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11th | Ledger | Question No. 7 | Ts Grewal Solution 2022-2023

Question 7:


Following balances appeared in the books of Ashok, Delhi on 1st April, 2022:
Assets: Cash ` 50,000; Stock ` 30,000; Debtors − Ram ` 50,000; Machinery ` 60,000.
Liabilities: Creditor − Rajesh ` 30,000.
The following transactions took place in April, 2022:

2022

 

`

April 4

 Sold goods for cash

7,000

April 6

 Goods returned by Ram

1,000

April 10

 Purchased goods from Rajesh of list price ` 10,000 for

9,000

April 15

 Bought goods of list price of ` 15,000 from Rakesh less 10% trade

 

 

 discount and 5% cash discount and paid 40% of amount immediately

 

April 20

 Paid to Rajesh in full settlement of his account*

38,600

April 25

 Paid for the life insurance premium of the proprietor

500

April 30

 Received commission

2,000


Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2022.

Answer:


Journal

Date

Particulars

L.F.

Debit

 (`)

Credit

 (`)

2022

 

 

 

 

April 01

Cash A/c

Dr.

 

50,000

 

 

Stock A/c

Dr.

 

30,000

 

 

Ram

Dr.

 

50,000

 

 

Machinery A/c

Dr.

 

60,000

 

 

To Rajesh

 

 

30,000

 

To Capital A/c (Balancing Figure)

 

 

1,60,000

 

( Being Balance Brought forward)

 

 

 

 

 

 

 

 

April 04

Cash A/c

Dr.

 

7,000

 

 

To Sales A/c

 

 

7,000

 

( Being Sold Goods)

 

 

 

 

 

 

 

 

April 06

Sales Return A/c

Dr.

 

1,000

 

 

To Ram

 

 

1,000

 

( Being Goods returned)

 

 

 

 

 

 

 

 

April 10

Purchases A/c
    To Rajesh
( Being Bought goods from Rajesh)

Dr.
 

 

9,000


9,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 15

Purchases A/c

Dr.

 

13,500

 

 

To Rakesh

 

 

8,100

 

To Cash

 

 

5,130

 

To Discount Received A/c (5%)

 

 

270

 

( Being Bought goods from Rakesh, 40% of price paid immediately and availed 5% cash discount on

 

 

 

 

payment)

 

 

 

 

 

 

 

 

April 20

Rajesh A/c

Dr.

 

39,000

 

 

To Cash A/c

 

 

38,600

 

To Discount Received

 

 

400

 

( Being Paid to Rajesh and discount received)

 

 

 

 

 

 

 

 

April 25

Drawings A/c

Dr.

 

500

 

 

To Cash A/c

 

 

500

 

( Being Paid Life Insurance Premium of Proprietor)

 

 

 

 

 

 

 

 

April 30

Cash A/c

Dr.

 

2,000

 

 

To Commission A/c

 

 

2,000

 

( Being Received Commission)

 

 

 

 

 

Cash Account

 

Dr.

 Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

 

2022

 

 

 

2022

 

 

 

 

April 01
April 04

Balance b/d
Sales

 

50,000
7,000

April 15

Purchases

 

5,130

 

April 30

Commission

2,000

April 20
April 25
April 30

Rajesh
Drawings
Balance c/d

 

38,600
500
14,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,000

 

 

 

59,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Account

Dr.

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

April 30

Balance c/d

 

1,60,000

April 01

Balance b/d

 

1,60,000

 

 

 

1,60,000

 

 

 

1,60,000

 

 

 

 

 

 

 

 

 

 

Rakesh

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

Apr.30

Balance c/d

 

8,100

Apr.15

 

Purchases
 

 

8,100
 

 

 

 

8,100

 

 

 

8,100

 

 

 

 

 

 

 

 

 

Stock Account

 

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

April 01

Balance b/d

 

30,000

April 30

Balance c/d

 

30,000

 

 

 

30,000

 

 

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ram

Dr.

 

Cr.

Date

Particulars

L.F.

 (`)

Date

Particulars

L.F.

 (`)

2022

 

 

 

2022

 

 

 

April 01

Balance b/d

 

50,000

April 06

Sales Return

 

1,000

 

 

 

 

April 30

Balance c/d

 

49,000

 

 

 

50,000

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machinery Account

Dr.

 

Cr.

Date

Particulars

L.F.

 (`)

Date

Particulars

L.F.

 (`)

2022

 

 

 

2022

 

 

 

April 01

Balance b/d

 

60,000

April 30

Balance c/d

 

60,000

 

 

 

60,000

 

 

 

60,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rajesh Account

Dr.

 

Cr.

Date

Particulars

L.F.

 (`)

Date

Particulars

L.F.

 (`)

2022

 

 

 

2022

 

 

 

April 20

Cash

 

38,600

April 01

Balance b/d

 

30,000

April 20

Discount Received

 

400

April 10

Purchases

 

9,000

 

 

 

39,000

 

 

 

39,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Return Account

 

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

April 06

Ram

 

1,000

April 30

Balance c/d

 

1,000

 

 

 

1,000

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drawings Account

 

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

April 25

Cash

 

500

April 30

Balance c/d

 

500

 

 

 

500

 

 

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission Account

 

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

April 30

Balance c/d

 

2,000

April 30

Cash

 

2,000

 

 

 

2,000

 

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount Received

 

Dr.

 

Cr.

Date

Particulars

J.F.

 (`)

Date

Particulars

J.F.

 (`)

2022

 

 

 

2022

 

 

 

 

 

 

 

April 15

Purchases

 

270

April 30

Balance c/d

 

670

April 20

Rajesh

 

400

 

 

 

670

 

 

 

670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases Account

Dr.

 

Cr.

Date

Particulars

L.F.

 (`)

Date

Particulars

L.F.

 (`)

2022

 

 

 

2022

 

 

 

April 10

Rajesh

 

9,000

April 30

Balance c/d

 

22,500

April 15

Rakesh

 

8,100

 

 

 

 

April 15

Cash A/c

 

5,130

 

 

 

 

April 15

Discount Received A/c

 

270

 

 

 

 

 

 

 

22,500

 

 

 

22,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Account

Dr.

 

Cr.

Date

Particulars

L.F.

 (`)

Date

Particulars

L.F.

 (`)

2022

 

 

 

2022

 

 

 

April 30

Balance c/d

 

7,000

April 04

Cash A/c

 

7,000

 

 

 

7,000

 

 

 

7,000

 

 

 

 

 

 

 

 

 

 

Trial Balance

As on 30th April 2022

S. No.

Particular

J.F.

Debit

 (`)

Credit

 (`)

1

Cash Account

 

14,770

 

2

Capital Account

 

 

1,60,000

3

Rakesh

 

 

8,100

4

Stock Account

 

30,000

 

5

Ram

 

49,000

 

6

Machinery Account

 

60,000

 

7

Sales Return Account

 

1,000

 

8

Drawings Account

 

500

 

9

Commission Account

 

 

2,000

10

Discount Received

 

 

670

11

Purchases Account

 

22,500

 

12

Sales Account

 

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

1,77,770

1,77,770

 

 

 

 

 


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