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Question No 05 Chapter No 5
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05. Enter the following transaction in the Journal of Marutinandan Stores:
| 2020 | |
| Jan.10 | Purchased goods from Ghanshyam of the list price of 50,000 at 15% trade discount. |
| Jan.13 | Returned goods to Ghanshyam of the list price of 2,000. |
| Jan.15 | Paid cash to Ghanshyam 40,000 in full settlement of his account. |
| Jan.20 | Purchased goods from Raghu of the list price of 60,000 at 10% trade discount |
| Jan.22 | Returned goods to Raghu of the list price of 5,000 |
| Jan.25 | Paid cash to Raghu 49,000 in full settlement of his account |
The solution of Question No 05 Chapter No 5: –
| In the Books of Marutinandan Stores | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Jan.10 | Purchases A/c | Dr. | 42,500 | ||
| To Ghanshyam’s A/c | 42,500 | ||||
| (Being Goods purchased at 15.) | |||||
| Jan.13 | Ghanshyam’s A/c | Dr. | 1,700 | ||
| To Purchases Return A/c | 1,700 | ||||
| (Being Goods returned to Ghanshyam deducting trade discount of 15) | |||||
| Jan.15 | Ghanshyam’s A/c | Dr. | 40,800 | ||
| To Cash A/c | 40,000 | ||||
| To Discount Received A/c | 800 | ||||
| (Being Cash paid to Ghanshyam in full settlement of his account) | |||||
| Jan.20 | Purchases A/c | Dr. | 54,000 | ||
| To Raghu’s A/c | 54,000 | ||||
| (Being Goods purchased from Raghu at trade discount of 10.) | |||||
| Jan.22 | Raghu’s A/c | Dr. | 4,500 | ||
| To Purchases Return A/c | 4,500 | ||||
| (Being Goods returned to Raghu deducting trade discount of 10) | |||||
| Jan.25 | Raghu’s A/c | Dr. | 49,500 | ||
| To Cash A/c | 49,000 | ||||
| To Discount Received A/c | 500 | ||||
| (Being Cash paid to Raghu in full settlement of his account) | |||||
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Financial Accounting – Introduction and its Functions
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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
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Chapter 3 Meaning and Objectives of Accounting
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)
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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)
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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)
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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)