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Question No 03 Chapter No 9
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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.2 | Purchased Typewriter for 7,500. |
Jan.4 | Sold goods for Cash of the list price of 25,000 at 20% trade discount and 5% Cash discount |
Jan.6 | Sold goods to Gopal Seth for 10,000. |
Jan.8 | Gopal Seth returned goods for 1,500. |
Jan.12 | Purchased goods from Arun 12,000; and from Varun 15,000. |
Jan.13 | Settled Arun’s account in full after deducting 5% for cash discount. |
Jan.14 | Paid cash to Ghanshyam in full settlement of his account. |
Jan.16 | Received 7,500 from Lal Chand in full settlement of his account |
Jan.17 | Purchased a Scooter for office use 18,000. |
Jan.20 | Sold goods for cash 20,000. |
Jan. 22 | Received from Gopal Seth 4,850 and discount allowed 150 |
Jan.27 | Paid for Wages 7,000 and Salaries 3,000. |
Jan.28 | Withdrew goods for 2,000 and Cash 1,500 for private use. |
Jan.29 | Paid 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 | |||||
Date | Particulars | L.F. | Debit | Credit | |
2019 | |||||
Jan.1 | Cash in hand A/c | Dr. | 30,000 | ||
Stock A/c | Dr. | 36,000 | |||
Lal Chand’s A/c | Dr. | 7,600 | |||
Mukesh Khanna’s A/c | Dr. | 16,200 | |||
Furniture A/c | Dr. | 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.2 | Office Equipment A/c | Dr. | 7,500 | ||
To Cash A/c | 7,500 | ||||
(Being Goods purchased on credit from Raghu and Dilip) | |||||
Jan.4 | Cash A/c | Dr. | 19,000 | ||
Discount Allowed A/c | Dr. | 1,000 | |||
To Sales A/c | 20,000 | ||||
(Being Goods sold for cash at 20%) | |||||
Jan.6 | Gopal Seth’s A/c | Dr. | 10,000 | ||
To Sales A/c | 10,000 | ||||
(Being Goods sold on credit to Gopal Seth) | |||||
Jan.8 | Sales Return A/c | Dr. | 1,500 | ||
To Gopal Seth’s A/c | 1,500 | ||||
(Being Goods returned) | |||||
Jan.12 | Purchases A/c | Dr. | 27,000 | ||
To Arun’s A/c | 12,000 | ||||
To Varun’s A/c | 15,000 | ||||
(Being Goods purchased on credit.) | |||||
Jan.13 | Arun’s A/c | Dr. | 12,000 | ||
To Cash A/c | 11,400 | ||||
To Discount Received A/c | 600 | ||||
(Being Cash paid to Arun in full settlement) | |||||
Jan.14 | Ghanshyam’s A/c | Dr. | 6,000 | ||
To Cash A/c | 6,000 | ||||
(Being Cash paid to Ghanshyam) | |||||
Jan.17 | Scooter A/c | Dr. | 18,000 | ||
To Cash A/c | 18,000 | ||||
(Being Scooter purchased) | |||||
Jan.20 | Cash A/c | Dr. | 20,000 | ||
To Sales A/c | 20,000 | ||||
(Being Goods sold for cash) | |||||
Jan.22 | Cash A/c | Dr. | 4,850 | ||
Discount Allowed A/c | Dr. | 150 | |||
To Gopal Seth’s A/c | 5,000 | ||||
(Being Cash received) | |||||
Jan.27 | Wages A/c | Dr. | 7,000 | ||
Salaries A/c | Dr. | 3,000 | |||
To Cash A/c | 10,000 | ||||
(Being Expenses paid) | |||||
Jan.28 | Drawings A/c | Dr. | 3,500 | ||
To Purchases A/c | 2,000 | ||||
To Cash A/c | 1,500 | ||||
(Being Amount withdrawn ) | |||||
Jan.29 | Drawings A/c | Dr. | 1,600 | ||
To Cash A/c | 1,600 | ||||
(Being Paid life insurance premium) | |||||
Dr. | Cash A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan. 1 | To Balance c/d | 30,000 | Jan. 2 | By Typewriter A/c | 7,500 | ||
Jan.04 | To Sale. A/c | 19,000 | Jan.13 | By Arun’s A/c | 11,400 | ||
Jan.06 | To Lal Chand’s A/c | 7,500 | Jan.14 | By Ghanshyam’s A/c | 6,000 | ||
Jan.20 | To Sales A/c | 20,000 | Jan.17 | To Scooter A/c | 18,000 | ||
Jan.26 | To Gopal Seth’s A/c | 4,850 | Jan.27 | To Wages A/c | 7,000 | ||
Jan.27 | By Salaries A/c | 3,000 | |||||
Jan.28 | By Drawings A/c | 1,500 | |||||
Jan.29 | By Drawings A/c | 1,600 | |||||
Jan. 31 | By Balance c/d | 25,350 | |||||
81,350 | 81,350 |
Dr. | Capital A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan. 1 | By Balance b/d | 83,800 | |||||
Jan. 31 | To Balance c/d | 83,800 | |||||
83,800 | 83,800 |
Dr. | Stock A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.1 | To Balance b/d | 36,000 | |||||
Jan. 31 | By Balance c/d | 36,000 | |||||
36,000 | 36,000 |
Dr. | Lal Chand’s A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.6 | By Cash A/c | 7,500 | |||||
Jan.6 | By Raghu’s A/c | 100 | |||||
Jan.31 | To Balance c/d | 7,600 | |||||
7,600 | 7,600 |
Dr. | Mukesh Khanna’s A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.1 | To Balance b/d | 16,200 | |||||
Jan. 31 | By Balance c/d | 16,200 | |||||
16,200 | 16,200 |
Dr. | Furniture A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.1 | To Balance b/d | 8,000 | |||||
Jan. 31 | By Balance c/d | 8,000 | |||||
8,000 | 8,000 |
Dr. | Ghanshyam’s A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.1 | To Balance b/d | 6,000 | |||||
Jan. 31 | By Balance c/d | 6,000 | |||||
6,000 | 6,000 |
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Dr. | Vinod’s A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.1 | By Balance b/d | 8,000 | |||||
Jan.31 | To Balance c/d | 8,000 | |||||
8,000 | 8,000 |
Dr. | Sales A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.4 | By Cash A/c | 19,000 | |||||
Jan.04 | By Discount Allowed A/c | 1,000 | |||||
Jan.06 | By Gopal Seth’s A/c | 10,000 | |||||
Jan.20 | By Cash A/c | 20,000 | |||||
Jan.31 | To Balance c/d | 50,000 | |||||
50,000 | 50,000 |
Dr. | Office Equipment A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.2 | To Cash A/c | 7,500 | |||||
Jan. 31 | By Balance c/d | 7,500 | |||||
7,500 | 7,500 |
Dr. | Gopal Seth’s A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.06 | To Sales A/c | 10,000 | Jan.08 | By Sales Return A/c | 1,500 | ||
Jan.22 | By Cash A/c | 4,850 | |||||
Jan.22 | By Discount Allowed A/c | 510 | |||||
Jan. 31 | By Balance c/d | 3,500 | |||||
10,000 | 10,000 |
Dr. | Discount Allowed A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.4 | To Sales A/c | 1,000 | |||||
Jan.16 | To Lal Chand’s A/c | 100 | |||||
Jan.22 | To Gopal Seth’s A/c | 150 | Jan. 31 | By Balance c/d | 1,250 | ||
1,250 | 1,250 |
Dr. | Purchases A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.12 | To Arun’s A/c | 12,000 | Jan.28 | By Drawings A/c | 2,000 | ||
Jan.12 | To Varun’s A/c | 15,000 | |||||
Jan. 31 | By Balance c/d | 25,000 | |||||
27,000 | 27,000 |
Dr. | Arun’s A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.13 | To Cash A/c | 11,400 | Jan.12 | By Purchases A/c | 12,000 | ||
Jan.13 | To Discount Received A/c | 600 | |||||
12,000 | 12,000 |
Dr. | Discount Received A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.10 | By Arun’s A/c | 600 | |||||
Jan.31 | To Balance c/d | 600 | |||||
600 | 600 |
Dr. | Scooter A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.17 | To Cash A/c | 18,000 | |||||
Jan. 31 | By Balance c/d | 18,000 | |||||
18,000 | 18,000 |
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Dr. | Wages A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.27 | To Cash A/c | 27,000 | |||||
Jan. 31 | By Balance c/d | 27,000 | |||||
27,000 | 27,000 |
Dr. | Salaries A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.27 | To Cash A/c | 3,000 | |||||
Jan. 31 | By Balance c/d | 3,000 | |||||
3,000 | 3,000 |
Dr. | Drawings A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
2018 | 2018 | ||||||
Jan.28 | To Purchases A/c | 2,000 | |||||
Jan.28 | To Cash A/c | 1,500 | |||||
Jan.29 | To Cash A/c | 1,600 | |||||
Jan. 31 | By Balance c/d | 5,100 | |||||
5,100 | 5,100 |
Trail Balance A/c | |||
Particulars | J.F. | Debit | Credit |
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 | ||
1,57,400 | 1,57,400 |
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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
- Chapter 1 Evolution of Accounting & Basic Accounting Terms
- Chapter 2 Accounting Equations
- Chapter 3 Meaning and Objectives of Accounting
- Chapter 4 Double Entry System
- Chapter 5 Books of Original Entry – Journal
- Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
- Chapter 7 Books of Original Entry – Cash Book (Coming soon)
- Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
- Chapter 9 Ledger (Coming soon)
- Chapter 10 Trial Balance and Errors (Coming soon)
- Chapter 11 Bank Reconciliation Statement (Coming soon)
- Chapter 12 Depreciation (Coming soon)
- Chapter 13 Bills of Exchange (Coming soon)
- Chapter 14 Generally Accepted Accounting Principles(GAAP)
- Chapter 15 Bases of Accounting
- Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
- Chapter 17 Capital and Revenue
- Chapter 18 Provisions and Reserves
- Chapter 19 Final Accounts (Coming soon)
- Chapter 20 Final Accounts – With Adjustments (Coming soon)
- Chapter 21 Errors and their Rectification (Coming soon)
- Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
- Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
- Chapter 24 Computerised Accounting System (Coming soon)
- Chapter 25 Introduction to Accounting Information System (Coming soon)
Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.