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Question No 16 Chapter No 5 – USHA Publication 11 Class

Question No 16 Chapter No 5
Q-16 - CH-5 - USHA +1 Book 2020 - Solution

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Question No 16 Chapter No 5

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16. Enter the following transaction in the books of Mulayam Singh:

2018 
Mar. 1Received Rs 1,900 from Mayawati and allowed Rs 100
Mar. 2Paid Rs 2,400 to Mishra and availed a discount of Rs 100
Mar. 8Received Rs 3,950 from Amar Singh in full settlement of his account of Rs 4,000
Mar. 9Paid Rs 4,390 to Akhilesh by cheque in full settlement of Rs 4,500
Mar. 15Suresh Yadav, who owed Rs 5,000, paid the amount by bank draft in full settlement of his account, by availing 3% cash discount
Mar. 16Dalip Yadav to whom Rs 6,000 was payable, his account settled by receiving a discount of 1.5%
Mar.23Paid 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
DateParticulars
L.F.DebitCredit
2018     
Mar.1Cash A/cDr. 1,900 
 Discount allowed A/cDr. 100 
 To Mayawati A/c   2,000
 (Being cash received and discount allowed .)   
     
Mar.2Mishra A/cDr. 2,500 
 To Cash A/c   2,400
 To Discount received A/c   100
 (Being cash paid and discount received.)   
      
Mar.8Cash A/cDr. 3,950 
 Discount allowed A/cDr. 50 
 To Amar Singh A/c  4,000
 (Being cash received and cash allowed )   
     
Mar.9Akhilesh A/cDr. 4,500 
 To Bank A/c  4,390
 To Discount received A/c  110
 (Being cheque given and discount received.)   
     
Mar.15Bank A/cDr. 4,850 
 Discount allowed A/cDr. 150 
 To Suresh Yadav A/c  5,000
 (Being Goods sold by cheque and Discount allowed .)   
     
Mar.16Dilip Yadav A/cDr. 6,000 
 To CashA/c  5,910
 To Discount received A/c  90
 (Being Cash paid and discount received)   
     
Mar.23ravi Yadav A/cDr. 2,500 
 To Bank A/c  2,400
 To Discount received A/c  100
 (Being amount paid by cheque and discount received .)   
     
Mar.24Cash A/cDr. 6,860 
 Discount allowed A/cDr. 140 
 To Santosh A/c  7,000
 (Being draft received and discount allowed.)   

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Working note: –

Mar.15: Suresh Yadav, the settlement received Cash discount 3%

Cash Discount=List price after Trade Discount*Rate of Cash Discount
 =5,000X3%
 =150/-  

Mar.16: Delip Yadav settled and received a discount 1.5%

Cash Discount=List price after Trade Discount*Rate of Cash Discount
 =6,000X1.5%
 =90/-  

Mar.23: Paid Rs 2,400 by cheque to Ravi, availing a discount of 4%

Discount=Amount Received / Paid XRate
100- Rate
 =2,400X4
100- 4
 =2,400X4
96
     
 =100  

Mar.24: Received Rs 6,860 from Santosh, allowing her 2% cash Discount

Discount=Amount Received / Paid XRate
100- Rate

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 =6,860X2
100- 2
 =6,860X2
98
     
 =140  

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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

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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

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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

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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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