Question No 14 Chapter No 7

Question No 14 Chapter No 7

14. Enter the following transactions in a triple column Cash Book:-

2020 Rs
Mar.1Commenced business with 1,00,000 of which 20,000 were borrowed from Mr. Ratan 
Mar.2Opened current account with Punjab National Bank75,000
Mar.4Bought goods by cheque60,000
Mar.5Purchased a typewriter for 4,000 and spent 500 on its repairs 
Mar.8Paid petty cash expenses200
Mar.10Transferred from Current account to Fixed Deposit Account in the Bank5,000
Mar.12Sold goods for Cash 25,000 and cheque 15,000 
Mar.13Deposited the above cheque into the bank 
Mar.15Purchased goods from Ram Singh on Credit25,000
Mar.18Settled Ram Singh’s Account by cheque24,750
Mar.20Sent a cheque in payment of the fees of Proprietor’s son500
Mar.25Cash sales received a cheque4,000
Mar.28Deposited the above cheque into bank, collection charges25
Mar.31Repaid the loan taken from Mr. Ratan including interest @ 18% p.a 

The solution of Question No 14 Chapter No 7: –

Dr.Cash BookCr.
DateParticulars
L.
F.
Discount
Allowed
CashBankDateParticulars
L.
F.
Discount ReceivedCashBank
2020     2020     
Mar.1To Balance b/d 80,000Mar.02By Bank A/c 75,000
Mar.1To Loan from Ratan A/c 20,000Mar.4By Purchases A/c 60,000
Mar.02To Cash A/c 75,000Mar.5By Office Equipment A/c 4,500
Mar.12To Sale A/c 25,000Mar.08By Petty Expenses A/c 200
Mar.13To Cheque in Hand A/c 15,000Mar.10By Fixed Deposit A/c  5,000
Mar.28To Cheque in Hand A/c  4,000Mar.18By Ram Singh A/c 25024,750
      Mar.20By Drawings A/c 500
      Mar.28By Collection Charges A/c 25
      Mar.31By Loan from Ratan A/c  20,000 
      Mar.31By Interest paid on Loan A/c  300 
            
Jun.30To Balance c/d   Jun.30By Balance C/d 250
25,000325
   1,25,00094,000   2501,25,00094,000

 

 
DateParticulars
L.F.DebitCredit
2020     
Mar. 12Cheques-in-Hand A/cDr. 15,000 
 To Sales A/c   15,000
 (Being Received cheque from kalpna)    
      
Mar. 06Cheques-in-Hand A/cDr. 4,000 
 To Sales A/c   4,000
 (Being Received cheque)    
      
Feb. 06Bank A/cDr. 10,000 
 To Cheques-in-Hand A/c 2   10,000
 (Being Cheque received from Kalpna, sent to bank for collection)    
     

Calculation of interest on the loan 

Interest on Loan=20,000x18x1
10012
       
 =300    



Cash Book | Types of Cash Book | Subsidiary Books

Thanks, Please Like and share with your friends  

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

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

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 14 Chapter No 7 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_Image

 

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-

close