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Question 3 Chapter 5 – Unimax Publications of Class 11

Posted by By Harveerjot Singh 12 Min Read May 17, 2022
Q3 - CH-5 Solution
Q3 - CH-5 Solution

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Question 3 Chapter 5 – Unimax

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3.Pass the Journal entries for the following transactions
(i) Purchased goods from Sanjiv of Rs.40,000 plus IGST@12% at 10% Trade Discount Cash Discount. Paid amount at the time of purchase itself.
(ii) Purchased goods from Vijay Rs.40,000 plus IGST @ 12% at 10% Trade Discount and Cash Discount. Half of the amount paid at the time of purchase.
(iii) Sold goods to Anil for Rs. 20,000 plus CGST and SGST @6% each, allowed him 10% T ddiscount and 3% Cash Discount. Received half of the amount by cash and balance Cheque within agreed time.
(iv) Sold goods to Ajay for Rs.50,000 plus CGST and SGST @ 6% each at 10% Trade Discount and 2% Cash discount. Half of the amount received by cheque within specified time.
(v) Sold goods costing Rs. 40,000 to Anil against a current dated cheque at a profit of 25% cost less 20% trade discount plus IGST12%. Cash discount is allowed@2%.

The solution of Question 3 Chapter 5 – Unimax:

JOURNAL

DateParticulars L.F.DebitCredit
      
(i)Purchases A/cDr. 36,000 
 Input IGST A/cDr. 4,320 
 To Cash/Bank A/c   39,514
 To Discount Received A/c [2%( 36,000+ 4,320)]   806
 (Being the goods purchased, paid IGST12% at 10% Trade Discount and 2% Cash Discount)    
      
(ii)Purchases A/cDr. 36,000 
 Input IGST A/cDr. 4,320 
 To Vijay A/c   20,160
 To Cash/Bank A/c   19,555
 To Discount Received A/c [2%( 36,000+ 4,320)]   605
 (Being the goods purchased, paid IGST @ 12% at 10% 605 Trade Discount and 3% Cash Discount, half of the amount Paid)    
      
iiiCash A/cDr. 9,778 
 Bank A/cDr. 9,777 
 Discount Allowed A/cDr. 605 
 To Sales A/c   18,000
 To Output CGST A/c   1,080
 To Output CGST A/c   1,080
 (Being the goods sold, charged CGST and SGST 6% 1,080 Each. Half the amount received in cash and balance by Cheque, allowed Trade Discount10% and Cash Discount 3%)    
      
(iv)Ajay A/cDr. 25,200 
 Bank A/cDr. 24,696 
 Discount Allowed A/cDr. 504 
 To Sales A/c   45,000
 To Output CGST A/c   2,700
 To Output SGST A/c   2,700
 (Being the goods sold, charged CGST and SGST 6% Each. Allowed Trade Discount 10% and Cash Discount 2%. Half the amount received)    
      
(v)Bank A/cDr. 43,904 
 Discount Allowed A/cDr. 896 
 To Sales A/c   40,000
 To Output IGST A/c   4,800
 (Being the goods sold by cheque, charging IGST 12%)   

Working Notes:

Calculation of Trade Discount and Cash Discount

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(i)Cost  40,000
 Less: Trade Discount 10%  4,000
    36,000
 Add: 1GST 12%  4,320
 Invoice Price  40,320
 Less: Cash Discount 2%  806
    39,514
     
(ii)Cost   40,000
 Less: Trade Discount 10%  4,000
    36,000
 Add: 1GST 12%  4,320
    40,320
 Credit Transaction  20,160
 Cash Transaction  20,160
 Less: Cash Discount 3%  605
    19,555
     
(iii)Sale Value (Gross)  20,000
 Less: Trade Discount 10%  2,000
    18,000
 Add: CGST 6 %  1,080
 SGST 6%  1,080
    20,160
 By cheque10,800 10,080
 Less: Cash Discount 2%303 302
  9,777 9,778
     
(iv)Sale Value (Gross)  50,000
 Less: Trade Discount 10%  5,000
    45,000
 Add: CGST 6 %  2,700
 SGST 6%  2,700
 Cash transaction  50,400
 Less: Cash Discount 2%  25,200
 Credit transaction  504
    24,696
     
(v)Cost  40,000
 Add: Profit 25% on Cost  10,000
    50,000
 Less: Trade Discount 20%  10,000
 Invoice Price   40,000
 Add: IGST@ 12%  4,800
 Total Invoice Value  44,800
 Less: Cash Discount 2%  896
 Net Amount Received  43,904

This is all about the Question 3 Chapter 5 – Unimax. You can check out the following article to better understand:

Opening Journal Entry – its Rules and Examples 

You Can also read all above articles in Hindi on our Hindi Website

Opening Journal Entry – its Rules and Examples – In Hindi

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You can also Check out the solved question of other Chapters: –

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: –

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