Question No 21 Chapter No 8 - T.S. Grewal 11 Class

Question No 21 Chapter No 8

Table of Contents

Solution of Question No 21 Chapter No 8: –

Explanation of All Transactions with images: –

Name the accounts to be credited along with the amount for payment to Ajay of Rs 4,800 by cheque in full settlement of Rs 5,000.

Solution of Question No 21 Chapter No 8: –

Date	Particulars		L.F.	Debit	Credit
	Ajay A/c	Dr.		5,000
	To Bank A/c				4,800
	To Discount Receive A/c				200
	(Being payment made to ajay and receiving discount)

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Ajay	Person	Personal Account	Receiving payment	He is Receiver	Debit
Bank	Artificial Person	Personal Account	Bank giving cheque	Bank is giver	Credit
Discount Received	Gain	Nominal Account	Discount received	All income and gains	Credit