journal 25-26

 `

(i)

Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his Official Receiver. He owed us  

10,000

(ii)

Received cash from Ramesh whose amount was written off last year as bad debts.

5,000

(iii)

Rent due to landlord.

8,000

(iv)

Salaries due to Staff.

10,000

(v)

Placed an order with Rakesh Mohan for the supply of goods of the list price of ` 1,00,000. In this connection, Raman paid 10% of the list price as an advance by cheque.

(vi)

Supplied goods costing 3,600 to Sanjay. Issued invoice at 20% above Cost less10% Trade Discount.

(vii)

Paid cash to Radhey for outstanding bill for printing.

Journal

Sr. No.

Particulars

L.F.

Debit

`

Credit

`

(i)

Cash A/c

Dr.

7,500

Bad Debts A/c

Dr.

2,500

To Shyam’s A/c

10,000

(Insolvency of Shyam with 75 paisa in a rupee recoverable)

(ii)

Cash A/c

Dr.

5,000

To Bad Debts Recovered A/c

5,000

(Amount written off as bad debts recovered)

(iii)

Rent A/c

Dr.

8,000

To Outstanding Rent A/c

8,000

(Rent due to landlord)

(iv)

Salary A/c

Dr.

10,000

To Outstanding Salary A/c

10,000

(Salary due to clerk)

(v)

Advance to Rakesh Mohan A/c

Dr.

10,000

To Bank A/c

10,000

(Advance paid to Rakesh Mohan for a future order)

(vi)

Sanjay                                                              Dr.

3,888 

 To Sales A/c

3,888

(Supplied goods costing 3,600 to Sanjay. Issued invoice at 20% above Cost less10% Trade Discount.)

(vii)

Outstanding repairing Bill A/c              Dr.

1,000

  To Cash A/c

1,000-

(Paid outstanding bill of repairing )

Journal

Sr. No.

Particulars

L.F.

Debit

`

Credit

`

(i)

Charity A/c

Dr.

500

To Purchases A/c

500

(Goods given as charity)

(ii)

Bank A/c

Dr.

25,000

Mayank A/c

Dr.

75,000

   To Sales A/c

1,00,000

(Goods sold partly through cheque and partly through credit)

(iii)

Cash A/c

Dr.

975

Discount Allowed A/c

Dr.

25

To Harikrishna A/c

1,000

(Cash received from Harikrishna in full and final settlement)

(iv)

Cash A/c

Dr.

600

Bad Debts A/c

Dr.

400

To Rajan A/c

1,000

(First and final dividend received from Rajan in full settlement of his debt)

(v)

Drawings A/c

Dr.

1,500

   To Interest on Drawings A/c

1,500

(Interest on drawings charged)

(vi)

Cash A/c

Dr.

40,000

    To Sales A/c

40,000

(Goods sold to Anil at 25% profit on cost and 20% Trade Discount)

 (vii)

Cartage A/c

Dr.

100

     To Cash A/c

100

(Cartage paid)

 (viii)

Drawings A/c

15,000 

  To Cash A/c

15,000

(Income tax Paid)