Question No 21 Chapter No 5

Question No 21 Chapter No 5

21. Tanishk Traders deal in Motor Cars. Record the following transaction in their journal:-

(i)Purchased 4 Motor cars @Rs 1,20,000 each from Maruti Ltd. For stock
(ii)Purchased 1 Motor car for Rs 75,000 from Maruti Ltd. for business use.
(iii)Returned one Motor car for the stock to Maruti Ltd.
(iv)Sold 3 motor cars for Rs 4,50,000(banked Rs 4,25,000)
(v)Purchased an accounting machine for Rs 40,000
(vi)Bought on credit from Tata motors, 5 Motor cars for Rs 8,00,000 for resale
(vii)Received credit note from Tata Motors for one car returned to them
(viii)Paid to Tata Motors by cheque the amount owing
(ix)Drew a cheque for self Rs 1,00,000 and drew out of cash for self Rs 20,000
(x)Mr. Tanishk brought his own car into the business valuing Rs 1,80,000 for sale.

The solution of Question No 21 Chapter No 5: –

In the Books of Radhika Traders
DateParticulars
L.F.DebitCredit
2019     
(i)Motor car A/cDr. 4,80,000 
 To Maruti Ltd. A/c   4,80,000
 (Being 4 motor car purchased from Maruti Ltd)   
     
(ii)Motor Car A/cDr. 75,000 
 To Maruti Ltd. A/c   75,000
 (Being motor car purchased from Maruti Ltd.)   
      
(iii)Maruti Ltd. A/cDr. 1,52,000 
 To Motor car A/c  1,52,000
 (Being Motor car return to Maruti Ltd.)   
     
(iv)Maruti Ltd. A/cDr. 1,20,000 
 To Motor car A/c  1,20,000
 (Being Motor car return to Maruti Ltd.)   
     
(v)Accounting Machinery A/cDr. 40,000 
 To cash A/c   40,000
 (Being purchased accounting machinery)    
      
(vi)Motor car A/cDr. 8,00,000 
 To Tata Motor A/c   8,00,000
 (Being 5 Motor car bought from Tata Motor)    
      
(vii)Tata Motor A/cDr. 1,60,000 
 To Motor Car A/c   1,60,000
 (Being 1 car returned to Tata motor)    
      
(viii)Tata Motor A/cDr. 6,40,000 
 To Cash A/c   6,40,000
 (Being paid to Tata motor by cheque)    
      
(ix)Drawing A/cDr. 1,20,000 
 To Cash A/c   20,000
 To Bank A/c   1,00,000
 (Being withdrew cash and from the bank )    
      
(x)Tata Motor A/cDr. 1,60,000 
 To Motor Car A/c   1,60,000
 (Being 1 car returned to Tata motor)    
     

Check out our article on the meaning of financial accounting: 

Financial Accounting – Introduction and its Functions

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

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ISC Accounts 11 20 Image min 197x300 - Question No 21 Chapter No 5 - D.K Goal Class 11
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