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Question No 15 Chapter No 5
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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) | |||||
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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/- |
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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
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Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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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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