Question No 13 Chapter No 5

Question No 13 Chapter No 5

13. Pass Journal Entries for the following transactions:−

1Provide depreciation on Furniture 500 and on Machinery 2,000
2Received cash 1,000 for bad-debts written off last year.
3Ajay Singh was declared bankrupt. He owed 2,500 to us. Nothing could be recovered from his estate.
420,000 for wages and 4,000 for salaries are outstanding.
5Purchased furniture for 6,000 for the proprietor and paid the amount by cheque
6Provide 9% interest on capital amounting to 2,00,000
7Charge interest on drawings 1,000.

 

The solution of Question No 13 Chapter No 5: –

In the Books of Hari Shankar & Co
DateParticulars
L.F.DebitCredit
2019     
1Depreciation A/cDr. 2,500 
 To Furniture A/c   500
 To Machinery A/c   2,000
 (Being Depreciation charged on furniture and machinery.)   
     
2Cash A/cDr. 1,000 
 To Bad Debts Recovered A/c   1,000
 (Being Bad debts recovered)   
      
3Bad Debts A/cDr. 2,500 
 To Ram’s A/c  2,500
 (Being Bad debts written −off)   
     
4Wages A/cDr. 20,000 
 Salaries A/cDr. 4,000 
 To Outstanding Wages A/c  20,000
 To Outstanding Salaries A/c  4,000
 (Being Wages and Salaries were outstanding)   
     
5Drawings A/cDr. 6,000 
 To Bank A/c  6,000
 (Being Furniture purchased for personal use)   
     
6Interest on Capital A/cDr. 18,000 
 To Capital A/c  18,000
 (Being Interest on capital provided)   
     
7Drawings A/cDr. 1,000 
 To Interest on Drawings A/c   1,000
 (Being Interest on drawings charged)    
     

 

 

 

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

Chapter 4 Double Entry System

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)

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)

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)

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)

 

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