Question No 17 Chapter No 5 – USHA Publication 11 Class

Question No 17 Chapter No 5

Question No 17 Chapter No 5

17. Journalese the following transaction in the book of  Parsha:

2019  
May. 1 Sri Shant owed Rs 40,000 is declared insolvent. Only 70pasie in a rupee could be recovered as dividend from his estate
May. 10 Avadh Bihari who owed Rs 25,000 is declared insolvent. Nothing could be recovered from his estate
May. 14 Atal Bihari whose account was written as bad five years ago paid Rs 14,000
May. 18 Received the first instalment of Rs 35,000 from Shabana who is declared insolvent
May. 25 Javed Akhtar who owed Rs 85,000 is declared insolvent. Only 60% cloud be recovered from him

 

The solution of Question No 17 Chapter No 5: –

 

In the Books of Parsha
Date Particulars
L.F. Debit Credit
2019          
May.1 Cash A/c Dr.   28,000  
  Bad Debts A/c Dr.   12,000  
  To Shri Shant A/c       40,000
  (Being cash received and discount allowed .)      
         
May.10 Bad Debts A/c Dr.   25,000  
  To Avadh A/c       25,000
  (Being bad debts written off.)      
           
May.14 Cash A/c Dr.   14,000  
  To Bad debts Recovered A/c     14,000
  (Being bad debts recovered )      
         
May.18 Cash A/c Dr.   35,000  
  To Shabana A/c     35,000
  (Being the first instalment received on insolvency.)      
         
May.25 Cash A/c Dr.   51,000  
  Bad debts A/c Dr.   34,000  
  To Javed Akhtar A/c     85,000
  (Being draft received and discount allowed.)      
         

 

Working note: –

May.1: Sri Shant owed Rs 40,000 is declared insolvent. Only 70pasie in a rupee could be recovered as dividend from his estate

Amount Received = Amount owned * 70 paise in rupee
  = 40,000 X 70%
  = 28,000/-    

May.25: Javed Akhtar who owed Rs 85,000 is declared insolvent. Only 60% cloud be recovered from him

Amount Received = Amount owned * 60%
  = 85,000 X 60%
  = 51,000/-    

 

How to make Journal Entries in Accounting – Explanation

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

 

 

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