Question No 15 Chapter No 5 - USHA Publication 11 Class

The solution of Question No 15 Chapter No 5: -

 

In the Books of Modi

Date	Particulars		L.F.	Debit	Credit
2019
Jan.1	Cash A/c	Dr.		2,00,000
	To Capital A/c				2,00,000
	(Being started with cash .)
Jan.5	Purchases A/c	Dr.		28,500
	To Cash A/c				28,500
	(Being Goods bought of 30,000 at 5% trade discount.)
Jan.6	Purchases A/c	Dr.		40,000
	To Cash A/c				37,600
	To Discount received A/c				2,400
	(Being goods bought and discount received)
Jan.7	Hooda A/c	Dr.		34,300
	To Sale A/c				34,300
	(Being Goods sold with 35,000 at 2% trade discount.)
Jan.8	Bank A/c	Dr.		24,000
	Discount allowed A/c	Dr.		1,000
	To Sale A/c				25,000
	(Being Goods sold by cheque and Discount allowed .)
Jan.12	Bank A/c	Dr.		18,620
	Discount allowed A/c	Dr.		380
	To Sale A/c				19,000
	(Being Goods sold by cheque worth Rs 20,000 at trade discount of 5% and Cash discount)

 

Working note: -

Jan.5: Purchased goods for 30,000 at Trade Discount 5%

Trade Discount	=	List price	*	Rate of Trade Discount
	=	30,000	X	5%
	=	1,500/-

Total Due Amount	=	List price	-	Trade Discount
	=	30,000	-	1,500
	=	28,500/-

Jan.6: Purchased goods for 40,000 at Cash Discount 6%

Cash Discount	=	List price after Trade Discount	*	Rate of Cash Discount
	=	40,000	X	6%
	=	2,400/-

Jan.7: Sold goods for 35,000 at Trade Discount 2%

Trade Discount	=	List price	*	Rate of Trade Discount
	=	35,000	X	2%
	=	700/-

Total Due Amount	=	List price	-	Trade Discount
	=	35,000	-	700
	=	34,300/-

Jan.8: Sold goods worth Rs 25,000 to Nitish at a cash discount of 4%, the cheque was received on the spot

Cash Discount	=	List price after Trade Discount	*	Rate of Cash Discount
	=	25,000	X	4%
	=	1,000/-

Jan.10: Goods of the selling price of Rs 20,000 with Trade Discount 5% and Cash Discount 2%

Trade Discount	=	List price	*	Rate of Trade Discount
	=	20,000	X	5%
	=	1,000/-

Total Due Amount	=	List price	-	Trade Discount
	=	20,000	-	1,000
	=	19,000/-

Cash Discount	=	List price after Trade Discount	*	Rate of Cash Discount
	=	19,000	X	2%
	=	380/-

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Also, Check out the solved question of all Chapters: –

Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

Chapter No. 1 - Introduction

Chapter No. 2 - Theory Base of Accounting 

Chapter No. 3 - Origin of Transactions

Chapter No. 4 - Vouchers and transactions

Chapter No. 5 - Journal

Chapter No. 6 - Accounting for Goods and Services Tax(GST)

Chapter No. 7 - Ledger

Chapter No. 8 - Cash Book

Chapter No. 9 - Other Subsidiary Books

Chapter No. 10 - Journal Proper

Chapter No. 11 - Trial Balance

Chapter No. 12 - Bank Reconciliation Statement

Chapter No. 13 - Depreciation

Chapter No. 14 - Provisions and Reserves 

Chapter No. 15 - Bills of Exchange

Chapter No. 16 - Rectification of Errors 

Chapter No. 17 - Financial Statements - (Without Adjustments)

Chapter No. 18 - Financial Statements - (With Adjustments)