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Question No 10 Chapter No 7 – D.K Goal 11 Class

Question No 10 Chapter No 7
Q-10 - CH-7 -D.K Goal +1 Book 2020 - Solution

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Question No 10 Chapter No 7

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10. Record the following transaction of S. Tendulkar in Triple Column Cash Book and Journal. Only transactions not Suitable for the cash book to be entered to Journal. His overdraft arrangement with the bank has a maximum limit of Rs 1,50,000

2020 
Apr.1Cash in hand Rs 10,000 and overdraft at bank Rs 48,000
Apr.2Received remittance from S. Dalal Rs 55,000
Apr.2Paid telephone bill Rs 5,400 by cheque
Apr.4Cash sale worth Rs 60,000 less trade discount @15% and cash discount @5%
Apr.5Paid to Rahul – cash Rs 15,000 and cheque for Rs 40,000 in  full settlement of his dues for Rs 56,000
Apr.6Deposited the required cash into the bank account, to clear the overdraft balance as on date
Apr.8Paid rates Rs 1,200 repair to office furniture Rs 400and postage Rs 300; all in cash 
Apr.9Sale proceeds of household furniture Rs 10,000 was deposited in the bank
Apr.10Effected a cash purchase of Rs 4,000 by a bearer cheque
Apr.11Received from an outstation customer a net amount by a cheque of Rs 14,630 after allowing 5% discount. The cheque was deposited into the bank on 12th April. The bank debited Rs 25 as collection charges
Apr.12Purchased goods from Aaryan for Rs 80,000 and a cheque was issued to him on 14th after deducting 5% cash discount 
Apr.15Sold goods to Dinesh Rs 40,000
Apr.17Dinesh returned goods worth Rs 1,000 and settled his account after deducting 4% cash discount. The cheque was immediately deposited into the bank.
Apr.20Bank notifies that Dinesh’s cheque has been dishonored and the bank debited Rs 100 for the cheque
Apr.29Withdrawn from bank account the sum of Rs 25,000 in preparation for salary payment made in cash every month
Apr.30Paid from the cash account the total salary for April Rs 28,000
Apr.30Drew from the bank for office use raising the overdraft to the maximum permissible limit.

The solution of Question No 10 Chapter No 7: –

Dr.Cash BookCr.
DateParticulars
L.
F.
Discount
Allowed
CashBankDateParticulars
L.
F.
Discount ReceivedCashBank
2020     2020     
Apr.1To Balance b/d 10,000Apr.01By Balance b/d 48,000
Apr.3To S. Dalal A/c 55,000Apr.02By Telephone A/c 5,400
Apr.04To Sale A/c 2,55048,450Apr.05By Rahul A/c 1,00015,00040,000
Apr.06To Cash A/c 93,400Apr.06By Bank A/c 93,400
Apr.09To Capital A/c 10,000Apr.08By Rates , repair & postage A/c  1,900
Apr.12To Debtor A/c*1 770 14,605Apr.10By Purchases A/c 4,000
Apr.17To Dinesh A/c 1,56037,440Apr.14By Aryan A/c 4,000 76,000
Apr.29To Bank A/c 25,000Apr.20By Aryan A/c   37,540
Apr.30To Bank A/c 69,505Apr.29By Cash A/c   25,000
      Apr.30By Salary A/c 28,000
      Apr.30By Cash A/c   69,505
            
Jun.30To Balance C/d 4,8801,50,000Jun.30By Balance C/d 5,000
69,655
   4,8802,07,9553,05,445   5,0002,07,9553,05,445

 

Note: In this question there is the difference in the answer of Cash Account in the book the answer is Rs 69,665 but the answer real answer is Rs 69,655.

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Working Note:

*1

April 12: Calculation of Amount of discount: 

Amount of Discount = Amount received *  Rate / 100- Rate  (Because net amount received is given)

= 14630 * 5/100-5
= 14630 * 5/95
= 770

 

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