Question No 09 Chapter No 8

Question No 09 Chapter No 8

Journal Proper

09. Record the following transactions of Keshav Bros. in the proper books :

Jan.1Assets : Cash in hand 8,500; Cash at Bank 1,40,000; Stock of goods 2,20,000; Due from Manohar Lal 30,000 and Deep Chand 24,000; Furniture and Equipment 3,00,000.
 Liabilities: Due to Sunil 15,000.
Jan.2Withdrawn from bank 20,000.
Jan.4Paid salaries 22,000.
Jan.6Sold goods to Surya Narain :
 60 metres silk @ 150 per metre
 100 metres cotton @ 70 per metre
 Less : Trade Discount @ 12 1/2 %
Jan.8Surya Narain returned 40 metres Cotton.
Jan.9Received full payment from Manohar Lal by cheque, sent it to the bank, Discount allowed 3%.
Jan.10Purchased from Ganga Parshad :
 300 metres cotton @ 60 per metre
 500 metres silk @ 120 per metre
 Less: Trade Discount 10%
Jan.12Sold goods to Vinita for cash 16,000
Jan.13Accepted a bill for 25,000 for 30 days drawn by Ganga Parshad
Jan.15Gave cheque to Ganga Parshad for 45,000, discount allowed by him 200
Jan.18Paid to Sunil 14,850 after receiving a discount of 1%
Jan.20Mr Keshav Chand took away 5 metres of silk costing 100 per metre for his personal use
Jan.24Paid rent by cheque 2,000.
Jan.25Received from Surya Narain 11,000 in full settlement of his account
Jan.27Old newspapers sold for cash 400
Jan.27Paid for stationery and postage 500.
Jan.28Sold 400 metres silk @ 160 per metre to Sh. Ganesh Chand
Jan.31Received cash 40,000 from Sh. Ganesh Chand and also received a B/R from him for the balance amount due from him for 2 months. 

The solution of Question No 09 Chapter No 8: –

Dr.Cash BookCr.
2020    2020    
Jan.1To Balance c/d 8,5001,40,000Jan.2By Cash A/c 20,000
Jan.2To Bank A/c 20,000Jan.4By Salaries A/c 22,000
Jan.9To Manohar Lal A/c * 29,100Jan.15By Ganga Parshad A/c 45,000
Jan.9To Sale A/c 16,000Jan.18By Sunil A/c** 14,850
Jan.25To Surya Narain A/c *** 11,000Jan.24By Rent A/c 2,000
Jan.27To Sundry Income A/c 400 Jan.27By Stationery & Postage A/c 500
Jan.31To Ganesh Chand A/c 40,000      
     Dec.30By Balance C/d 58,5501,02,100
   95,9001,69,100   95,9001,69,100

Working Note:-
Calculation of Discount Allowed to Manohar Lal*

Amount due from Manohar Lal=30,000  
 =Rs 900  

Amount Received from Manohar Lal = 30,000 – 900 = Rs 29,100

Calculation of Discount Received from Sunil**

Amount due to Sunil=15,000  
 =Rs 150  

Calculation of Discount Allowed to Surya Narain***

Net sale to Surya Narain=Total Sale – Sale Return
 =14,000 – 2,450
 =Rs 11,550

Journal Proper | Subsidiary Books | Examples

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

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