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Question No 09 Chapter No 5
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09. Pass journal entries for the following:
| 2019 | |
| Jan.6 | Purchased goods from Henry for 50,000 on 10% trade discount and 4% cash discount and paid 60% amount by cheque. |
| Jan.15 | Bought goods from Amit for 2,00,000 at terms 5% cash discount and 20% trade discount. Paid 3/4th of the amount in cash at the time of purchase. |
| Jan.18 | Sold goods to Sherpa at the list price of 50,000 less 20% trade discount and 4% cash discount if the payment is made within 7 days. 75% payment is received by cheque on Jan. 23rd. |
| Jan.25 | Sold goods to Garima for 1,00,000, allowed her 20% trade discount and 5% cash discount if the payment is made within 15 days. She paid 1/4th of the amount by cheque on Feb. 5th and 60% of the remainder on Feb.15th in cash |
The solution of Question No 09 Chapter No 5: –
| In the Books of Hari Shankar & Co | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Jan.6 | Purchases A/c | Dr. | 45,000 | ||
| To Bank A/c * | 25,920 | ||||
| To Discount Received A/c | 1,080 | ||||
| To Henry’s A/c | 18,000 | ||||
| (Being started business with cash, goods, and furniture.) | |||||
| Jan.15 | Purchases A/c | Dr. | 1,60,000 | ||
| To Bank A/c | 1,14,000 | ||||
| To Discount Received A/c | 6,000 | ||||
| To Amit’s A/c | 40,000 | ||||
| (Being Goods purchased and discount received on cash payment) | |||||
| Jan.18 | Sherpa’s A/c | Dr. | 40,000 | ||
| To Sales A/c | 40,000 | ||||
| (Being Goods sold to Sherpa on credit) | |||||
| Jan.23 | Bank A/c | Dr. | 28,800 | ||
| Discount Allowed A/c | Dr. | 1,200 | |||
| To Sherpa’s A/c | 30,000 | ||||
| (Being cash received from Sherpa in full settlement.) | |||||
| Jan.25 | Garima’s A/c | Dr. | 80,000 | ||
| To Sales A/c | 80,000 | ||||
| (Being Goods sold to Garima on credit) | |||||
| Feb.05 | Bank A/c | Dr. | 19,000 | ||
| Discount Allowed A/c | Dr. | 1,000 | |||
| To Garima’s A/c | 20,000 | ||||
| (Being Cheque received from Garima and allowed cash discount) | |||||
| Feb.15 | Cash A/c** | Dr. | 60,000 | ||
| To Garima’s A/c | 60,000 | ||||
| (Being Cash received from Garima) | |||||
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Working Note: –
Calculation of Payment made to Henry*
| Cost Price of goods | = | 50,000 |
| Less: 10% trade discount | = | 5,000 |
| Purchases Price | = | 45,000 |
| Payment in cash Rs 45,000 x 60% | = | 27,000 |
| Less: cash discount Rs 27,000 x 4% | = | 50,000 |
| Cash paid | = | 50,000 |
Calculation of Payment made to Amit**
| Cost Price of goods | = | 2,00,000 |
| Less: 20% trade discount | = | 40,000 |
| Purchases Price | = | 1,60,000 |
| Payment in cash Rs 1,60,000 x 3/4 | = | 1,20,000 |
| Less: cash discount Rs 1,20,000 x 4% | = | 6,000 |
| Cash paid | = | 1,14,000 |
Financial Accounting – Introduction and its Functions
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Also, Check out the solved question of all Chapters: –
D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
Chapter 1 Evolution of Accounting & Basic Accounting Terms
Chapter 2 Accounting Equations
Chapter 3 Meaning and Objectives of Accounting
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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)
Chapter 9 Ledger (Coming soon)
Chapter 10 Trial Balance and Errors (Coming soon)
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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)
Chapter 15 Bases of Accounting
Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
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Chapter 17 Capital and Revenue
Chapter 18 Provisions and Reserves
Chapter 19 Final Accounts (Coming soon)
Chapter 20 Final Accounts – With Adjustments (Coming soon)
Chapter 21 Errors and their Rectification (Coming soon)
Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
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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)