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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 - T.S. Grewal +1 Book 2019

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Question No 15 Chapter No 8

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

2018 Rs
Apr 01Suresh paid into Bank as capital 60,000
Apr 02He bought goods for cheque 24,000
Apr 03Sold to Mukand & co., Delhi6,700
Apr 04Sold goods for cash 10,900
Apr 05Paid Sundry Expenses in Cash3,000
Apr 08Paid for office Furniture and fittings by cheque4,000
Apr 09Bought goods from Ramesh and Bros., Faridabad(Haryana)10,600
Apr 10Sold to Mahendra of Delhi18,700
Apr 11Returned goods to Ramesh & Bors.1,500
Apr 12Issued Cheque to Ramesh & Bros. in full settlement 9,000
Apr 14Sold goods for cash4,900
Apr 30Bank charged Interest 200
Apr 30Borrowed from Ridhi @ 10% per annum interest50,000
Apr 30Received from Mahendra on account6,000
Apr 30Sold Household furniture and paid the amount into business2,000
Apr 30Sold goods costing Rs 5000 to Anita for cash at a profit of 20% on cost, less 20% trade discount. 
Apr 30Sold 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.DebitCredit
April 1Bank A/cDr. 60,000 
            To Capital A/c  60,000
 (Being started business with opening a bank account)   
      
April 2Purchase A/cDr. 24,000 
 CGST Input A/cDr. 1,440 
 SGST Input A/cDr. 1,440 
           To Bank A/c  26,880
 (Being goods purchased by cheque.)   
      
April 3Mukand & Co. A/cDr. 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 3Cash A/cDr. 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 5Sundry Expenses A/cDr. 3,000 
           To Cash A/c  3,000
 (Being Sundry Expenses paid.)   
      
April 8Office Furniture and Fitting A/cDr. 4,000 
 CGST Input A/cDr. 240 
 SGST Input A/cDr. 240 
           To Bank A/c  4,480
 (Being paid for office furniture and fitting)   
      
April 9Purchase A/cDr. 10,600 
 IGST Input A/cDr. 1,272 
           To Ramesh and Bros., A/c  11,872
 (Being purchased goods from Ramesh and Bros., Faridabad)   
      
April 10Mahendra A/cDr. 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 11Ramesh and bros. A/cDr. 1,680 
           To Purchase Return A/c   1,500
           To IGST Output A/c   180
 (Being goods returned to Ramesh and bros )   
      
April 11Ramesh and bros. A/cDr. 10,192 
           To Bank A/c   9,000
           To Discount Received A/c   1,192
 (Being goods returned to Ramesh and bros )   
      
April 12Cash A/cDr. 10,000 
 Discount Allowed A/cDr. 80 
           To Rakesh A/c   10,080
 (Being paid to Ramesh and bros. by cheque and received discount )   
      
April 14Cash A/cDr. 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 31Interest A/cDr. 200 
           To Bank A/c   200
 (Being bank charge interest.)   
      
April 30Cash A/cDr. 50,000 
           To Loan from Ridhi A/c   50,000
 (Being borrowed from Ridhi)   
      
April 30Cash A/cDr. 6,000 
           To MahendraA/c   6,000
 (Being payment received from Mahendra)   
      
April 30Cash A/cDr. 2,000 
            To Capital A/c  2,000
 (Being owner invested further capital.)   
      
April 30Cash A/cDr. 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 30Sunil A/cDr. 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: –

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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
Transaction No. 1 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
BankArtificial Person  Personal  Account  Bank receiving cash Bank is receiverDebit
Capital (Owner) Personal  Personal Account  Depositing cash into business bank account Owner is GiverCredit

Transaction No. 2

Transaction No. 2 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 2 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Purchase (Goods)  Assets  Real Account  Goods received by businessGoods comes in Debit
CGST Input A/c ExpensesNominal AccountTax collected from buyer All Expenses and lossesDebit 
SGST Input A/c ExpensesNominal AccountTax collected from buyer All Expenses and lossesDebit 
 Bank A/c A/ PersonPersonal Account  Payment made with chequeBank is GiverCredit

Transaction No. 3

Transaction No. 3 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 3 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Mukand & CoA/Person  Personal Account Goods received He is  receiverDebit
Sales a/c (Goods)  Assets  Real Account  Goods giving by BusinessGoods Goes outCredit 
CGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Output A/c IncomeNominal AccountTax 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
Transaction No. 4 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
Sales a/c (Goods)  Assets  Real Account  Goods giving by BusinessGoods Goes outCredit 
CGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Output A/c IncomeNominal AccountTax 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
Transaction No. 5 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Sundry ExpensesExpenseNominal AccountExpenses incurred  All Expenses and Losses Debit
 CashAssets Real AccountPayment made in cashCash goes outCredit

Transaction No. 6

Transaction No. 6 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 6 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Office Furniture Assets  Real Account  furniture receivedFurniture comes in Debit
CGST Input A/c ExpensesNominal AccountTax collected from buyer All Expenses and lossesDebit 
SGST Input A/c ExpensesNominal AccountTax collected from buyer All Expenses and lossesDebit 
M/s Singh & Co. A/Person  Personal Account Goods givenThey are GiverCredit

Transaction No. 7

Transaction No. 7 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 7 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Purchase (Goods)  Assets  Real Account  Goods received by businessGoods comes in Debit
CGST Input A/c ExpensesNominal AccountTax collected from buyer All Expenses and lossesDebit 
SGST Input A/c ExpensesNominal AccountTax collected from buyer All Expenses and lossesDebit 
 Ramesh and Bros. A/ PersonPersonal Account  Giving goods `They are giverCredit

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Transaction No. 8

Transaction No. 8 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 8 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
MahendraPerson  Personal Account Goods received He is  receiverDebit
Sales a/c (Goods)  Assets  Real Account  Goods giving by BusinessGoods Goes outCredit 
CGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Output A/c IncomeNominal AccountTax 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
Transaction No. 9 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Purchase Returned (Goods)  Assets  Real Account  Goods returned by businessGoods goes outCredit
CGST Input A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Input A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
 Ramesh and Bros. A/Person  Personal Account Goods received They are receiverDebit

Transaction No. 10

Transaction No. 10 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 10 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
BankA/Person Personal  Account  Bank issuing cheque Bank is giverCredit
Discount Received gainNominal AccountDiscount receivedAll income and gainsCredit
 Ramesh and Bros. A/Person  Personal Account Goods received They are receiverDebit

Transaction No. 11

Transaction No. 11 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 11 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
Sales a/c (Goods)  Assets  Real Account  Goods giving by BusinessGoods Goes outCredit 
CGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Output A/c IncomeNominal AccountTax 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
Transaction No. 12 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash giving by business Cash goes outCredit 
Bank Personal  Personal Account  Receiving cash from businessBank is ReceiverDebit

Transaction No. 13

Transaction No. 13 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 13 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
RidhiPerson Personal AccountMaking  payment to businessShe is giverCredit

Transaction No. 14

Transaction No. 14 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 14 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
MahendraPerson Personal AccountMaking  payment to businesshe is giverCredit

Transaction No. 15

Transaction No. 15 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 15 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
Capital (Owner) Personal  Personal Account  Depositing cash into business bank account Owner is GiverCredit

Transaction No. 16

Transaction No. 16 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 16 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
Sales a/c (Goods)  Assets  Real Account  Goods giving by BusinessGoods Goes outCredit 
CGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 

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Transaction No. 17

Transaction No. 17 Question No.15 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 17 Question No.15 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
 SunilPerson  Personal Account Goods received He is receiverDebit
Sales a/c (Goods)  Assets  Real Account  Goods giving by BusinessGoods Goes outCredit 
CGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
SGST Output A/c IncomeNominal AccountTax collected from buyer All income and gains Credit 
Cash  Assets  Real Account  Cash giving by business Cash goes outCredit 

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