Question No 22 Chapter No 5 – USHA Publication 11 Class

Question No 22 Chapter No 5

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 Sale 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. 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)

 

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