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

Question No. 21 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 21 Chapter No 8

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

Transaction No. 1 Question No.21 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 21 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.21 – Chapter No.8 – T.S. Grewal +1 Book 2019
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

 

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