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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Pass Journal entries for the following transactions:
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (a) | Cash A/c Dr. Stock A/c Dr. Building A/c Dr. To Capital A/c (Being Muskaan started business with cash, stock and building) | 3,00,000 5,00,000 25,00,000 | 33,00,000 | |
| (b) | Building A/c Dr. To Cash A/c (Being power-back room constructed (capital expenditure)) | 1,00,000 | 1,00,000 | |
| (c) | Insurance Premium A/c Dr. Drawings A/c Dr. To Cash A/c (Being insurance premium paid for stock ₹15,000 and self ₹7,000) | 15,000 7,000 | 22,000 | |
| (d-i) | Loss by Fire A/c Dr. To Purchases A/c (Being goods destroyed by fire) | 80,000 | 80,000 | |
| (d-ii) | Insurance Co. A/c Dr. To Loss by Fire A/c (Being insurance claim lodged for goods destroyed by fire) | 80,000 | 80,000 | |
| (e) | Cash A/c Dr. To Commission Received A/c To Unearned Commission A/c (Being commission ₹25,000 received; 20% = ₹5,000 in advance) | 25,000 | 20,000 5,000 | |
| (f) | Bank A/c Dr. Profit & Loss A/c Dr. To Insurance Co. A/c (Being insurance company paid 80% in full and final settlement) | 64,000 16,000 | 80,000 | |
| (g) | Salary A/c Dr. To Cash A/c To Outstanding Salary A/c (Being salaries paid ₹48,000 and due ₹22,000) | 70,000 | 48,000 22,000 | |
| (h) | Depreciation A/c Dr. To Building A/c (Being depreciation @ 10% p.a. on building ₹26,00,000 (cost + ₹1,00,000 power-back room)) | 2,60,000 | 2,60,000 |
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 "Q.No.17 | Chapter 8 – Journal | T.S. Grewal Solution 2025-26", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Textbook Solution.
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