Question No 15 Chapter No 8 – T.S. Grewal 11 Class

Question No. 15 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 15 Chapter No 8

Record the following transactions in the Journal of Ashoka Furniture Traders, Ludhiana(Punjab):

2018   Rs
Apr 01 Suresh paid into Bank as capital  60,000
Apr 02 He bought goods for cheque  24,000
Apr 03 Sold to Mukand & co., Delhi 6,700
Apr 04 Sold goods for cash  10,900
Apr 05 Paid Sundry Expenses in Cash 3,000
Apr 08 Paid for office Furniture and fittings by cheque 4,000
Apr 09 Bought goods from Ramesh and Bros., Faridabad(Haryana) 10,600
Apr 10 Sold to Mahendra of Delhi 18,700
Apr 11 Returned goods to Ramesh & Bors. 1,500
Apr 12 Issued Cheque to Ramesh & Bros. in full settlement  9,000
Apr 14 Sold goods for cash 4,900
Apr 30 Bank charged Interest  200
Apr 30 Borrowed from Ridhi @ 10% per annum interest 50,000
Apr 30 Received from Mahendra on account 6,000
Apr 30 Sold Household furniture and paid the amount into business 2,000
Apr 30 Sold goods costing Rs 5000 to Anita for cash at a profit of 20% on cost, less 20% trade discount.  
Apr 30 Sold goods costing Rs 20,000 to Sunil at a profit of 20% on sale less 20% trade discount and paid cartage Rs 150(to be charged from customer)  

CGST and SGST @6% each on intra-state sale and purchase. IGST is lived @ 12% on inter-state sale and purchase.

Solution of Question No 15 Chapter No 8:

In the Books of Ashoka Furniture Trader, Ludhiana (Punjab)

Date   Particulars
L.F. Debit Credit
April 1 Bank A/c Dr.   60,000  
             To Capital A/c     60,000
  (Being started business with opening a bank account)      
           
April 2 Purchase A/c Dr.   24,000  
  CGST Input A/c Dr.   1,440  
  SGST Input A/c Dr.   1,440  
            To Bank A/c     26,880
  (Being goods purchased by cheque.)      
           
April 3 Mukand & Co. A/c Dr.   7504  
            To Sales A/c       6,700
            To CGST Output A/c       402
            To SGST Output A/c       402
  (Being goods sold to Mukand & Co.)      
           
April 3 Cash A/c Dr.   12,208  
            To Sales A/c       10,900
            To CGST Output A/c       654
            To SGST Output A/c       654
  (Being goods sold for cash)      
           
April 5 Sundry Expenses A/c Dr.   3,000  
            To Cash A/c     3,000
  (Being Sundry Expenses paid.)      
           
April 8 Office Furniture and Fitting A/c Dr.   4,000  
  CGST Input A/c Dr.   240  
  SGST Input A/c Dr.   240  
            To Bank A/c     4,480
  (Being paid for office furniture and fitting)      
           
April 9 Purchase A/c Dr.   10,600  
  IGST Input A/c Dr.   1,272  
            To Ramesh and Bros., A/c     11,872
  (Being purchased goods from Ramesh and Bros., Faridabad)      
           
April 10 Mahendra A/c Dr.   20,944  
            To Sales A/c       18,700
            To CGST Output A/c       1,122
            To SGST Output A/c       1,122
  (Being goods sold to Mahendra )      
           
April 11 Ramesh and bros. A/c Dr.   1,680  
            To Purchase Return A/c       1,500
            To IGST Output A/c       180
  (Being goods returned to Ramesh and bros )      
           
April 11 Ramesh and bros. A/c Dr.   10,192  
            To Bank A/c       9,000
            To Discount Received A/c       1,192
  (Being goods returned to Ramesh and bros )      
           
April 12 Cash A/c Dr.   10,000  
  Discount Allowed A/c Dr.   80  
            To Rakesh A/c       10,080
  (Being paid to Ramesh and bros. by cheque and received discount )      
           
April 14 Cash A/c Dr.   5,488  
            To Sales A/c       4,900
            To CGST Output A/c       294
            To SGST Output A/c       294
  (Being goods sold for cash)      
           
April 31 Interest A/c Dr.   200  
            To Bank A/c       200
  (Being bank charge interest.)      
           
April 30 Cash A/c Dr.   50,000  
            To Loan from Ridhi A/c       50,000
  (Being borrowed from Ridhi)      
           
April 30 Cash A/c Dr.   6,000  
            To MahendraA/c       6,000
  (Being payment received from Mahendra)      
           
April 30 Cash A/c Dr.   2,000  
             To Capital A/c     2,000
  (Being owner invested further capital.)      
           
April 30 Cash A/c Dr.   5,376  
            To Sales A/c       4,800
            To CGST Output A/c       288
            To SGST Output A/c       288
  (Being goods sold to Anita for cash)      
           
April 30 Sunil A/c Dr.   22,550  
            To Sales A/c       20,000
            To CGST Output A/c       1,200
            To SGST Output A/c       1,200
            To Cash A/c     150
  (Being goods sold to Sunil and cartage paid which charges from Sunil)      
         

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank Artificial Person   Personal  Account   Bank receiving cash  Bank is receiver Debit
Capital (Owner)  Personal   Personal Account   Depositing cash into business bank account  Owner is Giver Credit

Transaction No. 2

Transaction No. 2 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 2 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Purchase (Goods)   Assets   Real Account   Goods received by business Goods comes in  Debit
CGST Input A/c  Expenses Nominal Account Tax collected from buyer  All Expenses and losses Debit 
SGST Input A/c  Expenses Nominal Account Tax collected from buyer  All Expenses and losses Debit 
 Bank A/c  A/ Person Personal Account   Payment made with cheque Bank is Giver Credit

Transaction No. 3

Transaction No. 3 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 3 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Mukand & Co A/Person   Personal Account  Goods received  He is  receiver Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
CGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 

Transaction No. 4

Transaction No. 4 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 4 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
CGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 

Transaction No. 5

Transaction No. 5 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 5 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Sundry Expenses Expense Nominal Account Expenses incurred   All Expenses and Losses  Debit
 Cash Assets  Real Account Payment made in cash Cash goes out Credit

Transaction No. 6

Transaction No. 6 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 6 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Office Furniture  Assets   Real Account   furniture received Furniture comes in  Debit
CGST Input A/c  Expenses Nominal Account Tax collected from buyer  All Expenses and losses Debit 
SGST Input A/c  Expenses Nominal Account Tax collected from buyer  All Expenses and losses Debit 
M/s Singh & Co.  A/Person   Personal Account  Goods given They are Giver Credit

Transaction No. 7

Transaction No. 7 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 7 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Purchase (Goods)   Assets   Real Account   Goods received by business Goods comes in  Debit
CGST Input A/c  Expenses Nominal Account Tax collected from buyer  All Expenses and losses Debit 
SGST Input A/c  Expenses Nominal Account Tax collected from buyer  All Expenses and losses Debit 
 Ramesh and Bros.  A/ Person Personal Account   Giving goods ` They are giver Credit

Transaction No. 8

Transaction No. 8 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 8 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Mahendra Person   Personal Account  Goods received  He is  receiver Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
CGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 

Transaction No. 9

Transaction No. 9 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 9 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Purchase Returned (Goods)   Assets   Real Account   Goods returned by business Goods goes out Credit
CGST Input A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Input A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
 Ramesh and Bros.  A/Person   Personal Account  Goods received  They are receiver Debit

Transaction No. 10

Transaction No. 10 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 10 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank A/Person  Personal  Account   Bank issuing cheque  Bank is giver Credit
Discount Received  gain Nominal Account Discount received All income and gains Credit
 Ramesh and Bros.  A/Person   Personal Account  Goods received  They are receiver Debit

Transaction No. 11

Transaction No. 11 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 11 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
CGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 

Transaction No. 12

Transaction No. 12 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 1 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 12 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash giving by business  Cash goes out Credit 
Bank  Personal   Personal Account   Receiving cash from business Bank is Receiver Debit

Transaction No. 13

Transaction No. 13 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 13 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Ridhi Person  Personal Account Making  payment to business She is giver Credit

Transaction No. 14

Transaction No. 14 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 14 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Mahendra Person  Personal Account Making  payment to business he is giver Credit

Transaction No. 15

Transaction No. 15 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 1 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 15 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Capital (Owner)  Personal   Personal Account   Depositing cash into business bank account  Owner is Giver Credit

Transaction No. 16

Transaction No. 16 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 16 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
CGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 

Transaction No. 17

Transaction No. 17 Question No.15 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 15 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 17 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
 Sunil Person   Personal Account  Goods received  He is receiver Debit
Sales a/c (Goods)   Assets   Real Account   Goods giving by Business Goods Goes out Credit 
CGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
SGST Output A/c  Income Nominal Account Tax collected from buyer  All income and gains  Credit 
Cash   Assets   Real Account   Cash giving by business  Cash goes out Credit 

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