Question 18 Chapter 4 - Unimax Publications of Class 11

Question 18 Chapter 4 – Unimax

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The solution of Question 18 Chapter 4 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

18. Enter the following transactions in books of Lovekesh.
2021
May 1 Received first instalment of Rs. 40,000 from Ravi who is declared insolvent.
May 3 Sunil who owed Rs. 50,000 is declared insolvent first instalment of 30%, recovered
from him.
May 4 Second dividend of 20% could be recovered from Sunil.
May 9 Recovered Rs. 18,000 from Neha whose account as 25,000 was written off as bad
in Last Year.
May 15 Third and Final dividend of 30% could be recovered from Sunil.
May 20 Recovered Rs. 49,000 from Anup on his insolvency, being 70% of the amount due.
May 25 Recovered Rs. 81,000 from Sita her insolvency, being 90% of the amount due.

The solution of Question 18 Chapter 4 – Unimax:

JOURNAL OF LOVEKESH

Date	Particulars		L.F.	Debit	Credit
2021
May 1	Cash A/c	Dr.		40,000
	To Ravi A/c				40,000
	(Being first installment received from Ravi)

May 3	Cash A/c	Dr.		15,000
	To Sunil A/c				15,000
	(Being first installment of 30% recovered from Sunil)

May 4	Cash A/c	Dr.		10,000
	To Sunil A/c				10,000
	(Being second installment of 20% recovered from Sunil)

May 9	Cash A/c	Dr.		18,000
	To Bad debt recovered A/c				18,000
	(Being bad debts recovered)

May 15	Cash A/c	Dr.		15,000
	Bad debts A/c	Dr.		10,000
	To Sunil A/c				25,000
	(Being final installment of 30% received from Sunil)

May 20	Cash A/c	Dr.		49,000
	Bad debts A/c	Dr.		21,000
	To Anup A/c				70,000
	(Being cash received from Anup)

May 25	Cash A/c	Dr.		81,000
	Bad debts A/c	Dr.		9,000
	To Sita A/c				90,000
	(Being cash received from Sita)

This is all about the Question 18 Chapter 4 – Unimax. You can check out the following article to better understand:

Opening Journal Entry – its Rules and Examples

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Opening Journal Entry – its Rules and Examples – In Hindi

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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

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Question 18 Chapter 4 – Unimax Publications of Class 11

The solution of Question 18 Chapter 4 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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