Question No 08 Chapter No 9

Question No 08 Chapter No 9

01. Journalise the following transaction, post them into Ledger, Balance the accounts and prepare a Trial Balance.

May.1Balance of Cash in Hand 12,400; Bank Overdraft 36,000.
May.3Direct deposit by Mr. Ganesh in our bank account 10,000. Discount allowed 200.
May.5Issued a cheque of 7,700 to Mr. Suresh in full settlement of his account of 8,000
May.6Received a cheque from X for 12,000. Discount allowed 500. This cheque was deposited into bank on 7th May.
May.8Received Cash 22,000 and cheque of 8,000 for cash sale.
May.12Cash sale 70,000 of which 55,000 banked
May.15The cheque received on 8th May endorsed to Mr. Sunil. Discount received 150
May.20Discounted a B/R of 10,000 at 1% through bank
May.24Cheque received from X dishonored, Bank debits 20 in respect of bank charges.
May.255 Purchased goods for 50,000 at a trade discount of 10%. The payment was made in cash.
May.26Withdrew from bank 10,000 for office use and 2,000 for personal use
May.30Withdrew from bank 10,000 for office use and 2,000 for personal use

The solution of Question No 08 Chapter No 9: –

Dr.Cash BookCr.
DateParticulars
L.
F.
Discount
Allowed
CashBankDateParticulars
L.
F.
Discount ReceivedCashBank
2020     2020     
May.1To Balance c/d 12,400May.1By Balance b/d 36,000
May.03To Ganesh’s A/c 20010,000May.5By Suresh’s A/c 7,700
May.07To X A/c 50012,000May.24By X A/c 12,000
May.08To Sales A/c 22,000May.24By Bank Charges A/c 20
May.12To Sales A/c 15,00055,000May.25By Purchase A/c  45,000
May.20To Bills Receivable A A/c 9,900May.26By Cash A/c 10,000
May.26To Bank A/c  10,000 May.26By Drawings A/c   2,000
      May.31By Interest A/c   4,500
            
May.31To Balance c/d 700May.31By Balance C/d 
14,40014,680
   70059,40086,900   59,40086,900
In the Books of Radhika Traders
DateParticulars
L.F.DebitCredit
2019     
May 06Cheques-in-Hand A/cDr. 12,000 
 Discount Allowed A/cDr. 500 
 To X A/c   12,500
 (Being Cheque received from X but not banked)   
      
May.8Cheques-in-Hand A/cDr. 8,000 
 To Cash A/c  8,000
 (Being Cheque received for sales but not banked)   
     
May 15Sunil’s A/cDr. 8,150 
 To Cheques-in-Hand A/c   8,000
 To Discount Received A/c   150
 (Being Cheque received from sales endorsed to Sunil )    
      
May.20Discounting Charges A/cDr. 100 
 To Bills Receivable A/c   100
 (Being Bills receivable discounted with bank )    
      
May.24X A/cDr. 500 
 To Discount Allowed A/c   500
 (Being Discount canceled)    
     
Dr.Discount Allowed A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.03By Ganesh’s A/c 500May.24By X A/c 500
May.06By X A/c 200    
    May. 31By Balance c/d 200
   700   700
Dr.Discount Received A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    May.05By Suresh’s A/c 300
    May.15By Sunil’s A/c 150
May. 31To Balance c/d 450    
   450   450
Dr.Cheques-in-Hand Account A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.06To X’s A/c 12,000May.07To Bank A/c 12,000
May.08To Sales A/c 8,000May.15To Sunil’s A/c 8,000
   20,000   20,000
Dr.Discounting Charges A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.20To Bills Receivable A/c 100    
        
    May. 31By Balance c/d 100
   100   100
Dr.Bills Receivable A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    May.1By Bank A/c 9,900
    May.1By Discounting Charges A/c 100
May.31To Balance c/d 10,000    
   10,000   10,000
Dr.Ganesh’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    May.1By Bank A/c 10,000
    May.1By Discounting Charges A/c 200
        
May.31To Balance c/d 10,200    
   10,200   10,200
Dr.Purchases Return  A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Mar.6By Raghu’s A/c 4,000
        
Mar.31To Balance c/d 4,000    
   4,000   4,000
Dr.X’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.24To Bank A/c 12,000May.06By Cheques-in-Hand A/c 12,000
May.24To Discount Allowed A/c 500May.06By Discount Allowed A/c 500
        
   12,500   12,500
Dr.Sales A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    May.08By Cash A/c 22,000
    May.08By Cheques-in-Hand A/c 8,000
    May.15By Cash A/c 15,000
    May.15By Bank A/c 55,000
May.31To Balance c/d 1,00,000    
   1,00,000   1,00,000
Dr.Suresh’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.05To Bank A/c 7,700    
May.05To Discount Received A/c 300    
    May. 31By Balance c/d 8,000
   8,000   8,000
Dr.Bank Charges A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.24To Bank A/c 20    
        
    May. 31By Balance c/d 20
   20   20
Dr.Purchases A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.25To Bank A/c 45,000    
    May. 31By Balance c/d 45,000
   45,000   45,000
Dr.Drawings A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.26To Bank A/c 2,000    
        
    May. 31By Balance c/d 2,000
   2,000   2,000
Dr.Interest A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.31To Bank A/c 4,500    
        
        
    May. 31By Balance c/d 4,500
   4,500   4,500
Dr.Sunil’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
May.15To Cheques-in-Hand A/c 8,000    
May.15To Discount Received A/c 150    
        
    May. 31By Balance c/d 8,150
   8,150   8,150

What is Ledger in accounting – explain its Types

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