Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question 44 Chapter 4 – Unimax Publications of Class 11
44. Journalise the following transactions in the books of Rajat.
2021
March 1 Rajat started his business with Rs. 1,50,000 borrowed from his friend Sahil @ 10% p.a.
March 5 Purchased goods for Rs. 16,000
March 14 Received invoice from Varun and Sons and supplied these goods to Ankush listed Rs. 10,000
March 20 Ankush is declared insolvent and the amount 40 paise per rupee is received from him in full settlement.
March 24 Purchased goods for Rs. 1000 from Chadha and supplied it to Wadhva for Rs. 140 Wadhva returned goods worth Rs. 560 which in turn returned to Chadha.
March 26 Supplied goods for Rs. 600 to Raja for domestic use.
March 31 Rs. 1200 were paid to Rajeev, out of business funds for the repair of Rajat’s residential House.
JOURNAL OF RAJAT
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2021 | |||||
| Mar. 1 | Cash A/c | Dr. | 1,50,000 | ||
| To Sahil’s Loan A/c | 1,50,000 | ||||
| (Being business started by cash borrowed from friend Sahil 10% p.a.) | |||||
| Mar. 5 | Purchases A/c | Dr. | 16,000 | ||
| To Cash A/c | 16,000 | ||||
| (Being goods purchased) | |||||
| Mar. 14 | Purchases A/c | Dr. | 10,000 | ||
| To Varun & Sons A/c | 10,000 | ||||
| (Being goods purchased from Varun & Sons) | |||||
| Mar. 14 | Purchases A/c | Dr. | 10,000 | ||
| To Sales A/c | 10,000 | ||||
| (Being goods sold to Ankush) | |||||
| Mar. 20 | Cash A/c | Dr. | 4,000 | ||
| Bad debts A/c | Dr. | 6,000 | |||
| To Ankush’s A/c | 10,000 | ||||
| (Being Ankush declared insolvent and 40% amount Received on insolvency) | |||||
| Mar. 24 | Purchases A/c | Dr. | 1,000 | ||
| To Chadha’s A/c | 1,000 | ||||
| (Being goods purchased from Chadha) | |||||
| Mar. 24 | Wadhwa’s A/c | Dr. | 1,400 | ||
| To Sales A/c | 1,400 | ||||
| (Being goods sold to Wadhva) | |||||
| Mar. 24 | Sales returns A/c | Dr. | 560 | ||
| To Wadhwa’s A/c | 560 | ||||
| (Being goods returned by Wadhva) | |||||
| Mar. 24 | Chadha’s A/c | Dr. | 400 | ||
| To Purchases returns A/c | 400 | ||||
| (Being goods returned by Wadhva returned to Chadha) | |||||
| Mar. 26 | Drawings A/c | Dr. | 600 | ||
| To Purchases returns A/c | 600 | ||||
| (Being goods purchased used for domestic use by 600 Proprietor) | |||||
| Mar. 31 | Drawings A/c | Dr. | 1,200 | ||
| To Cash A/c | 1,200 | ||||
| (Being cash paid by proprietor for construction of his 1,200 Residential house) | |||||
| (i) Percentage of sales returns by Wadhva = | 560 | x 100 | = 40% |
| 1400 | |||
| (ii) Purchases returns to Chadha = | 40 % of 1,000 | ||
| 40 | X 1000 | = Rs. 400 | |
| 100 | |||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 44 Chapter 4 – Unimax Publications of Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 11 - 2023.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 44 Chapter 4 – Unimax Publications of Class 11" instantly.
