# Question No 15 Chapter No 5 – USHA Publication 11 Class

Q-15 - CH-5 - USHA +1 Book 2020 - Solution

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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## 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)