11th | Journal | Question No. 9 To 12 | Ts Grewal Solution 2022-2023

Transactions Relating to Fixed Assets

Question 9:

Pass necessary Journal entries for the following transactions:

2022	`
April 1: Paid repairing charges on existing machineries.	1,000
April 2: Purchased a new machinery.	42,500
April 3: Paid freight and carriage on machinery.	2,500
April 4: Paid installation charges on machinery.	5,000
April 5: Purchased a second-hand machinery.	18,000
April 6: Paid repairing charges on above machinery.	2,500

Answer:

Journal
Date	Particulars		L.F.	Debit `	Credit `
2022	Repairing A/c	Dr.		1,000
Apr 01	To Cash A/c (Being Paid repairing charges on existing machineries.)				1,000


Apr 02	Machinery A/c	Dr.		42,500
	To Cash A/c				42,500
	(Being Purchased a new machinery.)

Apr 03	Machinery A/c	Dr.		2,500
	To Cash A/c				2,500
	(Being Paid freight and carriage on machinery.)

Apr 04	Machinery A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being Paid installation charges on machinery.)
Apr 05	Machinery A/c	Dr.		18,000
	To Cash A/c				18,000
	(Being Purchased a second-hand machinery.)
Apr 06	Machinery A/c	Dr.		2,500
	To Cash A/c				2,500
	(Being Paid repairing charges on above machinery.)

Adjustment Entries

Question 10:

Pass Journal entries for the following adjustment on 31st March, 2022:

(i) Interest due but not received `10,000.

(ii) Salaries due to staff `50,000.

(iii) Out of the rent paid this year, `5,000 is for the next year.

(iv) Provide 10% depreciation on Furniture costing `1,00,000.

(v) Goods used in making Furniture (Sales Price `5,000; Cost `4,000).

(vi) Received commission of `20,000 by cheque, half of which is in advance.

(vii) Allow interest on capital `8,000.

(viii) Charge interest on drawings `1,500.

Answer:

Journal
Date	Particulars		L.F.	Debit `	Credit `
(i)	Accrued Interest A/c	Dr.		10,000
	To Interest Received A/c (Being Interest due but not received)				10,000


(ii)	Salaries A/c	Dr.		50,000
	To Outstanding Salaries A/c				50,000
	(Being Salaries due to staff `50,000.)

(iii)	Prepaid Rent A/c	Dr.		5,000
	To Bank A/c				5,000
	(Being Out of the rent paid this year, `5,000 is for the next year.)

(iv)	Depreciation A/c	Dr.		10,000
	To Provision for depreciation A/c				10,000
	(Being Provide 10% depreciation on Furniture costing `1,00,000.)
(v)	Furniture A/c	Dr.		4,000
	To Purchases A/c				4,000
	(Being Goods used in making Furniture (Sales Price `5,000; Cost `4,000).)
(vi)	Bank A/c	Dr.		20,000
	To Commission Received A/c To Commission Received in advance A/c				10,000 10,000
	(Being Received commission of `20,000 by cheque, half of which is in advance.)
(vii)	Interest on Capital A/c	Dr.		8,000
	To Capital A/c				8,000
	(Being Allow interest on capital)
(viii)	Capital A/c	Dr.		1,500
	To Interest on Drawings A/c				1,500
	(Being Charge interest on drawings)

Opening journal Entry

Question 11:

Following balances existed in the books of M/s. Anand Stores as on 1st April, 2022:

Assets Cash ` 60,000; Bank ` 40,000; Stock ` 1,50,000; Furniture ` 43,000; Debtors 1,45,000 (X ` 35,000; Y ` 50,000; Z ` 60,000).

Liabilities Loan from Vikas 60,000; Creditors 52,500 (A ` 22,500; B ` 30,000).

Pass necessary Journal entry to record the above balances.

Answer:

Journal
Date	Particulars		L.F.	Debit `	Credit `
(i)	Cash A/c	Dr.		60,000
	Bank A/c	Dr.		40,000
	Stock A/c	Dr.		1,50,000
	Furniture A/c	Dr.		43,000
(ii)	Debtors A/c	Dr.		1,45,000
	To Loan from Vikas A/c				60,000
	To Creditors A/c				52,500
	To Capital A/c				3,25,000
	(Being Balances of various Assets, liabilities and Capital brought forward)

Following transactions of Ramesh for April, 2022 are given below. Journalise them.

2022	`
April 1: Ramesh started business with cash.	1,00,000
April 2: Paid into bank .	20,000
April 3: Bought goods for cash.	50,000
April 4: Drew cash from bank for office use.	10,000
April 13: Sold goods to Krishna.	15,000
April 20: Bought goods from Shyam.	22,500
April 22: \|Krishna returned goods,	2,000
April 24: Received from Krishna .	12,500
Allowed him discount.	500
April 28: Paid cash to Shyam.	21,500
Discount received.	1,000
April 30: Sold for Cash to Mohan, Rakesh and Maynak.	80,000
April 30: Paid rent.	5,000
April 30: Paid salary.	10,000

Journal
Date	Particulars		L.F.	Debit `	Credit `
2022
April 01	Cash A/c	Dr.		1,00,000
	To Capital A/c				1,00,000
	(Started business with cash)

April 02	Bank A/c	Dr.		20,000
	To Cash A/c				20,000
	(Cash paid into bank)

April 03	Purchases A/c	Dr.		50,000
	To Cash A/c				50,000
	(Goods purchased)

April 04	Cash A/c	Dr.		10,000
	To Bank A/c				10,000
	(Cash withdrawn from Bank)

April 13	Krishna’s A/c	Dr.		15000
	To Sales A/c				15000
	(Goods sold )

April 20	Purchases A/c	Dr.		22500
	To Shyam’s A/c				5,600
	(Goods purchased)

April 22	Sales Return A/c	Dr.		2,000
	To Krishna’s A/c				2,000
	(Goods returned )

April 24	Cash A/c	Dr.		12500
	Discount Allowed A/c	Dr.		500
	To Krishna’s A/c				13,000
	(Received from Krishna and availed discount)

April 28	Shyam’s A/c	Dr.		21,500
	To Bank A/c			1,000
	To Discount Received A/c				22,500
	(Paid to shyam and received discount)
April 30	Cash A/c	Dr.		80,000
	To Sales A/c				80,000
	(Goods Sold)

April 30	Rent A/c Salaries A/c	Dr. Dr.		5,000 10,000
	To Cash A/c				15,000
	(Paid Rent and Salaries)

Click below for more Questions

Ts Grewal Solution 2022-2023

Class 11th

Chapter 8 – Journal

Click on below links for

11th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

commercemine