Question No 15 Chapter No 7

Question No 15 Chapter No 7

15. Enter the following transactions in a three column Cash Book :-

Mar.1Cash in Hand 15,000; Bank 8,000 
Mar.2Sold goods to X on credit for 10,000
Mar.5Sold goods for 20,000; received a cheque from them, discount allowed 2 1/2 %. The cheque was deposited into the bank on 7th March.
Mar.10Purchased goods from Suresh on the terms of 5% Cash discount if the payment is made within 3 days 20,000.
Mar.12Payment made to Suresh; half in Cash and half by cheque
Mar.14Received a Bank Draft for 6,820 from Siya Ram in full settlement of 7,000 due from him. Sent the draft to the Bank. 
Mar.16Settled Pawan’s account of 5,000 at a discount of 5%
Mar.17Goods worth 8,000 were purchased from Sunil on 5th March. Its payment was made today by cheque after deducting 5% cash discount.
Mar.18Withdrawn from Bank 20,000 and Furniture was purchased for 15,000; the balance taken by the proprietor.
Mar.20Received a cheque from Ravi for 2,850 in a settlement after deducting 5%. Endorsed the cheque to Gopal on 22nd March.
Mar.22Placed an order with ‘Jai Traders’ for goods of the value of 10,000 and sent a cheque of 8,000 with the order.
Mar.23Purchased furniture by cheque of 6,000q
Mar.24Cash sales 15,000; half of which deposited into bank
Mar.25X settled his account by payment of 10,150; 150 being the interest charged.
Mar.27Paid rent to Landlord ‘Rakesh’ by cheque 2,000.
Mar.28Cashed a cheque for 10,000 and paid salaries in cash 8,000
Mar.31Deposited into bank, balance of cash in excess of 5,000.

The solution of Question No 15 Chapter No 7: –

Dr.Cash BookCr.
Discount ReceivedCashBank
2020     2020     
Mar.1To Capital A/c 15,0008,000Mar.12By Suresh A/c 1,0009,5009,500
Mar.7To Sale A/c 50019,500Mar.16By Pawn A/c 2504,750
Mar.14To Siya Ram A/c 1806,820Mar.17By Purchases A/c 4007,600
Mar.24To Sale A/c 7,5007,500Mar.18By Drawings A/c 5,000
Mar.25To X A/c 10,000Mar.18By Furniture A/c  15,000
Mar.25To Interest A/c 150Mar.22By Jai Traders A/c 8,000
Mar.28To Bank A/c  10,000 Mar.23By Furniture A/c 6,000
Mar.31To Cash A/c   15,400Mar.27By Rent A/c 2,000
      Mar.28By Cash A/c 10,000
      Mar.28By Salary A/c  8,000 
      Mar.31By Bank A/c  15,400 
Jun.30To Balance c/d 830 5,880Jun.30By Balance C/d 1,650
   83042,65063,100   1,65042,65063,100


Mar. 05Cheques-in-Hand A/cDr. 19,500 
 Discount Allowed A/cDr. 500 
 To Sales A/c   20,000
 (Being Cheque received from Navin)    
Mar. 20Cheques-in-Hand A/cDr. 2,850 
 Discount Allowed A/cDr. 150 
 To Sales A/c   3,000
 (Being Cheque received from Ravi)    
Mar. 22Gopal A/cDr. 2,850 
 To Cheques-in-Hand A/c   2,850
 (Being Cheque endorsed to Gopal)    

Working Note:-
Cash Deposited into the Bank

Cash Deposited into the bank=Total Cash Column (Dr. side) – Total Cash Column (Cr. side) + Cash Balance maintained
 =42,650 – (22,250 + 5,000)
 =Rs 15,400

Calculation of Discount Allowed to Ravi

The amount received from Ravi is 95% = Rs 2,850

The total amount to be received from Ravi is 100%=100x2,850
 =Rs 3,000  
Discount allowed to Ravi=3,000x5
 =Rs 150  


Cash Book | Types of Cash Book | Subsidiary Books

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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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