Question No 33 Chapter No 8 - T.S. Grewal 11 Class

Question No 33 Chapter No 8

Record the following transactions in the journal of Ashoka Furniture Traders:

2018		Rs.
Jan. 1	Started business with cash	50,000
Jan. 2	Deposited into bank from his Saving Account	3,50,000
Jan. 10	Purchased machinery of Rs. 1,00,000. An old machine (personal) valued at Rs 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 Rs 20,000 plus CGST and SGST @ 6%each , He allowed 10% Trade Discount
Jan. 25	Timber costing Rs 5,000 was used for furnishing the office
Jan. 31	Sold furniture to Rakesh of the list price of Rs 10,000 and allowed him 10% Trade Discount. Charged CHST and SGST @ 6% each
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 Rs 5,000 in favour of the landlord for rent of February

Solution of Question No 33 Chapter No 8: - 

In the Books of Ashoka Furniture Traders

Date	Particulars		L.F.	Debit	Credit
2018
Jan. 1	Cash A/c	Dr.		50,000
	To Capital A/c				50,000
	(Being Commenced business with cash.)
Jan. 2	Bank A/c	Dr.		3,50,000
	To Capital A/c				3,50,000
	(Being introduce further capital into business.)
Jan. 10	Machine A/c	Dr.		1,00,000
	Input IGST A/c	Dr.		12,000
	To Cash A/c				97,000
	To Capital A/c				15,000
	(Being purchased machine and owner sold his old machine)
Jan. 15	Machine A/c	Dr.		2,000
	To Cash A/c				2,000
	(Being installation charge on machine paid)
Jan. 20	Purchase A/c	Dr.		18,000
	Input CGST A/c	Dr.		1,080
	Input SGST A/c	Dr.		1,080
	To Sales A/c				20,160
	(Being Purchase timber from Singh & Co.)
Jan. 25	Furniture & Fitting A/c	Dr.		5,000
	To PurchaseA/c				5,000
	(Being stock of timber used for Furnishing the office)
Jan. 31	Rakesh’sA/c	Dr.		10,080
	To Sales A/c				9,000
	To Output CGST A/c				540
	To Output SGST A/c				540
	(Being goods sold to Rakesh)
Feb. 10	Singh & Co. A/c	Dr.		20,160
	To BankA/c				19,000
	To Discount Received A/c				1,160
	(Being payment made to Singh & Co. in full settlement)
Feb. 15	Cash A/c	Dr.		9,000
	Discount Allowed A/c			1,080
	To Rakesh’s A/c				10,080
	(Being payment received with cheque and discount allowed. )
Feb. 20	Wages A/c	Dr.		15,000
	To Cash A/c				15,000
	(Being wages paid )
Feb. 25	Rent A/c	Dr.		5,000
	To Bank A/c				5,000
	(Being Rent paid for the month of February)

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Check out perivous questions: -

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