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11th | Ledger | Question No. 4 | Ts Grewal Solution 2022-2023

Question 4:


Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:

2022

 

`

Jan. 1

 Started business with cash

1,00,000

Jan. 3

 Bought goods on credit from Gupta & Co., Delhi

20,000

Jan. 5

 Cash sales

5,000

Jan. 8

 Cash purchases

8,000

Jan. 10

 Sold goods to Ahmed & Co.

10,000

Jan. 11

 Deposited cash in bank

50,000

Jan. 13

 Purchased a computer for office

20,000

Jan. 15

 Took a loan from Mehboob

70,000

Jan. 16

 Goods returned by Ahmed & Co.

2,000

Jan. 17

 Purchased furniture from Mehfil Mart, Kolkata

10,000

Jan. 18

 Paid interest to Mehboob

2,000

Jan. 19

 Received claim from Ahmed & Co. for defects in goods supplied to them. Claim was accepted and rebate was allowed.

1,000

Jan. 22

 Paid rent by cheque

2,000

Jan. 24

 Withdrew from bank

20,000

Jan. 25

 Sales of goods at counter after allowing trade discount of 10%

10,000

Jan. 26

 Goods purchased from Gupta & Co., Delhi were destroyed by accident

10,000

Jan. 27

 Advertisement expenses paid through bank

5,000

Jan. 28

 Ahmed & Co. settled their account by cheque

7,000

Jan. 29

 Paid the due amount to Gupta & Co. by cheque after availing discount of  ` 800 

 

Jan. 31

 Sold old newspapers

500

Answer:


Journal of Afzal, Kolkata

Date

Particulars

 

L.F.

Debit

(`)

Credit

(`)

2022

 

 

 

 

 

Jan.01

Cash A/c

Dr.

 

1,00,000

 

 

     To Capital A/c

 

 

 

1,00,000

 

(Business started with cash)

 

 

 

 

 

 

 

 

 

 

Jan.03

Purchases A/c

Dr.

 

20,000

 

 

     To Gupta & Co.

 

 

 

20,000

 

(Goods purchased on credit)

 

 

 

 

 

 

 

 

 

 

Jan.05

Cash A/c

Dr.

 

5,000

 

 

    To Sales A/c

 

 

 

5,000

 

(Goods sold for cash)

 

 

 

 

 

 

 

 

 

 

Jan.08

Purchases

Dr.

 

8,000

 

 

    To Cash A/c

 

 

 

8,000

 

(Goods purchased for cash)

 

 

 

 

 

 

 

 

 

 

Jan.10

Ahmed & Co.

Dr.

 

10,000

 

 

    To Sales A/c

 

 

 

10,000

 

(Goods sold on credit)

 

 

 

 

 

 

 

 

 

 

Jan.11

Bank A/c

Dr.

 

50,000

 

 

    To Cash A/c

 

 

 

50,000

 

(Cash deposited into bank)

 

 

 

 

 

 

 

 

 

 

Jan.13

Computers A/c

Dr.

 

20,000

 

 

     To Cash A/c

 

 

 

20,000

 

(Computers purchased)

 

 

 

 

 

 

 

 

 

 

Jan.15

Cash A/c

Dr.

 

70,000

 

 

    To Loan from Mehboob

 

 

 

70,000

 

(Loan taken from Mehboob)

 

 

 

 

 

 

 

 

 

 

Jan.16

Sales Return A/c

Dr.

 

2,000

 

 

      To Ahmed & Co.

 

 

 

2,000

 

 (Goods returned by Ahmed & Co.) 

 

 

 

 

 

 

 

 

 

 

Jan.17

Furniture A/c

Dr.

 

10,000

 

 

       To Mehfil Mart

 

 

 

10,000

 

 (Furniture purchased) 

 

 

 

 

 

 

 

 

 

 

Jan.18

Interest on Mehboob Loan A/c

Dr.

 

2,000

 

 

       To Cash A/c

 

 

 

2,000

 

(Interest on Loan paid)

 

 

 

 

 

 

 

 

 

 

Jan.19

Insurance Claim A/c

Dr.

 

1,000

 

 

      To Ahmed & Company

 

 

 

1,000

 

(Insurance Claim due)

 

 

 

 

 

 

 

 

 

 

Jan.22

Rent A/c

Dr.

 

2,000

 

 

      To Bank A/c

 

 

 

2,000

 

(Rent paid)

 

 

 

 

 

 

 

 

 

 

Jan.24

Cash A/c

Dr.

 

20,000

 

 

    To Bank A/c

 

 

 

20,000

 

(Cash withdrawn from bank)

 

 

 

 

 

 

 

 

 

 

Jan.25

Cash A/c

Dr.

 

9,000

 

 

     To Sales A/c

 

 

 

9,000

 

(Goods sold for cash)

 

 

 

 

 

 

 

 

 

 

Jan.26

Loss by Accident A/c

Dr.

 

10,000

 

 

    To Purchases A/c

 

 

 

10,000

 

(Goods lost by accident)

 

 

 

 

 

 

 

 

 

 

Jan.27

Advertisement A/c

Dr.

 

5,000

 

 

     To Bank A/c

 

 

 

5,000

 

(Advertisement expenses paid)

 

 

 

 

 

 

 

 

 

 

Jan.28

Bank A/c

Dr.

 

7,000

 

 

    To Ahmed & Company

 

 

 

7,000

 

(Payment Received in full settlement)

 

 

 

 

 

 

 

 

 

 

Jan.29

Gupta & Company

Dr.

 

20,000

 

 

     To Bank A/c

 

 

 

19,200

 

     To Discount Received A/c

 

 

 

800

 

(Payment made)

 

 

 

 

 

 

 

 

 

 

Jan.31

Cash A/c

Dr.

 

500

 

 

    To Sundry Income A/c

 

 

 

500

 

(Sundry Income received)

 

 

 

 

 

Ledger

Cash Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.01

Capital

 

1,00,000

Jan.08

Purchases

 

8,000

Jan.05

Sales

 

5,000

Jan.11

Bank

 

50,000

Jan.15

Loan from Mehboob

 

70,000

Jan.13

Computer

 

20,000

Jan.24

Bank

 

20,000

Jan.18

Interest on Mehboob Loan

 

2,000

Jan.25

Sales

 

9,000

Jan.31

Balance c/d

 

1,24,500

Jan.31

Sundry income

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,04,500

 

 

 

2,04,500

Feb.01

Balance b/d

 

1,24,500

 

 

 

 

 

Purchases Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.03

Gupta & Company

 

20,000

Jan.26

Loss by Accident

 

10,000

Jan.08

Cash

 

8,000

Jan.31

Balance c/d

 

18,000

 

 

 

 

 

 

 

 

 

 

 

28,000

 

 

 

28,000

Feb.01

Balance b/d

 

18,000

 

 

 

 

 

Capital Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.31

Balance c/d

 

1,00,000

Jan.01

Cash

 

1,00,000

 

 

 

 

 

 

 

 

 

 

 

1,00,000

 

 

 

1,00,000

 

 

 

 

Feb.01

Balance b/d

 

1,00,000

 

Sales Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.31

Balance c/d

 

24,000

Jan.05

Cash

 

5,000

 

 

 

 

Jan.10

Ahmed & Company

 

10,000

 

 

 

 

Jan.25

Cash

 

9,000

 

 

 

 

 

 

 

 

 

 

 

24,000

 

 

 

24,000

 

 

 

 

Feb.01

Balance b/d

 

24,000

 

Gupta & Company

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.29

Bank

 

19,200

Jan.03

Purchases

 

20,000

Jan.29

Discount Received

 

800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,000

 

 

 

20,000

 

 

 

 

 

 

 

 

 

Ahmed & Company

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.10

Sales

 

10,000

Jan.16

Sales returns

 

2,000
 

 

 

 

 

Jan.19

Insurance claim

 

1,000

 

 

 

 

Jan.28

Bank

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,000

 

 

 

10,000

 

 

 

 

 

 

 

 

 

Bank Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.11

Cash

 

50,000

Jan.22

Rent

 

2,000

Jan.28

Ahmed & Company

 

7,000

Jan.24

Cash

 

20,000

 

 

 

 

Jan.27

Advertisement

 

5,000

 

 

 

 

Jan.29

Gupta & Company

 

19,200

 

 

 

 

Jan.31

Balance c/d

 

10,800

 

 

 

 

 

 

 

 

 

 

 

57,000

 

 

 

57,000

Feb.01

Balance b/d

 

10,800

 

 

 

 

 

Computers Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.13

Cash

 

20,000

Jan.31

Balance c/d

 

20,000

 

 

 

 

 

 

 

 

 

 

 

20,000

 

 

 

20,000

Feb.01

Balance b/d

 

20,000

 

 

 

 

 

Loan from Mehboob

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.31

Balance c/d

 

70,000

Jan.15

Cash

 

70,000

 

 

 

 

 

 

 

 

 

 

 

70,000

 

 

 

70,000

 

 

 

 

Feb.01

Balance b/d

 

70,000

 

Insurance Claim Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.19

Ahmed & Company

 

1,000

Jan.31

Balance c/d

 

1,000

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

 

1,000

Feb.01

Balance b/d

 

1,000

 

 

 

 

 

Rent Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.22

Bank 

 

2,000

Jan.31

Balance c/d

 

2,000

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,000

Feb.01

Balance b/d

 

2,000

 

 

 

 

 

Loss by Accident Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.26

Purchases  

 

10,000

Jan.31

Balance c/d

 

11,200

 

 

 

 

 

 

 

 

 

 

 

10,000

 

 

 

10,000

Feb.01

Balance b/d

 

10,000

 

 

 

 

 

Advertisement Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.27

Bank 

 

5,000

Jan.31

Balance c/d

 

5,000

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

5,000

Feb.01

Balance b/d

 

5,000

 

 

 

 

 

Sales Returns Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.16

Ahmed & Company 

 

2,000

Jan.31

Balance c/d

 

2,000

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,000

Feb.01

Balance b/d

 

2,000

 

 

 

 

 

Furniture Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.17

Mehfil Mart 

 

10,000

Jan.31

Balance c/d

 

10,000

 

 

 

 

 

 

 

 

 

 

 

10,000

 

 

 

10,000

Feb.01

Balance b/d

 

10,000

 

 

 

 

 

Mehfil Mart 

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.31

Balance c/d

 

10,000

Jan.17

Furniture

 

10,000

 

 

 

 

 

 

 

 

 

 

 

10,000

 

 

 

10,000

 

 

 

 

Feb.01

Balance b/d

 

10,000

 

Interest on Mehboob Loan Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.18

Cash A/c

 

2,000

Jan.31

Balance c/d

 

2,000

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,000

Feb.01

Balance b/d

 

2,000

 

 

 

 

 

Discount Allowed Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.28

Ahmed & Company

 

800

Jan.31

Balance c/d

 

800

 

 

 

 

 

 

 

 

 

 

 

800

 

 

 

800

Feb.01

Balance b/d

 

800

 

 

 

 

 

Discount Received Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.31

Balance c/d

 

2,000

Jan.29

Gupta & Company

 

2,000

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,000

 

 

 

 

Feb.01

Balance b/d

 

2,000

 

Sundry Incomes  Account

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Jan.31

Balance c/d

 

500

Jan.31

Cash

 

500

 

 

 

 

 

 

 

 

 

 

 

500

 

 

 

500

 

 

 

 

Feb.01

Balance b/d

 

500

 

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