# Question No 22 Chapter No 5 – USHA Publication 11 Class

Q-22 - CH-5 - USHA +1 Book 2020 - Solution

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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## 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

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

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)

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