Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 41 Chapter No 5
41. Journalise the following transactions in the book of Sudhir :
| 2019 | |
| Jan. 1 | Sudhir having no capital of his own started business with Rs 50,000, borrowed from his friend Shiv @10%p.a. |
| Jan. 5 | Purchased goods for Rs 5,000 |
| Jan.12 | Received invoice at 10% trade discount from Rohit and sons and supplied these goods to Madan, listed at Rs 3,000 |
| Jan. 20 | Madan is declared insolvent and the amount @25 paise per rupee is received from him in full settlement |
| Jan. 25 | Purchased goods for Rs 1,000 from Nanda and Supplied it to Helen for Rs 1,300, Helen returned goods worth Rs 390, which in turn were returned to Nanda |
| Feb. 9 | Bought a house for Rs 1,500 and a cart for Rs 2,000 of delivering goods to the customers |
| Feb. 25 | The house bought on Feb,9 died and the carcase was sold for Rs 200 |
| Feb. 28 | Supplied goods for Rs 300 to Sudhir for domestic use |
| Mar. 31 | 300 were paid to Mohan, out of business funds, for the repair of Sudhir’s residential house. |
In the Books of Sudhir
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| Jan. 1 | Cash A/c | Dr. | 50,000 | ||
| To Shiva’s Loan A/c | 50,000 | ||||
| (Being business started with loan @ 10% p.a. ) | |||||
| Jan. 5 | Purchases A/c | Dr. | 5,000 | ||
| To Cash A/c | 5,000 | ||||
| (Being goods bought for cash ) | |||||
| Jan.12 | Purchases A/c | Dr. | 2,700 | ||
| To Rohit And Sons A/c | 2,700 | ||||
| (Being goods bought worth Rs 3,000 @ 10% trade discount) | |||||
| Jan. 12 | Madan A/c | Dr. | 3,000 | ||
| To Sale A/c | 3,000 | ||||
| (Being goods sold on credit) | |||||
| Jan. 20 | Cash A/c | Dr. | 750 | ||
| Bad debts A/c | Dr. | 2,250 | |||
| To Bad debts recovered A/c | 3,000 | ||||
| (Being compensation received and balance written-off as bad debts) | |||||
| Jan. 25 | Purchases A/c | Dr. | 1,000 | ||
| To Nandas A/c | 1,000 | ||||
| (Being goods returned by us) | |||||
| Jan. 25 | Halen A/c | Dr. | 1,300 | ||
| To Sales A/c | 1,300 | ||||
| (Being goods sold on credit ) | |||||
| Jan. 25 | Return Inward A/c | Dr. | 390 | ||
| To Halen A/c | 390 | ||||
| (Being gods received back, previously sold) | |||||
| Jan.25. | Nanda A/c | Dr. | 300 | ||
| To Return outwards A/c | 300 | ||||
| (Being goods returned previously purchased) | |||||
| Feb. 9 | Horse and cart A/c | Dr. | 3,500 | ||
| To Cash A/c | 3,500 | ||||
| (Being horse and cart purchased for delivery of goods) | |||||
| Feb. 25 | Cash A/c | Dr. | 200 | ||
| Profit & loss A/c | Dr. | 1,300 | |||
| To House and cart A/c | 1,500 | ||||
| (Being carcase of a dead horse sold and balance treated as a loss ) | |||||
| Feb. 28 | Drawing A/c | Dr. | 300 | ||
| To Purchases A/c | 300 | ||||
| (Being goods taken by the proprietor for personal use) | |||||
| Mar.31 | Drawing A/c | Dr. | 300 | ||
| To Cash A/c | 300 | ||||
| (Being amount was withdrawn by the proprietor from the business for payment of personal expenditure) | |||||
https://tutorstips.com/journal-entries/
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
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)
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 No 41 Chapter No 5 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
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 No 41 Chapter No 5 - USHA Publication 11 Class" instantly.
11 August 2024
27 August 2024
