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Page No 8.51:
Question 1:
Journal
Without Goods and Services Tax (GST)
Following transactions of Ramesh for April,2018 are given below. Journalise them.
2018 April 1 April 2 April 3 April 4 April 13 April 20 April 24 April 28 April 28 April 30 April 30 April 30 |
Ramesh started business with cash Paid into bank Bought goods for cash Drew cash from bank for office use Sold goods to Krishna on credit Bought goods from Shyam on credit Received from Krishna Allowed him discount Paid cash to Shyam Discount received Krishna returned goods Cash sales for the month Paid rent Paid salary |
₹
1,00,000
20,000 50,000 10,000 15,000 22,500 12,500 500 21,500 1,000 2,000 80,000 5,000 10,000 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
2018
|
|
|
|
||
Apr 01
|
Cash A/c |
Dr.
|
1,00,000
|
|
|
|
To Capital A/c |
|
|
1,00,000
|
|
|
(Started business with cash) |
|
|
|
|
|
|
|
|
||
Apr 02
|
Bank A/c |
Dr.
|
20,000
|
|
|
|
To Cash A/c |
|
|
20,000
|
|
|
(Paid into bank) |
|
|
|
|
|
|
|
|
||
Apr 03
|
Purchases A/c |
Dr.
|
50,000
|
|
|
|
To Cash A/c |
|
|
50,000
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
Apr 04
|
Cash A/c |
Dr.
|
10,000
|
|
|
|
To Bank A/c |
|
|
10,000
|
|
|
(Drew from bank for office use) |
|
|
|
|
|
|
|
|
||
Apr 13
|
Krishna A/c |
Dr.
|
15,000
|
|
|
|
To Sales A/c |
|
|
15,000
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Apr 20
|
Purchases A/c |
Dr.
|
22,500
|
|
|
|
To Shyam A/c |
|
|
22,500
|
|
|
(Goods purchased on credit) |
|
|
|
|
|
|
|
|
||
Apr 24
|
Cash A/c |
Dr.
|
12,500
|
|
|
|
Discount Allowed A/c |
Dr.
|
500
|
|
|
|
To Krishna A/c |
|
|
13,000
|
|
|
(Received from Krishna) |
|
|
|
|
|
|
|
|
||
Apr 28
|
Shyam A/c |
Dr.
|
22,500
|
|
|
|
To Cash A/c |
|
|
21,500
|
|
|
To Discount Received A/c |
|
|
1,000
|
|
|
(Paid to Shyam) |
|
|
|
|
|
|
|
|
||
Apr 28
|
Sales Return A/c |
Dr.
|
2,000
|
|
|
|
To Krishna A/c |
|
|
2,000
|
|
|
(Goods returned by Krishna) |
|
|
|
|
|
|
|
|
||
Apr 30
|
Cash A/c |
Dr.
|
80,000
|
|
|
|
To Sales |
|
|
80,000
|
|
|
(Cash sales for the month of April) |
|
|
|
|
|
|
|
|
||
Apr 30
|
Rent A/c |
Dr.
|
5,000
|
|
|
|
To Cash A/c |
|
|
5,000
|
|
|
(Paid rent) |
|
|
|
|
|
|
|
|
||
Apr 30
|
Salary A/c |
Dr.
|
10,000
|
|
|
|
To Cash A/c |
|
|
10,000
|
|
|
(Paid salary) |
|
|
|
Page No 8.52:
Question 2:
Journalise the following transactions of Mr. Rahul:
2018 | ₹ | |
Jan. 1 | Rahul started business with cash | 1,00,000 |
Jan. 2 | Paid into bank | 60,000 |
Jan. 3 | Bought goods from M/s. Singh & Co. on credit | 20,000 |
Jan. 3 | Paid cartage | 300 |
Jan. 4 | Purchased furniture | 2,000 |
Jan. 4 | Place an order for HP Printers for ₹15,000, amount advanced | 5,000 |
Jan. 4 | Purchased calculator | 1,000 |
Jan. 4 | Purchased computer through cheque | 13,000 |
Jan. 6 | Paid for postage | 150 |
Jan. 8 | Sold goods for cash | 4,000 |
Jan. 9 | Sold goods on credit to M/s. Sharda & Co. | 10,000 |
Jan. 9 | Paid cartage | 200 |
Jan. 15 | Paid to M/s Singh & Co. on account | 17,500 |
Jan. 25 | Sold goods to M/s. Ray & Co. | 5,600 |
Jan. 27 | Received cheque from M/s. Sharda & Co. in full settlement of amount due from them | 9,750 |
Jan. 31 | Paid for electricity charges | 1,000 |
Jan. 31 | Paid salary | 1,500 |
Jan. 31 | Paid rent of building by cheque , half of the building is used by the proprietor for residential use | 5,000 |
Jan. 31 | Drew for private use | 3,500 |
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2018 |
|
|
|
|
|
Jan.01 |
Cash A/c |
Dr. |
|
1,00,000 |
|
|
To Capital A/c |
|
|
|
1,00,000 |
|
(Business started with cash) |
|
|
|
|
|
|
|
|
|
|
Jan.02 |
Bank A/c |
Dr. |
|
60,000 |
|
|
To Cash A/c |
|
|
|
60,000 |
|
(Cash deposited into cash) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Purchases A/c |
Dr. |
|
20,000 |
|
|
To M/s Singh & Co. |
|
|
|
20,000 |
|
(Goods purchased) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Cartage A/c |
Dr. |
|
300 |
|
|
To Cash A/c |
|
|
|
300 |
|
(Cartage paid) |
|
|
|
|
|
|
|
|
|
|
Jan.04 |
Furniture A/c |
Dr. |
|
2,000 |
|
|
To Bank A/c |
|
|
|
2,000 |
|
(Furniture purchased by cheque) |
|
|
|
|
|
|
|
|
|
|
Jan.04 |
HP Printers A/c |
Dr. |
|
5,000 |
|
|
To Bank A/c |
|
|
|
5,000 |
|
(Advance paid for placing an order for printer) |
|
|
|
|
|
|
|
|
|
|
Jan.04 |
Office Equipments A/c |
Dr. |
|
1,000 |
|
|
To Bank A/c |
|
|
|
1,000 |
|
(Calculator purchased by cheque) |
|
|
|
|
|
|
|
|
|
|
Jan.04 |
Computer A/c |
|
|
13,000 |
|
|
To Bank A/c |
|
|
|
13,000 |
|
(Computer purchased by cheque) |
|
|
|
|
|
|
|
|
|
|
Jan.06 |
Postage A/c |
Dr. |
|
150 |
|
|
To Cash A/c |
|
|
|
150 |
|
(Postage paid) |
|
|
|
|
|
|
|
|
|
|
Jan.08 |
Cash A/c |
Dr. |
|
4,000 |
|
|
To Sales A/c |
|
|
|
4,000 |
|
(Goods Sold) |
|
|
|
|
|
|
|
|
|
|
Jan.09 |
M/s Sharda & Co. A/c |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
|
10,000 |
|
(Goods Sold) |
|
|
|
|
|
|
|
|
|
|
Jan.09 |
Cartage A/c |
Dr. |
|
200 |
|
|
To Cash A/c |
|
|
|
200 |
|
(Cartage paid) |
|
|
|
|
|
|
|
|
|
|
Jan.15 |
M/s Singh & Co. A/c |
Dr. |
|
17,500 |
|
|
To Cash A/c |
|
|
|
17,500 |
|
(Payment made) |
|
|
|
|
|
|
|
|
|
|
Jan.25 |
M/s Ray & Co. A/c |
Dr. |
|
5,600 |
|
|
To Sales A/c |
|
|
|
5,600 |
|
(Goods Sold) |
|
|
|
|
|
|
|
|
|
|
Jan.27 |
Bank A/c |
Dr. |
|
9,750 |
|
|
Discount Allowed A/c |
Dr. |
|
250 |
|
|
To M/s Sharda & Co. A/c |
|
|
|
10,000 |
|
(Payment Received) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Electricity Charges A/c |
Dr. |
|
1,000 |
|
|
To Cash A/c |
|
|
|
1,000 |
|
(Electricity Charges paid) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Salary A/c |
Dr. |
|
1,500 |
|
|
To Cash A/c |
|
|
|
1,500 |
|
(Salary paid) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Rent A/c |
Dr. |
|
2,500 |
|
|
Drawings A/c |
Dr. |
|
2,500 |
|
|
To Cash A/c |
|
|
|
5,000 |
|
(Rent paid) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Drawings A/c |
Dr. |
|
3,500 |
|
|
To Cash A/c |
|
|
|
3,500 |
|
(Cash withdrawn for personal use) |
|
|
|
|
|
|
|
|
|
Page No 8.52:
Question 3:
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 of list price of ₹ 40,000 for ₹ 35,000 for cash.
(v) Goods returned of list price ₹ 10,000 purchased from Amrit.
(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 less 15% trade discount 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 Amount (Rs) |
Credit Amount (Rs) |
|
|
|
|
|
|
|
(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. |
|
47,812.50 |
|
|
To Sales A/c |
|
|
|
47,812.50 |
|
(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 =
WN 2: Calculation of Purchase price and Sales price
Page No 8.52:
Question 4:
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 from Akhil ₹ 38,000 in settlement of his dues of ₹ 40,000 in cash.
(iv) Received from Amrit ₹ 50,000 by cheque on account against dues of ₹ 60,000.
(v) Paid cash ₹ 40,000 to suresh, 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.
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
Page No 8.53:
Question 5:
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 for bad debts written off last year. | 5,000 |
(iii) | Rent due to landlord. | 8,000 |
(iv) | Salaries due to clerks. | 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. |
Answer:
Journal |
|||||
Sr. No. |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
Page No 8.53:
Question 6:
Journalise the following entries:
(i) Goods worth ₹ 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 for 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) Charged depreciation on plant ₹ 1,000.
(vi) Charge interest on Drawings ₹ 1,500.
(vii) Sold goods costing ₹ 40,000 to Anil for cash at a profit of 25% on cost less 20% trade discount and charged 8% Value Added Tax and paid cartage ₹ 100, which is not to be charged from customer.
Answer:
Journal
|
|||||
Sr. No.
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
(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)
|
Depreciation A/c | Dr. |
1,000
|
|
|
|
To Plant A/c |
|
1,000
|
||
(Depreciation charged on Plant) |
|
|
|||
(vi) | Drawings A/c | Dr. | 1,500 | ||
To Interest on Drawings A/c | 1,500 | ||||
(Interest on drawings charged) | |||||
(vii) | 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) | |||||
Cartage A/c | Dr. | 100 | |||
To Cash A/c | 100 | ||||
(Cartage paid) | |||||
|
|
Page No 8.53:
Question 7:
Journalise the following transactions:
(a) (b) (c) (d) (e) (f) (g) |
Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his official receiver. He owed a debt of Received cash for a bad debt written off last year Rent due to landlord Depreciation on office furniture Salaries due to staff Paid income tax Received commission ₹ 25,000, half of which is in advance |
₹ 50,000 25,000 40,000 5,000 50,000 1,50,000 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
(a)
|
Cash A/c |
Dr.
|
37,500
|
|
|
|
Bad-Debts A/c |
Dr.
|
12,500
|
|
|
|
To Shyam A/c |
|
|
50,000
|
|
|
(75 paise in a rupee received from Shyam) |
|
|
|
|
|
|
|
|
||
(b)
|
Cash A/c |
Dr.
|
25,000
|
|
|
|
To Bad-Debts Recovered A/c |
|
|
25,000
|
|
|
(Received cash against debts written off as bad earlier) |
|
|
|
|
|
|
|
|
||
(c)
|
Rent A/c |
Dr.
|
40,000
|
|
|
|
To Rent Outstanding A/c |
|
|
40,000
|
|
|
(Rent due) |
|
|
|
|
|
|
|
|
||
(d)
|
Depreciation A/c |
Dr.
|
5,000
|
|
|
|
To Office Furniture A/c |
|
|
5,000
|
|
|
(Depreciation on office furniture) |
|
|
|
|
|
|
|
|
||
(e)
|
Salary A/c |
Dr.
|
50,000
|
|
|
|
To Salary Outstanding A/c |
|
|
50,000
|
|
|
(Salary due) |
|
|
|
|
|
|
|
|
||
(f)
|
Drawings A/c |
Dr.
|
1,50,000
|
|
|
|
To Cash A/c |
|
|
1,50,000
|
|
|
(Paid income tax) |
|
|
|
|
|
|
|
|
||
(g)
|
Cash A/c |
Dr.
|
25,000
|
|
|
|
To Commission A/c |
|
|
12,500
|
|
|
To Commission Received in Advance A/c |
|
|
12,500
|
|
|
(Commission received, half of which is advance) |
|
|
|
Page No 8.53:
Question 8:
Journalise the following transactions of Singh Enterprises, Delhi:
2017 June 1 June 2 June 3 June 4 June 11 June 13 June 17 June 20 June 27 June 30 |
Started business with cash Deposited cheque from Savings Account in firm's account Received cash from Ram Purchased goods for cash Sold goods to M/s. Hari Sales, Delhi Paid to Ramavtar Received from M/s. Hari Sales Bought furniture from S.R. Furnishers against Cash (including CGST and SGST) Paid rent Paid salary |
₹
50,000
2,00,000 50,000 15,000 12,000 40,000 10,000 22,400 28,000 50,000 |
CGST and SGST @ 6% each is levied on Intra-state sale and purchase.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
2017
|
|
|
|
||
June 01
|
Cash A/c |
Dr.
|
50,000
|
|
|
|
To Capital A/c |
|
|
50,000
|
|
|
(Started business with cash) |
|
|
|
|
|
|
|
|
||
June 02
|
Bank A/c |
Dr.
|
2,00,000
|
|
|
|
To Capital A/c |
|
|
2,00,000
|
|
|
(Cheque from Savings A/c to Firm’s A/c) |
|
|
|
|
|
|
|
|
||
June 03
|
Cash A/c |
Dr.
|
50,000
|
|
|
|
To Ram’s A/c |
|
|
50,000
|
|
|
(Received cash) |
|
|
|
|
|
|
|
|
||
June 04
|
Purchases A/c |
Dr.
|
15,000
|
|
|
|
Input CGST A/c |
Dr.
|
900
|
|
|
|
Input SGST A/c |
Dr.
|
900
|
|
|
|
To Cash A/c |
|
|
16,800
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
June 11
|
M/s Hari A/c |
Dr.
|
13,440
|
|
|
|
To Sales A/c |
|
|
12,000
|
|
|
To Output CGST A/c |
|
|
720
|
|
|
To Output SGST A/c |
|
|
720
|
|
|
(Goods sold on credit) |
|
|
|
|
|
|
|
|
||
June 13
|
Ramavtar’s A/c |
Dr.
|
40,000
|
|
|
|
To Cash A/c |
|
|
40,000
|
|
|
(Paid cash to Ramavtar) |
|
|
|
|
|
|
|
|
||
June 17
|
Cash A/c |
Dr.
|
10,000
|
|
|
|
To M/s Hari A/c |
|
|
10,000
|
|
|
(Received cash from M/s Hari A/c) |
|
|
|
|
|
|
|
|
||
June 20
|
Furniture A/c |
Dr.
|
20,000
|
|
|
|
Input CGST A/c |
Dr.
|
1,200
|
|
|
|
Input SGST A/c |
Dr.
|
1,200
|
|
|
|
To Cash A/c |
|
|
22,400
|
|
|
(Bought furniture for cash) |
|
|
|
|
|
|
|
|
||
June 27
|
Rent A/c |
Dr.
|
28,000
|
|
|
|
To Cash A/c |
|
|
28,000
|
|
|
(Paid rent) |
|
|
|
|
|
|
|
|
||
June 30
|
Salary A/c |
Dr.
|
50,000
|
|
|
|
To Cash A/c |
|
|
50,000
|
|
|
(Paid salary) |
|
|
|
Page No 8.54:
Question 9:
Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh):
2018 Jan 1 Jan 2 Jan 5 Jan 7 Jan 10 Jan 15 Jan 20 Jan 25 Jan 27 Jan 28 Jan 31 Jan 31 |
Rakesh commenced business with cash Purchased goods for cash Purchased goods from Mohan, Delhi on credit Opened bank account with Bank of India Purchased furniture for office Sold goods for cash Sold goods to Ram, Delhi on credit Cash sales Paid to Mohan on account Ram returns goods Paid Salaries Rejected and returned 10% of goods supplied by Mohan |
₹
50,000
10,000 6,000 10,000 2,000 8,000 5,000 3,500 3,000 500 9,000 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
2018
|
|
|
|
||
Jan 01
|
Cash A/c |
Dr.
|
50,000
|
|
|
|
To Capital A/c |
|
|
50,000
|
|
|
(Started business with cash) |
|
|
|
|
|
|
|
|
||
Jan 02
|
Purchases A/c |
Dr.
|
10,000
|
|
|
|
Input CGST A/c |
Dr.
|
600
|
|
|
|
Input SGST A/c |
Dr.
|
600
|
|
|
|
To Cash A/c |
|
|
11,200
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
Jan 05
|
Purchases A/c |
Dr.
|
6,000
|
|
|
|
Input CGST A/c |
Dr.
|
360
|
|
|
|
Input SGST A/c |
Dr.
|
360
|
|
|
|
To Mohan A/c |
|
|
6,720
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
Jan 07
|
Bank A/c |
Dr.
|
10,000
|
|
|
|
To Cash A/c |
|
|
10,000
|
|
|
(Opened Bank A/c) |
|
|
|
|
|
|
|
|
||
Jan 10
|
Furniture A/c |
Dr.
|
2,000
|
|
|
|
Input CGST A/c |
Dr.
|
120
|
|
|
|
Input SGST A/c |
Dr.
|
120
|
|
|
|
To Cash A/c |
|
|
2,240
|
|
|
(Furniture purchased) |
|
|
|
|
|
|
|
|
||
Jan 15
|
Cash A/c |
Dr.
|
8,960
|
|
|
|
To Sales A/c |
|
|
8,000
|
|
|
To Output CGST A/c |
|
|
480
|
|
|
To Output SGST A/c |
|
|
480
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 20
|
Ram A/c |
Dr.
|
5,600
|
|
|
|
To Sales A/c |
|
|
5,000
|
|
|
To Output CGST A/c |
|
|
300
|
|
|
To Output SGST A/c |
|
|
300
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 25
|
Cash A/c |
Dr.
|
2,800
|
|
|
|
To Sales A/c |
|
|
2,500
|
|
|
To Output CGST A/c |
|
|
150
|
|
|
To Output SGST A/c |
|
|
150
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 27
|
Mohan’s A/c |
Dr.
|
3,000
|
|
|
|
To Cash A/c |
|
|
3,000
|
|
|
(Paid to Mohan on account) |
|
|
|
|
|
|
|
|
||
Jan 28
|
Sales Return A/c |
Dr.
|
500
|
|
|
|
Output CGST A/c |
Dr.
|
30
|
|
|
|
Output SGST A/c |
Dr.
|
30
|
|
|
|
To Ram’s A/c |
|
|
560
|
|
|
(Goods returned by Ram) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Salary A/c |
Dr.
|
9,000
|
|
|
|
To Cash |
|
|
9,000
|
|
|
(Paid salaries) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Mohan’s A/c |
Dr.
|
672
|
|
|
|
To Purchases Return A/c |
|
|
600
|
|
|
To Input CGST A/c |
|
|
36
|
|
|
To Input SGST A/c |
|
|
36
|
|
|
(Returned 10% of the goods supplied by Mohan) |
|
|
|
|
|
|
|
|
Page No 8.54:
Question 10:
Journalise the following transactions of Ram Delhi:
2018 | ₹ | |
Jan. 1 | Ram commenced business with cash | 30,000 |
Jan. 2 | Open a bank account with Union Bank by cheque from saving account | 21,000 |
Jan. 3 | Purchased goods from Rahul in cash | 10,000 |
Jan. 7 | Withdrew cash from bank for office use | 3,000 |
Jan. 10 | Sold goods to Hari, Delhi on credit | 5,000 |
Jan. 15 | Purchased goods from Shyam, Meerut (UP) | 15,000 |
Jan. 20 | Cash sales | 3,000 |
Jan. 25 | Paid to Shyam | 14,750 |
Discount Received | 250 | |
Jan. 31 | Paid Salaries | 10,000 |
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @12% on inter-state sale and purchase.
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
2018 |
|
|
|
|
|
Jan.01 |
Cash A/c |
Dr. |
|
30,000 |
|
|
To Capital A/c |
|
|
30,000 |
|
|
(Ram commenced business with Cash) |
|
|
|
|
|
|
|
|
|
|
Jan.02 |
Bank A/c |
Dr. |
|
21,000 |
|
|
To Cash A/c |
|
|
21,000 |
|
|
(Paid into Bank ) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Purchases A/c |
Dr. |
|
10,000 |
|
|
To Cash A/c |
|
|
11,200 |
|
|
(Purchased goods @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Jan.07 |
Cash A/c |
Dr. |
|
3,000 |
|
|
To Bank A/c |
|
|
3,000 |
|
|
(Drew cash from Bank for office use ) |
|
|
|
|
|
|
|
|
|
|
Jan.10 |
Hari |
Dr. |
|
5,600 |
|
|
To Sales A/c |
|
|
5,000 |
|
|
(Sold goods to Hari @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Jan.15 |
Purchases A/c |
Dr. |
|
15,000 |
|
|
To Shyam |
|
|
16,800 |
|
|
(Purchased goods from Shyam @ 12% IGST) |
|
|
|
|
|
|
|
|
|
|
Jan.20 |
Cash A/c |
Dr. |
|
3,360 |
|
|
To Sales A/c |
|
|
3,000 |
|
|
(Cash Sales) |
|
|
|
|
|
|
|
|
|
|
Jan.25 |
Shyam |
Dr. |
|
15,000 |
|
|
To Cash A/c |
|
|
14,750 |
|
|
To Discount Received A/c |
|
|
250 |
|
|
(Paid to Shyam and received discount from him) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Salaries A/c |
Dr. |
|
10,000 |
|
|
To Cash A/c |
|
|
10,000 |
|
|
(Paid Salaries) |
|
|
|
|
|
|
|
|
|
Page No 8.54:
Question 11:
Following transactions of Ramesh Delhi for April, 2018 are given below. Journalise them.
2018 | ₹ | |
April 1 | Ramesh started business with cash | 1,00,000 |
April 1 | Deposited cash to open a current account with Bank | 70,000 |
April 3 | Bought goods for cash | 5,000 |
April 13 | Sold goods to Krishna, Panipat (Haryana) on credit | 1,500 |
April 20 | Bought goods from Atul, Karnal on credit | 2,250 |
April 24 | Received from Krishna | 1,450 |
Allowed him discount | 50 | |
April 28 | Paid cash to Shyam | 2,150 |
Discount allowed by him | 100 | |
April 30 | Cash sales for the month | 8,000 |
April 30 | Paid rent | 500 |
April 30 | Paid salary | 10,000 |
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @12% on inter-state sale and purchase.
Answer:
Books of Ramesh Journal |
|||||
Date |
Particulars |
L.F |
Debit Amount (₹) |
Credit Amount (₹) |
|
2018 |
|
|
|
|
|
April 01 |
Cash A/c |
Dr. |
|
1,00,000 |
|
|
To Capital A/c |
|
|
1,00,000 |
|
|
(Ramesh started business with Cash ) |
|
|
|
|
|
|
|
|
|
|
April 02 |
Bank A/c |
Dr. |
|
70,000 |
|
|
To Cash A/c |
|
|
70,000 |
|
|
(Cash paid into Bank) |
|
|
|
|
|
|
|
|
|
|
April 03 |
Purchases A/c |
Dr. |
|
5,000 |
|
|
To Cash A/c |
|
|
5,600 |
|
|
(Purchased goods for cash @ 6% CGST and SGST ) |
|
|
|
|
|
|
|
|
|
|
April 13 |
Krishna |
Dr. |
|
1,680 |
|
|
To Sales A/c |
|
|
1,500 |
|
|
(Sold goods to Krishna on credit @ 12% IGST) |
|
|
|
|
|
|
|
|
|
|
April 20 |
Purchases A/c |
Dr. |
|
2,250 |
|
|
To Atul A/c |
|
|
2,520 |
|
|
(Bought goods from Atul on credit @ 12% IGST) |
|
|
|
|
|
|
|
|
|
|
April 24 |
Cash A/c |
Dr. |
|
1,450 |
|
|
Discount Allowed A/c |
Dr. |
|
50 |
|
|
To Krishna |
|
|
1,500 |
|
|
(Received cash from Krishna and discount allowed) |
|
|
|
|
|
|
|
|
|
|
April 28 |
Shyam |
Dr. |
|
2,250 |
|
|
To Cash A/c |
|
|
2,150 |
|
|
To Discount Received A/c |
|
|
100 |
|
|
(Paid to Shyam and discount Received) |
|
|
|
|
|
|
|
|
|
|
April 30 |
Cash A/c |
Dr. |
|
8,960 |
|
|
To Sales A/c |
|
|
8,000 |
|
|
(Sold goods for cash @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
April 30 |
Rent A/c |
Dr. |
|
500 |
|
|
Salary A/c |
Dr. |
|
10,000 |
|
|
To Cash A/c |
|
|
10,500 |
|
|
(Rent and salary were paid) |
|
|
|
Page No 8.55:
Question 12:
Journalise the following transactions of Satish, Noida (UP):
2018 Jan 1 Jan 2 Jan 3 Jan 4 Jan 4 Jan 6 Jan 8 Jan 9 Jan 15 Jan 25 Jan 27 Jan 31 Jan 31 Jan 31 |
Started business with cash Opened Bank Account by cheque from Saving Account Bought goods from M/s. S. Singh & Co., Delhi Introduced additional capital by cheque Purchased computer against cheque from Computer Mart, Noida Paid for pastage Sold goods for cash Sold goods to M/s Sharda & Co., Delhi Paid to M/s S. Singh & Co. Discount allowed by them Sold goods to M/s Ray & Co., Kolkata Received cheque from M/s Sharda & Co. in full settlement of amount due from them Paid for electricity charges Paid rent of building by cheque. Half of the building is used by the proprietor for residential use. Drew for private use |
₹
40,000
60,000 20,000 5,000 15,000 150 4,000 10,000 19,500 500 5,600 9,750 1,000 5000 3,500 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
2018
|
|
|
|
||
Jan 01
|
Cash A/c |
Dr.
|
40,000
|
|
|
|
To Capital A/c |
|
|
40,000
|
|
|
(Started business with cash) |
|
|
|
|
|
|
|
|
||
Jan 02
|
Bank A/c |
Dr.
|
60,000
|
|
|
|
To Capital A/c |
|
|
60,000
|
|
|
(Cheque from Savings A/c to Firm’s A/c) |
|
|
|
|
|
|
|
|
||
Jan 03
|
Purchases A/c |
Dr.
|
20,000
|
|
|
|
Input IGST A/c |
Dr.
|
2,400
|
|
|
|
To M/s S. Singh & Co. A/c |
|
|
22,400
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
Jan 04
|
Computer A/c |
Dr.
|
15,000
|
|
|
|
Input CGST A/c |
Dr.
|
900
|
|
|
|
Input SGST A/c |
Dr.
|
900
|
|
|
|
To Bank A/c |
|
|
16,800
|
|
|
(Purchased computer) |
|
|
|
|
|
|
|
|
||
Jan 06
|
Postage A/c |
Dr.
|
150
|
|
|
|
To Cash A/c |
|
|
150
|
|
|
(Paid for postage) |
|
|
|
|
|
|
|
|
||
Jan 08
|
Cash A/c |
Dr.
|
4,480
|
|
|
|
To Sales A/c |
|
|
4,000
|
|
|
To Output CGST A/c |
|
|
240
|
|
|
To Output SGST A/c |
|
|
240
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 09
|
M/s Sharda & Co. A/c |
Dr.
|
11,200
|
|
|
|
To Sales A/c |
|
|
10,000
|
|
|
To Output IGST A/c |
|
|
1,200
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 15
|
M/s S. Singh & Co. A/c |
Dr.
|
20,000
|
|
|
|
To Cash A/c |
|
|
19,500
|
|
|
To Discount Received A/c |
|
|
500
|
|
|
(Paid to M/s S. Singh & Co.) |
|
|
|
|
|
|
|
|
||
Jan 25
|
M/s Ray & Co. A/c |
Dr.
|
6,272
|
|
|
|
To Sales A/c |
|
|
5,600
|
|
|
To Output IGST A/c |
|
|
672
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 27
|
Bank A/c |
Dr.
|
9,750
|
|
|
|
Discount Allowed A/c |
Dr.
|
250
|
|
|
|
To M/s Sharda & Co. A/c |
|
|
10,000
|
|
|
(Received from M/s Sharda & Co., allowed discount) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Electricity Charges A/c |
Dr.
|
1,000
|
|
|
|
To Cash A/c |
|
|
1,000
|
|
|
(Paid for electricity charges) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Rent A/c |
Dr.
|
2,500
|
|
|
|
Drawings A/c |
Dr.
|
2,500
|
|
|
|
To Cash A/c |
|
|
5,000
|
|
|
(Paid rent for building, half building is occupied by proprietorfor residential purpose) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Drawings A/c |
Dr.
|
3,500
|
|
|
|
To Cash |
|
|
3,500
|
|
|
(Drawings made by proprietor) |
|
|
|
|
|
|
|
|
Page No 8.55:
Question 13:
Following are the transactions of R.Singh & Co., Kanpur (UP) for the month of July, 2017. You are required to Journalise them:
2017 July 1 July 1 July 1 July 2 July 5 July 6 July 11 July 12 July 16 July 20 July 23 July 26 July 28 July 31 |
Started business with cash Cash paid into bank Bought stationery of ₹ 300 plus CGST and SGST @ 6% each for cash Bought goods of ₹ 21,000 plus CGST and SGST @ 6% each for cash Sold goods of ₹ 7,500 plus CGST and SGST @ 6% each for cash Bought office furniture of ₹ 5,000 plus CGST and SGST @ 6% each from Banerjee Bros. Sold goods of ₹ 10,000 plus CGST and SGST @ 6% each to Mahendra Received cheque from Mahendra for the amount due Sold goods of ₹ 5,000 plus CGST and SGST @ 6% each to Ramesh & Co. Bought goods of ₹ 20,000 plus IGST @ 12% from S. Seth & Bros., Delhi Bought goods of ₹ 2,250 plus IGST @12 % for cash from S. Narain & Co., Ludhiana (Punjab) Ramesh & Co. paid on account Paid to S. Seth & Bros. by cheque in full settlement Rent is due to S. Sharma but not yet paid. |
₹
80,000
50,000 2,500 22,000 1,000 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
|
2017
|
|
|
|
||
July 01
|
Cash A/c |
Dr.
|
80,000
|
|
|
|
To Capital A/c |
|
|
80,000
|
|
|
(Started business with cash) |
|
|
|
|
|
|
|
|
||
July 01
|
Bank A/c |
Dr.
|
50,000
|
|
|
|
To Cash A/c |
|
|
50,000
|
|
|
(Cash paid into bank) |
|
|
|
|
|
|
|
|
||
July 01
|
Stationery A/c |
Dr.
|
300
|
|
|
|
Input CGST A/c |
Dr.
|
18
|
|
|
|
Input SGST A/c |
Dr.
|
18
|
|
|
|
To Cash A/c |
|
|
336
|
|
|
(Stationery purchased) |
|
|
|
|
|
|
|
|
||
July 02
|
Purchases A/c |
Dr.
|
21,000
|
|
|
|
Input CGST A/c |
Dr.
|
1,260
|
|
|
|
Input SGST A/c |
Dr.
|
1,260
|
|
|
|
To Cash A/c |
|
|
23,520
|
|
|
(Purchased goods) |
|
|
|
|
|
|
|
|
||
July 05
|
Cash A/c |
Dr.
|
8,400
|
|
|
|
To Sales A/c |
|
|
7,500
|
|
|
To Output CGST A/c |
|
|
450
|
|
|
To Output SGST A/c |
|
|
450
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
July 06
|
Furniture A/c |
Dr.
|
5,000
|
|
|
|
Input CGST A/c |
Dr.
|
300
|
|
|
|
Input SGST A/c |
Dr.
|
300
|
|
|
|
To Banerjee Bros. A/c |
|
|
5,600
|
|
|
(Furniture purchased) |
|
|
|
|
|
|
|
|
||
July 11
|
Mahendra A/c |
Dr.
|
11,200
|
|
|
|
To Sales A/c |
|
|
10,000
|
|
|
To Output CGST A/c |
|
|
600
|
|
|
To Output SGST A/c |
|
|
600
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
July 12
|
Cash A/c |
Dr.
|
11,200
|
|
|
|
To Mahendra A/c |
|
|
11,200
|
|
|
(Received from Mahendra) |
|
|
|
|
|
|
|
|
||
July 16
|
Ramesh & Co. A/c |
Dr.
|
5,600
|
|
|
|
To Sales A/c |
|
|
5,000
|
|
|
To Output CGST A/c |
|
|
300
|
|
|
To Output SGST A/c |
|
|
300
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
July 20
|
Purchases A/c |
Dr.
|
20,000
|
|
|
|
Input IGST A/c |
Dr.
|
2,400
|
|
|
|
To S. Seth & Bros. A/c |
|
|
22,400
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
July 23
|
Purchases A/c |
Dr.
|
2,250
|
|
|
|
Input IGST A/c |
Dr.
|
270
|
|
|
|
To Cash A/c |
|
|
2,520
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
July 26
|
Cash A/c |
Dr.
|
2,500
|
|
|
|
To Ramesh & Co. A/c |
|
|
2,500
|
|
|
(Paid to Ramesh & Co. on account) |
|
|
|
|
|
|
|
|
||
July 28
|
S. Seth & Bros. A/c |
Dr.
|
22,400
|
|
|
|
To BankA/c |
|
|
22,000
|
|
|
To Discount Received A/c |
|
|
400
|
|
|
(Paid to S. Seth & Bros., received discount) |
|
|
|
|
|
|
|
|
||
July 31
|
Rent A/c |
Dr.
|
1,000
|
|
|
|
To Rent Outstanding A/c |
|
|
1,000
|
|
|
(Rent outstanding) |
|
|
|
Page No 8.56:
Question 14:
Record the following transactions in the Journal of Ashoka Furniture Traders, Ludhiana (Punjab):
2018 | ₹ | |
Jan. 1 | Started business with cash | 50,000 |
Jan. 2 | Opened a Current Account by personal cheque | 3,50,000 |
Jan. 10 | Purchased machinery against cheque | 1,00,000 |
Jan. 15 | Paid wages for installation of machinery | 2,000 |
Jan. 20 | Purchased timber from Singh & Co., Ludhiana (Punjab) of the list price of ₹ 20,000, allowed 10% trade discount | |
Jan. 25 | Out of the above, timber used for furnishing the office | 5,000 |
Jan. 31 | Sold timber to Rakesh of the list price of ₹ 10,000 and allowed him 10% trade discount | |
Feb.10 | Issued to Singh &Co. a cheque in full settlement | 21,000 |
Feb. 15 | Received from Rakesh in full and final settlement | 10,220 |
Feb. 20 | Paid Wages | 15,000 |
Feb. 28 | Issued a cheque for ₹ 5,000 in favour of the landlord for rent of February | |
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.
Answer:
Journal |
|||||
Date |
Particulars |
L.F |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2018 |
|
|
|
|
|
Jan.01 |
Cash A/c |
Dr. |
|
50,000 |
|
|
To Capital A/c |
|
|
50,000 |
|
|
(Started business with Cash) |
|
|
|
|
|
|
|
|
|
|
Jan.02 |
Bank A/c |
Dr. |
|
3,50,000 |
|
|
To Cash A/c |
|
|
3,50,000 |
|
|
(Deposited cash into bank ) |
|
|
|
|
|
|
|
|
|
|
Jan.10 |
Machinery A/c |
Dr. |
|
1,00,000 |
|
|
To Bank A/c |
|
|
1,12,000 |
|
|
(Purchased machinery @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Jan.15 |
Machinery A/c |
Dr. |
|
2,000 |
|
|
To Cash A/c |
|
|
2,000 |
|
|
(Paid installation charges ) |
|
|
|
|
|
|
|
|
|
|
Jan.20 |
Purchase A/c |
Dr. |
|
18,000 |
|
|
To Singh & Co. |
|
|
20,160 |
|
|
(Purchased timber @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Jan.25 |
Furniture A/c |
Dr. |
|
5,600 |
|
|
To Purchases A/c |
|
|
5,000 |
|
|
(Timber used for office furniture and GST reversed) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Rakesh A/c |
Dr. |
|
10,080 |
|
|
To Sales A/c |
|
|
9,000 |
|
|
(Sold goods to Rakesh @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Feb.10 |
Singh & Co. |
Dr. |
|
20,160 |
|
|
To Bank A/c |
|
|
20,000 |
|
|
To Discount Received A/c |
|
|
160 |
|
|
(Sent cheque to Singh & Co. and discount received) |
|
|
|
|
|
|
|
|
|
|
Feb.15 |
Cash A/c |
Dr. |
|
10,000 |
|
|
Discount Allowed A/c |
Dr. |
|
80 |
|
|
To Rakesh |
|
|
10,080 |
|
|
(Received Cash from Rakesh and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Feb.20 |
Wages A/c |
Dr. |
|
15,000 |
|
|
To Cash A/c |
|
|
15,000 |
|
|
(Paid wages) |
|
|
|
|
|
|
|
|
|
|
Feb.25 |
Rent A/c |
Dr. |
|
5,000 |
|
|
To Bank A/c |
|
|
5,000 |
|
|
(Paid rent) |
|
|
|
|
|
|
|
|
|
Note: In the entry dated Feb 10 the amount paid exceeds the amont due to Singh and Co. and in the entry dated Feb 15 the amont received exceeds the amount due from Rakesh. These 2 are not possible. So, the amont paid and received has been assumed.
Page No 8.56:
Question 15:
Enter the following transactions in the Journal of Suresh who trades in ready-made garments:
2018 | ₹ | |
April 1 | Suresh paid into bank | 60,000 |
April 2 | He bought goods cheque | 24,000 |
April 3 | Sold to Mukand & Co. | 6,700 |
April 4 | Sold goods for cash | 10,900 |
April 5 | Paid sundry expenses in cash | 3,000 |
April 8 | Paid for office furniture and fittings by cheque | 4,000 |
April 9 | Bought goods from Ramesh & Bros., Faridabad (Haryana) | 10,600 |
April 10 | Sold to Mahendra of Delhi | 18,700 |
April 11 | Returned goods to Ramesh & Bros. | 1,500 |
April 12 | Issued cheque to Ramesh & Bros. in full settlement | 9,000 |
April 14 | Sold goods for cash | 4,900 |
April 30 | Bank charged interest | 200 |
April 30 | Borrowed from Ridhi @ 10% per annum interest | 50,000 |
April 30 | Received from Mahendra on account | 6,000 |
April 30 | Sold household furniture and paid the amount into business | 2,000 |
April 30 | Sold goods costing ₹ 5,000 to Anita for cash at a profit of 20% on cost less 20% trade discount. | 6,500 |
April 30 | Sold goods costing ₹ 20,000 to Sunil at a profit of 20% on sale less 20% Trade Discount and paid cartage ₹ 150 (to be charged from customer). | |
CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase.
Answer:
Books of Suresh
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit Amount
(₹)
|
Credit Amount
(₹)
|
|
2018
|
|||||
April 01
|
Bank A/c |
Dr.
|
60,000
|
||
To Capital A/c |
60,000
|
||||
(Paid into Bank as Capital) | |||||
April 02
|
Purchases A/c |
Dr.
|
24,000
|
||
Input CGST A/c |
Dr.
|
1,440
|
|||
Input SGST A/c |
Dr.
|
1,440
|
|||
To Bank A/c |
26,880
|
||||
(Bought goods for cheque @ 6% CGST and SGST) | |||||
April 03
|
Mukand & Co. |
Dr.
|
7,504
|
||
To Sales A/c |
6,700
|
||||
To Output CGST A/c |
402
|
||||
To Output SGST A/c |
402
|
||||
(Sold Goods to Mukand & Co. @ 6% CGST and SGST) | |||||
April 04
|
Cash A/c |
Dr.
|
12,208
|
||
To Sales A/c |
10,900
|
||||
To Output CGST A/c |
654
|
||||
To Output SGST A/c |
654
|
||||
(Sold goods for Cash @ 6% CGST and SGST) | |||||
April 05
|
Sundry Expenses A/c |
Dr.
|
3,000
|
||
To Cash A/c |
3,000
|
||||
(Paid Sundry Expenses) | |||||
April 08
|
Furniture A/c |
Dr.
|
4,000
|
||
To Bank A/c |
4,000
|
||||
(Bought Office furniture by cheque) | |||||
April 09 | Purchases A/c |
Dr.
|
10,600
1,272
|
||
Input IGST A/c |
Dr.
|
||||
To Ramesh and Bros. |
11,872
|
||||
(Bought goods from Ramesh and Bros. @ 12% IGST) | |||||
April 10
|
Mahendra A/c |
Dr.
|
20,944
|
||
To Sales A/c |
18,700
|
||||
To Output CGST A/c |
1,122
|
||||
To Output SGST A/c |
1,122
|
||||
(Sold goods to Mahendra @ 6% CGST and SGST) | |||||
April 11
|
Ramesh and Bros. |
Dr.
|
1,680
|
||
To Purchase Return A/c To Input IGST A/c |
1,500
180
|
||||
(Good returned to Ramesh and Bros. and IGST @12% reversed) | |||||
April 12
|
Ramesh Bros. A/c |
Dr.
|
10,192
|
||
To Bank A/c |
9,000
|
||||
To Discount Received A/c |
1,192
|
||||
(Cheque sent to Ramesh and Bros. and discount received) | |||||
April 14
|
Cash A/c |
Dr.
|
5,488
|
||
To Sales A/c |
4,900
|
||||
To Output CGST A/c |
294
|
||||
To Output SGST A/c |
294
|
||||
(Sold goods for Cash @ 6% CGST and SGST) | |||||
April 30
|
Interest A/c |
Dr.
|
200
|
||
To Bank A/c |
200
|
||||
(Bank charged Interest) | |||||
April 30
|
Cash A/c |
Dr.
|
50,000
|
||
To Loan from Ridhi A/c |
50,000
|
||||
(Borrowed from Ridhi @10% per annum) | |||||
April 30
|
Cash A/c |
Dr.
|
6,000
|
||
To Mahendra |
6,000
|
||||
(Received from Mahendra on account) | |||||
April 30
|
Cash A/c |
Dr.
|
2,000
|
||
To Capital A/c |
2,000
|
||||
(Sold household furniture and paid the amount into business) | |||||
April 30
|
Cash A/c | Dr. |
7,280
|
||
To Sales A/c |
6,500
|
||||
To Output CGST A/c |
390
|
||||
To Output SGST A/c |
390
|
||||
(Sold goods for Cash @ 6% CGST and SGST) | |||||
April 30
|
Sunil | Dr. |
22,550
|
||
To Sales A/c |
20,000
|
||||
To Output CGST A/c |
1,200
|
||||
To Output SGST A/c |
1,200
|
||||
To Cartage A/c |
150
|
||||
(Sold goods to Anil @ 6% CGST and SGST and cartage charges levied; profit on sales is 20% i.e. profit on coast is 25%) |
Page No 8.57:
Question 16:
M/s. Auto Aid, Delhi purchased 500 pieces of car horns @ ₹ 200 each less 10% Trade Discount plus IGST @ 12% from M/s Auto Horns, Chandigarh. What is the invoice value?
Answer:
List Price (500×200) |
1,00,000
|
Less: Trade Discount @ 10% |
10,000
|
Value of Goods |
90,000
|
Add: IGST @ 12% |
10,800
|
Invoice Value |
1,00,800
|
Page No 8.57:
Question 17:
M/s. Vaish Traders, Delhi purchased 500 Parker Pens @ ₹ 200 each less Trade Discount @ 15% from Luxor Pens Ltd., Delhi. CGST and SGST was levied @ 6% each. Further, Cash Discount was allowed @ 5% as the payment was made within specified time. What will be the amount of trade discount and cash discount?
Answer:
List Price (500×200) |
1,00,000
|
Less: Trade Discount @ 15% |
15,000
|
Value of Goods |
85,000
|
Add: CGST @ 6% |
5,100
|
Add: SGST @ 6% |
5,100
|
Invoice Value |
95,200
|
Less: Cash Discount @ 5% |
4,760
|
Amount Payable |
90,440
|
Page No 8.57:
Question 18:
On 1st April, 2018, the position of Rahman was as follows: Cash-in-Hand ₹ 11,200; Cash at Bank ₹ 2,57,600; Bills Receivable ₹ 68,000; Jai Ram (Dr.) ₹ 16,000; Ram Kumar (Dr.) ₹ 48,080; Office Furniture ₹ 52,800; Stock-in-Trade ₹ 4,16,000; Doulat Ram (Cr.) ₹ 1,74,720, Hari Ram (Cr.) ₹ 2,16,960; Bills Payable ₹ 80,000. What was the amount of capital of Rahman on that date? Show the Journal entry to Open his books.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2018
|
|
|
|
||
Apr 01
|
Cash in Hand A/c |
Dr.
|
11,200
|
|
|
|
Cash at Bank A/c |
Dr.
|
2,57,600
|
|
|
|
Bills Receivable A/c |
Dr.
|
68,800
|
|
|
|
Jai Ram A/c |
Dr.
|
16,000
|
|
|
|
Ram Kumar A/c |
Dr.
|
48,080
|
|
|
|
Office Furniture A/c |
Dr.
|
52,800
|
|
|
|
Stock in Trade A/c |
Dr.
|
4,16,000
|
|
|
|
To Daulat Ram A/c |
|
|
1,74,720
|
|
|
To Hari Ram A/c |
|
|
2,16,960
|
|
|
To Bills Payable A/c |
|
|
80,000
|
|
|
To Capital A/c (Balancing Figure) |
|
|
|
|
|
(Balances of Assets and Liabilities brought forward) |
|
|
|
|
|
|
|
|
Opening Capital = Opening Assets – Opening Liabilities
Opening Capital = 8,70,480 – 4,71,680 = Rs 3,98,800
Page No 8.57:
Question 19:
On 1st April, 2018, the position of Tendulkar was as follows: Stock-in-Hand ₹ 2,88,000; Bills Payable ₹ 48,000; Cash at Bank ₹ 2,16,000; Plant and Machinery ₹ 1,20,000; Owing by debtors ₹ 60,000; Owing to creditors ₹ 96,000; Investment ₹ 2,40,000, Loan from S.K. Garg ₹ 1,80,000. What was the amount of Tendulkar's capital on the date? Show an opening Journal entry.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2018
|
|
|
|
||
Apr 01
|
Stock in Hand A/c |
Dr.
|
2,88,000
|
|
|
|
Cash at Bank A/c |
Dr.
|
2,16,000
|
|
|
|
Plant & Machinery A/c |
Dr.
|
1,20,000
|
|
|
|
Owings by Debtors A/c |
Dr.
|
60,000
|
|
|
|
Investments A/c |
Dr.
|
2,40,000
|
|
|
|
To Owings to Creditors A/c |
|
|
96,000
|
|
|
To Loan from S.K. Garg A/c |
|
|
1,80,000
|
|
|
To Bills Payable A/c |
|
|
48,000
|
|
|
To Capital A/c (Balancing Figure) |
|
|
6,00,000
|
|
|
(Balances of Assets and Liabilities brought forward) |
|
|
|
|
|
|
|
|
Opening Capital = Opening Assets – Opening Liabilities
Opening Capital = 9,24,000 – 3,24,000 = Rs 6,00,000
Page No 8.57:
Question 20:
M/s. Auto Help, Delhi purchased 500 pieces of motor cycle horns at ₹ 100 each plus IGST @ 12% from M/s G.S., Auto, Ghaziabad, (UP). Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days. M/s. Auto Help made the payment after 30 days. Determine the amount of Trade Discount and Cash Discount.
Answer:
List Price (500×100) |
50,000
|
Less: Trade Discount @ 10% |
5,000
|
Value of Goods |
45,000
|
Note: No cash discount will be allowed as the payment is received after the stipulated time period of 7 days.
Page No 8.57:
Question 21:
Name the accounts to be credited along with the amount for payment to Ajay of ₹ 4,800 by cheque in full settlement of ₹ 5,000.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Ajay A/c |
Dr.
|
5,000
|
|
|
|
To Bank A/c |
|
|
4,800
|
|
|
To Discount Received A/c |
|
|
200
|
|
|
(Paid to Ajay in full and final settlement) |
|
|
|
Page No 8.57:
Question 22:
Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Cash A/c |
Dr.
|
9,878
|
|
|
|
Discount Allowed A/c |
Dr.
|
202
|
|
|
|
To Sales A/c |
|
|
9,000
|
|
|
To Output CGST A/c |
|
|
540
|
|
|
To Output SGST A/c |
|
|
540
|
|
|
(Goods sold and discount allowed) |
|
|
|
|
|
|
|
|
Working Notes:
List Price |
10,000
|
Less: Trade Discount @ 10% |
10,000
|
Value of Goods |
9,000
|
Add: CGST @ 6% |
540
|
Add: SGST @ 6% |
540
|
Invoice Value |
10,080
|
Less: Cash Discount @ 2% |
202
|
Amount Received |
9,878
|
Page No 8.57:
Question 23:
Pass Journal entry for purchase of goods by Amrit, Delhi from Ayur Products, Agra, (UP) for ₹ 25,000 less Trade Discount @ 15% plus IGST @ 12%.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Purchases A/c |
Dr.
|
21,250
|
|
|
|
Input IGST A/c |
Dr.
|
2,550
|
|
|
|
To Ayur Products A/c |
|
|
23,800
|
|
|
(Goods purchased on credit) |
|
|
|
|
|
|
|
|
Working Notes:
List Price |
25,000
|
Less: Trade Discount @ 15% |
3,750
|
Value of Goods |
21,250
|
Add: IGST @ 12% |
2,550
|
Amount Payable |
23,800
|
Page No 8.57:
Question 24:
Pass Journal entry for purchase of goods by Amrit, Delhi from Add Gel Pens, Delhi for ₹ 15,000 less Trade Discount 10% and Cash Discount 3%. CGST and SGST is levied @ 6% each. Assume payment is made at the time of purchase.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Purchases A/c |
Dr.
|
13,500
|
|
|
|
Input CGST A/c |
Dr.
|
810
|
|
|
|
Input SGST A/c |
Dr.
|
810
|
|
|
|
To Cash A/c |
|
|
14,666
|
|
|
To Discount Received A/c |
|
|
454
|
|
|
(Goods purchased and discount received) |
|
|
|
|
|
|
|
|
Working Notes:
List Price |
15,000
|
Less: Trade Discount @ 10% |
1,500
|
Value of Goods |
13,500
|
Add: CGST @ 6% |
810
|
Add: SGST @ 6% |
810
|
Invoice Value |
15,120
|
Less: Cash Discount @ 3% |
454
|
Amount Paid |
14,666
|
Page No 8.58:
Question 25:
Mittal Cycles purchased 100 cycles from Hero Cycles, Ludhina (Punjab) @ ₹ 1,200 per cycle plus IGST @ 12%. Hero Cycles allowed 10% Trade Discount and 3% Cash Discount if payment is made within 14 days. Mittal Cycles received 10 cycles damaged during transit, which it returned. Mittal Cycles settled the payment in 10 days time.
Pass Journal entries for the above transactions.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Purchases A/c |
Dr.
|
1,08,000
|
|
|
|
Input IGST A/c |
Dr.
|
12,960
|
|
|
|
To Hero Cycles A/c |
|
|
1,20,960
|
|
|
(Goods purchased @ 10% trade discount) |
|
|
|
|
|
|
|
|
||
|
Hero Cycles A/c |
Dr.
|
12,096
|
|
|
|
To Purchases Return A/c |
|
|
10,800
|
|
|
To Input IGST A/c |
|
|
1,296
|
|
|
(Returned 10 cycles) |
|
|
|
|
|
|
|
|
||
|
Hero Cycles A/c |
Dr.
|
1,08,864
|
|
|
|
To Cash A/c |
|
|
1,05,598
|
|
|
To Discount Received A/c |
|
|
3,266
|
|
|
(Balance paid and received cash discount of 3%) |
|
|
|
|
|
|
|
|
Page No 8.58:
Question 26:
Oswal Woollen Mills, Amritsar (Punjab) sold shawls to Gupta Shawls, Jaipur as per details: Sold 100 shawls @ ₹ 200 per shawl on 4th January, 2018, IGST is levied @ 12%. 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, 2018 and balance payment on 10th February,2018. Pass Journal entries.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Jan 04
|
Gupta Shawls A/c |
Dr.
|
16,800
|
|
|
|
To Sales A/c |
|
|
15,000
|
|
|
To Output IGST A/c |
|
|
1,800
|
|
|
(Goods sold @ 25% trade discount) |
|
|
|
|
|
|
|
|
||
Jan 14
|
Cash A/c |
Dr.
|
8,400
|
|
|
|
To Gupta Shawls A/c |
|
|
8,400
|
|
|
(50% payment received) |
|
|
|
|
|
|
|
|
||
Feb 10
|
Cash A/c |
Dr.
|
8,400
|
|
|
|
To Gupta Shawls A/c |
|
|
8,400
|
|
|
(Balance 50% payment received) |
|
|
|
|
|
|
|
|
Page No 8.58:
Question 27:
Journalise the following transactions in the books of Ashok:
(i) Received ₹ 11,700 from Hari Krishan in full settlement of his account for ₹ 12,000.
(ii) Received ₹ 11,700 from Shyam on his account fro ₹ 12,000.
(iii) Received a first and final divident of 70 paise in the rupee from the official receiver of Rajagopal who owed us ₹ 7,000.
(iv) Paid ₹ 2,880 to A.K. Mandal in full settlement of his account for ₹ 3,000.
(v) Paid ₹ 2,880 to S.K. Gupta on his account for ₹ 3,000.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
(i)
|
Cash A/c |
Dr.
|
11,700
|
|
|
|
Discount Allowed A/c |
Dr.
|
300
|
|
|
|
To Hari Krishan’s A/c |
|
|
12,000
|
|
|
(Received in full settlement) |
|
|
|
|
|
|
|
|
||
(ii)
|
Cash A/c |
Dr.
|
11,700
|
|
|
|
To Shyam’s A/c |
|
|
11,700
|
|
|
(Received from Shyam on account) |
|
|
|
|
|
|
|
|
||
(iii)
|
Cash A/c |
Dr.
|
4,900
|
|
|
|
Bad Debts A/c |
Dr.
|
2,100
|
|
|
|
To Rajagopal’s A/c |
|
|
7,000
|
|
|
(Received 70 paise in a rupee from Rajagopal) |
|
|
|
|
|
|
|
|
||
(iv)
|
A.K. Mandal’s A/c |
Dr.
|
3,000
|
|
|
|
To Cash A/c |
|
|
2,880
|
|
|
To Discount Received A/c |
|
|
120
|
|
|
(Paid in full settlement) |
|
|
|
|
|
|
|
|
||
(v)
|
S.K. Gupta’s A/c |
Dr.
|
2,880
|
|
|
|
To Cash A/c |
|
|
2,880
|
|
|
(Paid on account to S.K. Gupta) |
|
|
|
|
|
|
|
|
Page No 8.58:
Question 28:
Journalise the following transactions:
2018 April 1 April 2 April 4 April 5 April 10 April 14 April 16 April 17 |
Paid into bank ₹ 21,000 for opening a Current Account. Withdrew for private expenses ₹ 5,000. Withdrew from bank ₹ 3,000. Place on Fixed Deposit Account at Bank by transfer from Current Account ₹ 5,000. Received a cheque from Shiv & Co. to whom goods were sold for ₹ 3,000 last year. Allowed him 2% discount. Shiv & Co.'s cheque deposited into bank. Shiv & Co.'s cheque dishonoured (Bank charges ₹ 10) Shiv & Co. settled his account by means of a cheque for ₹ 3,000, ₹ 40 being interest charged. |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2018
|
|
|
|
||
Apr 01
|
Bank A/c |
Dr.
|
21,000
|
|
|
|
To Cash A/c |
|
|
21,000
|
|
|
(Paid into bank for opening a Current A/c) |
|
|
|
|
|
|
|
|
||
Apr 02
|
Drawings A/c |
Dr.
|
5,000
|
|
|
|
To Cash A/c |
|
|
5,000
|
|
|
(Withdrew for private expenses) |
|
|
|
|
|
|
|
|
||
Apr 04
|
Cash A/c |
Dr.
|
3,000
|
|
|
|
To Bank A/c |
|
|
3,000
|
|
|
(Withdrew from bank for office use) |
|
|
|
|
|
|
|
|
||
Apr 5
|
Fixed Deposit A/c |
Dr.
|
5,000
|
|
|
|
To Bank A/c |
|
|
5,000
|
|
|
(Placed on FD by transfer from Current A/c) |
|
|
|
|
|
|
|
|
||
Apr 10
|
Cheques in Hand A/c |
Dr.
|
2,940
|
|
|
|
Discount Allowed A/c |
Dr.
|
60
|
|
|
|
To Shiv & Co. A/c |
|
|
3,000
|
|
|
(Received from Shiv & Co. and allowed 2% discount) |
|
|
|
|
|
|
|
|
||
Apr 14
|
Bank A/c |
Dr.
|
2,940
|
|
|
|
To Cheques in Hand A/c |
|
|
2,940
|
|
|
(Shiv & Co.’s cheque banked) |
|
|
|
|
|
|
|
|
||
Apr 16
|
Shiv & Co. A/c |
Dr.
|
2,950
|
|
|
|
To Bank A/c |
|
|
2,950
|
|
|
(Shiv & Co.’s cheque dishonoured) |
|
|
|
|
|
|
|
|
||
Apr 17
|
Bank A/c |
Dr.
|
3,000
|
|
|
|
To Shiv & Co. A/c |
|
|
2,950
|
|
|
To Interest A/c |
|
|
50
|
|
|
(Shiv & Co. settled his account) |
|
|
|
|
|
|
|
|
Note for Apr 17: Cheque of Rs 2,940 dishonoured. Bank charged Rs 10 (to be recovered from Shiv & Co.). Total due from Shiv & Co. Rs 2,950. New cheque received for Rs 3,000, so interest charged should be Rs 50 (not Rs 40, as given in the book).
Page No 8.58:
Question 29:
Journalise the following in the books of Amit Saini, Gurugram (Haryana):
(i) Goods of ₹ 5,000 were used by him for domestic purpose.
(ii) ₹ 2,000 due from Sohan became bad debts.
(iii) Goods of ₹ 6,000 were destroyed by fire and were not insured.
(iv) Paid ₹ 4,000 in cash as wages on installation of machine. GST is not to be levied.
(v) Sold goods to Arjun of Delhi of list price ₹ 20,000. Trade discount @ 10% and cash discount of 5% was allowed.
(vii) Goods of ₹ 1,000 given as charity.
(viii) Received ₹ 9,750 from Ramesh in full settlement of his account of ₹ 10,000.
(ix) Paid rent in advance ₹ 4,000.
CGST and SGST is to be levied on intra-state sale @ 6% each and IGST @ 12% on inter-state sale.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
(i)
|
Drawings A/c |
Dr.
|
5,600
|
|
|
|
To Purchases A/c |
|
|
5,000
|
|
|
To Input CGST A/c |
|
|
300
|
|
|
To Input SGST A/c |
|
|
300
|
|
|
(Goods used for personal use) |
|
|
|
|
|
|
|
|
||
(ii)
|
Bad Debts A/c |
Dr.
|
2,000
|
|
|
|
To Sohan’s A/c |
|
|
2,000
|
|
|
(Debtors proved bad) |
|
|
|
|
|
|
|
|
||
(iii)
|
Loss of Stock by Fire A/c |
Dr.
|
6,720
|
|
|
|
To Purchases A/c |
|
|
6,000
|
|
|
To Input CGST A/c |
|
|
360
|
|
|
To Input SGST A/c |
|
|
360
|
|
|
(Uninsured goods lost by fire) |
|
|
|
|
|
|
|
|
||
(iv)
|
Machine A/c |
Dr.
|
4,000
|
|
|
|
To Cash A/c |
|
|
4,000
|
|
|
(Wages paid for installation of machine) |
|
|
|
|
|
|
|
|
||
(v)
|
Cash A/c |
Dr.
|
19,152
|
|
|
|
Discount Allowed A/c |
Dr.
|
1,008
|
|
|
|
To Sales A/c |
|
|
18,000
|
|
|
To Output IGST A/c |
|
|
2,160
|
|
|
(Goods sold and discount allowed) |
|
|
|
|
|
|
|
|
||
(vi)
|
Cash A/c |
Dr.
|
2,000
|
|
|
|
To Bad Debts Recovered A/c |
|
|
2,000
|
|
|
(Debtor written-off previously recovered) |
|
|
|
|
|
|
|
|
||
(vii)
|
Charity A/c |
Dr.
|
2,200
|
|
|
|
To Purchases A/c |
|
|
1,000
|
|
|
To Input CGST A/c |
|
|
600
|
|
|
To Input SGST A/c |
|
|
600
|
|
|
(Goods given as charity) |
|
|
|
|
|
|
|
|
||
(viii)
|
Cash A/c |
Dr.
|
9,750
|
|
|
|
Discount Allowed A/c |
Dr.
|
250
|
|
|
|
To Ramesh’s A/c |
|
|
10,000
|
|
|
(Received from Ramesh in full settlement) |
|
|
|
|
|
|
|
|
||
(ix)
|
Prepaid Rent A/c |
Dr.
|
4,000
|
|
|
|
To Cash A/c |
|
|
4,000
|
|
|
(Paid rent in advance) |
|
|
|
|
|
|
|
|
Page No 8.59:
Question 30:
Journalise the following transactions in the books of Mohan, Delhi:
(i) Raj of Alwar, Rajasthan who owed Mohan ₹ 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.
(ii) Mohan owes to his landlord ₹ 10,000 as rent.
(iii) Charge depreciation of 10% on furniture costing ₹ 50,000.
(iv) Salaries due to employees ₹ 20,000.
(v) Sold to Sunil goods in cash of ₹ 10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of ₹ 8,500.
(vi) Provided interest on capital of ₹ 1,00,000 @ 10% per annum.
(vii) Goods lost in theft ₹ 5,000, which were purchased paying IGST @ 12% from Alwar, Rajasthan.
[Hint:]
(vii) Loss of Stock by Theft A/c | ... Dr. | ₹ 5,600 | ||
To Purchase A/c | ₹ 5,000 | |||
To Input IGST A/c | ₹ 600 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
(i)
|
Cash A/c |
Dr.
|
15,000
|
|
|
|
Bad-Debts A/c |
Dr.
|
10,000
|
|
|
|
To Raj’s A/c |
|
|
25,000
|
|
|
(Received 60 paise in full and final settlement) |
|
|
|
|
|
|
|
|
||
(ii)
|
Rent A/c |
Dr.
|
10,000
|
|
|
|
To Rent Outstanding A/c |
|
|
10,000
|
|
|
(Owed rent to landlord) |
|
|
|
|
|
|
|
|
||
(iii)
|
Depreciation A/c |
Dr.
|
5,000
|
|
|
|
To Furniture A/c |
|
|
5,000
|
|
|
(10% depreciation charged on furniture) |
|
|
|
|
|
|
|
|
||
(iv)
|
Salaries A/c |
Dr.
|
20,000
|
|
|
|
To Salaries Outstanding A/c |
|
|
20,000
|
|
|
(Salaries due to employees) |
|
|
|
|
|
|
|
|
||
(v)
|
Cash A/c |
Dr.
|
8,500
|
|
|
|
Discount Allowed A/c |
Dr.
|
1,580
|
|
|
|
To Sales A/c |
|
|
9,000
|
|
|
To Output CGST A/c |
|
|
540
|
|
|
To Output SGST A/c |
|
|
540
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
(vi)
|
Interest on Capital A/c |
Dr.
|
10,000
|
|
|
|
To Capital A/c |
|
|
10,000
|
|
|
(Interest on capital allowed @ 10% p.a.) |
|
|
|
|
|
|
|
|
||
(vii)
|
Loss of Stock by Theft A/c |
Dr.
|
5,600
|
|
|
|
To Purchases A/c |
|
|
5,000
|
|
|
To Input IGST A/c |
|
|
600
|
|
|
(Goods lost by theft) |
|
|
|
|
|
|
|
|
Page No 8.59:
Question 31:
Pass Journal entries in the books of Puneet, Delhi for the following:
(i) Received an order from Karan & Co. for supply of goods of ₹ 50,000.
(ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance.
(iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000.
(iv) Sold goods to Bharat, Kaithal (Haryana) of ₹ 10,000 plus IGST @ 12% out of which 1/5th were returned being defective.
(v) Cheque of ₹ 20,000 issued by Feroz was dishonoured.
(vi) Received 40 paise in a rupee from Feroz against the above dues.
(vii) Received a cheque of ₹ 25,000 from Mohan after banking hours.
(viii) Purchased goods from Barun of Chandigarh of ₹ 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at ₹ 22,400, including IGST @ 12%.
(ix) Arun returned goods of ₹ 6,720, including IGST which were returned to Barun.
(x) ABC & Co. purchased 10 TV sets @ ₹ 20,000 per set and paid IGST @ 12%. It sold all the sets @ ₹ 25,000 per set plus CGST and SGST @ 6% each.
(xi) Paid insurance of ₹ 12,000 plus CGST and SGST @ 6% each for a period of one year.
(xii) Sold personal car for ₹ 1,00,000 and invested the amount in the firm.
(xiii) Goods costing ₹ 1,00,000 were destroyed in fire. Insurance company admitted the claim for ₹ 75,000. These goods were purchased within Delhi.
(xiv) Purchased machinery for ₹ 56,000 including IGST of ₹ 6,000 and paid cartage thereon ₹ 5,000 and installation charges ₹ 10,000.
(xv) Goods costing ₹ 40,000 sold to Mr. X at a profit of 20% on sales less 10% Trade Discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount.
(xvi) Purchased machinery from New Machinery House for ₹ 50,000 and paid it by means of a bank draft purchased from bank. Paid charges ₹ 500.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
(i)
|
No Entry |
|
|
|
|
|
|
|
|
||
(ii)
|
Cash A/c |
Dr.
|
25,000
|
|
|
|
To Advance from Ak & Co. |
|
|
25,000
|
|
|
(Advance received for order) |
|
|
|
|
|
|
|
|
||
(iii)
|
Outstanding Salary A/c |
Dr.
|
40,000
|
|
|
|
To Cash A/c |
|
|
40,000
|
|
|
(Payment of outstanding salaries) |
|
|
|
|
|
|
|
|
||
(iv)
|
Bharat’s A/c |
Dr.
|
11,200
|
|
|
|
To Sales A/c |
|
|
10,000
|
|
|
To Output IGST A/c |
|
|
1,200
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
|
Sales Return A/c |
Dr.
|
2,000
|
|
|
|
Output IGST A/c |
Dr.
|
240
|
|
|
|
To Bharat’s A/c |
|
|
2,240
|
|
|
(1/5th goods returned by Bharat) |
|
|
|
|
|
|
|
|
||
(v)
|
Feroz’s A/c |
Dr.
|
20,000
|
|
|
|
To Bank A/c |
|
|
20,000
|
|
|
(Cheque issued by Feroz dishonoured) |
|
|
|
|
|
|
|
|
||
(vi)
|
Cash A/c |
Dr.
|
8,000
|
|
|
|
Bad Debts A/c |
Dr.
|
12,000
|
|
|
|
To Feroz’s A/c |
|
|
20,000
|
|
|
(Received 40 paise in a rupee as full and final settlement from Feroz) |
|
|
|
|
|
|
|
|
||
(vii)
|
Cheque in Hand A/c |
Dr.
|
25,000
|
|
|
|
To Mohan’s A/c |
|
|
25,000
|
|
|
(Received cheque from Mohan) |
|
|
|
|
|
|
|
|
||
(viii)
|
Purchases A/c |
Dr.
|
10,000
|
|
|
|
Input IGST A/c |
Dr.
|
1,200
|
|
|
|
To Barun’s A/c |
|
|
11,200
|
|
|
(Goods purchased) |
|
|
|
|
|
|
|
|
||
|
Arun’s A/c |
Dr.
|
22,400
|
|
|
|
To Sales A/c |
|
|
20,000
|
|
|
To Output IGST A/c |
|
|
2,400
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
(ix)
|
Sales Return A/c |
Dr.
|
6,000
|
|
|
|
Output IGST A/c |
Dr.
|
720
|
|
|
|
To Arun’s A/c |
|
|
6,720
|
|
|
(Goods returned by Arun) |
|
|
|
|
|
|
|
|
||
|
Barun’s A/c |
Dr.
|
6,720
|
|
|
|
To Purchases Return A/c |
|
|
6,000
|
|
|
To Input IGST A/c |
|
|
720
|
|
|
(Goods returned to Barun) |
|
|
|
|
|
|
|
|
||
(x)
|
TV A/c |
Dr.
|
2,00,000
|
|
|
|
Input IGST A/c |
Dr.
|
24,000
|
|
|
|
To Cash A/c |
|
|
2,24,000
|
|
|
(TV purchased) |
|
|
|
|
|
|
|
|
||
|
Cash A/c |
Dr.
|
2,80,000
|
|
|
|
To TV A/c |
|
|
2,00,000
|
|
|
To Profit on Sale of TV A/c |
|
|
50,000
|
|
|
To Output CGST A/c |
|
|
15,000
|
|
|
To Output SGST A/c |
|
|
15,000
|
|
|
(TV sold) |
|
|
|
|
|
|
|
|
||
(xi)
|
Insurance A/c |
Dr.
|
12,000
|
|
|
|
Input CGST A/c |
Dr.
|
720
|
|
|
|
Input SGST A/c |
Dr.
|
720
|
|
|
|
To Cash A/c |
|
|
13,440
|
|
|
(Paid insurance) |
|
|
|
|
|
|
|
|
||
(xii)
|
Cash A/c |
Dr.
|
1,00,000
|
|
|
|
To Capital A/c |
|
|
1,00,000
|
|
|
(Sold personal car and invested the proceeds into business) |
|
|
|
|
|
|
|
|
||
(xiii)
|
Insurance Company A/c |
Dr.
|
1,12,000
|
|
|
|
To Purchases A/c |
|
|
1,00,000
|
|
|
To Input CGST A/c |
|
|
6,000
|
|
|
To Input SGST A/c |
|
|
6,000
|
|
|
(Claim lodged with insurance company, including CGST and SGST) |
|
|
|
|
|
|
|
|
||
|
Bank A/c |
Dr.
|
75,000
|
|
|
|
Loss of Stock by Fire A/c |
Dr.
|
37,000
|
|
|
|
To Insurance Company A/c |
|
|
1,12,000
|
|
|
|
|
|
||
(xiv)
|
Machinery A/c |
Dr.
|
65,000
|
|
|
|
Input IGST A/c |
Dr.
|
6,000
|
|
|
|
To Cash A/c |
|
|
71,000
|
|
|
(Purchased machinery) |
|
|
|
|
|
|
|
|
||
(xv)
|
Bank A/c |
Dr.
|
47,416
|
|
|
|
Discount Allowed A/c |
Dr.
|
968
|
|
|
|
To Sales A/c |
|
|
43,200
|
|
|
To Output CGST A/c |
|
|
2,592
|
|
|
To Output SGST A/c |
|
|
2,592
|
|
|
(Goods sold @ 10% trade discount, 2% cash discount) |
|
|
|
|
|
|
|
|
||
(xvi)
|
Machinery A/c |
Dr.
|
50,000
|
|
|
|
Bank Charges A/c |
Dr.
|
500
|
|
|
|
To Bank A/c |
|
|
50,500
|
|
|
(Purchased machinery and paid by band draft) |
|
|
|
|
|
|
|
|
Page No 8.60:
Question 32:
D.Chadha commenced business on 1st January, 2017. His transactions for the month are given below. Journalise them.
2018 | ₹ | |
Jan. 1 | Commenced business with cash | 25,000 |
Jan. 2 | Opened Bank Account with cheque from his Savings Account | 2,25,000 |
Jan. 3 | Bought goods from Ramesh & Co., Delhi, paid CGST and SGST @ 6% each | 54,000 |
Jan. 3 | Sold goods to Rajesh of ₹ 60,000, charged CGST and SGST @ 6% each | |
Jan. 7 | Bought goods ₹ 65,000 from Rahul, Chennal, paid IGST @ 12% | |
Jan. 8 | Paid wages in cash | 8,000 |
Jan. 8 | Sold goods to Mahesh, Kochi of ₹ 60,000; charged IGST @ 12% | |
Jan. 10 | Received cheque from Rajesh(Discount allowed ₹ 1,200) | 66,000 |
Jan. 10 | Paid into bank | 66,000 |
Jan. 11 | Paid to Ramesh & Co. (discount received ₹ 2,700) | 51,300 |
Jan. 12 | Paid rent @ ₹ 15, 000 per month for three months up to March, paid CGST and SGST @ 6% each | |
Jan. 15 | Paid wages in cash | 8,000 |
Jan. 15 | Paid office expenses in cash | 700 |
Jan. 21 | Sold to Mahesh, Delhi goods of ₹ 25,000, charged CGST and SGST @ 6% each | |
Jan. 22 | Paid office expenses in cash | 500 |
Jan. 22 | Paid Rahul by cheque (discount ₹ 3,200) | 61,300 |
Jan. 25 | Received cheque from Mahesh Kochi (discount ₹ 1,500) | 65,700 |
Jan. 27 | Mahesh, Delhi returned goods (not up to sample) | 2,000 |
Jan. 29 | Paid wages in cash | 10,000 |
Jan. 31 | Paid office expenses in cash | 400 |
Jan. 31 | Paid salaries for the month | 20,000 |
Answer:
Books of D. Chadha Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
2018 |
|
|
|
|
|
Jan.01 |
Cash A/c |
Dr. |
|
25,000 |
|
|
To Capital A/c |
|
|
25,000 |
|
|
(Started business with Cash) |
|
|
|
|
|
|
|
|
|
|
Jan.02 |
Bank A/c |
Dr. |
|
2,25,000 |
|
|
To Cash A/c |
|
|
2,25,000 |
|
|
(Opened Bank Account with his Savings Bank Account Cheque) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Purchases A/c |
Dr. |
|
54,000 |
|
|
To Ramesh & Co |
|
|
60,480 |
|
|
(Bought goods from Ramesh & Co @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Rajesh |
Dr. |
|
67,200 |
|
|
To Sales A/c |
|
|
60,000 |
|
|
(Sold goods to Rajesh @ 6% CGST and SGST) |
|
|
|
|
|
|
|
|
|
|
Jan.07 |
Purchases A/c |
Dr. |
|
65,000 |
|
|
To Rahul |
|
|
72,800 |
|
|
(Bought goods from Rahul @ 12% IGST) |
|
|
|
|
|
|
|
|
|
|
Jan.08 |
Wages A/c |
Dr. |
|
800 |
|
|
To Cash A/c |
|
|
800 |
|
|
(Paid Wages) |
|
|
|
|
|
|
|
|
|
|
Jan.08 |
Mahesh |
Dr. |
|
67,200 |
|
|
To Sales A/c |
|
|
60,000 |
|
|
(Sold goods to Mahesh @ 12% IGST) |
|
|
|
|
|
|
|
|
|
|
Jan.10 |
Bank A/c |
Dr. |
|
66,000 |
|
|
Discount Allowed A/c |
Dr. |
|
1,200 |
|
|
To Rajesh |
|
|
67,200 |
|
|
(Received cheque from Rajesh and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Jan.10 |
Bank A/c |
Dr. |
|
66,000 |
|
|
To Cash |
|
|
66,000 |
|
|
( Paid into Bank) |
|
|
|
|
|
|
|
|
|
|
Jan.11 |
Ramesh & Co |
Dr. |
|
54,000 |
|
|
To Cash A/c |
|
|
51,300 |
|
|
To Discount Received |
|
|
2,700 |
|
|
(Paid to Ramesh & Co and Discount Received) |
|
|
|
|
|
|
|
|
|
|
Jan.12 |
Prepaid Rent A/c |
Dr. |
|
15,000 |
|
|
To Cash A/c |
|
|
16,800 |
|
|
(Paid rent in advance upto March plus 6% CGST and SGST) |
|
|
|
|
Jan.15 |
Wages A/c |
Dr. |
|
8,000 |
|
|
Expenses A/c |
Dr. |
|
700 |
|
|
To Cash A/c |
|
|
8,700 |
|
|
(Paid wages and office expenses in cash) |
|
|
|
|
|
|
|
|
|
|
Jan.21 |
Mahesh |
Dr. |
|
28,000 |
|
|
To Sales A/c |
|
|
25,000 |
|
|
(Sold goods to Mahesh Chand) |
|
|
|
|
|
|
|
|
|
|
Jan.22 |
Expenses A/c |
Dr. |
|
500 |
|
|
To Cash A/c |
|
|
500 |
|
|
(Paid office expenses) |
|
|
|
|
|
|
|
|
|
|
Jan.22 |
Rahul |
Dr. |
|
64,500 |
|
|
To Bank A/c |
|
|
61,300 |
|
|
To Discount Received A/c |
|
|
3,200 |
|
|
(Paid to Rahul and discount received) |
|
|
|
|
|
|
|
|
|
|
Jan.25 |
Bank A/c |
Dr. |
|
65,700 |
|
|
Discount Allowed A/c |
Dr. |
|
1,500 |
|
|
To Mahesh Chand |
|
|
67,200 |
|
|
(Received Cheque from Mahesh Chand and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Jan.27 |
Sales Return A/c |
Dr. |
|
2,000 |
|
|
To Mahesh |
|
|
2,240 |
|
|
(Goods returned by Mahesh Chand and GST @ 6% reversed) |
|
|
|
|
Jan.29 |
Wages A/c |
Dr. |
|
10,000 |
|
|
To Cash A/c |
|
|
10,000 |
|
|
(Paid wages in Cash) |
|
|
|
|
|
|
|
|
|
|
Jan.31 |
Expenses A/c |
Dr. |
|
400 |
|
|
Salaries A/c |
Dr. |
|
20,000 |
|
|
To Cash A/c |
|
|
20,400 |
|
|
(Paid office expenses and salaries in cash) |
|
|
|
|
|
|
|
|
|
Page No 8.60:
Question 33:
Record the following transactions in the Journal of Ashoka Furniture Traders:
|
|
|
||
2018 |
|
₹ |
||
Jan 1 |
Started business with cash |
50,000 |
||
Jan 2 | Deposited into bank from his Savings Account | 3,50,000 | ||
Jan 10 | Purchased machinery of ₹ 1,00,000. An old machine (personal) valued at ₹15,000 was given in exchange and balance was paid by cheque. IGST was levied and charged @ 12% | |||
Jan 15 | Paid installation charges for machinery | 2,000 | ||
Jan 20 | Purchased timber from Singh & Co. of the list price of ₹ 20,000 plus CGST and SGST @ 6% each He allowed 10% Trade Discount. | |||
Jan 25 | Timber costing ₹ 5,000 was used for furnishing the office | |||
Jan 31 | Sold furniture to Rakesh of the list price of ₹ 10,000 and allowed him 10% Trade Discount. Charged CGST and SGST @ 6% each | |||
Jan 31 | Old furniture valued at ₹ 500 was taken from Rakesh in exchange. CGST and SGST @ 6% each was paid. | |||
Feb 10 | Sent cheque to Singh & Co. in full settlement | 19,000 | ||
Feb 15 | Received from Rakesh in full and final settlement | 9,000 | ||
Feb 20 | Paid wages | 15,000 | ||
Feb 25 |
Issued a cheque for ₹ 5,000 in favour of the landlord for rent of February. |
|
||
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2018
|
|
|
|
||
Jan 01
|
Cash A/c |
Dr.
|
50,000
|
|
|
|
To Capital A/c |
|
|
50,000
|
|
|
(Commenced business with cash) |
|
|
|
|
|
|
|
|
||
Jan 02
|
Bank A/c |
Dr.
|
3,50,000
|
|
|
|
To Capital A/c |
|
|
3,50,000
|
|
|
(Cheque deposited from Savings A/c to Firm’s A/c) |
|
|
|
|
|
|
|
|
||
Jan 10
|
Machinery A/c |
Dr.
|
1,00,000
|
|
|
|
Input IGST A/c |
Dr.
|
12,000
|
|
|
|
To Bank A/ |
|
|
97,000
|
|
|
To Capital A/c |
|
|
15,000
|
|
|
(Machinery purchased in exchange for old personal machinery, balance paid through cheque) |
|
|
|
|
|
|
|
|
||
Jan 15
|
Machinery A/c |
Dr.
|
2,000
|
|
|
|
To Cash A/c |
|
|
2,000
|
|
|
(Installation charges paid) |
|
|
|
|
|
|
|
|
||
Jan 20
|
Purchases A/c |
Dr.
|
18,000
|
|
|
|
Input CGST A/c |
Dr.
|
1,080
|
|
|
|
Input SGST A/c |
Dr.
|
1,080
|
|
|
|
To Singh & Co. |
|
|
20,160
|
|
|
(Purchased timber) |
|
|
|
|
|
|
|
|
||
Jan 25
|
Office Furniture A/c |
Dr.
|
5,600
|
|
|
|
To Purchases A/c |
|
|
5,000
|
|
|
To Input CGST A/c |
|
|
300
|
|
|
To Input SGST A/c |
|
|
300
|
|
|
(Timber used for furnishing office) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Rakesh A/c |
Dr.
|
10,080
|
|
|
|
To Sales A/c |
|
|
9,000
|
|
|
To Output CGST A/c |
|
|
540
|
|
|
To Output SGST A/c |
|
|
540
|
|
|
(Goods sold) |
|
|
|
|
|
|
|
|
||
Jan 31
|
Old Furniture A/c |
Dr.
|
500
|
|
|
|
Input CGST A/c |
Dr.
|
30
|
|
|
|
Input SGST A/c |
|
30
|
|
|
|
To Rakesh A/c |
|
|
560
|
|
|
(Old furniture taken from Rakesh) |
|
|
|
|
|
|
|
|
||
Feb 10
|
Singh & Co. A/c |
Dr.
|
20,160
|
|
|
|
To Bank A/c |
|
|
19,000
|
|
|
To Discount Received A/c |
|
|
1,160
|
|
|
(Sent cheque in full and final settlement) |
|
|
|
|
|
|
|
|
||
Feb 15
|
Cash A/c |
Dr.
|
9,000
|
|
|
|
Discount Allowed A/c |
|
520
|
|
|
|
To Rakesh A/c |
|
|
9,520
|
|
|
(Received in full and final settlement from Rakesh) |
|
|
|
|
|
|
|
|
||
Feb 20
|
Wages A/c |
Dr.
|
15,000
|
|
|
|
To Cash A/c |
|
|
15,000
|
|
|
(Paid wages) |
|
|
|
|
|
|
|
|
||
Feb 25
|
Rent A/c |
Dr.
|
5,000
|
|
|
|
To Bank A/c |
|
|
5,000
|
|
|
(Paid rent) |
|
|
|
|
|
|
|
|
Page No 8.60:
Question 34:
Journalise the following transactions in the books of Manoj Store:
(i) Purchased goods from Ramesh ₹ 20,000 less Trade Discount at 20% plus IGST @ 12% .
(ii) Sold goods costing ₹ 7,000 to Krishna for ₹ 9,000 plus IGST @ 12%.
(iii) Sold goods for ₹ 10,000 and charged IGST @ 12% against cheque.
(iv) ₹ 5,000 were deposited into Savings Account.
(v) Machinery costing ₹ 4,00,000 for which order was placed earlier paying advance of ₹ 40,000. The balance amount was paid as follows:
(a) An old machine (personal) valued at ₹ 30,000 was given in exchange;
(b) Issued a cheque from his savings account for ₹ 1,30,000; and
(c) Balance by issue cheque from firm's bank account.
(vi) Paid wages ₹ 2,500 for installation of machine.
Answer:
Books of Manoj Store |
||||||
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
||
(i) |
Purchases A/c |
Dr. |
|
18,000 |
|
|
|
Input IGST A/c |
Dr. |
|
2,160 |
|
|
|
|
To Ramesh’s A/c |
|
|
|
20,160 |
|
(Goods purchased from Ramesh at 20% trade discount plus IGST @ 12%) |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Krishna‘s A/c |
Dr. |
|
10,080 |
|
|
|
|
To Sales A/c |
|
|
|
9,000 |
|
|
To Output IGST A/c |
|
|
|
1,080 |
|
(Goods worth Rs 7,000 sold to Krishna for Rs 9,000 plus IGST @ 12%) |
|
|
|
|
|
|
|
|
|
|
|
|
(iii) |
Bank A/c |
Dr. |
|
11,200 |
|
|
|
|
To Sales A/c |
|
|
|
10,000 |
|
|
To Output IGST A/c |
|
|
|
1,200 |
|
(Goods worth Rs 10,000 sold and IGST charged @ 12%) |
|
|
|
|
|
|
|
|
|
|
|
|
(iv) |
Bank A/c |
Dr. |
|
5,000 |
|
|
|
|
To Cash A/c |
|
|
|
5,000 |
|
(Cash deposited into Savings A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
(v) | Machinery A/c | Dr. | 4,00,000 | |||
To Advance (on order) | 40,000 | |||||
To Capital A/c (Note) | 1,60,000 | |||||
To Bank A/c | 2,00,000 | |||||
(Machinery purchased for exchange of personal machine and by issuing cheque) | ||||||
(vi) | Machinery A/c | Dr. | 2,500 | |||
To Cash A/c | 2,500 | |||||
(Wages paid for installation of machine) | ||||||
|
|
|
|
|
Note: An old machine(personal) given in exchange of Rs 30,000 and cheque of Rs 1,30,000 from Saving A/c will increase the Capital A/c of proprietor.
Page No 8.61:
Question 35:
Pass the Opening Entry from the following Balance Sheet as at 31st March, 2018 of Vikas:
|
||||
Liabilities |
₹ |
Assets |
₹ |
|
Capital A/c: |
|
Land and Building |
1,50,000 |
|
Opening Balance
|
5,05,115
|
|
Plant and Machinery
|
2,50,750
|
Add: Profit for the year
|
1,20,115 |
|
Chandra & Sons |
71,270 |
|
6,25,230 |
|
Closing Stock |
56,250 |
Less: Drawings |
60,000 |
5,65,230 |
Cash in Hand |
15,700 |
Salary Payable |
|
15,000 |
Cash at Bank |
75,250 |
Magic Trades | 27,220 | |||
Babbar & Co. | 11,770 | |||
|
|
6,19,220 |
|
6,19,220 |
|
|
|
|
|
Answer:
Books of Vikas |
||||||
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
||
2017 |
|
|
|
|
|
|
April 01 |
Land & Building A/c |
Dr. |
|
1,50,000 |
|
|
|
Plant & Machinery A/c |
Dr. |
|
2,50,750 |
|
|
|
Chandra & Son’s A/c |
Dr. |
|
71,270 |
|
|
|
Closing Stock A/c |
Dr. |
|
56,250 |
|
|
|
Cash A/c |
Dr. |
|
15,700 |
|
|
|
Bank A/c |
Dr. |
|
75,250 |
|
|
|
|
To Salary Payable A/c |
|
|
|
15,000 |
|
|
To Magic Traders’s A/c |
|
|
|
27,220 |
|
|
To Babbar & Co.Ltd’s A/c |
|
|
|
11,770 |
|
|
To Capital A/c (Balancing Figure) |
|
|
|
5,65,230 |
|
(Opening entry made) |
|
|
|
|
|
|
|
|
|
|
View NCERT Solutions for all chapters of Class 13