Question No 15 Chapter No 5 - D.K Goal Class 11

Question No 15 Chapter No 5

Table of Contents

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

Jun. 1	Arun Govil & Co. paid into the bank as capital 6,00,000.
Jun. 3	Purchased goods from Mukesh of the list price of 2,00,000 at a 10% trade discount
Jun. 4	One-fourth of the above goods returned to Mukesh for not being up to specifications.
Jun. 6	Issued a cheque to Mukesh for the amount due to him after deducting 2% as cash discount
Jun. 7	Withdrew from bank 2,50,000 for office use and 10,000 for personal use.
Jun.10	Purchased 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.12	Sold goods for 1,00,000 to Amar
Jun.13	Amar clears his account by giving a cheque of 98,500. The cheque is immediately sent to the bank.
Jun.15	Purchased stationery for personal use 3,000 and for office use 5,000.
Jun.20	Purchased 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.30	Wages 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
Date	Particulars		L.F.	Debit	Credit
2019
Jun. 01	Bank A/c	Dr.		6,00,000
	To Capital A/c				6,00,000
	(Being Business started with cash.)

Jun. 3	Purchases A/c	Dr.		1,80,000
	To Mukesh’s A/c				1,80,000
	(Being Goods purchased from Mukesh @10)

Jun. 4	Mukesh’s A/c	Dr.		35,000
	To Purchases Return A/c				35,000
	(Being 1/4th goods returned to Mukesh)

Jun. 6	Mukesh A/c	Dr.		1,35,000
	To Bank A/c				1,32,300
	To Discount Received A/c				2,700
	(Being Machinery purchased and expenses paid)

Jun. 7	Drawings A/c	Dr.		10,000
	Cash A/c	Dr.		2,50,000
	To Bank A/c				2,60,000
	(Being Cash with drawn for office and personal use)

Jun. 10	Machinery A/c	Dr.		1,05,000
	To Bank A/c				1,00,000
	To Cash A/c				5,000
	(Being Machinery purchased and paid installation charges)

Jun. 12	Bank A/c	Dr.		98,500
	Discount Allowed A/c	Dr.		1,500
	To Amar’s A/c				1,00,000
	(Being Cheque received from Amar in full settlement )

Jun. 15	Drawings A/c	Dr.		3,000
	Stationery A/c	Dr.		5,000
	To Cash A/c				8,000
	(Being Stationery purchased for office and personal use)

Jun. 20	Land A/c	Dr.		2,17,000
	To Bank A/c				2,17,000
	(Being Land purchased and brokerage paid)

Jun. 30	Salaries A/c	Dr.		30,000
	Wages A/c	Dr.		20,000
	To Outstanding Wages A/c				20,000
	To Outstanding Salaries A/c				30,000
	(Being Outstanding expenses provided)