Question No 15 Chapter No 5

Question No 15 Chapter No 5

15.Enter the following transactions in the Journal of Arun Govil & Co. :

Jun. 1Arun Govil & Co. paid into the bank as capital 6,00,000.
Jun. 3Purchased goods from Mukesh of the list price of 2,00,000 at a 10% trade discount
Jun. 4One-fourth of the above goods returned to Mukesh for not being up to specifications.
Jun. 6Issued a cheque to Mukesh for the amount due to him after deducting 2% as cash discount
Jun. 7Withdrew from bank 2,50,000 for office use and 10,000 for personal use.
Jun.10Purchased machinery for 1,00,000 and spent 5,000 on its installation. Payment for machinery was made by cheque and installation expenses were paid in cash.
Jun.12Sold goods for 1,00,000 to Amar
Jun.13Amar clears his account by giving a cheque of 98,500. The cheque is immediately sent to the bank.
Jun.15Purchased stationery for personal use 3,000 and for office use 5,000.
Jun.20Purchased land for 2,00,000 and paid 1% as brokerage and 15,000 as registration charges on it. The entire payment is made by Cheque.
Jun.30Wages due to laborers 20,000 and salary due to the clerk 30,000.


The solution of Question No 15 Chapter No 5: –

In the Books of Hari Shankar & Co
Jun. 01Bank A/cDr. 6,00,000 
 To Capital A/c   6,00,000
 (Being Business started with cash.)   
Jun. 3Purchases A/cDr. 1,80,000 
 To Mukesh’s A/c   1,80,000
 (Being Goods purchased from Mukesh @10)   
Jun. 4Mukesh’s A/cDr. 35,000 
 To Purchases Return A/c  35,000
 (Being 1/4th goods returned to Mukesh)   
Jun. 6Mukesh A/cDr. 1,35,000 
 To Bank A/c  1,32,300
 To Discount Received A/c  2,700
 (Being Machinery purchased and expenses paid)   
Jun. 7Drawings A/cDr. 10,000 
 Cash A/cDr. 2,50,000 
 To Bank A/c   2,60,000
 (Being Cash with drawn for office and personal use)    
Jun. 10Machinery A/cDr. 1,05,000 
 To Bank A/c   1,00,000
 To Cash A/c   5,000
 (Being Machinery purchased and paid installation charges)    
Jun. 12Bank A/cDr. 98,500 
 Discount Allowed A/cDr. 1,500 
 To Amar’s A/c   1,00,000
 (Being Cheque received from Amar in full settlement )    
Jun. 15Drawings A/cDr. 3,000 
 Stationery A/cDr. 5,000 
 To Cash A/c   8,000
 (Being Stationery purchased for office and personal use)    
Jun. 20Land A/cDr. 2,17,000 
 To Bank A/c   2,17,000
 (Being Land purchased and brokerage paid)    
Jun. 30Salaries A/cDr. 30,000 
 Wages A/cDr. 20,000 
 To Outstanding Wages A/c   20,000
 To Outstanding Salaries A/c   30,000
 (Being Outstanding expenses provided)    




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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