Question No 16 Chapter No 5 – USHA Publication 11 Class

Question No 16 Chapter No 5

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 Dilip 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

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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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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