Question 17:
Journalise the following
transactions in the books of M/s. R.K. & Co.:
(i) Purchased goods of list price of ` 20,000 from Vishal at 20% trade discount against cheque
payment.
(ii) Purchased goods of list price of `
20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods of list price of `
30,000 from Amrit at 20% trade discount.
(iv) Purchased goods from Hari & Co. of list
price `40,000
for `35,000
against cash.
(v) Goods purchased from Amrit of
list price `
10,000 returned.
(vi) Sold goods to Parul
of list price of `
40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman of list price of ` 30,000 at 10% trade
discount against cash.
(viii) Sold goods to Pawan of list price of ` 20,000 at 10% trade
discount.
(ix) Sold goods to Yamini of list price of ` 25,000 for ` 23,000.
(x) Sold goods costing `
10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of `
50,000 sold at a profit of 25% less 10% trade discount against cheque.
(xii) Aman returned goods of list price of ` 10,000 sold to him
at 10% trade discount.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
|
|
|
|
|
|
|
(i) |
Purchase A/c |
Dr. |
|
16,000 |
|
|
|
To Bank A/c |
|
|
|
16,000 |
|
|
(Goods purchased
from Vishal by cheque) |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Purchase A/c |
Dr. |
|
17,000 |
|
|
|
To Cash A/c |
|
|
|
17,000 |
|
|
(Goods purchased
from Naman for cash) |
|
|
|
|
|
|
|
|
|
|
|
|
(iii) |
Purchase A/c |
Dr. |
|
24,000 |
|
|
|
To Amrit |
|
|
|
24,000 |
|
|
(Goods purchased
from Amrik on credit) |
|
|
|
|
|
|
|
|
|
|
|
|
(iv) |
Purchase A/c |
Dr. |
|
35,000 |
|
|
|
To Cash A/c |
|
|
|
35,000 |
|
|
(Goods purchased
for cash) |
|
|
|
|
|
|
|
|
|
|
|
|
(v) |
Amrit |
Dr. |
|
8,000 |
|
|
|
To
Purchase Returns A/c |
|
|
|
8,000 |
|
|
(Goods returned
by Amrik) |
|
|
|
|
|
|
|
|
|
|
|
|
(vi) |
Bank A/c |
Dr. |
|
36,000 |
|
|
|
To
Sales A/c |
|
|
|
36,000 |
|
|
(Goods sold to Parul by cheque) |
|
|
|
|
|
|
|
|
|
|
|
|
(vii) |
Cash A/c |
Dr. |
|
27,000 |
|
|
|
To
Sales A/c |
|
|
|
27,000 |
|
|
(Goods sold to Aman for cash) |
|
|
|
|
|
|
|
|
|
|
|
|
(viii) |
Pawan |
Dr. |
|
18,000 |
|
|
|
To
Sales A/c |
|
|
|
18,000 |
|
|
(Goods sold to Pawan on credit) |
|
|
|
|
|
|
|
|
|
|
|
|
(ix) |
Yamini |
Dr. |
|
23,000 |
|
|
|
To
Sales A/c |
|
|
|
23,000 |
|
|
(Goods sold to Yamini on credit) |
|
|
|
|
|
|
|
|
|
|
|
|
(x) |
Bhupesh |
Dr. |
|
10,800 |
|
|
|
To Sales A/c |
|
|
|
10,800 |
|
|
(Goods sold to Bhupesh on credit) |
|
|
|
|
|
|
|
|
|
|
|
|
(xi) |
Bank A/c |
Dr. |
|
45,000 |
|
|
|
To
Sales A/c |
|
|
|
45,000 |
|
|
(Goods sold
against cheque) |
|
|
|
|
|
|
|
|
|
|
|
|
(xii) |
Sales Returns
A/c |
Dr. |
|
9,000 |
|
|
|
To Aman |
|
|
|
9,000 |
|
|
(Goods returned
by Aman ) |
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Sales price
Sales Price = (10,000+20%=12,000−10%)=Rs 10,800
Question 18:
Journalise
the following transactions in the books of Bhushan
Agencies:
(i) Received from Bharat cash ` 20,000, allowed him
discount of `
500.
(ii) Received from Vikas ` 35,000 by cheque, allowed him discount of ` 750.
(iii) Received cash from Akhil ` 38,000 in settlement
of his dues of `
40,000.
(iv) Received from Amrit ` 50,000 by cheque on account against dues of ` 60,000.
(v) Paid cash `
39,200 to suresh in settlement of his dues, availed
discount of 2%.
(vi) Paid by cheque ` 25,000 to Mehar and settled her dues of ` 26,000.
(vii) Paid `
25,000 to Yogesh by cheque
on account.
(viii) Purchased goods costing `
1,00,000 against cheque and
availed discount of 3%.
(ix) Purchased goods costing `
60,000 from Akash & Co.,
paid 50% immediately availing 3% discount.
(x) Sold goods of `
30,000 against cheque allowing 2% discount.
(xi) Sold goods of `
60,000 to Vimal received 50% of due amount allowing
2% discount.
(xii) Mittal Bros. purchased 100 shawls @`3,000 per shawl. Allowed 10% Trade Discount
and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received
10 shawls of poor quality, which it returned. Mittal Bros. settled the payment in 10 days.
(xiii) Sold to Gupta Shawls, 100 shawls@`200 per shawl on 4th January, 2022. Trade
Discount 25% and Cash Discount 5% if full payment is made within 14 days. Gupta
Shawls sent 50% of the payment on 14th January, 2022 and balance payment on
10th February, 2022.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
|
|
|
|
|
|
|
(i) |
Cash A/c |
Dr. |
|
20,000 |
|
|
|
Discount Allowed
A/c |
Dr. |
|
500 |
|
|
|
To Bharat |
|
|
|
20,500 |
|
|
(Payment
received from Bharat) |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Bank A/c |
Dr. |
|
35,000 |
|
|
|
Discount Allowed
A/c |
Dr. |
|
750 |
|
|
|
To Vikas |
|
|
|
35,750 |
|
|
(Payment
received from Vikas) |
|
|
|
|
|
|
|
|
|
|
|
|
(iii) |
Cash A/c |
Dr. |
|
38,000 |
|
|
|
Discount Allowed
A/c |
Dr. |
|
2,000 |
|
|
|
To Akhil |
|
|
|
40,000 |
|
|
(Payment
received from Akhil) |
|
|
|
|
|
|
|
|
|
|
|
|
(iv) |
Bank A/c |
Dr. |
|
50,000 |
|
|
|
To Amrit |
|
|
|
50,000 |
|
|
(Payment
received from Amrit) |
|
|
|
|
|
|
|
|
|
|
|
|
(v) |
Suresh |
Dr. |
|
40,000 |
|
|
|
To
Cash A/c |
|
|
|
39,200 |
|
|
To
Discount Received A/c |
|
|
|
800 |
|
|
(Payment made to
Suresh) |
|
|
|
|
|
|
|
|
|
|
|
|
(vi) |
Mehar |
Dr. |
|
26,000 |
|
|
|
To
Bank A/c |
|
|
|
25,000 |
|
|
To
Discount Received A/c |
|
|
|
1,000 |
|
|
(Payment made to
Meher) |
|
|
|
|
|
|
|
|
|
|
|
|
(vii) |
Yogesh |
Dr. |
|
25,000 |
|
|
|
To Bank A/c |
|
|
|
25,000 |
|
|
(Payment made to
Yogesh) |
|
|
|
|
|
|
|
|
|
|
|
|
(viii) |
Purchases A/c |
Dr. |
|
97,000 |
|
|
|
To Bank A/c |
|
|
|
97,000 |
|
|
(Goods bought
against cheque) |
|
|
|
|
|
|
|
|
|
|
|
|
(ix) |
Purchases A/c |
Dr. |
|
60,000 |
|
|
|
To Akash & Co. |
|
|
|
30,000 |
|
|
To Cash A/c |
|
|
|
29,100 |
|
|
To Discount Received A/c |
|
|
|
900 |
|
|
(Goods bought
from Akash & Co.) |
|
|
|
|
|
|
|
|
|
|
|
|
(x) |
Bank A/c |
Dr. |
|
29,400 |
|
|
|
To Sales A/c |
|
|
|
29,400 |
|
|
(Goods sold
against cheque) |
|
|
|
|
|
|
|
|
|
|
|
|
(xi) |
Vimal |
Dr. |
|
30,000 |
|
|
|
Cash A/c |
Dr. |
|
29,400 |
|
|
|
Discount Allowed
A/c |
Dr. |
|
600 |
|
|
|
To Sales A/c |
|
|
|
60,000 |
|
|
(Goods sold to Vimal) |
|
|
|
|
|
(xii)
a. |
Purchases A/c Dr. |
|
27,000 |
|
|
|
|
To Mittal
Bros. A/c |
|
|
|
27,000 |
|
|
(Mittal Bros. purchased 100 shawls @`3,000 per shawl. Allowed 10% Trade Discount) |
|
|
|
|
|
b. |
Mittal Bros. A/c |
Dr. |
|
2,700 |
|
|
|
To Purchases Return A/c |
|
|
|
2,700 |
|
|
(10 shawls of poor quality,
which it returned.) |
|
|
|
|
|
c. |
Mittal
Bro. A/c |
Dr. |
|
24,300 |
|
|
|
To Cash A/c |
|
|
|
23,814 |
|
|
To Discount Received A/c |
|
|
|
486 |
|
|
(Mittal Bros.
settled the payment in 10 days. and allowed 2% discount) |
|
|
|
|
|
(xiii) |
|
|
|
|
|
|
4 Jan. |
Gupta
shawls |
Dr. |
|
15,000 |
|
|
|
To Sales A/c |
|
|
|
15,000 |
|
|
(Sold to Gupta Shawls, 100 shawls@`200 per shawl on 4th January, 2022. Trade Discount 25%) |
|
|
|
|
|
14 Jan. |
Cash
A/c |
Dr. |
|
7,125 |
|
|
|
Discount
allowed A/c |
Dr. |
|
375 |
|
|
|
To Gupta shawls |
|
|
|
7,500 |
|
|
(50%
payment received and availed 5% cash discount) |
|
|
|
|
|
10 Feb. |
Cash A/c |
Dr. |
|
7,500 |
|
|
|
To Gupta shawls |
|
|
|
7,500 |
|
|
(Balance received) |
|
|
|
|
|
|
|
|
|
|
|
Question 19:
Journalise the following transactions:
|
|
` |
|
|
(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 less 10%
Trade Discount. |
|
|
(vii) |
Paid cash to Radhey for
outstanding bill for printing. |
|
Answer:
|
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 less 10% Trade Discount.) |
|
|
|
|
|
(vii) |
Outstanding repairing Bill A/c Dr. |
|
1,000 |
|
|
|
|
To Cash A/c |
|
|
1,000- |
|
|
|
(Paid outstanding bill of repairing ) |
|
|
|
|
Note
: Amount of Payment not given for
(vii) Transaction of Outstanding repairing Bill.
Question 20:
Journalise
the following entries:
(i) Goods costing `
500 given as charity.
(ii) Sold goods to Mayank of ` 1,00,000,
payable 25% by cheque at the time of sale and balance
after 30 days of sale.
(iii) Received `
975 from Harikrishna in full settlement of his
account of `
1,000.
(iv) Received a first and final dividend of 60 paise in a rupee from the Official Receiver of Rajan, who owed us `
1,000.
(v) Charge interest on Drawings `
1,500.
(vi) Sold goods costing `
40,000 to Anil for cash at a profit of 25% on cost less 20% trade
discount
(vii) Paid cartage ` 100 for delivery of goods.
(vii) Paid income tax `15,000.
Answer:
|
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) |
|
|
|
|
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Ts Grewal Solution 2022-2023
Class 11th