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Question No 22 Chapter No 5 – USHA Publication 11 Class

Question No 22 Chapter No 5
Q-22 - CH-5 - USHA +1 Book 2020 - Solution

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Question No 22 Chapter No 5

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Profit or Loss on sale of goods and Fixed Assets

22. Journalese the following transaction in the book of Somnath:

2017 
Feb. 1Goods costing Rs 2,000 sold at a profit of Rs 500
Feb. 2Machinery costing Rs 4,000 sold at a profit of Rs 1,000
Feb. 6Goods worth Rs 9,000 Sold at the loss of Rs 10%
Feb. 7Furniture costing Rs 12,000 sold at a loss of 5%
Feb. 12Goods worth Rs 10,000 purchased for Rs 12,000
Feb. 13Computer wroth Rs 25,000 purchased for Rs 28,000

 

The solution of Question No 22 Chapter No 5: –

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In the Books of Somnath
DateParticulars
L.F.DebitCredit
2017     
Feb.1Cash A/cDr. 2,500 
 To Sale A/c   2,500
 (Being goods costing Rs 2,000 sold at the profit of Rs 500.)   
     
Feb.2Cash A/cDr. 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.6Cash A/cDr. 8,100 
 To Sale A/c  8,100
 (Being goods sold at 10% loss)   
     
Feb.7Cash A/cDr. 11,400 
 Loss on sale of furniture A/cDr. 600 
 To Furniture A/c  12,000
 (Being furniture sold at 5%.)   
     
Feb.12Purchases A/cDr. 12,000 
 To Cash A/c  12,000
 (Being goods purchased .)   
     
Feb.17Computer A/cDr. 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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

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Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

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Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

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Chapter No. 18 – Financial Statements – (With Adjustments)

 

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