank account.)

 

 

 

 

Apr 23

M/s Lal & Sons’s A/c

Dr.

 

5,000

 

 

Bank Charges A/c

Dr.

 

700

 

 

 To Bank A/c

 

 

 

5,700

 

(Being Bank draft got issued in favour of M/s Lal &Sons `5,000. Bank charges `700.)

 

 

 

 

Apr 28

Bank A/c

Dr.

 

3,800

 

 

Discounting charges A/c

Dr.

 

200

 

 

 To Bills receivable A/c

 

 

 

4,000

 

(Being A bill of exchange of ` 4,000 (due after one month) discounted from bank for `3,800.)

 

 

 

 

Apr 30

Cheque in hand  A/c

Dr.

 

1,000

 

 

 To Shyam’s  A/c

 

 

 

1,000

 

(Being Received a cheque of `1,000 from Shyam after banking hours.)

 

 

 

 

Apr 30

Bank A/c

Dr.

 

3,500

 

 

Cash A/c

Dr.

 

3,500

 

 

 To Sales A/c

 

 

 

7,000

 

(Being Goods sold for cash 7,000 and half of the sale proceeds deposited in bank.)

 

 

 

 

 

Question 8:


Pass necessary Journal entries for the following transactions:

2022

`

April 1: Goods withdrawn by owner for personal use.

1,000

April 2: Goods distributed as sample.

500

April 3: Goods Given as Charity.

300

April 4: Timber used for making office furniture ` 5,000

(Assume that the firm is a timber merchant)

 

April 5: Goods destroyed by fire.

3,500

April 6: Goods lost in transit.

2,000

Transactions Relating to Fixed Assets.

 

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

2022

Drawings A/c  

Dr. 

 

1,000

 

Apr 01

 To Purchases A/c

(Being Goods withdrawn by owner of 1,000 for personal use.)

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

Apr 02

Sample  A/c

Dr.

 

500

 

 

 To Purchases A/c

 

 

 

500

 

(Being Goods distributed as sample.)

 

 

 

 

 

 

 

 

 

 

Apr 03

Charity A/c

Dr.

 

300

 

 

 To Purchases A/c

 

 

 

300

 

(Being Goods Given as Charity.)

 

 

 

 

 

 

 

 

 

 

Apr 04

Furniture A/c

Dr.

 

5,000

 

 

To Purchases A/c

 

 

 

5,000

 

(Being Timber used for making office furniture)

 

 

 

 

Apr 05

Loss by fire  A/c

Dr.

 

3,500

 

 

To Purchases A/c

 

 

 

3,500

 

 (Being Goods destroyed by fire.)

 

 

 

 

Apr 06

Loss by fire  A/c

Dr.

 

2,000

 

 

 To Purchases A/c

 

 

 

2,000

 

(Being Goods lost in transit.)

 

 

 

 

 

Click below for more Questions

Ts Grewal Solution 2022-2023

Class 11th

Click on below links for 

11th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021