Question 10 Chapter 5 - Unimax Publications of Class 11

Question 10 Chapter 5 – Unimax

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The solution of Question 10 Chapter 5 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

10. Journalise the following transactions in the books of Varun, Delhi:
(i) He started business contributing Rs. 10,000 in cash, Rs. 5,00,000 in cheque and a building Valued at Rs. 5,00,000.
(ii) Purchased goods from Mohan Jaipur for Rs. 2,00,000 out of which cheque was issued for Rs. 60,000.
(iii) Sold goods on credit to Ravinder, Delhi for Rs. 1,60,000.
(iv) Received Rs. 1,75,700 by cheque from Ravinder in full settlement of his account.
(v) Paid Rs. 1,62,000 to Mohan in full settlement of amount due to him.
(vi)A new machine of Rs. 2,40,000 was purchased from Machine Tools Ltd., Ludhiana in Exchange of an old machine valued at Rs. 50,000. He gave a cheque of Rs. 1,00,000 from his Savings account and balance from firm’s account.
(vii) Purchased machinery from Mohan & Sons, Delhi for Rs. 50,000 on credit.
(viii) Depreciation of Rs. 5,000 was provided on machinery at the end of the year.
(ix) Varun issued a cheque for Rs. 50,000 from his savings account in firm’s name.
(x) Paid Rs. 5,000 as income tax.
(xi) A cheque amounting to Rs. 50,000 deposited in the bank from his savings account returned Dishonoured for technical reasons. CGST and SGST @ 6% each is to be levied on intra-state (within the state purchase and sale) While IGST is to be levied@12% on inter-state transactions.

The solution of Question 10 Chapter 5 – Unimax:

IN THE BOOKS OF MR. VARUN JOURNAL

Date	Particulars		L.F.	Debit	Credit

(i)	Cash A/c	Dr.		10,000
	Bank A/c	Dr.		5,00,000
	Building A/c	Dr.		5,00,000
	To Capital A/c				10,10,000
	(Being the business started with cash 10,000, cheque 5,00,000 and building of 5,00,000)

(ii)	Purchases A/c	Dr.		2,00,000
	Input IGST A/c	Dr.		24,000
	To Bank A/c				60,000
	To Mohan A/c				1,64,000
	(Being the goods purchased from Mohan Jaipur paying GST 12%, issued cheque for 60,000)

(iii)	Ravinder A/c	Dr.		1,79,200
	To Sales A/c				1,60,000
	To Output CGST A/c				9,600
	To Output SGST A/c				9,600
	(Being the intra-state sale of goods to Ravinder, Delhi on Credit for 1,60,000, charging CGST and SGST 6% 1,75,700 Each)

(iv)	Bank A/c	Dr.		1,75,700
	Discount Allowed A/c	Dr.		3,500
	To Ravinder A/c				1,79,200
	(Being the cheque received from Ravinder and allowed him Discount of 4,000)

(v)	Mohan A/c	Dr.		1,64,000
	To Bank A/c				1,62,000
	To Discount Received A/c				2,000
	(Being 1,62,000 paid to D. Lal in full settlement of his dues And discount received)

(vi)	Machinery A/c (New)	Dr.		2,40,000
	Input IGST A/c	Dr.		28,800
	To Machine Tools A/c				2,68,800
	(Being a new machine purchased, paying IGST 12%)

	Machine Tools A/c	Dr.		2,68,800
	To Machinery A/c				50,000
	To Output CGST A/c				6,000
	To Capital A/c				1,00,000
	To Bank A/c				1,12,800
	(Being an old machine given in settlement charging IGST 12%, a cheque of 1,00,000 from savings account and Balance from Firms account)

(vii)	Machinery A/c	Dr.		50,000
	Input CGST A/c	Dr.		3,000
	Input SGST A/c	Dr.		3,000
	To Sales A/c				56,000
	(Being the purchase of machinery on credit from Mohan & Sons)

(viii)	Depreciation A/c	Dr.		5,000
	To Machinery A/c				5,000
	(Being the depreciation charged on machinery for the year)

(ix)	Bank A/c	Dr.		50,000
	To Capital A/c				50,000
	(Being the cheque from proprietor’s savings account)

(x)	Drawings A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being the income tax paid)

(xi)	Capital A/c	Dr.		50,000
	To Bank A/c				50,000
	(Being the cheque deposited into bank dishonoured)

Note: An old machine given in exchange means sale of an old machine. Therefore, IGST is charged, it being inter-state sale.

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Opening Journal Entry – its Rules and Examples

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Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Chapter No. 1 – Introduction of Accounting
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and Transactions
Chapter No. 4 – Journal
Chapter No. 5 – Goods and Services Tax (GST) : An Introduction
Chapter No. 6 – Ledger
Chapter No. 7 – Special Purpose Book – Cash Book
Chapter No. 8 – Other Subsidiary Books
Chapter No. 9 – Trial Balance
Chapter No. 10 – Rectification of Errors
Chapter No. 11 – Depreciation
Chapter No. 12 – Provision and Reserves
Chapter No. 13 – Bank Reconlciliation Statement
Chapter No. 14 – Bills of Exchange

Students may Choose only one part from the Part II and Part III

Part-II

Chapter No. 15 – Financial Statements (Without Adjustments)
Chapter No. 16 – Financial Statements (With Adjustments)
Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

Chapter No. 18 – Introduction to Compurters and Accounting information System
Chapter No. 19 – Computerised Accounting
Chapter No. 20 – Accounting Software : Tally
Chapter No. 21 – Data Base System
Chapter No. 22 – Concept of Entity and Relationship

You can also Check out the other Books’ Solution: –

Question 10 Chapter 5 – Unimax Publications of Class 11

The solution of Question 10 Chapter 5 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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