Question 45 Chapter 4 - Unimax Publications of Class 11

Question 45 Chapter 4 – Unimax

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The solution of Question 45 Chapter 4 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

45. Journalise
(a) Purchased a machinery for cash Rs. 60,000 and paid Rs. 5,000 in cash as wages on its installation, goods for Rs. 3,000 were also used from business on its installation.
(b) Manpreet who owed us Rs. 20,000 is declared insolvent and 60 paise in a rupee is received as final Dividend from his estate.
(c)Purchased an old machinery for Rs. 60,000 and spent Rs. 2,000 on its carriage and Rs. 5,000 on its Immediate repairs.
(d)Sold goods costing Rs. 4,000 to Harmeet and issued. Invoice at 10% above cost less 5% trade Discount.
(e) Bricks for Rs. 60,000 and timber for Rs. 35,000 purchased for the construction of building. The payment was made by cheque.
(f) Paid Rs. 4,000 as Income Tax and Rs. 1,500 as sales tax.
(g) Goods sold for cash to customers for Rs. 2,000 and collected 7% sales tax on it.
(h) Received on order for goods for Rs. 3,000. From Manoj and received Rs. 2,500 as advance
(i) Paid cash to X on behalf of Y Rs. 2,400
(j)Paid for owner’s life insurance premium Rs. 1,200

The solution of Question 45 Chapter 4 – Unimax:

JOURNAL

Date	Particulars		L.F.	Debit	Credit

(a)	Machinery A/c	Dr.		68,000
	To Cash A/c				68,000
	To Purchases A/c
	(Being machinery purchased for cash and installation charges paid, goods also used in it)

(b)	Cash A/c	Dr.		12,000
	Bad debts A/c	Dr.		8,000
	To Manpreet’s A/c				20,000
	(Being Manpreet declared insolvent and 60 paise in a Rupee received from him)

(c)	Machinery A/c	Dr.		67,000
	To Cash A/c				67,000
	(Being old machinery purchased for cash and carriage and immediate repairs made)

(d)	Harmeet’s A/c	Dr.		4,180
	To Sales A/c				4,180
	(Being goods sold to Harmeet invoice at 10% above cost deducting trade discount @ 5%)

(e)	Building A/c	Dr.		95,000
	To Bank				95,000
	(Being timber and bricks used for construction of building)

(f)	Drawings A/c	Dr.		4,000
	Sales Tax A/c	Dr.		1,500
	To Cash A/c				5,500
	(Being income tax and sales tax paid)

(g)	Cash A/c	Dr.		2,140
	To Sales A/c				2,140
	To Sales Tax A/c
	(Being goods used for cash and sales tax collected from customers on it)

(h)	Machinery A/c	Dr.		2,500
	To Manoj A/c				2,500
	(Being cash received from Manoj as advance for supply of goods)

(i)	Y’s A/c	Dr.		2,400
	To Cash A/c				2,400
	(Being cash paid to X on behalf of Y)

(j)	Drawings A/c	Dr.		1,200
	To Cash A/c				1,200
	(Being owner’s life insurance premium paid)

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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 45 Chapter 4 – Unimax Publications of Class 11

The solution of Question 45 Chapter 4 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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