Question No 22 Chapter No 5

Question No 22 Chapter No 5

22. Journalise the following transactions in the Journal of Navin Gupta & Sons.:-

1Out of Insurance premium paid this year, 15,000 is related to next year.
2Credit purchases from Ram & Co. for 50,000. The cash discount will be received at 5% on payment of bill within 10 days
3Cash paid to Ram & Co. and discount availed of.
4Paid Income Tax 20,000 by cheque.
5Goods costing 2,00,000 sold for cash at a profit of 10%
6Purchased iron safe for 2,00,000 filing cabinet for 50,000 and Computer for 1,00,000.

 

The solution of Question No 22 Chapter No 5: –

In the Books of Radhika Traders
DateParticulars
L.F.DebitCredit
2019     
1Prepaid Insurance A/cDr. 15,000 
 To Insurance A/c   15,000
 (Being Prepaid insurance recorded)   
     
2Purchases A/cDr. 50,000 
 To Ram & Co   50,000
 (Being Goods purchased on credit from Ram & Co)   
      
3Ram & CoDr. 50,000 
 To Cash A/c  47,500
 To Discount Received A/c  2,500
 (Being Motor car return to Maruti Ltd.)   
     
4Drawings A/cDr. 20,000 
 To Cash A/c  20,000
 (Being Paid income tax )   
     
5Cash A/cDr. 2,20,000 
 To Sales A/c   2,20,000
 (Being Goods sold for cash including profit of 10)    
      
6Office Equipment A/cDr. 3,50,000 
 To Cash A/c   3,50,000
 (Being Office equipment purchased)    
     

 

 

 

Financial Accounting – Introduction and its Functions

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Also, Check out the solved question of all Chapters: –

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

Chapter 1 Evolution of Accounting & Basic Accounting Terms

Chapter 2 Accounting Equations

Chapter 3 Meaning and Objectives of Accounting

Chapter 4 Double Entry System

Chapter 5 Books of Original Entry – Journal 

Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)

Chapter 7 Books of Original Entry – Cash Book (Coming soon)

Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)

Chapter 9 Ledger (Coming soon)

Chapter 10 Trial Balance and Errors (Coming soon)

Chapter 11 Bank Reconciliation Statement (Coming soon)

Chapter 12 Depreciation (Coming soon)

Chapter 13 Bills of Exchange (Coming soon)

Chapter 14 Generally Accepted Accounting Principles(GAAP) 

Chapter 15 Bases of Accounting

Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)

Chapter 17 Capital and Revenue 

Chapter 18 Provisions and Reserves 

Chapter 19 Final Accounts (Coming soon)

Chapter 20 Final Accounts – With Adjustments (Coming soon)

Chapter 21 Errors and their Rectification (Coming soon)

Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)

Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)

Chapter 24 Computerised Accounting System (Coming soon)

Chapter 25 Introduction to Accounting Information System (Coming soon)

 

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