Question 3 Chapter 5 – Unimax Publications of Class 11

Q3 - CH-5 Solution

Question 3 Chapter 5 – Unimax

Free Accounting book Solution - Class 11 and Class 12

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
2020          
(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

(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 cheque 10,800   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

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