Question No 17 Chapter No 5

17.Pass Journal entries for the following transactions:−

 1 Purchased Machinery for 20,000 and paid 200 for its carriage. 2 Received a cheque for 4,850 from X in full settlement of his account of 5,000. The cheque was immediately deposited into bank. 3 Received by cheque a first and final payment of 60 paise in a from Y who owed us 10,000. 4 Sold goods to Z for 10,000 at a trade discount of 20%. The next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank 5 Goods costing 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.

## The solution of Question No 17 Chapter No 5: –

 In the Books of Radhika Traders Date Particulars L.F. Debit Credit 2019 1 Machinery A/c Dr. 20,200 To Cash A/c 20,200 (Being Machinery purchased and paid for carriage) 2 Bank A/c Dr. 4,850 Discount Allowed A/c Dr. 150 To X’s A/c 5,000 (Being Cheque received from X in full settlement ) 3 Cash A/c Dr. 6,000 Bad Debts A/c Dr. 4,000 To Y’s A/c 10,000 (Being Cash received and bad debts written −off) 4 Z’s A/c Dr. 8,000 To Sales A/c 8,000 (Being Goods sold to Manohar Lal) Bank A/c Dr. 7,600 Discount Allowed A/c Dr. 400 To Z’s A/c 8,000 (Being Cheque received in full settlement ) 5 Manoj’s A/c * Dr. 21,600 To Sales A/c 21,600 (Being Goods sold to Manoj)

Working Note: –

Calculation of amount of goods sold to Manoj*

 Cost Price = 20,000 Add: Profit = 4,000 Invoice Price = 24,000 Less: Trade discount = 2,400 = 21,600

Financial Accounting – Introduction and its Functions

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## D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Chapter 2 Accounting Equations

Chapter 3 Meaning and Objectives of Accounting

Chapter 4 Double Entry System

Chapter 5 Books of Original Entry – Journal

Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)

Chapter 7 Books of Original Entry – Cash Book (Coming soon)

Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)

Chapter 9 Ledger (Coming soon)

Chapter 10 Trial Balance and Errors (Coming soon)

Chapter 11 Bank Reconciliation Statement (Coming soon)

Chapter 12 Depreciation (Coming soon)

Chapter 13 Bills of Exchange (Coming soon)

Chapter 14 Generally Accepted Accounting Principles(GAAP)

Chapter 15 Bases of Accounting

Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)

Chapter 17 Capital and Revenue

Chapter 18 Provisions and Reserves

Chapter 19 Final Accounts (Coming soon)

Chapter 20 Final Accounts – With Adjustments (Coming soon)

Chapter 21 Errors and their Rectification (Coming soon)

Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)

Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)

Chapter 24 Computerised Accounting System (Coming soon)

Chapter 25 Introduction to Accounting Information System (Coming soon)