Question No 15 Chapter No 5 – USHA Publication 11 Class

Question No 15 Chapter No 5

Question No 15 Chapter No 5

15. Journalese the following transaction in the book of Modi :

2019  
Jan. 1 Modi started the business with Rs 2,00,000
Jan. 5 Purchased goods worth Rs 30,000 at the trade discount of 5%
Jan. 6 Purchased goods worth Rs 40,000 at cash discount 6%
Jan. 7 Sold goods worth Rs 35,000 to Hooda at trade discount 2%
Jan. 8 Sold goods worth Rs 25,000 to Nitish at cash discount 4%, the cheque was received on the spot
Jan. 12 5Goods of the selling price of Rs 20,000 were sold at trade discount 6% and cash discount 2% payment received by cheque

 

The solution of Question No 15 Chapter No 5: –

 

In the Books of Modi
Date Particulars
L.F. Debit Credit
2019          
Jan.1 Cash A/c Dr.   2,00,000  
  To Capital A/c       2,00,000
  (Being started with cash .)      
         
Jan.5 Purchases A/c Dr.   28,500  
  To Cash A/c       28,500
  (Being Goods bought of 30,000 at 5% trade discount.)      
           
Jan.6 Purchases A/c Dr.   40,000  
  To Cash A/c     37,600
  To Discount received A/c     2,400
  (Being goods bought and discount received)      
         
Jan.7 Hooda A/c Dr.   34,300  
  To Sale A/c     34,300
  (Being Goods sold with 35,000 at 2% trade discount.)      
         
Jan.8 Bank A/c Dr.   24,000  
  Discount allowed A/c Dr.   1,000  
  To Sale A/c     25,000
  (Being Goods sold by cheque and Discount allowed .)      
         
Jan.12 Bank A/c Dr.   18,620  
  Discount allowed A/c Dr.   380  
  To Sale A/c     19,000
  (Being Goods sold by cheque worth Rs 20,000 at trade discount of 5% and Cash discount)      
         

 

Working note: –

Jan.5: Purchased goods for 30,000 at Trade Discount 5%

Trade Discount = List price * Rate of Trade Discount
  = 30,000 X 5%
  = 1,500/-    
Total Due Amount = List price Trade Discount
  = 30,000 1,500
  = 28,500/-    

Jan.6: Purchased goods for 40,000 at Cash Discount 6%



Cash Discount = List price after Trade Discount * Rate of Cash Discount
  = 40,000 X 6%
  = 2,400/-    

Jan.7: Sold goods for 35,000 at Trade Discount 2%

Trade Discount = List price * Rate of Trade Discount
  = 35,000 X 2%
  = 700/-    
Total Due Amount = List price Trade Discount
  = 35,000 700
  = 34,300/-    

Jan.8: Sold goods worth Rs 25,000 to Nitish at a cash discount of 4%, the cheque was received on the spot

Cash Discount = List price after Trade Discount * Rate of Cash Discount
  = 25,000 X 4%
  = 1,000/-    

Jan.10: Goods of the selling price of Rs 20,000 with Trade Discount 5% and Cash Discount 2%

Trade Discount = List price * Rate of Trade Discount
  = 20,000 X 5%
  = 1,000/-    
Total Due Amount = List price Trade Discount
  = 20,000 1,000
  = 19,000/-    
Cash Discount = List price after Trade Discount * Rate of Cash Discount
  = 19,000 X 2%
  = 380/-    

How to make Journal Entries in Accounting – Explanation

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

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

 

 

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