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Question No 19 Chapter No 7 – USHA Publication 11 Class

Question No 19 Chapter No 7
Q-19 - CH-7 - USHA +1 Book 2020 - Solution

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Question No 19 Chapter No 7

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19. Journalese the following transaction, post them in the ledger and extract balances:

DateParticular
2018 
Apr. 1Santosh started business with cash Rs 35,000 ; Machinery Rs 25,000 and furniture Rs 15,000
Apr. 10Machinery costing Rs18,000 sold for Rs 20,000
Apr. 26Furniture costing Rs 10,000 sold for Rs 9,000
May. 12Cash is withdrawn by the proprietor for personal use Rs 16,600
May. 31Furniture costing Rs 4,000 withdrawn by the proprietor for personnel use.

The solution of Question No 19 Chapter No 7: –

Journal

DateParticulars
L.F.DebitCredit
2018     
Apr.1Cash A/cDr. 35,000 
 Furniture A/cDr. 15,000 
 Machinery A/cDr. 25,000 
 To Capital A/c   75,000
 (Being business started with cash; machinery and furniture)   
     
Apr.10Cash A/cDr. 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.26Cash A/cDr. 9,000 
 Loss on sale of furniture A/cDr. 1,000 
 To Furniture A/c  10,000
 (Being furniture sold for cash at loss)   
     
May.12Drawing A/cDr. 16,600 
 To Cash A/c  16,600
 (Being cash withdrawn by proprietor)   
     
May.31Drawing A/cDr. 4,000 
 To Furniture A/c  4,000
 (Being furniture withdrawn by proprietor)   
     

 

Dr.Cash A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Apr. 1To Capital A/c 35,000Apr. 12By Drawings A/c 16,600
Apr. 10To Machinery A/c 18,000    
Apr. 10To Profit on sale of machinery A/c 2,000    
Apr. 26To Furniture A/c 9,000Apr. 30By Balance c/d 47,400
   64,000   64,000

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Dr.Capital A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
    Apr. 1By Cash A/c 35,000
    Apr. 1By Furniture A/c 15,000
    Apr. 1By Machinery A/c 25,000
Apr. 30To Balance c/d 75,000    
   75,000   75,000

 

Dr.Furniture A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Apr. 1To Capital A/c 15,000Apr. 1By Cash A/c 9,000
    Apr. 24By loss on sale of furniture A/c 1,000
    Apr. 30By Balance c/d 5,000
   15,000   15,000

 

Dr.Machinery A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Apr. 1To Capital A/c 25,000Apr. 10By Cash A/c 18,000
    Apr. 30By Balance c/d 18,000
   25,000   25,000

 

Dr.Profit on sale of Machinery A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Apr. 30To balance c/d 2,000Apr. 10By Cash A/c 2,000
   2,000   2,000

 

Dr.Loss on sale of furniture A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Apr. 26To Furniture A/c 1,000    
    Apr. 31By Balance c/d 1,000
   1,000   1,000

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Dr.Drawing A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2018   2018   
Apr. 12To Cash A/c 16,600    
May. 31To Furniture A/c 4,000    
    Apr. 30By Balance c/d 20,600
   20,600   20,600

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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. 1 – Introduction

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Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

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Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

 

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