Question No 08 Chapter No 5

Question No 08 Chapter No 5

08. Pass Journal entries in the books of Raghunath Bros. from the following transactions:-

2016 
Jun.1Raghunath Bros. started the business with cash 80,000; Goods 40,000 and furniture 20,000.
Jun.2Sold goods to Nandlal of the list price of 20,000 at a trade discount of 10%.
Jun.4Nandlal returned goods of the list price of 4,000.
Jun.8Received from Nandlal 14,150 in full settlement of his account.
Jun.10Purchased goods from Brij Mohan of the list price of 10,000 at 15% trade discount.
Jun.13Returned goods to Brij Mohan of the list price of 1,000.
Jun.16Settled the account of Brij Mohan by paying cash, under a discount of 4%
Jun.18Purchased goods from Anil 5,000; Sunil 10,000.
Jun.19Paid cash to Anil 1,900 and discount received 100
Jun.20Paid 9,800 to Sunil in full settlement of his account
Jun.20Bought a ‘Table Fan’ for 8,000 for the domestic use of Raghunath.
Jun.25Sold goods for cash of the list price of 8,000 at 10% trade discount and 3% cash discount.
Jun.30Paid Rent 8,000; Trade Expenses 7,000 and Travelling Expenses 3,800

 

The solution of Question No 08 Chapter No 5: –

In the Books of Hari Shankar & Co
DateParticulars
L.F.DebitCredit
2019     
Jun.1Cash A/cDr. 80,000 
 Stock A/cDr. 40,000 
 Furniture A/cDr. 20,000 
 To Capital A/c   1,40,000
 (Being started business with cash, goods, and furniture.)   
     
Jun.2Nandlal A/cDr. 18,000 
 To Sales A/c   18,000
 (Being Goods sold for cash and allowed cash discount)   
      
Jun.4Sales return A/cDr. 3,600 
 To Nandlal A/c  3,600
 (Being goods sold to Nandlal returned)   
     
Jun.8Cash A/cDr. 14,150 
 Discount allowed A/cDr. 250 
 To Nandlal A/c  14,400
 (Being cash received from Nandlal in full settlement.)   
     
Jun.10Purchases A/cDr. 8,500 
 To Brij Mohan  8,500
 (Being purchased goods from Brij Mohan on credit)   
     
Jun.13Brij MohanDr. 850 
 To Purchase Return A/c  850
 (Being purchased goods returned by Brij Mohan)   
     
Jun.16Brij Mohan A/cDr. 7,650 
 To Cash A/c  7,344
 To Discount Received A/c  306
 (Being settled amount due to Brij Mohan.)   
     
Jun.18Purchases A/cDr. 15,000 
 To Anil A/c  5,000
 To Sunil A/c  10,000
 (Being credit purchase from Anil & Sunil.)   
     
Jun.19Anil A/cDr. 2,000 
 To Cash A/c   1,900
 To Discount received A/c   100
 (Being cash paid to Anil and received discount)    
      
Jun.20Sunil A/cDr. 10,000 
 To Cash A/c   9,800
 To Discount received A/c   200
 (Being cash paid to Sunil and received a discount.)    
      
Jun.20Drawings A/cDr. 8,000 
 To Cash A/c   8,000
 (Being table fan purchased for personal use.)    
      
Jun.25Cash A/cDr. 6,984 
 Discount allowed A/cDr. 216 
 To Cash A/c   7,200
 (Being cash sales @10)    
      
Jun.30Rent A/cDr. 8,000 
 Trade expenses A/cDr. 7,000 
 Travelling A/cDr. 3,800 
 To Cash A/c   18,800
 (Being expenses paid in cash)    
     

 

Financial Accounting – Introduction and its Functions

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

 

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