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Question No 12 Chapter No 8 – T.S. Grewal 11 Class

Question No. 12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Question No. 12 - Chapter No.8 - T.S. Grewal +1 Book 2019

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Question No 12 Chapter No 8

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Journalise the following transactions of Satish, Noida(UP):

2018 Rs
Jan-01Started business with cash 40,000
Jan-02Opened Bank account by cheque from Saving Account60,000
Jan-03Brought goods from M/s S. Singh & Co., Delhi20,000
Jan-04Introduced additional Capital by cheque5,000
Jan-04Purchased computer against cheque from Computer Mart, Noida15,000
Jan-06Paid for postage150
Jan-08Sold goods for cash 4,000
Jan-09Sold goods to M/s Sharda & Co., Delhi10,000
Jan-15Paid to M/s S. Singh & Co.19,500
 Discount allowed by them 500
Jan-25Sold goods to M/s Ray & Co. Kolkata5,600
Jan-27Received cheque from M/s Sharda & Co. in full settlement of amount due from them9,750
Jan-31Paid for Electricity Charges1,000
Jan-31Paid rent of building by cheque. Half of the building is used by the proprietor for residential use. 5,000
Jan-31Drew for private use3,500

CGST and SGST @6% each on intra-state sale and purchase. IGST is lived @ 12% on inter-state sale and purchase.

Solution of Question No 12 Chapter No 8:

In the Books of Satish, Noida(UP)
Date  Particulars
L.F.DebitCredit
Jan 1Cash A/cDr. 40,000 
            To Capital A/c  40,000
 (Being commenced business with cash.)   
      
Jan 2Bank A/cDr. 60,000 
            To Capital A/c  60,000
 (Being opened a current account by cheque from saving account)   
      
Jan 3Purchase A/cDr. 20,000 
 IGST Input A/cDr. 2,400 
           To M/s S. Singh & Co. A/c  22,400
 (Being goods purchased from M/s S. Singh & Co.)   
      
Jan 4Bank A/cDr. 5,000 
            To Capital A/c  5,000
 (Being additional capital introduced into the business)   
      
Jan 4Computer A/cDr. 15,000 
 CGST Input A/cDr. 900 
 SGST Input A/cDr. 900 
           To Bank A/c   16,800
 (Being computer purchased from Computer Mart, Noida and payment made by cheque.)   
      
Jan 6Postage A/cDr. 150 
           To Cash  A/c   150
 (Being Postage paid.)   
      
Jan 8Cash A/cDr. 4,480 
           To Sales A/c   4,000
           To CGST Output A/c   240
           To SGST Output A/c   240
 (Being goods sold for cash)   
      
Jan 9M/s Sharda & Co. A/cDr. 11,200 
           To Sales A/c  10,000
           To IGST Output A/c  1,200
 (Being goods sold to M/s Sharda & Co.)   
      
Jan 15M/s S. Singh & Co. A/cDr. 20,000 
           To Cash  A/c   19,500
           To Discount Received A/c   500
 (Being payment made to M/s S. Singh & Co and receive discount)   
      
Jan 25M/s Ray & Co. A/cDr. 6,272 
           To Sales A/c  5,600
           To IGST Output A/c  672
 (Being goods sold to M/s Ray & Co.)   
      
Jan 27Cash A/cDr. 9,750 
 Discount Allowed A/cDr. 250 
           To M/s Sharda & Co. A/c   10,000
 (Being payment received from Sharda & Co.and allow him discount)   
      
Jan 31Electricity Charges A/cDr. 1,000 
           To Cash  A/c   1,000
 (Being Rent paid.)   
      
Jan 31Rent A/cDr. 2,500 
 Drawing A/cDr. 2,500 
           To Cash  A/c   5,000
 (Being Rent paid for the building. Half of the building is used by the proprietor for residential use.)   
      
Jan 31Drawing A/cDr. 2,500 
           To Cash  A/c   2,500
 (Being cash withdrawal by owner for personal use.)   
     

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 1 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Cash

 Assets

 Real Account

 Cash received by business

Cash Comes In

Debit

Capital (owner)

 Personal

 Personal Account

 Giving cash to business

Owner is Giver

Credit

Transaction No. 2

Transaction No. 2 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 2 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Bank

Artificial Person

  Personal  Account

 Bank receiving cheque

Bank is receiver

Debit

Capital (Owner)

 Personal

 Personal Account

 Depositing cash into business bank account

Owner is Giver

Credit

Transaction No. 3

Transaction No. 3 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 3 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Purchase (Goods)

 Assets

 Real Account

 Goods received by business

Goods comes in

Debit

IGST Input A/c

Expenses

Nominal Account

Tax collected from buyer

All Expenses and losses

Debit

M/s S. Singh & Co

 A/Person

 Personal Account

Goods given

S Singh is Giver

Credit

Transaction No. 4

Transaction No. 4 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 4 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Bank

Artificial Person

  Personal  Account

 Bank receiving cheque

Bank is receiver

Debit

Capital (Owner)

 Personal

 Personal Account

 Depositing cash into business bank account

Owner is Giver

Credit

Transaction No. 5

Transaction No. 5 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 5 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Computer

 Assets

 Real Account

 Computer received by business

Computer comes in

Debit

CGST Input A/c

Expenses

Nominal Account

Tax collected from buyer

All Expenses and losses

Debit

SGST Input A/c

Expenses

Nominal Account

Tax collected from buyer

All Expenses and losses

Debit

 Bank A/c

A/ Person

Personal Account

 Cash paid by business by cheque

Bank Giver

Credit

Transaction No. 6

Transaction No. 6 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 6 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Postage

Expenses

Nominal Account

Expenses Incurred

All Exp. or Loss

Debit

 Cash

 Assets

 Real Account

 Cash paid by business

 Cash goes out

Credit

Transaction No. 7

Transaction No. 7 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 7 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Cash

 Assets

 Real Account

 Cash received by business

Cash Comes In

Debit

Sales a/c (Goods)

 Assets

 Real Account

 Goods giving by Business

Goods Goes out

Credit

CGST Output A/c

Income

Nominal Account

Tax collected from buyer

All income and gains

Credit

SGST Output A/c

Income

Nominal Account

Tax collected from buyer

All income and gains

Credit

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Transaction No. 8

Transaction No. 8 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 8 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Sharda & Co.

 A/Person

 Personal Account

Goods received

They are receiver

Debit

Sales a/c (Goods)

 Assets

 Real Account

 Goods giving by Business

Goods Goes out

Credit

CGST Output A/c

Income

Nominal Account

Tax collected from buyer

All income and gains

Credit

SGST Output A/c

Income

Nominal Account

Tax collected from buyer

All income and gains

Credit

Transaction No. 9

Transaction No. 9 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 9 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

 M/s S. Singh & Co.

A/Person

Personal Account

Receiving  payment

They are Receiver

Debit

 Cash

Assets

 Real Account

Payment made in cash

Cash goes out

Credit

Discount Received

gain

Nominal Account

Discount received

All income and gains

Credit

Transaction No. 10

Transaction No. 10 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 10 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Ray & Co.

 A/Person

 Personal Account

Goods received

They are receiver

Debit

Sales a/c (Goods)

 Assets

 Real Account

 Goods giving by Business

Goods Goes out

Credit

CGST Output A/c

Income

Nominal Account

Tax collected from buyer

All income and gains

Credit

SGST Output A/c

Income

Nominal Account

Tax collected from buyer

All income and gains

Credit

Transaction No. 11

Transaction No. 11 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 11 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Bank

Artificial Person

  Personal  Account

 Bank receiving cheque

Bank is receiver

Debit

Discount Allowed

Loss

Nominal Account

Discount allowed

All expenses and losses

Debit

Sharda & Co.

 Artificial Person

 Personal Account

 making payment with cheque

They are giver

Credit

Transaction No. 12

Transaction No. 12 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 12 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Electricity Charges A/c

Expenses

Nominal Account

Expenses Incurred

All Exp. or Loss

Debit

 Cash

 Assets

 Real Account

 Cash paid by business

 Cash goes out

Credit

Transaction No. 13

Transaction No. 13 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 13 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Rent A/c

Expenses

Nominal Account

Expenses Incurred

All Exp. or Loss

Debit

 Drawing A/c

Person (Owner)

Personal Account

Rent of building paid (personal used)

owner received benefits

Debit

 Bank A/c

Artificial Person

Personal Account

 Cash paid by business by cheque

Bank Giver

Credit

Transaction No. 14

Transaction No. 14 Question No.12 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 14 Question No.12 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

 Drawing A/c

Person (Owner)

Personal Account

Cash withdrawal for personal use

owner receiver

Debit

 Cash A/c

 Assets

 Real Account

 Cash paid by business

 Cash goes out

Credit

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