Question No 08 Chapter No 17 – D.K Goal 11 Class

Question No 08 Chapter No 17

Question No 08 Chapter No 17

Free Accounting book Solution - Class 11 and Class 12

08. The following expenses relate to a motor lorry, purchased by a limited company for its business:

  1. Bought an lorry for Rs 1,20,000 in an auction and paid Rs 1,500 as freight and cartage
  2. Its overhauling charges amounted to Rs 30,000
  3. Other accessories were purchased for Rs 18,000
  4. Lorry was badly damaged in an accident and its repair cost was Rs 42,600
  5. Compensation was paid to person involved in accident Rs 14,500
  6. Lorry was sold for Rs 1,25,000
  7. Driver’s salary, petrol expenses etc. were Rs 34,720
    Pass the necessary journal entries of the above and prepare a lory A/c

The solution of Question No 08 Chapter No 17: –

In the Books of ………
Date Particulars
L.F. Debit Credit
a Lorry A/c Dr.   1,21,500  
  To Cash A/c       1,21,500
  (Being lorry purchased from auction)      
           
b Lorry A/c Dr.   30,000  
  To Cash A/c     30,000
  (Being cash paid for overhauling charges)      
         
c Lorry A/c Dr.   18,000  
  To Cash A/c       18,000
  (Being accessories for lorry purchased)        
           
d Repair A/c Dr.   42,600  
  To Cash A/c       42,600
  (Being repaid cost paid for lorry)        
           
e Compensation for accident A/c Dr.   14,500  
  To Cash A/c       14,500
  (Being compensation for accident paid )        
           
f Cash A/c Dr.   1,25,000  
  To Lorry A/c       1,25,000
  (Being lorry sold )        
           
g Diver’s Salary, Petrol Exp. A/c Dr.   34,720  
  To Cash A/c       34,720
  (Being cash paid for diver’s salary, Petrol Exp. etc)        
         
Dr. Lorry A/c Cr.
Date Particulars
J.F. Amount Date Particulars
J.F. Amount
a To Cash A/c   1,21,500 f By Cash A/c   7,500
b To Cash A/c   30,000        
c To Cash A/c   18,000        
        By Balance c/d   44,500
      1,69,500       1,69,500

The provision in accounting: Types and Treatment

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 08 Chapter No 17 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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