Question No 12(A) Chapter No 5

Question No 12(A) Chapter No 5

12(A). Following balances appeared in the books of Radhika Traders as on 1st April, 2017:− Assets: Cash 8,000; Cash at Bank 7,000; Stock 30,000; Debtors : 36,000 Mohan 10, 000;Sohan 12, 000; Dinesh 14, 000 ; Furniture 5,000; Building 25,000. Liabilities: Creditors− X 5,000; Y 6,000. In April 2017, the following transaction took place:

2018 Rs
Apr.2Bought goods of the list price of 6,000 from Khanna Brothers less 15% trade discount and 2% cash discount and paid 40% price at the same time 
Apr.3Received a draft from Mohan in full settlement and deposited it into Bank9,750
Apr.5Purchased goods from Suresh of the list price of 8,000 at 20% trade discount and paid him by cheque. 
Apr.8Sold goods and received a cheque25,000
Apr.10Deposited the above cheque into Bank 
Apr.12Sohan deposited in our Bank A/c4,000
Apr.16Paid Income Tax by Cheque5,600
Apr.20Received a cheque from Sohan and sent it to Bank7,800
 Discount allowed200
Apr.21Withdrew from Bank−for office2,000
 for private use4,000
Apr.23Sent a cheque to X in full settlement of his A/c4,900
Apr.27The cheque of Sohan returned by the bank as dishonored. 
Apr.28Dinesh was declared insolvent and a payment of 60 paise in a received from his estate by a Cheque 
Apr.30Bank allowed Interest350
 Paid for Rent by cheque1,500
 Paid for traveling expenses by cheque500

The solution of Question No 12(A) Chapter No 5: –

In the Books of Hari Shankar & Co
Apr.1Cash in Hand A/cDr. 8,000 
 Cash at Bank A/cDr. 7,000 
 Stock A/cDr. 30,000 
 Mohan’s A/cDr. 10,000 
 Sohan’s A/cDr. 12,000 
 Dinesh’s A/cDr. 14,000 
 Furniture A/cDr. 5,000 
 Building A/cDr. 25,000 
 To X’s A/c   5,000
 To Y’s A/c   6,000
 To Capital A/c (Balancing figure)   1,00,000
 (Being balances of the previous year brought forward .)   
Apr.2Purchases A/cDr. 5,100 
 To Khanna Brothers   3,060
 To Cash A/c   1,999
 To Discount Received A/c   41
 (Being Goods purchased and received a discount on cash payment.)   
Apr.3Bank A/cDr. 9,750 
 Discount Allowed A/cDr. 250 
 To Mohan A/c  1,000
 (Being Draft received from Mohan deposited into the bank)   
Apr.5Purchases A/cDr. 6,400 
 To Bank A/c  6,400
 (Being Goods purchased and payment made by cheque)   
Apr.8Cheques-in-Hand A/cDr. 25,000 
 To Sales A/c  25,000
 (Being goods sold and received a cheque.)   
Apr. 10Bank A/cDr. 25,000 
 To Cheques-in-Hand A/c  25,000
 (Being Cheque deposited into the bank)   
Apr.12Bank A/cDr. 6,400 
 To Sohan’s A/c   6,400
 (Being Amount deposited by Sohan )    
Apr. 16Drawings A/cDr. 5,600 
 To Cash A/c   5,600
 (Being Incometax paid)    
Apr.20Bank A/cDr. 7,800 
 Discount Allowed A/cDr. 200 
 To Sohan’s A/c   8,000
 (Being Banked cash received from Sohan in full settlement.)    
Apr.21Drawings A/cDr. 4,000 
 Cash A/cDr. 2,000 
 To Bank A/c   6,000
 (Being Amount withdrawn for office and personal use.)    
Apr.23X A/cDr. 5,000 
 To Bank A/c   4,900
 To Discount Received A/c   100
 (Being Cheque issued to X in full settlement of his account)    
Apr.27Sohan’s A/cDr. 8,000 
 To Bank A/c   7,800
 To Discount Received A/c   200
 (Being Cheque received from Sohan gets dishonored)    
Apr.28Cash A/cDr. 8,400 
 Bad Debts A/cDr. 5,600 
 To Dinesh’s A/c   14,000
 (Being Cash received and bad −debts written off.)    
Apr.30Bank A/cDr. 350 
 To Interest A/c   350
 (Being Interest allowed by the bank.)    
Apr.30Rent A/cDr. 1,500 
 Traveling Expenses A/cDr. 500 
 To Bank A/c   2,000
 (Being Expenses paid through cheque.)    

Check out our article on the meaning of financial accounting: 

Financial Accounting – Introduction and its Functions

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