# Question 3 Chapter 5 – Unimax Publications of Class 11

Question 3 Chapter 5 – Unimax

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

 Date Particulars L.F. Debit Credit (i) Purchases A/c Dr. 36,000 Input IGST A/c Dr. 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/c Dr. 36,000 Input IGST A/c Dr. 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) iii Cash A/c Dr. 9,778 Bank A/c Dr. 9,777 Discount Allowed A/c Dr. 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/c Dr. 25,200 Bank A/c Dr. 24,696 Discount Allowed A/c Dr. 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/c Dr. 43,904 Discount Allowed A/c Dr. 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

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

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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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