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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Journalise the following transactions in the books of Bhushan Agencies:
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (i) | Cash A/c Dr. Discount Allowed A/c Dr. To Bharat's A/c (Being cash received from Bharat; discount allowed ₹500) | 20,000 500 | 20,500 | |
| (ii) | Bank A/c Dr. Discount Allowed A/c Dr. To Vikas's A/c (Being cheque received from Vikas; discount allowed ₹750) | 35,000 750 | 35,750 | |
| (iii) | Cash A/c Dr. Discount Allowed A/c Dr. To Akhil's A/c (Being cash received from Akhil in full settlement of ₹40,000) | 38,000 2,000 | 40,000 | |
| (iv) | Bank A/c Dr. To Amrit's A/c (Being cheque received from Amrit on account (no discount; not full settlement)) | 50,000 | 50,000 | |
| (v) | Suresh's A/c Dr. To Cash A/c To Discount Received A/c (Being paid to Suresh in settlement; 2% discount received (₹40,000 x 2% = ₹800)) | 40,000 | 39,200 800 | |
| (vi) | Mehar's A/c Dr. To Bank A/c To Discount Received A/c (Being paid to Mehar by cheque in full settlement of ₹26,000) | 26,000 | 25,000 1,000 | |
| (vii) | Yogesh's A/c Dr. To Bank A/c (Being paid to Yogesh by cheque on account (no discount; not full settlement)) | 25,000 | 25,000 | |
| (viii) | Purchases A/c Dr. To Bank A/c To Discount Received A/c (Being goods purchased ₹1,00,000 by cheque; availed 3% cash discount; discount = ₹3,000) | 1,00,000 | 97,000 3,000 | |
| (ix) | Purchases A/c Dr. To Akash & Co.'s A/c To Cash A/c To Discount Received A/c (Being goods purchased from Akash & Co. ₹60,000; 50% paid immediately with 3% CD) | 60,000 | 30,000 29,100 900 | |
| (x) | Bank A/c Dr. Discount Allowed A/c Dr. To Sales A/c (Being goods sold for ₹30,000 by cheque; 2% discount allowed) | 29,400 600 | 30,000 | |
| (xi) | Vimal's A/c Dr. Cash A/c Dr. Discount Allowed A/c Dr. To Sales A/c (Being goods sold to Vimal ₹60,000; 50% received immediately with 2% CD) | 30,000 29,400 600 | 60,000 | |
| (xii-a) | Mittal Bros.' A/c Dr. To Sales A/c (Being 100 shawls @₹3,000 = ₹3,00,000 less 10% TD = ₹2,70,000 sold to Mittal Bros.) | 2,70,000 | 2,70,000 | |
| (xii-b) | Sales Return A/c Dr. To Mittal Bros.' A/c (Being 10 shawls of poor quality returned by Mittal Bros. (10 x ₹2,700 = ₹27,000)) | 27,000 | 27,000 | |
| (xii-c) | Cash A/c Dr. Discount Allowed A/c Dr. To Mittal Bros.' A/c (Being payment received from Mittal Bros. within 10 days; 3% CD on ₹2,43,000) | 2,35,710 7,290 | 2,43,000 | |
| (xiii-4Jan) | Gupta Shawls A/c Dr. To Sales A/c (Being 100 shawls @₹200 = ₹20,000 less 25% TD = ₹15,000 sold to Gupta Shawls) | 15,000 | 15,000 | |
| (xiii-14Jan) | Cash A/c Dr. Discount Allowed A/c Dr. To Gupta Shawls A/c (Being 50% payment received within 14 days; 5% CD on ₹7,500) | 7,125 375 | 7,500 | |
| (xiii-10Feb) | Cash A/c Dr. To Gupta Shawls A/c (Being balance 50% received on 10th February (no discount; beyond 14 days)) | 7,500 | 7,500 |
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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.
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