Question 44 Chapter 4 - Unimax Publications of Class 11

Question 44 Chapter 4 – Unimax

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The solution of Question 44 Chapter 4 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

44. Journalise the following transactions in the books of Rajat.
2021
March 1 Rajat started his business with Rs. 1,50,000 borrowed from his friend Sahil @ 10% p.a.
March 5 Purchased goods for Rs. 16,000
March 14 Received invoice from Varun and Sons and supplied these goods to Ankush listed Rs. 10,000
March 20 Ankush is declared insolvent and the amount 40 paise per rupee is received from him in full settlement.
March 24 Purchased goods for Rs. 1000 from Chadha and supplied it to Wadhva for Rs. 140 Wadhva returned goods worth Rs. 560 which in turn returned to Chadha.
March 26 Supplied goods for Rs. 600 to Raja for domestic use.
March 31 Rs. 1200 were paid to Rajeev, out of business funds for the repair of Rajat’s residential House.

The solution of Question 44 Chapter 4 – Unimax:

JOURNAL OF RAJAT

Date	Particulars		L.F.	Debit	Credit
2021
Mar. 1	Cash A/c	Dr.		1,50,000
	To Sahil’s Loan A/c				1,50,000
	(Being business started by cash borrowed from friend Sahil 10% p.a.)

Mar. 5	Purchases A/c	Dr.		16,000
	To Cash A/c				16,000
	(Being goods purchased)

Mar. 14	Purchases A/c	Dr.		10,000
	To Varun & Sons A/c				10,000
	(Being goods purchased from Varun & Sons)

Mar. 14	Purchases A/c	Dr.		10,000
	To Sales A/c				10,000
	(Being goods sold to Ankush)

Mar. 20	Cash A/c	Dr.		4,000
	Bad debts A/c	Dr.		6,000
	To Ankush’s A/c				10,000
	(Being Ankush declared insolvent and 40% amount Received on insolvency)

Mar. 24	Purchases A/c	Dr.		1,000
	To Chadha’s A/c				1,000
	(Being goods purchased from Chadha)

Mar. 24	Wadhwa’s A/c	Dr.		1,400
	To Sales A/c				1,400
	(Being goods sold to Wadhva)

Mar. 24	Sales returns A/c	Dr.		560
	To Wadhwa’s A/c				560
	(Being goods returned by Wadhva)

Mar. 24	Chadha’s A/c	Dr.		400
	To Purchases returns A/c				400
	(Being goods returned by Wadhva returned to Chadha)

Mar. 26	Drawings A/c	Dr.		600
	To Purchases returns A/c				600
	(Being goods purchased used for domestic use by 600 Proprietor)

Mar. 31	Drawings A/c	Dr.		1,200
	To Cash A/c				1,200
	(Being cash paid by proprietor for construction of his 1,200 Residential house)

Working Note:

(i) Percentage of sales returns by Wadhva =	560	x 100	= 40%
	1400

(ii) Purchases returns to Chadha =	40 % of 1,000
	40	X 1000	= Rs. 400
	100

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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 44 Chapter 4 – Unimax Publications of Class 11

The solution of Question 44 Chapter 4 – Unimax:

Working Note:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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