Question No 16 Chapter No 5
16. Enter the following transaction in the books of Mulayam Singh:
| 2018 | |
| Mar. 1 | Received Rs 1,900 from Mayawati and allowed Rs 100 |
| Mar. 2 | Paid Rs 2,400 to Mishra and availed a discount of Rs 100 |
| Mar. 8 | Received Rs 3,950 from Amar Singh in full settlement of his account of Rs 4,000 |
| Mar. 9 | Paid Rs 4,390 to Akhilesh by cheque in full settlement of Rs 4,500 |
| Mar. 15 | Suresh Yadav, who owed Rs 5,000, paid the amount by bank draft in full settlement of his account, by availing 3% cash discount |
| Mar. 16 | Dalip Yadav to whom Rs 6,000 was payable, his account settled by receiving a discount of 1.5% |
| Mar.23 | Paid Rs 2,400 by cheque to Ravi, availing a discount of 4% |
| Mar.24 | Received Rs 6,860 from Santosh, allowing her 2% cash discount |
The solution of Question No 16 Chapter No 5: –
| In the Books of Mulayam Singh | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Mar.1 | Cash A/c | Dr. | 1,900 | ||
| Discount allowed A/c | Dr. | 100 | |||
| To Mayawati A/c | 2,000 | ||||
| (Being cash received and discount allowed .) | |||||
| Mar.2 | Mishra A/c | Dr. | 2,500 | ||
| To Cash A/c | 2,400 | ||||
| To Discount received A/c | 100 | ||||
| (Being cash paid and discount received.) | |||||
| Mar.8 | Cash A/c | Dr. | 3,950 | ||
| Discount allowed A/c | Dr. | 50 | |||
| To Amar Singh A/c | 4,000 | ||||
| (Being cash received and cash allowed ) | |||||
| Mar.9 | Akhilesh A/c | Dr. | 4,500 | ||
| To Bank A/c | 4,390 | ||||
| To Discount received A/c | 110 | ||||
| (Being cheque given and discount received.) | |||||
| Mar.15 | Bank A/c | Dr. | 4,850 | ||
| Discount allowed A/c | Dr. | 150 | |||
| To Suresh Yadav A/c | 5,000 | ||||
| (Being Goods sold by cheque and Discount allowed .) | |||||
| Mar.16 | Dilip Yadav A/c | Dr. | 6,000 | ||
| To CashA/c | 5,910 | ||||
| To Discount received A/c | 90 | ||||
| (Being Cash paid and discount received) | |||||
| Mar.23 | ravi Yadav A/c | Dr. | 2,500 | ||
| To Bank A/c | 2,400 | ||||
| To Discount received A/c | 100 | ||||
| (Being amount paid by cheque and discount received .) | |||||
| Mar.24 | Cash A/c | Dr. | 6,860 | ||
| Discount allowed A/c | Dr. | 140 | |||
| To Santosh A/c | 7,000 | ||||
| (Being draft received and discount allowed.) | |||||
Working note: –
Mar.15: Suresh Yadav, the settlement received Cash discount 3%
| Cash Discount | = | List price after Trade Discount | * | Rate of Cash Discount |
| = | 5,000 | X | 3% | |
| = | 150/- |
Mar.16: Delip Yadav settled and received a discount 1.5%
| Cash Discount | = | List price after Trade Discount | * | Rate of Cash Discount |
| = | 6,000 | X | 1.5% | |
| = | 90/- |
Mar.23: Paid Rs 2,400 by cheque to Ravi, availing a discount of 4%
| Discount | = | Amount Received / Paid | X | Rate |
| 100- Rate |
| = | 2,400 | X | 4 | |
| 100- 4 |
| = | 2,400 | X | 4 | |
| 96 | ||||
| = | 100 |
Mar.24: Received Rs 6,860 from Santosh, allowing her 2% cash Discount
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| Discount | = | Amount Received / Paid | X | Rate |
| 100- Rate |
| = | 6,860 | X | 2 | |
| 100- 2 |
| = | 6,860 | X | 2 | |
| 98 | ||||
| = | 140 |
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
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)