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Page No 9.59:
Question 1:
Enter the following transactions in the Journal of Manohar Lal & Sons.:-
2019 | ₹ | |
March 1 | Manohar Lal & Sons started business with cash | 60,000 |
2 | Purchased furniture for cash | 10,000 |
4 | Purchased goods for cash | 25,000 |
5 | Bought goods from Kamlesh | 15,000 |
10 | Paid cash to Kamlesh | 15,000 |
16 | Purchased goods from Sohan | 6,000 |
18 | Purchased goods from Sohan for cash | 8,000 |
20 | Paid rent for the office | 1,000 |
Answer:
Journal In the Books of Manohar Lal |
|||||
Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) | |
2019 | |||||
Mar. 01 | Cash A/c | Dr. | 60,000 | ||
To Capital A/c
|
60,000 | ||||
( Started business with cash) | |||||
Mar. 02 | Furniture A/c | Dr. | 10,000 | ||
To Cash A/c
|
10,000 | ||||
(Furniture purchased for cash) | |||||
Mar. 04 | Purchases A/c | Dr. | 25,000 | ||
To Cash A/c
|
25,000 | ||||
( Goods purchased for cash) | |||||
Mar. 05 | Purchases A/c | Dr. | 15,000 | ||
To Kamlesh’s A/c
|
15,000 | ||||
(Goods purchased from Kamlesh) | |||||
Mar. 10 | Kamlesh’s A/c | Dr. | 15,000 | ||
To Cash A/c
|
15,000 | ||||
(Cash paid to Kamlesh) | |||||
Mar. 16 | Purchases A/c | Dr. | 6,000 | ||
To Sohan’s A/c
|
6,000 | ||||
(Goods purchased from Sohan) | |||||
Mar. 18 | Purchases A/c | Dr. | 8,000 | ||
To Cash A/c
|
8,000 | ||||
(Goods purchased from Sohan for cash) | |||||
Mar. 20 | Rent A/c | Dr. | 1,000 | ||
To Cash A/c
|
1,000 | ||||
(Paid office rent) | |||||
TOTAL | 1,40,000 | 1,40,000 | |||
Page No 9.60:
Question 2:
Enter the following transactions in the Journal of M/s Tripathi Bros. :-
2019 | ₹ | |
Jan. 6 | Sold goods for cash | 36,000 |
8 | Sold goods to Hari | 30,000 |
14 | Received cash from Hari | 18,000 |
26 | Received Commission | 750 |
27 | Paid Salary to Gopal | 1,200 |
28 | Received cash from Hari | 12,000 |
29 | Withdrew cash from office for personal use | 4,000 |
30 | Wages paid | 7,200 |
30 | Bought Machinery for Cash | 8,000 |
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
2019 |
|
|
|
|
|
Jan 06 |
Cash A/c |
Dr. |
|
36,000 |
|
|
To Sales A/c |
|
|
|
36,000 |
|
(Sold goods for cash) |
|
|
|
|
|
|
|
|
|
|
Jan 08 |
Hari A/c |
Dr. |
|
30,000 |
|
|
To Sales A/c |
|
|
|
30,000 |
|
(Sold goods to Hari) |
|
|
|
|
|
|
|
|
|
|
Jan 14 |
Cash A/c |
Dr. |
|
18,000 |
|
|
To Hari A/c |
|
|
|
18,000 |
|
(Received cash from Hari) |
|
|
|
|
|
|
|
|
|
|
Jan 26 |
Cash A/c |
Dr. |
|
750 |
|
|
To Commission A/c |
|
|
|
750 |
|
(Received commission) |
|
|
|
|
|
|
|
|
|
|
Jan 27 |
Salary A/c |
Dr. |
|
1,200 |
|
|
To Cash A/c |
|
|
|
1,200 |
|
(Paid salary to Gopal) |
|
|
|
|
|
|
|
|
|
|
Jan 28 |
Cash A/c |
Dr. |
|
12,000 |
|
|
To Hari A/c |
|
|
|
12,000 |
|
(Received cash from Hari) |
|
|
|
|
|
|
|
|
|
|
Jan 29 |
Drawings A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
|
4,000 |
|
(Drew cash for personal use) |
|
|
|
|
|
|
|
|
|
|
Jan 30 |
Wages A/c |
Dr. |
|
7,200 |
|
|
To Cash A/c |
|
|
|
7,200 |
|
(Paid wages) |
|
|
|
|
|
|
|
|
|
|
Jan 30 |
Machinery A/c |
Dr. |
|
8,000 |
|
|
To Cash A/c |
|
|
|
8,000 |
|
(Purchased machinery) |
|
|
|
|
|
|
|
|
1,17,150 |
1,17,150 |
|
|
|
|
|
|
Page No 9.60:
Question 3:
Enter the following transactions in the Journal of Sahil Bros. :
2018 | ₹ | ||
October | 1 | Purchased goods from Anil for Cash | 40,000 |
3 | Purchased goods from Atul | 75,000 | |
6 | Returned goods to Atul | 3,000 | |
8 | Paid cash to Atul | 50,000 | |
10 | Sold goods to Charu | 1,00,000 | |
12 | Charu returned 20% of goods | ||
15 | Paid rent | 2,000 | |
20 | Sahil withdrew for personal use | 10,000 |
Answer:
Journal In the Books of Sahil |
|||||
Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) | |
2018 | |||||
Oct. 01 | Purchases A/c | Dr. | 40,000 | ||
To Cash A/c
|
40,000 | ||||
(Goods purchased from Anil for cash) | |||||
Oct. 03 | Purchases A/c | Dr. | 75,000 | ||
To Atul’s A/c
|
75,000 | ||||
(Goods purchased from Atul) | |||||
Oct. 06 | Atul’s A/c | Dr. | 3,000 | ||
To Purchases Return A/c
|
3,000 | ||||
(Goods returned to Atul) | |||||
Oct. 08 | Atul’s A/c | Dr. | 50,000 | ||
To Cash A/c
|
50,000 | ||||
(Cash paid to Atul) | |||||
Oct. 10 | Charu’s A/c | Dr. | 1,00,000 | ||
To Sales A/c
|
1,00,000 | ||||
( Goods sold to Charu) | |||||
Oct. 12 | Sales Return A/c | Dr. | 20,000 | ||
To Charu’s A/c
|
20,000 | ||||
(Goods returned to Charu) | |||||
Oct. 15 | Rent A/c | Dr. | 2,000 | ||
To Cash A/c
|
2,000 | ||||
(Rent paid) | |||||
Oct. 20 | Drawings A/c | Dr. | 10,000 | ||
To Cash A/c
|
10,000 | ||||
(Cash withdrawn for personal use) | |||||
TOTAL | 3,00,000 | 3,00,000 | |||
Page No 9.60:
Question 4:
Enter the following transactions in the Journal of Ganesh Bros. :
2017 | ₹ | ||
March 3 | Sold goods to Dev | 1,00,000 | |
5 | Received from Dev in full settlement of his account | 98,000 | |
6 | Sold goods to Manmohan | 80,000 | |
8 | Manmohan returned goods | 1,000 | |
15 | Received from Manmohan in full settlement of his account | 78,200 | |
16 | Received cash from Ram | 19,500 | |
and discount allowed | 500 | ||
20 | Paid cash to Pawan | 4,700 | |
and discount received from him | 300 | ||
25 | Sold goods to Varun of the list price of ₹ 25,000 at 20% trade discount |
Answer:
Journal In the Books of Ganesh |
|||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
2017 | |||||
Mar. 03 | Dev’s A/c | Dr. | 1,00,000 | ||
To Sales A/c
|
1,00,000 | ||||
(Goods sold to Dev) | |||||
Mar. 05 | Cash A/c | Dr. | 98,000 | ||
Discount Allowed A/c | Dr. | 2,000 | |||
To Dev’s A/c
|
1,00,000 | ||||
(Cash received from Dev in full settlement of his account) | |||||
Mar. 06 | Manmohan’s A/c | Dr. | 80,000 | ||
To Sales A/c
|
80,000 | ||||
(Goods sold to Manmohan) | |||||
Mar. 08 | Sales Return A/c | Dr. | 1,000 | ||
To Manmohan’s A/c
|
1,000 | ||||
(Goods returned to Manmohan) | |||||
Mar. 15 | Cash A/c | Dr. | 78,200 | ||
Discount Allowed A/c | Dr. | 800 | |||
To Manmohan’s A/c
|
79,000 | ||||
(Cash received from Manmohan in full settlement of his account) | |||||
Mar. 16 | Cash A/c | Dr. | 19,500 | ||
Discount Allowed A/c | Dr. | 500 | |||
To Ram’s A/c
|
20,000 | ||||
(Cash received from Ram and discount allowed) | |||||
Mar. 20 | Pawan’s A/c | Dr. | 5,000 | ||
To Cash A/c
|
4,700 | ||||
To Discount Received A/c
|
300 | ||||
(Cash paid to Pawan and received discount) | |||||
Mar. 25 | Varun’s A/c | Dr. | 20,000 | ||
To Sales A/c
|
20,000 | ||||
(Goods sold @ 20% trade discount) | |||||
TOTAL | 4,05,000 | 4,05,000 | |||
Page No 9.60:
Question 5:
Pass Journal entries in the books of Hari Shankar & Co. from the following:
2017 | ₹ | |
April 1 | Commenced business with cash | 50,000 |
2 | Purchased goods from Subhash | 20,000 |
4 | Sold goods to Ramnath | 15,000 |
6 | Ramnath returned defective goods | 1,000 |
10 | Received cash from Ramnath and | 13,800 |
Discount allowed | 200 | |
12 | Gopal sold goods to us | 10,000 |
14 | Paid to Gopal in full settlement of his account after deducting 5% discount. | |
15 | Paid Rent | 10,000 |
16 | Paid Rent of Hari Shankar's residence | 5,000 |
18 | Purchased goods for cash from Govind for ₹ 6,000 at 20% trade discount. | |
20 | Purchased goods from Govind for ₹ 10,000 at 20% trade discount. | |
24 | Paid to Govind ₹ 7,850 in full settlement of his account. | |
25 | Paid to Subhash ₹ 4,750; discount received ₹ 250. | |
30 | Paid Wages ₹ 400; Salaries ₹ 4,000; Advertisement expenses ₹ 800 and Trade expenses ₹ 1,000. |
Answer:
Journal In the Books of Hari Shankar & Co. |
|||||
Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) | |
2017 | |||||
Apr. 01 | Cash A/c | Dr. | 50,000 | ||
To Capital A/c
|
50,000 | ||||
(Started business with cash) | |||||
Apr. 02 | Purchases A/c | Dr. | 20,000 | ||
To Subhash’s A/c
|
20,000 | ||||
(Goods purchased from Subhash) | |||||
Apr. 04 | Ramnath’s A/c | Dr. | 15,000 | ||
To Sales A/c
|
15,000 | ||||
(Goods sold to Ramnath) | |||||
Apr. 06 | Sales Return A/c | Dr. | 1,000 | ||
To Ramnath’s A/c
|
1,000 | ||||
(Goods returned to Ramnath) | |||||
Apr. 10 | Cash A/c | Dr. | 13,800 | ||
Discount Allowed A/c | Dr. | 200 | |||
To Ramnath’s A/c
|
14,000 | ||||
(Cash received from Ramnath and allowed discount) | |||||
Apr. 12 | Purchases A/c | Dr. | 10,000 | ||
To Gopal’s A/c
|
10,000 | ||||
(Goods purchased from Gopal) | |||||
Apr. 14 | Gopal’s A/c | Dr. | 10,000 | ||
To Cash A/c
|
9,500 | ||||
To Discount Received A/c
|
500 | ||||
(Cash paid to Gopal in full settlement of his account) | |||||
Apr. 15 | Rent A/c | Dr. | 10,000 | ||
To Cash A/c
|
10,000 | ||||
(Rent paid) | |||||
Apr. 16 | Drawings A/c | Dr. | 5,000 | ||
To Cash A/c
|
5,000 | ||||
(Rent paid for Hari Shankar’s residence) | |||||
Apr. 18 | Purchases A/c | Dr. | 4,800 | ||
To Cash A/c
|
4,800 | ||||
(Goods purchased for cash at 20% trade discount) | |||||
Apr. 20 | Purchases A/c | Dr. | 8,000 | ||
To Govind’s A/c
|
8,000 | ||||
(Goods purchased from Govind at 20% trade discount) | |||||
Apr. 24 | Govind’s A/c | Dr. | 8,000 | ||
To Cash A/c
|
7,850 | ||||
To Discount Received A/c
|
150 | ||||
(Cash paid to Govind in full settlement of his account) | |||||
Apr. 25 | Subhash’s A/c | Dr. | 5,000 | ||
To Cash A/c
|
4,750 | ||||
To Discount Received A/c
|
250 | ||||
(Cash paid to Subhash in full settlement of his account) | |||||
Apr. 30 | Wages A/c | Dr. | 400 | ||
Salaries A/c | Dr. | 4,000 | |||
Advertisement Expenses A/c | Dr. | 800 | |||
Trade Expenses A/c | Dr. | 1,000 | |||
To Cash A/c
|
6,200 | ||||
(Expenses paid) | |||||
TOTAL | 1,67,000 | 1,67,000 | |||
Page No 9.61:
Question 6:
Enter the following transaction in the Journal of Marutinandan Stores:
2017 | ||
Jan. 10 | Purchased goods from Ghanshyam of the list price of ₹ 50,000 at 15% trade discount. | |
13 | Returned goods to Ghanshyam of the list price of ₹ 2,000. | |
15 | Paid cash to Ghanshyam ₹ 40,000 in full settlement of his account. | |
20 | Purchased goods from Raghu of the list price of ₹ 60,000 at 10% trade discount. | |
22 | Returned goods to Raghu of the list price of ₹ 5,000. | |
25 | Paid cash to Raghu ₹ 49,000 in full settlement of his account. |
Answer:
Journal In the Books of Marutinandan Stores |
|||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
2017 | |||||
Jan. 10 | Purchases A/c | Dr. | 42,500 | ||
To Ghanshyam’s A/c
|
42,500 | ||||
(Goods purchased at 15% trade discount) | |||||
Jan. 13 | Ghanshyam’s A/c | Dr. | 1,700 | ||
To Purchases Return A/c
|
1,700 | ||||
(Goods returned to Ghanshyam deducting trade discount of 15%) | |||||
Jan. 15 | Ghanshyam’s A/c | Dr. | 40,800 | ||
To Cash A/c
|
40,000 | ||||
To Discount Received A/c
|
800 | ||||
(Cash paid to Ghanshyam in full settlement of his account) | |||||
Jan. 20 | Purchases A/c | Dr. | 54,000 | ||
To Raghu’s A/c
|
54,000 | ||||
(Goods purchased from Raghu at trade discount of 10%) | |||||
Jan. 22 | Raghu’s A/c | Dr. | 4,500 | ||
To Purchases Return A/c
|
4,500 | ||||
(Goods returned to Raghu deducting trade discount of 10%) | |||||
Jan. 25 | Raghu’s A/c | Dr. | 49,500 | ||
To Cash A/c
|
49,000 | ||||
To Discount Received A/c
|
500 | ||||
(Cash paid to Raghu in full settlement of his account) | |||||
1,93,000 | 1,93,000 | ||||
Page No 9.61:
Question 7:
Pass Journal Entries for the following transactions:
2017 | ||
Jan 6 | Sold goods to Muskan of the list price of ₹ 2,00,000 at trade discount of 20%. | |
8 | Muskan returned goods of the list price of ₹ 5,000. | |
15 | Received from Muskan the full payment under a cash discount of 4%. |
Answer:
Journal In the Books of … |
|||||
Date | Particulars | L. F. | Debit Amount (Rs) | Credit Amount (Rs) | |
2017 | |||||
Jan. 06 | Muskan’s A/c | Dr. | 1,60,000 | ||
To Sales A/c
|
1,60,000 | ||||
(Goods sold to Muskan at trade discount of 20%) | |||||
Jan. 08 | Sales Return A/c | 4,000 | |||
To Muskan’s A/c
|
4,000 | ||||
(Goods returned by Muskan deducting trade discount of 20%) | |||||
Jan. 15 | Cash A/c | Dr. | 1,49,760 | ||
Discount Allowed A/c | Dr. | 6,240 | |||
To Muskan’s A/c
|
1,56,000 | ||||
(Cash received from Muskan in full settlement of her account) | |||||
3,20,000 | 3,20,000 | ||||
Page No 9.61:
Question 8:
Give Journal Entries for the following transactions in the books of Raja Ram & Co. :
2017 | ||
March 3 | Bought goods for cash of the list price of ₹ 80,000 at 10% trade discount and 2% cash discount. | |
5 | Sold goods for cash of the list price of ₹ 1,00,000 at 15% trade discount and 3% cash discount. | |
6 | Sold goods to Nagpal of the list price of ₹ 50,000 at 20% trade discount. | |
8 | Nagpal returned one-fourth of the above goods. | |
10 | Nagpal settled the account by paying cash under a discount of 5%. |
Answer:
Journal In the Books of Raja Ram |
|||||
Date
|
Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
2017
|
|||||
Mar. 03
|
Purchases A/c | Dr. | 72,000 | ||
|
To Cash A/c | 70,200 | |||
|
To Discount Received A/c | 1,800 | |||
|
(Goods purchased for cash and received cash discount) | ||||
|
|||||
Mar. 05
|
Cash A/c | Dr. | 82,450 | ||
|
Discount Allowed A/c | Dr. | 2,550 | ||
|
To Sales A/c | 85,000 | |||
|
(Goods sold for cash and allowed cash discount) | ||||
|
|||||
Mar. 06
|
Nagpal’s A/c | Dr. | 40,000 | ||
|
To Sales A/c | 40,000 | |||
|
(Goods sold to Nagpal) | ||||
|
|||||
Mar. 08
|
Sales Return A/c | Dr. | 10,000 | ||
|
To Nagpal’s A/c | 10,000 | |||
|
(Goods returned by Nagpal) | ||||
|
|||||
Mar. 10
|
Cash A/c | Dr. | 28,500 | ||
|
Discount Allowed A/c | Dr. | 1,500 | ||
|
To Sales A/c | 30,000 | |||
|
(Cash received in full settlement) | ||||
|
TOTAL | 2,37,000 | 2,37,000 | ||
|
Page No 9.62:
Question 9:
Pass Journal entries in the books of Raghunath Bros. from the following transactions:-
2016 | |
June 01 | Raghunath Bros. started business with cash ₹ 80,000; Goods ₹ 40,000 and furniture ₹ 20,000. |
June 02 | Sold goods to Nandlal of the list price of ₹ 20,000 at trade discount of 10%. |
June 04 | Nandlal returned goods of the list price of ₹ 4,000. |
June 08 | Received from Nandlal ₹ 14,150 in full settlement of his account. |
June 10 | Purchased goods from Brij Mohan of the list price of ₹ 10,000 at 15% trade discount. |
June 13 | Returned goods to Brij Mohan of the list price of ₹ 1,000. |
June 16 | Settled the account of Brij Mohan by paying cash, under a discount of 4%. |
June 18 | Purchased goods from Anil ₹ 5,000; Sunil ₹ 10,000. |
June 19 | Paid cash to Anil ₹ 1,900 and discount received ₹ 100. |
June 20 | Paid ₹ 9,800 to Sunil in full settlement of his account. |
June 20 | Bought a 'Table Fan' for ₹ 8,000 for the domestic use of Raghunath. |
June 25 | Sold goods for cash of the list price of ₹ 8,000 at 10% trade discount and 3% cash discount. |
June 30 | Paid Rent ₹ 8,000; Trade Expenses ₹ 7,000 and Travelling Expenses ₹ 3,800. |
Answer:
Journal
In the books of Raghunath Bros.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
2016
|
|
|
|
|
|
June 01
|
Cash A/c
|
Dr.
|
|
80,000
|
|
|
Stock A/c
|
Dr.
|
|
40,000
|
|
|
Furniture A/c
|
Dr.
|
|
20,000
|
|
|
To Capital A/c
|
|
|
|
1,40,000
|
|
(started business with cash, goods and furniture)
|
|
|
|
|
|
|
|
|
|
|
June 02
|
Nandlal
|
Dr.
|
|
18,000
|
|
|
To Sales A/c
|
|
|
|
18,000
|
|
(goods sold to Nandlal @ 10% Trade discount)
|
|
|
|
|
|
|
|
|
|
|
June 04
|
Sales return A/c
|
Dr.
|
|
3,600
|
|
|
To Nandlal
|
|
|
|
3,600
|
|
(goods sold to Nandlal returned)
|
|
|
|
|
|
|
|
|
|
|
June 08
|
Cash A/c
|
Dr.
|
|
14,150
|
|
|
Discount allowed A/c
|
Dr.
|
|
250
|
|
|
To Nandlal
|
|
|
|
14,400
|
|
(cash received from Nandlal in full settlement)
|
|
|
|
|
|
|
|
|
|
|
June 10
|
Purchases A/c
|
Dr.
|
|
8,500
|
|
|
To Brij Mohan
|
|
|
|
8,500
|
|
(purchased goods from Brij Mohan on credit)
|
|
|
|
|
|
|
|
|
|
|
June 13
|
Brij Mohan
|
Dr.
|
|
850
|
|
|
To Purchase Return A/c
|
|
|
|
850
|
|
(purchased goods returned by Brij Mohan)
|
|
|
|
|
|
|
|
|
|
|
June 16
|
Brij Mohan
|
Dr.
|
|
7,650
|
|
|
To discount received A/c
|
|
|
|
306
|
|
To Cash A/c
|
|
|
|
7,344
|
|
(settled amount due to Brij Mohan)
|
|
|
|
|
|
|
|
|
|
|
June 18
|
Purchases A/c
|
Dr.
|
|
15,000
|
|
|
To Anil
|
|
|
|
5,000
|
|
To Sunil
|
|
|
|
10,000
|
|
(credit purchase from Anil & Sunil)
|
|
|
|
|
|
|
|
|
|
|
June 19
|
Anil
|
|
|
2,000
|
|
|
To discount received A/c
|
|
|
|
100
|
|
To Cash A/c
|
|
|
|
1,900
|
|
(cash paid to Anil and received discount)
|
|
|
|
|
|
|
|
|
|
|
June 20
|
Sunil
|
Dr.
|
|
10,000
|
|
|
To discount received A/c
|
|
|
|
200
|
|
To Cash A/c
|
|
|
|
9,800
|
|
(cash paid to Sunil and received discount)
|
|
|
|
|
|
|
|
|
|
|
June 20
|
Drawings A/c
|
Dr.
|
|
8,000
|
|
|
To Cash A/c
|
|
|
|
8,000
|
|
(table fan purchased for personal use)
|
|
|
|
|
|
|
|
|
|
|
June 25
|
Cash A/c
|
|
|
6,984
|
|
|
Discount allowed A/c
|
|
|
216
|
|
|
To Sales A/c
|
|
|
|
7,200
|
|
(cash sales @10% TD & @5% Cash Discount)
|
|
|
|
|
|
|
|
|
|
|
June 30
|
Rent A/c
|
Dr.
|
|
8,000
|
|
|
Trade expenses A/c
|
Dr.
|
|
7,000
|
|
|
Travelling A/c
|
Dr.
|
|
3,800
|
|
|
To Cash A/c
|
|
|
|
18,800
|
|
(expenses paid in cash)
|
|
|
|
|
|
TOTAL
|
|
|
2,54,000
|
2,54,000
|
|
|
|
|
|
|
Page No 9.62:
Question 10:
Journalise the following transactions:
2019 | ||
March 5 | Sold goods to Shruti for ₹ 80,000 at 15% trade discount and 4% cash discount. Received 75% amount immediately through a cheque. | |
10 | Purchased goods from Richa for ₹ 60,000 at 10% trade discount and 5% cash discount. 60% amount paid by cheque immediately. |
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
2019 |
|
|
|
|
|
Mar.05 |
Shruti |
Dr. |
|
68,000 |
|
|
To Sales A/c |
|
|
|
68,000 |
|
(Goods sold to Shruti at 15% trade discount) |
|
|
|
|
|
|
|
|
|
|
Mar.05 |
Bank A/c |
Dr. |
|
48,960 |
|
|
Discount Allowed A/c |
Dr. |
|
2,040 |
|
|
To Shruti |
|
|
|
51,000 |
|
(Payment received and cash discount allowed) |
|
|
|
|
|
|
|
|
|
|
Mar.10 |
Purchases A/c |
Dr. |
|
54,000 |
|
|
To Richa |
|
|
|
54,000 |
|
(Goods purchased from Richa at 10% trade discount) |
|
|
|
|
|
|
|
|
|
|
Mar.10 |
Richa |
Dr. |
|
32,400 |
|
|
To Bank A/c |
|
|
|
30,780 |
|
To Discount Received A/c |
|
|
|
1,620 |
|
(Payment made and cash discount received) |
|
|
|
|
|
|
|
|
|
Working Notes:
1. Amount of goods sold would be Rs 68,000 (80,000 - 15% of 80,000) and cash discount would be Rs 2,040, it would be calculated on amount received Rs 51,000 i.e., 75% of Rs 68,000.
2. Amount of goods purchased would be Rs 54,000 (60,000 - 10% of 60,000) and cash discount would be Rs 1,620, it would be calculated on amount paid Rs 32,400 i.e., 60% of Rs 54,000
Page No 9.62:
Question 11:
Pass journal entries for the following:
2019 | ||
Jan. 6 | Purchased goods from Henry for ₹ 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque. | |
Jan. 15 | Bought goods from Amit for ₹ 2,00,000 at terms 5% cash discount and 20% trade discount. Paid 3/4th of the amount in cash at the time of purchase. | |
Jan. 18 | Sold goods to Sherpa at the list price of ₹ 50,000 less 20% trade discount and 4% cash discount if the payment is made within 7 days. 75% payment is received by cheque on Jan. 23rd. | |
Jan. 25 | Sold goods to Garima for ₹ 1,00,000, allowed her 20% trade discount and 5% cash discount if the payment is made within 15 days. She paid 1/4th of the amount by cheque on Feb. 5th and 60% of the remainder on Feb.15th in cash |
Answer:
Journal In the Books of … |
|||||
Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) | |
2019 | |||||
Jan. 06 | Purchases A/c | Dr. | 45,000 | ||
To Bank A/c (WN1)
|
25,920 | ||||
To Discount Received A/c
|
1,080 | ||||
To Henry’s A/c
|
18,000 | ||||
(Goods purchased and discount received on cash payment) | |||||
Jan. 15 | Purchases A/c | Dr. | 1,60,000 | ||
To Bank A/c
|
1,14,000 | ||||
To Discount Received A/c
|
6,000 | ||||
To Amit’s A/c
|
40,000 | ||||
(Goods purchased and discount received on cash payment) | |||||
Jan. 18 | Sherpa’s A/c | Dr. | 40,000 | ||
To Sales A/c
|
40,000 | ||||
(Goods sold to Sherpa on credit) | |||||
Jan. 23 | Bank A/c | Dr. | 28,800 | ||
Discount Allowed A/c | Dr. | 1,200 | |||
To Sherpa’s A/c
|
30,000 | ||||
(75% payment received by Sherpa and allowed cash discount) | |||||
Jan. 25 | Garima’s A/c | Dr. | 80,000 | ||
To Sales A/c
|
80,000 | ||||
(Goods sold to Garima on credit) | |||||
Feb. 05 | Bank A/c | Dr. | 19,000 | ||
Discount Allowed A/c | Dr. | 1,000 | |||
To Garima’s A/c
|
20,000 | ||||
(Cheque received from Garima and allowed cash discount) | |||||
Feb. 15 | Cash A/c* | Dr. | 60,000 | ||
To Garima’s A/c
|
60,000 | ||||
(Cash received from Garima) | |||||
TOTAL | 4,35,000 | 4,35,000 | |||
Working Notes:
WN1: Calculation of Payment made to Henry
WN2: Calculation of Payment made to Amit
Page No 9.63:
Question 12:
Journalise the following transactions in the books of Dixit & Sons. :
2018 | |
March 2 | Sold goods to Dilip of the list price of ₹ 62,000 for ₹ 60,000. |
16 | Purchased goods costing ₹ 2,00,000 from Hari & Co. Paid 75% immediately by cheque to avail 4% discount. |
20 | Sold goods to Vishal Traders costing ₹ 40,000 at 25% profit, allowing 10% trade discount and 10% cash discount. Received 80% payment immediately by cheque. |
26 | Sold goods to Brij & Co. costing ₹ 50,000 at 40% profit, allowing 10% trade discount and 5% cash discount. Brij & Co. paid the full amount by cheque and availed cash discount. |
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
2018 |
|
|
|
|
|
Mar 02 |
Dixit A/c |
Dr. |
|
60,000 |
|
|
(Sold to Dixit) |
|
|
|
|
|
|
|
|
|
|
Mar 16 |
Purchases A/c |
Dr. |
|
2,00,000 |
|
|
To Hari & Co. |
|
|
|
50,000 |
|
To Bank A/c |
|
|
|
1,44,000 |
|
To Discount Received A/c |
|
|
|
6,000 |
|
(Purchased from Hari & Co., 75% paid through cheque and partly credit) |
|
|
|
|
|
|
|
|
|
|
Mar 20 |
Bank A/c |
Dr. |
|
9,000 |
|
|
Vishal Traders A/c |
Dr. |
|
32,400 |
|
|
Discount Allowed A/c |
Dr. |
|
3,600 |
|
|
To Sales A/c |
|
|
|
45,000 |
|
(Sold to Vishal Traders, partly received through cheque and partly credit) |
|
|
|
|
|
|
|
|
|
|
Mar 26 |
Bank A/c |
Dr. |
|
59,850 |
|
|
Discount Allowed A/c |
Dr. |
|
3,150 |
|
|
To Sales A/c |
|
|
|
63,000 |
|
(Sold to Brij & Co., received fully through cheque) |
|
|
|
|
|
|
|
|
3,68,000 |
3,68,000 |
|
|
|
|
|
|
Page No 9.63:
Question 13:
Journalise the following transactions:
2017 | ₹ | ||
Jan. 1 | Paid into bank for opening a Current Account | 10,000 | |
3 | Goods sold for ₹ 50,000 and the amount was deposited into the bank | ||
7 | Amount withdrawn from bank | 20,000 | |
10 | Goods sold for Cash | 15,000 | |
12 | Amount deposited into bank | 12,000 | |
14 | Goods purchased and payment made by cheque. | 25,000 |
Answer:
Journal In the Books of … |
|||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
2017 | |||||
Jan. 01 | Bank A/c | Dr. | 10,000 | ||
To Cash A/c
|
10,000 | ||||
(Payment made to open current account) | |||||
Jan. 03 | Bank A/c | Dr. | 50,000 | ||
To Sales A/c
|
50,000 | ||||
(Goods sold and amount deposited into bank) | |||||
Jan. 07 | Cash A/c | Dr. | 20,000 | ||
To Bank A/c
|
20,000 | ||||
(Cash withdrawn from Bank) | |||||
Jan. 10 | Cash A/c | Dr. | 15,000 | ||
To Sales A/c
|
15,000 | ||||
(Goods sold for cash) | |||||
Jan. 12 | Bank A/c | Dr. | 12,000 | ||
To Cash A/c
|
12,000 | ||||
(Cash deposited into bank) | |||||
Jan. 14 | Purchases A/c | Dr. | 25,000 | ||
To Bank A/c
|
25,000 | ||||
(Goods purchased and payment made by cheque) | |||||
TOTAL | 1,32,000 | 1,32,000 | |||
Page No 9.63:
Question 14(A):
Assets: Cash ₹ 8,000; Cash at Bank ₹ 7,000; Stock ₹ 30,000; Debtors : ₹ 36,000 (Mohan ₹ 10,000; Sohan ₹ 12,000; Dinesh ₹ 14,000); Furniture ₹ 5,000; Building ₹ 25,000.
Liabilities: Creditors− X ₹ 5,000; Y ₹ 6,000.
In April, 2017, the following transaction took place:
2017 | ₹ | ||
April 2 | Bought goods of the list price of ₹ 6,000 from Khanna Brothers less 15% trade discount and 2% cash discount and paid 40% price at the same time. | ||
3 | Received a draft from Mohan in full settlement and deposited it into Bank | 9,750 | |
5 | Purchased goods from Suresh of the list price of ₹ 8,000 at 20% trade discount and paid him by cheque. | ||
8 | Sold goods and received a cheque | 25,000 | |
10 | Deposited the above cheque into Bank | ||
12 | Sohan deposited in our Bank A/c | 4,000 | |
16 | Paid Income Tax by Cheque | 5,600 | |
20 | Received a cheque from Sohan and sent to Bank | 7,800 | |
Discount allowed | 200 | ||
21 | Withdrew from Bank−for office | 2,000 | |
for private use
|
4,000 | ||
23 | Sent a cheque to X in full settlement of his A/c | 4,900 | |
27 | Cheque of Sohan returned by the bank as dishonoured. | ||
28 | Dinesh was declared insolvent and a payment of 60 paise in a ₹ received from his estate by a Cheque | ||
30 | Bank allowed Interest | 350 | |
Paid for Rent by cheque | 1,500 | ||
Paid for traveling expenses by cheque | 500 |
Answer:
Journal In the Books of Radhika Traders |
|||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
2017 | |||||
April 01 | Cash in Hand A/c | Dr. | 8,000 | ||
Cash at Bank A/c | Dr. | 7,000 | |||
Stock A/c | Dr. | 30,000 | |||
Mohan’s A/c | Dr. | 10,000 | |||
Sohan’s A/c | Dr. | 12,000 | |||
Dinesh’s A/c | Dr. | 14,000 | |||
Furniture A/c | Dr. | 5,000 | |||
Building A/c | Dr. | 25,000 | |||
To X’s A/c | 5,000 | ||||
To Y’s A/c | 6,000 | ||||
To Capital A/c (Balancing figure) | 1,00,000 | ||||
(Balances of previous year brought forward) | |||||
April 02 | Purchases A/c | Dr. | 5,100 | ||
To Khanna Brothers | 3,060 | ||||
To Cash A/c | 1,999 | ||||
To Discount Received A/c | 41 | ||||
(Goods purchased and received discount on cash payment) | |||||
April 03 | Bank A/c | Dr. | 9,750 | ||
Discount Allowed A/c | Dr. | 250 | |||
To Mohan | 10,000 | ||||
(Draft received from Mohan deposited into bank) | |||||
April 05 | Purchases A/c | Dr. | 6,400 | ||
To Bank A/c | 6,400 | ||||
(Goods purchased and payment made by cheque) | |||||
April 08 | Cheques-in-Hand A/c | Dr. | 25,000 | ||
To Sales A/c | 25,000 | ||||
(Goods sold and received a cheque) | |||||
April 10 | Bank A/c | Dr. | 25,000 | ||
To Cheques-in-Hand A/c | 25,000 | ||||
(Cheque deposited into bank) | |||||
April 12 | Bank A/c | Dr. | 4,000 | ||
To Sohan’s A/c | 4,000 | ||||
(Amount deposited by Sohan) | |||||
April 16 | Drawings A/c | Dr. | 5,600 | ||
To Cash A/c | 5,600 | ||||
(Income tax paid) | |||||
April 20 | Bank A/c | Dr. | 7,800 | ||
Discount Allowed A/c | Dr. | 200 | |||
To Sohan’s A/c | 8,000 | ||||
(Banked cash received from Sohan in full settlement) | |||||
April 21 | Drawings A/c | Dr. | 4,000 | ||
Cash A/c | Dr. | 2,000 | |||
To Bank A/c |