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11th | Journal | Question No. 17 To 20 | Ts Grewal Solution 2022-2023

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