Question No 03 Chapter No 9

Question No 03 Chapter No 9

03.Following balances appeared in the books of Ram & Shyam on January 1, 2017 :−
Assets : Cash in hand 30,000; Stock 36,000; Lal Chand 7,600; Mukesh Khanna 16,200; Furniture 8,000.
Liabilities : Ghanshyam 6,000; Vinod 8,000.
Following transactions took place during Jan. 2018:−

2018 
Jan.2Purchased Typewriter for 7,500.
Jan.4Sold goods for Cash of the list price of 25,000 at 20% trade discount and 5% Cash discount
Jan.6Sold goods to Gopal Seth for 10,000.
Jan.8Gopal Seth returned goods for 1,500.
Jan.12Purchased goods from Arun 12,000; and from Varun 15,000.
Jan.13Settled Arun’s account in full after deducting 5% for cash discount.
Jan.14Paid cash to Ghanshyam in full settlement of his account.
Jan.16Received 7,500 from Lal Chand in full settlement of his account
Jan.17Purchased a Scooter for office use 18,000.
Jan.20Sold goods for cash 20,000.
Jan. 22Received from Gopal Seth 4,850 and discount allowed 150
Jan.27Paid for Wages 7,000 and Salaries 3,000.
Jan.28Withdrew goods for 2,000 and Cash 1,500 for private use.
Jan.29Paid for Life Insurance Premium of the Proprietor 1,600.

Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance

The solution of Question No 03 Chapter No 9: –

In the Books of Radhika Traders
DateParticulars
L.F.DebitCredit
2019     
Jan.1Cash in hand A/cDr. 30,000 
 Stock A/cDr. 36,000 
 Lal Chand’s A/cDr. 7,600 
 Mukesh Khanna’s A/cDr. 16,200 
 Furniture A/cDr. 8,000 
 To Ghanshyam’s A/c   6,000
 To Vinod’s A/c   8,000
 To Capital A/c (Balancing figure)   83,800
 (Being Opening entry made)   
      
Jan.2Office Equipment A/cDr. 7,500 
 To Cash A/c  7,500
 (Being Goods purchased on credit from Raghu and Dilip)   
     
Jan.4Cash A/cDr. 19,000 
 Discount Allowed A/cDr. 1,000 
 To Sales A/c   20,000
 (Being Goods sold for cash at 20%)    
      
Jan.6Gopal Seth’s A/cDr. 10,000 
 To Sales A/c   10,000
 (Being Goods sold on credit to Gopal Seth)    
      
Jan.8Sales Return A/cDr. 1,500 
 To Gopal Seth’s A/c   1,500
 (Being Goods returned)    
      
Jan.12Purchases A/cDr. 27,000 
 To Arun’s A/c   12,000
 To Varun’s A/c   15,000
 (Being Goods purchased on credit.)    
      
Jan.13Arun’s A/cDr. 12,000 
 To Cash A/c   11,400
 To Discount Received A/c   600
 (Being Cash paid to Arun in full settlement)    
      
Jan.14Ghanshyam’s A/cDr. 6,000 
 To Cash A/c   6,000
 (Being Cash paid to Ghanshyam)    
      
Jan.17Scooter A/cDr. 18,000 
 To Cash A/c   18,000
 (Being Scooter purchased)    
      
Jan.20Cash A/cDr. 20,000 
 To Sales A/c   20,000
 (Being Goods sold for cash)    
      
Jan.22Cash A/cDr. 4,850 
 Discount Allowed A/cDr. 150 
 To Gopal Seth’s A/c   5,000
 (Being Cash received)    
      
Jan.27Wages A/cDr. 7,000 
 Salaries A/cDr. 3,000 
 To Cash A/c   10,000
 (Being Expenses paid)    
      
Jan.28Drawings A/cDr. 3,500 
 To Purchases A/c   2,000
 To Cash A/c   1,500
 (Being Amount withdrawn )    
      
Jan.29Drawings A/cDr. 1,600 
 To Cash A/c   1,600
 (Being Paid life insurance premium)    
     

 

Dr.Cash A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan. 1To Balance c/d 30,000Jan. 2By Typewriter A/c 7,500
Jan.04To Sale. A/c 19,000Jan.13By Arun’s A/c 11,400
Jan.06To Lal Chand’s A/c 7,500Jan.14By Ghanshyam’s A/c 6,000
Jan.20To Sales A/c 20,000Jan.17To Scooter A/c 18,000
Jan.26To Gopal Seth’s A/c 4,850Jan.27To Wages A/c 7,000
    Jan.27By Salaries A/c 3,000
    Jan.28By Drawings A/c 1,500
    Jan.29By Drawings A/c 1,600
    Jan. 31By Balance c/d 25,350
   81,350   81,350
Dr.Capital A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Jan. 1By Balance b/d 83,800
Jan. 31To Balance c/d 83,800    
   83,800   83,800
Dr.Stock A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.1To Balance b/d 36,000    
    Jan. 31By Balance c/d 36,000
   36,000   36,000
Dr.Lal Chand’s  A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Jan.6By Cash A/c 7,500
    Jan.6By Raghu’s A/c 100
Jan.31To Balance c/d 7,600    
   7,600   7,600
Dr.Mukesh Khanna’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.1To Balance b/d 16,200    
        
    Jan. 31By Balance c/d 16,200
   16,200   16,200
Dr.Furniture A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.1To Balance b/d 8,000    
        
    Jan. 31By Balance c/d 8,000
   8,000   8,000
Dr.Ghanshyam’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.1To Balance b/d 6,000    
        
    Jan. 31By Balance c/d 6,000
   6,000   6,000
Dr.Vinod’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Jan.1By Balance b/d 8,000
        
Jan.31To Balance c/d 8,000    
   8,000   8,000
Dr.Sales  A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Jan.4By Cash A/c 19,000
    Jan.04By Discount Allowed A/c 1,000
    Jan.06By Gopal Seth’s A/c 10,000
    Jan.20By Cash A/c 20,000
Jan.31To Balance c/d 50,000    
   50,000   50,000
Dr.Office Equipment A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.2To Cash A/c 7,500    
        
    Jan. 31By Balance c/d 7,500
   7,500   7,500
Dr.Gopal Seth’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.06To Sales A/c 10,000Jan.08By Sales Return A/c 1,500
    Jan.22By Cash A/c 4,850
    Jan.22By Discount Allowed A/c 510
    Jan. 31By Balance c/d 3,500
   10,000   10,000
Dr.Discount Allowed A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.4To Sales A/c 1,000    
Jan.16To Lal Chand’s A/c 100    
Jan.22To Gopal Seth’s A/c 150Jan. 31By Balance c/d 1,250
   1,250   1,250
Dr.Purchases A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.12To Arun’s A/c 12,000Jan.28By Drawings A/c 2,000
Jan.12To Varun’s A/c 15,000    
    Jan. 31By Balance c/d 25,000
   27,000   27,000
Dr.Arun’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.13To Cash A/c 11,400Jan.12By Purchases A/c 12,000
Jan.13To Discount Received A/c 600    
   12,000   12,000
Dr.Discount Received A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Jan.10By Arun’s A/c 600
Jan.31To Balance c/d 600    
   600   600
Dr.Scooter A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.17To Cash A/c 18,000    
    Jan. 31By Balance c/d 18,000
   18,000   18,000
Dr.Wages A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.27To Cash A/c 27,000    
    Jan. 31By Balance c/d 27,000
   27,000   27,000
Dr.Salaries A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.27To Cash A/c 3,000    
    Jan. 31By Balance c/d 3,000
   3,000   3,000
Dr.Drawings A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Jan.28To Purchases A/c 2,000    
Jan.28To Cash A/c 1,500    
Jan.29To Cash A/c 1,600    
    Jan. 31By Balance c/d 5,100
   5,100   5,100
Trail Balance A/c
Particulars
J.F.DebitCredit
Cash A/c 25,350 
Stock A/c 36,000 
Mukesh Khanna’s A/c 16,200 
Machinery A/c 8,000 
Furniture A/c  8,000
Vinod’s A/c  4,000
Capital A/c  83,800
Discount Allowed A/c 7,500 
Office Equipment. A/c 1,250 
Discount Allowed A/c 1,500 
Sales A/c  50,000
Gopal Seth’s A/c 3,500 
Sales Return A/c 1,500 
Purchases A/c 25,000 
Varun’s A/c  15,000
Discount Received A/c  600
Scooter A/c 18,000 
Wages A/c 7,000 
Salaries A/c 3,000 
Drawings A/c 5,100 
  1,57,4001,57,400

What is Ledger in accounting – explain its Types

Thanks, Please Like and share with your friends  

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 03 Chapter No 9 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_Image

 

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-

close