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Question No 17 Chapter No 5
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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.) | |||||
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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: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)