Question No 35 Chapter No 8 – T.S. Grewal 11 Class

Question No. 35 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 35 Chapter No 8

Pass the Opening Entry from the following Balance sheet as at 31st March 2018 of Vikas:

Liabilities  Rs Assets Rs
Capital A/c      Land and Building  1,50,000
Opening Balance  5,05,115   Plant and Machinery 2,50,750
Add:  Profit for the year 1,20,115   Chandra & Sons  71,270
  6,25,230   Closing Stock  56,250
Less: Drawing  60,000 5,65,230 Cash in Hand  15,700
Salary Payable    15,000 Cash at Bank  75,250
Magic Traders   27,220    
Babbar & Co.    11,770    
    6,19,220   6,19,220

The solution of Question No 35 Chapter No 8: – 

In the Books of Manoj Store:

Date   Particulars
L.F. Debit Credit
2018          
1st April Land and Building A/c Dr.   1,50,000  
  Plant and Machinery A/c Dr.   2,50,750  
  Chandra & Sons. A/c Dr.   71,270  
  Stock in Trade A/c Dr.   56,250  
  Cash in Hand A/c Dr.   15,700  
  Cash at Bank A/c Dr.   75,250  
            To Ramesh’s A/c       5,65,230
            To Salary Payable A/c       15,000
            To Magic Trades A/c       27,220
            To Babbar & Co.A/c       11,770
  (Being balances of assets and liabilities and capital brought forward.)      
         
 

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Question No 34 Chapter No 8 – T.S. Grewal 11 Class

Question No. 34 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 34 Chapter No 8

Journalise the following transactions in the books of Manoj Store:

(i) Purchase goods from Ramesh Rs. 20,000 less Trade Discount at 20% plus IGST @12%
(ii) Sold goods costing Rs 7,000 to Krishna for Rs 9,000 plus IGST @ 12%.
(iii) Sold goods for Rs 10,000 and charged IGST @ 12% against cheque.
(iv) Rs 5,000 were deposited into Savings Account.
(v) Machinery costing Rs 4,00,000 for which order was placed earlier paying advance of Rs 40,000. The balance payment was paid as follows:
  (a) An old machine (personal) valued at Rs 30,000 was given in exchange:
  (b) Issued a cheque from his savings account for Rs 1,30,000 and 
  (c) Balance by issue of cheque from firm’s bank account.
(vi) Paid in cash wages Rs, 2,500 for installation of machine. 

Solution of Question No 34 Chapter No 8: – 

In the Books of Manoj Store:

Date   Particulars
L.F. Debit Credit
           
(i) Purchase A/c Dr.   16,000  
  Input IGST A/c Dr.   1,920  
            To Ramesh’s A/c       17,920
  (Being goods purchase from Ramesh )      
         
(ii) Krishna A/c Dr.   10,080  
            To Capital A/c       9,000
            To Output IGST A/c       1,080
  (Being goods sold to the Krishna)      
           
(iii) Bank A/c Dr.   11,200  
             To Sales A/c       10,000
             To Output IGST A/c     1,200
  (Being goods sold to the Krishna)      
         
(vi) Bank A/c Dr.   5,000  
             To Cash A/c     5,000
  (Being cash deposited into Saving Account.)      
         
(v) Machine A/c Dr.   4,00,000  
              To Advance (Supplier’s) A/c     40,000
              To Capital A/c     1,60,000
              To Bank A/c     2,00,000
  (Being Machine Purchased by owner investing further capital.)      
         
(vi) Machine A/c Dr.   2,500  
             To Cash A/c     2,500
  (Being Wage paid for installation of machine.)      
         
 

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

Question No. 33 - Chapter No.8 - T.S. Grewal +1 Book 2019

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)      
         
Jan. 12 Old Furniture A/c Dr.   500  
  Input CGST A/c Dr.   30  
  Input SGST A/c Dr.   30  
             To Rakesh’s A/c     560
  (Being old furniture taken from 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      520  
             To Rakesh’s A/c     9,520
  (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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Question No 32 Chapter No 8 – T.S. Grewal 11 Class

Question No. 32 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 32 Chapter No 8

D. Chadha, Delhi commenced business on 1st January, 2018. His transactions for the month are given below. Journalise them.

2018   Rs.
Jan. 1 Commenced Business with Cash  25,000
Jan. 2 Opened Bank Account with cheque from his Savings Account 2,25,000
Jan. 3  Bought goods from Ramesh & Co. Delhi paid CGST and SGST @ 6% each  54,000
Jan. 3 Sold goods to Rajesh of Rs. 60,000. charged CGST and SGST @ 5% each   
Jan. 7 Bought goods of Rs. 65,000 from Rahul, Chennai, paid IGST  @ 12%  
Jan. 8 Paid wages in cash  8,000
Jan. 8 Sold goods to Mahesh, Kochi of Rs 60,000; charged IGST @12%  
Jan. 10 Received cheque from Rajesh (Discount allowed Rs. 1,200) 66,000
Jan. 10 Paid into Bank 66,000
Jan. 11 Paid to Ramesh & Co. (Discount received Rs 2,700) 51,300
Jan. 12 Paid rent @ 15,000 per month for three months up to March, paid CGST and SGST @ 6% each  
Jan. 15 Paid office expenses in cash  8,000
Jan. 21 Sold to Mahesh, Delhi goods of Rs 25,000 charged CGST and SGST @ 6% each  
Jan. 22 Paid office Expenses in cash  500
Jan. 22 Paid Rahul be cheque (discount Rs 3,200) 61,300
Jan. 25 Received cheque from Mahesh, Kochi (discount Rs 1,500) 65,700
Jan. 27 Mahesh, Delhi returned goods (not up to sample) 2,000
Jan. 29 Paid wages in cash  10,000
Jan. 31 Paid office expenses in cash  400
Jan. 31 Paid Salaries for the month  20,000

Solution of Question No 32 Chapter No 8: – 

In the Books of Amit Saini, Gurugram (Haryana)

Date   Particulars
L.F. Debit Credit
2018          
Jan. 1 Cash A/c Dr.   25,000  
            To Capital A/c       25,000
  (Being Commenced business with cash.)      
         
Jan. 2 Bank A/c Dr.   2,25,000  
            To Capital A/c       2,25,000
  (Being introduce further capital into business.)      
           
Jan. 3 Purchase A/c Dr.   54,000  
  Input CGST A/c Dr.   3,240  
  Input SGST A/c Dr.   3,240  
             To Cash A/c     60,480
  (Being purchased goods from Ramesh & Co., Delhi)      
         
Jan. 3 Rajesh’s A/c Dr.   67,200  
             To Sales A/c     60,000
             To Output CGST A/c     3,600
             To Output SGST A/c     3,600
  (Being goods sold to Rajesh)      
         
Jan. 7 Purchase A/c Dr.   65,000  
  Input IGST A/c Dr.   7,800  
             To Sales A/c     72,800
  (Being purchased goods from Rahul, Chennai)      
         
Jan. 8 Wages A/c Dr.   8,000  
             To Cash A/c     8,000
  (Being cheque dishonored.)      
         
Jan. 10 Bank A/c Dr.   66,000  
  Discount Allowed A/c Dr.   1,200  
             To Rajesh’s A/c     67,200
  (Being payment received with cheque and discount allowed. )      
         
Jan. 11 Ramesh & Co. A/c Dr.   54,000  
             To Cash A/c     51,300
             To Discount Received A/c     2,700
  (Being payment made to Ramesh & Co.)      
         
Jan. 12 Rent A/c Dr.   45,000  
  Input CGST A/c Dr.   2,700  
  Input SGST A/c Dr.   2,700  
             To Mohan’s A/c     50,400
  (Being Rent paid)      
           
Jan. 15 Wages A/c Dr.   8,000  
            To Cash A/c     8,000
  (Being wages paid )      
         
Jan. 15 Office Expenses A/c Dr.   700  
            To Cash A/c     700
  (Being office expenses paid )      
         
Jan. 21 Mahesh’s A/c Dr.   28,000  
              To Sales A/c     25,000
              To Cash A/c     1,500
              To Cash A/c     1,500
  (Being goods sold to Mahesh)

     
Jan. 22 Office Expenses A/c Dr.   500  
            To Cash A/c     500
  (Being office expenses paid)      
         
Jan. 22 Rahul’s A/c Dr.   64,500  
             To Bank A/c     61,300
             To Discount Received A/c     3,200
  (Being Paid Rahul by cheque)      
         
Jan. 25 Bank A/c Dr.   65,700  
  Discount Allowed A/c      1,500  
             To Mahesh, Kochi A/c     67,200
  (Being payment received with cheque and discount allowed. )      
         
Jan. 27 Sale Retuned A/c Dr.   2,000  
  Output CGST A/c Dr.   120  
  Output SGST A/c Dr.   120  
             To Barun, Chandigarh A/c     22,400
  (Being goods returned by Mahesh, Delhi)      
         
Jan. 29 Wages A/c Dr.   10,000  
            To Cash A/c     10,000
  (Being wages paid )      
         
Jan. 31 Office Expenses A/c Dr.   400  
            To Cash A/c     400
  (Being office expenses paid )      
         
Jan. 31 Salaries A/c Dr.   20,000  
            To Cash A/c     20,000
  (Being salaries paid.)      
         
 

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Question No 31 Chapter No 8 – T.S. Grewal 11 Class

Question No. 31 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 31 Chapter No 8

Pass Journal entries in the books of Puneet, Delhi for the following:

(i) Received an order from Karan & Co. for the supply of goods of Rs 50,000.
(ii) Received an order from AK & Co. for goods of Rs 1,00,000 along with a cheque for Rs 25,000 as advance.
(iii) Paid to staff Rs 40,000 against the outstanding salary of Rs 60,000.
(iv) Sold goods to Bharat, Kaithal (Haryana) of Rs 10,000 plus IGST @ 12% out of which 1/5th were returned being defective.
(v) Cheque of Rs 20,000 issued by Feroz was dishonoured.
(vi) Received 40 paise in a rupee from Feroz was dishonoured.
(vii) Goods lost in theft – Rs 5,000 which were purchase paying IGST @ 12% from Alwar, Rajasthan.
(viii) Purchased goods from Barun of Chandigarh of Rs 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at Rs 22,400, including IGST @ 12%.
(ix) Arun returned goods of Rs 6,720, including IGST which were returned to Barun. 
(x) ABC & Co. purchased 10 TV sets @ Rs 20,000 per set and paid IGST @ 12%. It sold all the sets @ 25,000 per set plus CGST and SGST @ 6% each. 
(xi) Paid insurance of Rs 12,000 plus CGST and SGST @ 6% each for a period of one year.
(xii) Sold personal car for Rs 1,00,000 and invested the amount in the firm. 
(xiii) Goods costing Rs. 1,00,000 were destroyed in a fire. Insurance company admitted the claim for Rs 75,000. These goods were purchased within Delhi.
(xiv) Purchased machinery for Rs 56,000 including IGST of Rs 6,000 and paid cartage thereon Rs 5,000 and installation charges Rs 10,000.
(xv) Goods costing Rs 40,000 sold to Mr X at a profit of 20% on sales less 10% trade discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount. 
(xvi) Purchased machinery from New Machinery House for Rs 50,000 and paid it by means of a bank draft purchased from the bank. Paid bank charges Rs 500.

The solution of Question No 31 Chapter No 8: – 

In the Books of Puneet, Delhi

Date   Particulars
L.F. Debit Credit
           
(i) No Entry – Because there is no financial transaction till.      
         
(ii) Bank A/c Dr.   25,000  
            To Ak & Co. A/c       25,000
  (Being advance received against the purchase order.)      
           
(iii) Outstanding Salary  A/c Dr.   40,000  
             To Cash A/c     40,000
  (Being outstanding salary paid.)      
         
(iv) Bharat, Kaithal (Haryana) A/c Dr.   11,200  
             To Sales A/c     10,000
             To Output IGST A/c     1,200
  (Being Goods sold to Bharat, Kaithal (Haryana))      
         
  Sales A/c Dr.   2,000  
  Output IGST A/c Dr.   240  
             To Sales A/c     2,240
  (Being 1/5th Goods returned by Bharat, Kaithal being defective.)      
         
(v) Feroz’s A/c Dr.   20,000  
             To Bank A/c     20,000
  (Being cheque dishonoured.)      
         
(vi) Cash A/c Dr.   8,000  
  Bad Debts A/c Dr.   12,000  
             To Feroz’s A/c     20,000
  (Being only 40 paise in rupees received from Feroz. In full settlement)      
         
(vii) Cheque in Hand A/c Dr.   25,000  
             To Mohan’s A/c     25,000
  (Being Cheque received after banking hours. )      
         
Next day Bank A/c   25,000  
           To Mohan’s A/c     25,000
  (Being Cheque deposited into the bank.)      
         
(viii) Purchase A/c Dr.   10,000  
  Input IGST A/c Dr.   1,200  
             To Barun, Chandigarh A/c     11,200
  (Being purchased goods from Barun, Chandigarh)      
         
  Arun, Shimla(HP) A/c Dr.   22,400  
             To Sales A/c     20,000
             To Output IGST A/c     2,400
  (Being goods sold to Arun)      
         
(ix) Sale Returned A/c Dr.   6,000  
  Output IGST A/c Dr.   720  
             To Arun, Shimla(HP) A/c     6,720
  (Being goods returned by Arun)      
         
  Barun, Chandigarh A/c Dr.   3,360  
             To Purchase Returned A/c     3,000
             To Input IGST A/c     360
  (Being goods returned to Barun)      
         
(x) Purchase A/c Dr.   2,00,000  
  Input IGST A/c Dr.   24,000  
             To ABC & Co. A/c     2,24,000
  (Being purchased TV sets @ 20,000 per set from ABC & CO. )      
         
  Cash A/c Dr.   2,80,000  
             To Sales A/c     2,50,000
             To Output IGST A/c     15,000
             To Output IGST A/c     15,000
  (Being goods sold for cash within the Delhi)      
         
(xi) Insurance A/c Dr.   12,000  
  Input CGST A/c Dr.   720  
  Input SGST A/c   720  
             To Cash A/c     13,440
  (Being paid for insurance.)      
         
(xii) Cash A/c Dr.   1,00,000  
             To Capital A/c     1,00,000
  (Being Owner invests further cash into the business.)      
         
(xiii) Loss by fire A/c Dr.   37,000  
  Insurance Co. (Claim) A/c Dr.   75,000  
             To Purchase A/c     1,00,000
             To Input IGST A/c     6,000
             To Input IGST A/c     6,000
  (Being goods destroyed by fire.)      
         
(xiv) Machinery A/c Dr.   65,000  
  Input IGST A/c Dr.   6,000  
             To Cash A/c     71,000
  (Being Machinery purchased)      
         
(xv) Bank A/c Dr.   47,416  
  Discount Allowed A/c Dr.   968  
             To Sales A/c     43,200
             To Output IGST A/c     2,592
             To Output IGST A/c     2,592
  (Being Goods sold to Mr X in cash.)      
         
(xvi) Machinery A/c Dr.   50,000  
  Bank Charges A/c Dr.   500  
             To Bank A/c     50,500
  (Being Machinery purchased)      
         
 

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Question No 30 Chapter No 8 – T.S. Grewal 11 Class

Question No. 30 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 30 Chapter No 8

Journalise the following in the books of Amit Saini, Gurugram (Haryana):

(i) Raj of Alwar, Rajasthan who owed Mohan Singh Rs 25,000 Became insolvent and received 60 paise in a rupee as full and final settlement. 
(ii) Mohan Singh owes to his landlord Rs 10,000 as rent.
(iii) Charge depreciation of 10% on furniture costing Rs 50,000.
(iv) Salaries due to employees Rs 20,000
(v) Sold to Sunil goods in cash of Rs 10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of Rs 8,500.
(vi) Provided interest on capital of Rs 1,00,000 @ 10% per annum.
(vii) Goods lost in theft – Rs 5,000 which were purchase paying IGST @ 12% from Alwar, Rajasthan.

Solution of Question No 30 Chapter No 8: – 

In the Books of Amit Saini, Gurugram (Haryana)

Date   Particulars
L.F. Debit Credit
           
(i) Cash A/c Dr.   15,000  
  Bad Debts A/c Dr.   10,000  
             To Raj of Alwar, Rajasthan A/c     25,000
  (Being Raj became insolvent and received 60 paise in a rupee as full and final settlement.)      
         
(ii) Rent A/c Dr.   10,000  
            To Outstanding Rent A/c       10,000
  (Being Rent owes to landlord.)      
           
(iii) Depreciation on Furniture A/c Dr.   5,000  
             To Furniture A/c     5,000
  (Being goods given as charity)      
         
(iv) Salaries A/c Dr.   20,000  
             To Outstanding Salaries A/c     20,000
  (Being due to employees.)      
         
(v) Cash A/c Dr.   8,500  
  Discount Allowed A/c Dr.   1,580  
             To Sales A/c     9,000
             To Output CGST A/c     540
             To Output SGST A/c     540
  (Being due to employees.)      
         
(vi) Interest on Capital A/c Dr.   10,000  
             To Capital A/c     10,000
  (Being provided interest on capital on Rs 1,00,000 @ 10%)      
         
(vii) Loss by theft A/c Dr.   5,600  
             To Purchase A/c     5,000
             To Input IGST A/c     600
  (Being goods destroyed by Theft)      
         
 

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Question No 29 Chapter No 8 – T.S. Grewal 11 Class

Question No. 29 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 29 Chapter No 8

Journalise the following in the books of Amit Saini, Gurugram (Haryana):

(i) Goods of Rs 5,000 were used by him for domestic purpose.
(ii) Rs. 2,000 due from Sohan became bad debts.
(iii) Goods of Rs 6,000 were destroyed by fire and were not insured.
(iv) Paid Rs 4,000 in cash as wages on installation of machine. GST is not to be levied.
(v) Sold goods to Arjun of Delhi of list price Rs 20,000. Trade discount @ 10% and cash discount of 5% was allowed. He paid the amount on the same day and availed the cash discount.
(vi) Received cash for a bad debt written off last year Rs 2,000
(vii) Goods of Rs 1,000 given as charity. 
(viii) Received Rs 9,750 from Ramesh in full settlement of his account of 10,000. 
(ix) Paid rent in advance Rs 4,000.

Solution of Question No 29 Chapter No 8: – 

In the Books of Amit Saini, Gurugram (Haryana)

Date   Particulars
L.F. Debit Credit
           
(i) Drawing A/c Dr.   5,600  
             To Purchase A/c     5,000
             To Input CGST A/c     300
             To Input SGST A/c     30
  (Being Goods used by owner for domestic purpose.)      
         
(ii) Bad Debts A/c Dr.   2,000  
            To Sohan A/c       2,000
  (Being amount due from Sohan became bad debts)      
           
(iii) Loss by fire A/c Dr.   6,720  
             To Purchase A/c     6,000
             To Input CGST A/c     360
             To Input SGST A/c     360
  (Being goods destroyed by fire)      
         
(iv) Machine A/c Dr.   4,000  
             To Cash A/c     4,000
  (Being wages paid for installation of machine)      
         
(v) Cash A/c Dr.   19,152  
  Discount Allowed A/c Dr.   1,008  
             To Sales A/c     18,000
             To Output IGST A/c     2,160
  (Being goods sold to Arjun of Delhi for cash.)      
         
(vi) Cash A/c Dr.   2,000  
             To Bad Debts recover A/c     2,000
  (Being Bad Debts recovered written as bad last year.)      
         
(vii) Charity A/c Dr.   1,120  
             To Purchase A/c     1,000
             To Input CGST A/c     60
             To Input SGST A/c     60
  (Being goods given as charity)      
         
(viii) Cash A/c Dr.   9,750  
  Discount Allowed A/c Dr.   250  
             To Ramesh A/c     10,000
  (Being received from Ramesh in full settlement)      
         
(ix) Pre paid Rent A/c Dr.   4,000  
             To Cash A/c     4,000
  (Being rent paid in advance.)      
         
 
 
 
 
 

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Question No 28 Chapter No 8 – T.S. Grewal 11 Class

Question No. 28 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 28 Chapter No 8

Journalise the following transactions:

2018  
Apr-01 Paid into Bank Rs 21,000 for opening a Current Account.
Apr-02 Withdrew for private expenses Rs 5,000.
Apr-04 Withdrew from bank Rs 3,000
Apr-05 Place on Fixed Deposited Account at Bank by transfer from Current Account Rs 5,000.
Apr-10 Received a cheque from Shiv & Co. to whom goods sold for Rs 3,000 last year. Allowed him 2% Discount.
Apr-14 Shiv & Co.’s cheque deposited into bank. 
Apr-16 Shiv & Co.’s cheque dishonored (Bank charges Rs 10)
Apr-17 Shiv & Co. settled his account by means of a cheque for Rs 3,000, 40 being interest charged. 

Solution of Question No 28 Chapter No 8: – 

In the Books of ______________

Date   Particulars
L.F. Debit Credit
2018          
April 1 Bank A/c Dr.   21,000  
             To Cash A/c     21,000
  (Being opening a Current Account.)      
         
April 2 Drawing A/c Dr.   5,000  
            To Cash A/c       5,000
  (Being withdrew for private expenses)      
         
April 4 Cash A/c Dr.   3,000  
             To Bank A/c     3,000
  (Being withdrew from bank)      
         
April 5 Fixed Deposit A/c Dr.   5,000  
             To Bank A/c     5,000
  (Being withdrew from bank)      
         
April 10 Cheque in hand A/c Dr.   2,940  
  Discount Allowed A/c Dr.   60  
             To Shiv & Co. A/c     3,000
  (Being amount received from Shiv & Co. and allowed discount)      
         
April 14 Bank A/c Dr.   2,940  
             To Cheque in hand A/c     2,940
  (Being Cheque Deposited into bank)      
         
April 16 Shiv & Co. A/c Dr.   2,950  
             To Bank A/c     2,950
  (Being Shiv & Co. cheque dishonored and bank deducted charge Rs 10 which is recoverable from the Shiv & Co., So, Debited to their account.)      
         
April 17 Bank  A/c Dr.   2,950  
             To Shiv & Co. A/c     2,950
             To Interest received A/c     2,950
  (Being Shiv & Co. cheque dishonored and bank deducted charge Rs 10)      
         

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank   Assets   Real Account   Cash deposited into bank Cash Comes In Debit
Cash   Assets   Real Account   Cash paid by business  Cash Goes Out Credit

Transaction No. 2

Transaction No. 2 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 2 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Drawing (owner)  Person  Personal Account   Owner received cash He is Receiver Debit
Cash   Assets   Real Account    Cash withdrawal for private use Cash Goes Out Credit

Transaction No. 3

Transaction No. 3 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 3 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Bank  Assets   Real Account   Cash withdrawal from Bank Cash Goes Out Credit

Transaction No. 4

Transaction No. 4 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 4 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank Fixed Deposit   Assets   Real Account  Business Received FD Asset (FD) Comes In Debit
Bank  Assets   Real Account   Cash paid by business  Cash Goes Out Credit

Transaction No. 5

Transaction No. 5 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 5 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cheque in hand   Assets   Real Account  Cheque received  Cheque Comes In Debit
Discount Allowed  Expenses Nominal Account Discount allowed  All Expenses and losses Debit 
Shiv & Co.   Personal   Personal Account   they are paying cash They are Giver Credit

Transaction No. 6

Transaction No. 6 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 6 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank   Assets   Real Account   Cash deposited into bank Cash Comes In Debit
Cheque in Hand    Assets   Real Account   Cheque Deposited into bank Cheque Goes Out Credit

Transaction No. 7

Transaction No. 7 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 7 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Shiv & Co.   Personal   Personal Account   they are receiving Cheque Bank They are Receiver Debit
Bank  Assets   Real Account   Cheque returned from Bank Cheque Goes Out Credit

Transaction No. 8

Transaction No. 8 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 8 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cheque in hand   Assets   Real Account  Cheque received  Cheque Comes In Debit
Shiv & Co.   Personal   Personal Account   they are paying cash They are Giver Credit
Interest Received   Income Nominal Account Interest charges  All Income and Gains Credit

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Question No 27 Chapter No 8 – T.S. Grewal 11 Class

Question No. 27 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 27 Chapter No 8

Journalise the following transactions in the books of Ashok.

  1. Received Rs 11,700 from Hari Krishan in full settlement of his account for Rs 12,000.
  2. Received Rs 11,700 from Shyam on his account for Rs 12,000.
  3. Received a first and final dividend of 70 paise in the rupee from the official receiver of Rajagopal who owed us Rs 7,000.
  4. Paid Rs 2,880 to A.K. Mandal in full settlement of his account for Rs 3,000.
  5. Paid Rs 2,880 to S.K. Gupta on his account for Rs 3,000.

Solution of Question No 27 Chapter No 8: – 

To solve this question first you have to understand the difference between the following points

  • Full Settlement vs on his account
  • Discount allowed vs Bad debts

Full Settlement vs on his account

The full settlement means when one business offers a cash discount to another business on making payment earlier. It means, in this type of transactions, there will exist some amount of cash discount.

“On his account” means, when one business makes the partial payment of their own total outstanding amount, then this amount was deducted from his account. In this type of transaction, there will not be any amount of cash discount offered by the receiver business because he did not give any offer.

Discount allowed vs Bad debts

Full settlement or discount allowed are same thing

Bad debts mean when the business has received less than the total outstanding amount without offering any discount. This less amount will be treated as bad debts.

In the Books of M/s Oswal Woollen Mills, Amritsar(Punjab)

Date   Particulars
L.F. Debit Credit
           
(i) Cash A/c Dr.   11,700  
  Discount Allowed A/c Dr.   300  
             To Hari Krishan A/c     12,000
  (Being payment received from Har Krishna and allow him discount)      
         
(ii) Cash A/c Dr.   11,700  
            To Shyam A/c       11,700
  (Being payment received from Har Krishna on account)      
         
(iii) Cash A/c Dr.   4,900  
  Bad debts A/c Dr.   2,100  
             To Hari Krishan A/c     7,000
  (Being payment received from Har Krishna and allow him discount)      
         
(iv) A.K. Mandal A/c Dr.   3,000  
             To Cash A/c     2,880
             To Discount Received A/c     120
  (Being amount paid to A.K. Mandal and Received discount)      
         
(v) S.K. Gupta A/c Dr.   2,880  
            To Cash A/c       2,880
  (Being amount paid to S.K. Gupta)      
         

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.27 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 27 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.27 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Discount Allowed  Expenses Nominal Account Discount allowed  All Expenses and losses Debit 
Hari Krishan  Personal   Personal Account   He is paying cash He is Giver Credit

Transaction No. 2

Transaction No. 2 Question No.27 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 27 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 2 Question No.27 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Shyam  Personal   Personal Account   He is paying cash He is Giver Credit

Transaction No. 3

Transaction No. 3 Question No.27 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 27 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 3 Question No.27 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Bad Debts  Loss Nominal Account Discount allowed  All Expenses and losses Debit 
Rajagopal  Personal   Personal Account   He is paying cash He is Giver Credit

Transaction No. 4

Transaction No. 4 Question No.27 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 27 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 4 Question No.27 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
A.K. Mandal Person  Personal Account Receiving payment He is Receiver Debit
Cash   Assets   Real Account   Cash paid by business  Cash Goes out Credit
Discount Allowed  Gain Nominal Account Discount allowed  All income and Gains Credit

Transaction No. 5

Transaction No. 5 Question No.27 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 27 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 5 Question No.27 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
S.K. Gupta Person  Personal Account Receiving payment He is Receiver Debit
Cash   Assets   Real Account   Cash paid by business  Cash Goes out Credit

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Question No 26 Chapter No 8 – T.S. Grewal 11 Class

Question No. 26 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 26 Chapter No 8

Oswal Woollen Mills, Amritsar(Punjab) sold shawls to Gupta Shawls, Jaipur as per details: Sold 100 shawls @ Rs 200 per shawl on 4th January, 2018, IGST is levied @ 12%. Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. Gupta Shawls sent 50% of the payment on 14th January, 2018 and balance payment on 10th February, 2018. Pass Journal entries.

Solution of Question No 26 Chapter No 8: – 

Gross Sale Price = 100 * 200

= 20,000/-

Tarde Discount = Sale Price * % of discount
= 20,000 * 25%
= 5,000/-

Net Sale Price = Gross Sale Price – Discount
= 20,000 – 5,000
= 15,000/-

Amount of IGST = Net Sale Price * % of IGST
= 15,000 * 12%
= 1,800/-

Invoice Value = Net Purchase Price + IGST
= 15,000 + 1,800
= 16,800/-

In this question, Gupta Shawls, Jaipur cannot avail cash discount because there is a condition in the question for availing cash discount which Gupta Shawls, Jaipur did not fulfil. This condition is shown below:

Cash Discount 5% if full payment is made within 14 days.

But, Gupta Shawls  Jaipur paid only 50% amount within 14Days.

In the Books of M/s Oswal Woollen Mills, Amritsar(Punjab)

Date   Particulars
L.F. Debit Credit
2018          
4 Jan Gupta Shawls, Jaipur A/c Dr.   16,800  
             To Sales A/c     15,000
             To Output IGST A/c     1,800
  (Being goods sold to Gupta Shawls, Jaipur )      
         
14 Jan Cash A/c Dr.   8,400  
            To Gupta Shawls, Jaipur A/c       8,400
  (Being 50% of due payment received from Gupta Shawls, Jaipur)      
         
10 Feb Cash A/c Dr.   8,400  
            To Gupta Shawls, Jaipur A/c       8,400
  (Being balance of due payment received from Gupta Shawls, Jaipur)      
         

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.26 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 26 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.26 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Gupta Shawls, Jaipur Person   Personal Account  Goods received  The firm is  receiver Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
Output IGST A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 

Transaction No. 2

Transaction No. 2 Question No.26 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 26 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 2 Question No.26 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash Assets   Real Account  Cash comes in  Comes in  Debit
Gupta Shawls, Jaipur Person   Personal Account  Making payment  The firm is  giver Credit 

Transaction No. 3

Transaction No. 3 Question No.26 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 26 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 3 Question No.26 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash Assets   Real Account  Cash comes in  Comes in  Debit
Gupta Shawls, Jaipur Person   Personal Account  Making payment  The Firm is  giver Credit 

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