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

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

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 30^th 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