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Question No 30 Chapter No 5 - USHA Publication 11 Class

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Question No 30 Chapter No 5

Miscellaneous Transaction

30. Enter the following transactions in the journal of S.S. Ray:

2019
Mar. 1	Exchanged old building wroth Rs 20,00,000 for the plot f Rs worth Rs 30,00,000, balance paid in cash
Mar. 4	Exchanged old computer worth Rs 60,000 for new wroth Rs 1,10,000, balance paid from the personal bank account
Mar. 6	Charge 10% depreciation on machinery costing Rs 85,000
Mar. 7	Provide 12% interest to the proprietor on his capital Rs 2,00,000
Mar. 10	Charge 8% interest from the proprietor on hid drawing Rs 50,000
Mar. 15	Collected charges Rs 450 deducted by bank from the current account of the business
Mar. 17	Paid Rs 150 for the purchase of refreshments for the customers
Mar. 19	Sold old newspaper for Rs 730

The solution of Question No 30 Chapter No 5: -

In the Books of S.S. Ray

Date	Particulars		Debit	Credit
2019
Mar.1	Land A/c	Dr.	30,00,000
	To Building A/c			20,00,000
	To Cash A/c			10,00,000
	(Being exchanged building with land and balance paid in cash .)

Mar.4	Computer A/c(New)	Dr.	1,10,000
	To Computer A/c(Old)			60,000
	To Cash A/c			50,000
	(Being exchanged old computer with the new, balance paid in cash .)

Mar.6	Depreciation A/c	Dr.	8,500
	To Machinery A/c			8,500
	(Being deprecation on machinery provided @10%)

Mar.7	Interest on Capital A/c	Dr.	24,000
	To Capital A/c			24,000
	(Being interest on capital allowed @12%)

Mar.10	Drawing A/c	Dr.	4,000
	To Interest on drawing A/c			4,000
	(Being interest on drawing charged @8%)

Mar.15	Collection charges A/c	Dr.	450
	To Bank A/c			450
	(Being collection charges deducted by the bank )

Mar.17	Entertainment Expenses A/c	Dr.	150
	To Cash A/c			150
	(Being refreshment purchases for the customer)

Mar.19	Cash A/c	Dr.	730
	To Miscellaneous Receipts A/c			730
	(Being old newspaper sold for cash )