Question No 22 Chapter No 5
Profit or Loss on sale of goods and Fixed Assets
22. Journalese the following transaction in the book of Somnath:
| 2017 | |
| Feb. 1 | Goods costing Rs 2,000 sold at a profit of Rs 500 |
| Feb. 2 | Machinery costing Rs 4,000 sold at a profit of Rs 1,000 |
| Feb. 6 | Goods worth Rs 9,000 Sold at the loss of Rs 10% |
| Feb. 7 | Furniture costing Rs 12,000 sold at a loss of 5% |
| Feb. 12 | Goods worth Rs 10,000 purchased for Rs 12,000 |
| Feb. 13 | Computer wroth Rs 25,000 purchased for Rs 28,000 |
The solution of Question No 22 Chapter No 5: –
| In the Books of Somnath | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2017 | |||||
| Feb.1 | Cash A/c | Dr. | 2,500 | ||
| To Sale A/c | 2,500 | ||||
| (Being goods costing Rs 2,000 sold at the profit of Rs 500.) | |||||
| Feb.2 | Cash A/c | Dr. | 5,000 | ||
| To Machinery A/c | 4,000 | ||||
| To Profit on sale machinery A/c | 1,000 | ||||
| (Being machinery costing Rs 4,000 sold for Rs 5,000) | |||||
| Feb.6 | Cash A/c | Dr. | 8,100 | ||
| To Sale A/c | 8,100 | ||||
| (Being goods sold at 10% loss) | |||||
| Feb.7 | Cash A/c | Dr. | 11,400 | ||
| Loss on sale of furniture A/c | Dr. | 600 | |||
| To Furniture A/c | 12,000 | ||||
| (Being furniture sold at 5%.) | |||||
| Feb.12 | Purchases A/c | Dr. | 12,000 | ||
| To Cash A/c | 12,000 | ||||
| (Being goods purchased .) | |||||
| Feb.17 | Computer A/c | Dr. | 28,000 | ||
| To Cash A/c | 28,000 | ||||
| (Being purchase of the computer .) | |||||
How to make Journal Entries in Accounting – Explanation
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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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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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