Question 4 Chapter 5 - Unimax Publications of Class 11

Question 4 Chapter 5 – Unimax

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The solution of Question 4 Chapter 5 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

4. Journalise the following transactions in the books of Harmeet Enterprises, Delhi:
(i) Purchased goods from Sarpreet & Co., Delhi of list price Rs.25,000 at 20% trade discount and 3% cash discount on value of goods. Paid CGST and SGST 6% each. Payment made immediately and availed cash discount.
(ii) Purchased goods from Kritika Agencies, Delhi of list price Rs.20,000 at 25% trade discount and 2% cash discount. Paid CGST and SGST@ 6% each. 50% of the payment was iimmediately.
(iii) Purchased goods from Angad & Sons, Delhi of list price Rs.50,000 at 20% trade discount and 3% cash discount. Paid CGST and SGST @ 6% each. 75% of the payment was made immediately by cheque.
(iv) Sold to Palak & Co., Chandigarh goods of list price Rs.40,000 at 15% trade discount and 3% cash discount on Value (Cost) of goods. Charged IGST@ 12%. Ramesh & Co. paid the full amount by cheque and availed cash discount.
(v) Sold to Ridhi & Co., Chennai goods costing Rs.10,000 at 25% profit, allowing 10%% trade discount and 2 ½ % cash discount. Charged IGST @ 12%. Rajat & Co. made 60% payment immediately.
(vi)Sold goods of list price Rs. 50,000 less 20% trade discount. Charged IGST @ 12%. Cash discount allowed@ 2% against cheque payment.

The solution of Question 4 Chapter 5 – Unimax:

JOURNAL

Date	Particulars		L.F.	Debit	Credit

(i)	Purchases A/c	Dr.		20,000
	Input CGST A/c	Dr.		1,200
	Input SGST A/c	Dr.		1,200
	To Cash/Bank A/c				21,800
	To Discount Received A/c				600
	(Being the purchases of goods and payment made against 3% cash discount)

(ii)	Purchases A/c	Dr.		15,000
	Input IGST A/c	Dr.		900
	Input SGST A/c	Dr.		900
	To Cash/Bank A/c				8,232
	To Kritika Agencies, Delhi A/c				8,400
	To Discount Received A/c				168
	(Being the purchases of goods, 50% payment made Immediately and availed 2% cash discount)

(iii)	Purchases A/c	Dr.		40,000
	Input IGST A/c	Dr.		2,400
	Input SGST A/c	Dr.		2,400
	To Bank A/c				32,592
	To Angad& Sons, Delhi A/c				11,200
	To Discount Received A/c				1,008
	(Being the goods purchased, 75% payment made by cheque And availed 3% cash discount)

(iv)	Bank A/c	Dr.		37,060
	Discount Allowed A/c	Dr.		1,020
	To Sales A/c				34,000
	To Output IGST A/c				4,080
	(Being the goods sold against cheque allowing 3% cash Discount)

(v)	Cash A/c	Dr.		7,371
	Ridhi& Co., Chennai A/c	Dr.		5,040
	Discount Allowed A/c	Dr.		186
	To Sales A/c				11,250
	To Output IGST A/c				1,350
	(Being the goods sold costing 10,000 at 25% profit less 10% trade discount, allowed cash discount of 2% on 60%Payment)

(vi)	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 against cheque allowing 2% cash Discount)

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Opening Journal Entry – its Rules and Examples

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Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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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 4 Chapter 5 – Unimax Publications of Class 11

The solution of Question 4 Chapter 5 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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