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Question No 04 Chapter No 6 – USHA Publication 11 Class

Question No 04 Chapter No 6
Q-04 - CH-6 - USHA +1 Book 2020 - Solution

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Question No 04 Chapter No 6

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04. Journalise the following transaction in the book of Javed Miandad, assuming all Transaction has occurred the state of J&K, charging CGST 9% and SGST 9%

2019 
Mar.1Started business with cash Rs 3,00,000 and bank balance Rs 1,00,000
Mar. 4Purchased goods of the list price Rs 2,00,000 from Zahia Khan less 20% trade discount and 5%cash discount and 30% paid by cheque
Mar. 7Received from Racchpal Singh Rs 28,500 by cheque after deducting 5% cash discount and 5% cash discount and received 40% by cheque
Mar. 10Sold goods costing Rs 1,00,000 at a profit of 20% on sale less 10% trade discount and 5% cash discount and received 40% by cheque
Mar. 12Ravi Kant who owed Rs 50,000 has become bankrupt and 60% could be recovered from his estate
Mar. 16Deposited into bank Rs 20,000 office cash and 30,000 personal cash
Mar. 20Rent paid by cheque for office Rs 24,000 and for the residence of proprietor Rs 16,000
Mar. 24Received cheque for a bad debt written off last year Rs 18,000
Mar.27Paid Rs 47,200 for the purchase of goods including GST

 

The solution of Question No 04 Chapter No 6: –

 

In the Books of Javed Miandad
DateParticulars
L.F.DebitCredit
2019     
Mar. 1Cash A/cDr. 3,00,000 
 Bank A/cDr. 1,00,000 
 To Mamta A/c   4,00,000
 (Being started business with cash and bank balance. )   
     
Mar. 4Purchases A/cDr. 1,60,000 
 Input CGST A/cDr. 14,400 
 Input SGST A/cDr. 14,400 
 To Bank A/c  53,808
 To Zahir Khan A/c  1,32,160
 To Discount Received A/c  2,832
 (Being goods bought from Zahir Khan less 20% trade Discount and cash discount of 5% plus 9% CGST and SGST. )   
     
Mar. 7Bank A/cDr. 28,500 
 Discount allowed A/cDr. 1,500 
 To Racchpal A/c   30,000
 (Being cheque received from Racchpal Singh after deducting 55 Cash discount. )   
     
Mar. 10Bank A/cDr. 50,445 
 Creditor A/cDr. 79,650 
 Discount Allowed A/cDr. 2,655 
 To Sale A/c  1,12,500
 To Output CGST A/c  10,125
 To Output SGST A/c  10,125
 (Being goods sold to creditor less 10% trade discount and 5% cash Discount and 40% received by cheque plus 9% CGST and SGST)   
     
Mar. 12Bank A/cDr. 30,000 
 Bad debts A/cDr. 20,000 
 To Kavi Kant A/c  50,000
 (Being Ravi become bankrupt only 60% cloud be recovered. )   
     
Mar. 16Bank A/cDr. 50,000 
 To Cash A/c  20,000
 To Capital A/c  30,000
 (Being cash deposited into bank by the office and by proprietor )   
     
Mar. 20Rent A/cDr. 20,000 
 Input CGST A/cDr. 1,800 
 Input SGST A/cDr. 1,800 
 To Bank A/c  23,600
 (Being rent paid by cheque plus 9% CGST and SGST. )   
     
Mar. 20Drawing A/cDr. 16,000 
 To Bank A/c  16,000
 (Being rent to proprietor house paid  )   
     
Mar. 24Bank A/cDr. 18,000 
 To Bad debts recovered A/c  18,000
 (Being bad debts recovered. )   
     
Mar. 27Purchases A/cDr. 40,000 
 Input CGST A/cDr. 3,600 
 Input SGST A/cDr. 3,600 
 To Cash A/c  47,600
 (Being purchased goods including 9% CGST and SGST. )   
     

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

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

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Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

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Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

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Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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