Question No 19 Chapter No 7
19. Journalese the following transaction, post them in the ledger and extract balances:
| Date | Particular |
| 2018 | |
| Apr. 1 | Santosh started business with cash Rs 35,000 ; Machinery Rs 25,000 and furniture Rs 15,000 |
| Apr. 10 | Machinery costing Rs18,000 sold for Rs 20,000 |
| Apr. 26 | Furniture costing Rs 10,000 sold for Rs 9,000 |
| May. 12 | Cash is withdrawn by the proprietor for personal use Rs 16,600 |
| May. 31 | Furniture costing Rs 4,000 withdrawn by the proprietor for personnel use. |
The solution of Question No 19 Chapter No 7: –
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Apr.1 | Cash A/c | Dr. | 35,000 | ||
| Furniture A/c | Dr. | 15,000 | |||
| Machinery A/c | Dr. | 25,000 | |||
| To Capital A/c | 75,000 | ||||
| (Being business started with cash; machinery and furniture) | |||||
| Apr.10 | Cash A/c | Dr. | 20,000 | ||
| To Machinery A/c | 18,000 | ||||
| To Profit on sale of machinery A/c | 2,000 | ||||
| (Being cash deposited into the bank ) | |||||
| Apr.26 | Cash A/c | Dr. | 9,000 | ||
| Loss on sale of furniture A/c | Dr. | 1,000 | |||
| To Furniture A/c | 10,000 | ||||
| (Being furniture sold for cash at loss) | |||||
| May.12 | Drawing A/c | Dr. | 16,600 | ||
| To Cash A/c | 16,600 | ||||
| (Being cash withdrawn by proprietor) | |||||
| May.31 | Drawing A/c | Dr. | 4,000 | ||
| To Furniture A/c | 4,000 | ||||
| (Being furniture withdrawn by proprietor) | |||||
| Dr. | Cash A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 1 | To Capital A/c | 35,000 | Apr. 12 | By Drawings A/c | 16,600 | ||
| Apr. 10 | To Machinery A/c | 18,000 | |||||
| Apr. 10 | To Profit on sale of machinery A/c | 2,000 | |||||
| Apr. 26 | To Furniture A/c | 9,000 | Apr. 30 | By Balance c/d | 47,400 | ||
| 64,000 | 64,000 | ||||||
| Dr. | Capital A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 1 | By Cash A/c | 35,000 | |||||
| Apr. 1 | By Furniture A/c | 15,000 | |||||
| Apr. 1 | By Machinery A/c | 25,000 | |||||
| Apr. 30 | To Balance c/d | 75,000 | |||||
| 75,000 | 75,000 | ||||||
| Dr. | Furniture A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 1 | To Capital A/c | 15,000 | Apr. 1 | By Cash A/c | 9,000 | ||
| Apr. 24 | By loss on sale of furniture A/c | 1,000 | |||||
| Apr. 30 | By Balance c/d | 5,000 | |||||
| 15,000 | 15,000 | ||||||
| Dr. | Machinery A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 1 | To Capital A/c | 25,000 | Apr. 10 | By Cash A/c | 18,000 | ||
| Apr. 30 | By Balance c/d | 18,000 | |||||
| 25,000 | 25,000 | ||||||
| Dr. | Profit on sale of Machinery A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 30 | To balance c/d | 2,000 | Apr. 10 | By Cash A/c | 2,000 | ||
| 2,000 | 2,000 | ||||||
| Dr. | Loss on sale of furniture A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 26 | To Furniture A/c | 1,000 | |||||
| Apr. 31 | By Balance c/d | 1,000 | |||||
| 1,000 | 1,000 | ||||||
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| Dr. | Drawing A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2018 | 2018 | ||||||
| Apr. 12 | To Cash A/c | 16,600 | |||||
| May. 31 | To Furniture A/c | 4,000 | |||||
| Apr. 30 | By Balance c/d | 20,600 | |||||
| 20,600 | 20,600 | ||||||
What is Ledger in accounting – explain its Types
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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
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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)