Question No 27 Chapter No 5 – USHA Publication 11 Class

Question No 27 Chapter No 5

Question No 27 Chapter No 5

Loss of Goods/Cash

27. Journalese the following transactions in the books of Ram Gopal :

2019  
Feb. 1 Goods destroyed by fire Rs 16,000. Goods were uninsured.
Feb. 4 Goods destroyed by rain Rs 90,000. Insurance company admitted the full claim
Feb. 8 Goods destroyed in transit Rs 25,000. Transport company admitted the claim Rs 19,000
Feb. 12 Goods destroyed by flood Rs 38,000. Full claim received from the government by cheque
Feb. 18 Cash was stolen from the cash box Rs 45,000. With the help of police, Rs 27,000 could be received the same day.
Feb. 25 Goods destroyed by accident Rs 91,000. The insurance company paid the claim Rs 71,000
Feb. 26 Goods lost by embezzlement Rs 25,000
Feb. 27 Bharti Axa Insurance Company admitted the above claim Rs 19,000
Feb. 28 Insurance company paid the above claim.

 

 

The solution of Question No 27 Chapter No 5: –

 

In the Books of Ram Gopal
Date Particulars
L.F. Debit Credit
2018          
Feb.1 Loss on fire A/c Dr.   16,000  
  To Purchases A/c       16,000
  (Being Goods destroyed by fire.)      
         
Feb.4 Insurance Company A/c Dr.   90,000  
  To Purchases A/c       90,000
  (Being goods destroyed, full claim admitted )      
           
Feb.8 Loss in Transit A/c Dr.   6,000  
  Transport company A/c Dr.   19,000  
  To Purchases A/c     25,000
  (Being goods destroyed, partial claim admitted)      
         
Feb.12 Bank A/c Dr.   38,000  
  To Purchases A/c     38,000
  (Being goods destroyed, full claim received )      
         
Feb.18 Loss by theft A/c Dr.   18,000  
  To Cash A/c     18,000
  (Being donated goods to poor people)      
         
Feb.25 Bank A/c Dr.   71,000  
  Loss by accident A/c Dr.   20,000  
  To Purchases A/c     91,000
  (Being goods destroyed, partial claim received)      
         
Feb.26 Loss by embezzlement A/c Dr.   25,000  
  To Purchases A/c     25,000
  (Being goods destroyed by embezzlement )      
         
Feb.27 Bharti Axa Insurance Company A/c Dr.   19,000  
  To loss on embezzlement A/c     19,000
  (Being insurance company admitted the claim)      
         
Feb.28 Bank A/c Dr.   19,000  
  To Bharti Axa Insurance Company A/c     19,000
  (Being amount to claim received )      
         

 

 

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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