Question No 17 Chapter No 5

Question No 17 Chapter No 5

17.Pass Journal entries for the following transactions:−

1Purchased Machinery for 20,000 and paid 200 for its carriage.
2Received a cheque for 4,850 from X in full settlement of his account of 5,000. The cheque was immediately deposited into bank.
3Received by cheque a first and final payment of 60 paise in a from Y who owed us 10,000. 
4Sold 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
5Goods 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
DateParticulars
L.F.DebitCredit
2019     
1Machinery A/cDr. 20,200 
 To Cash A/c   20,200
 (Being Machinery purchased and paid for carriage)   
     
2Bank A/cDr. 4,850 
 Discount Allowed A/cDr. 150 
 To X’s A/c   5,000
 (Being Cheque received from X in full settlement )   
      
3Cash A/cDr. 6,000 
 Bad Debts A/cDr. 4,000 
 To Y’s A/c  10,000
 (Being Cash received and bad debts written −off)   
     
4Z’s A/cDr. 8,000 
 To Sales A/c  8,000
 (Being Goods sold to Manohar Lal)   
     
 Bank A/cDr. 7,600 
 Discount Allowed A/cDr. 400 
 To Z’s A/c   8,000
 (Being Cheque received in full settlement )    
      
5Manoj’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

Thanks, Please Like and share with your friends  

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

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

Chapter 1 Evolution of Accounting & Basic Accounting Terms

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)

 

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-

close