Question No 28 Chapter No 8 – T.S. Grewal 11 Class

Question No. 28 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 28 Chapter No 8

Journalise the following transactions:

2018  
Apr-01 Paid into Bank Rs 21,000 for opening a Current Account.
Apr-02 Withdrew for private expenses Rs 5,000.
Apr-04 Withdrew from bank Rs 3,000
Apr-05 Place on Fixed Deposited Account at Bank by transfer from Current Account Rs 5,000.
Apr-10 Received a cheque from Shiv & Co. to whom goods sold for Rs 3,000 last year. Allowed him 2% Discount.
Apr-14 Shiv & Co.’s cheque deposited into bank. 
Apr-16 Shiv & Co.’s cheque dishonored (Bank charges Rs 10)
Apr-17 Shiv & Co. settled his account by means of a cheque for Rs 3,000, 40 being interest charged. 

Solution of Question No 28 Chapter No 8: – 

In the Books of ______________

Date   Particulars
L.F. Debit Credit
2018          
April 1 Bank A/c Dr.   21,000  
             To Cash A/c     21,000
  (Being opening a Current Account.)      
         
April 2 Drawing A/c Dr.   5,000  
            To Cash A/c       5,000
  (Being withdrew for private expenses)      
         
April 4 Cash A/c Dr.   3,000  
             To Bank A/c     3,000
  (Being withdrew from bank)      
         
April 5 Fixed Deposit A/c Dr.   5,000  
             To Bank A/c     5,000
  (Being withdrew from bank)      
         
April 10 Cheque in hand A/c Dr.   2,940  
  Discount Allowed A/c Dr.   60  
             To Shiv & Co. A/c     3,000
  (Being amount received from Shiv & Co. and allowed discount)      
         
April 14 Bank A/c Dr.   2,940  
             To Cheque in hand A/c     2,940
  (Being Cheque Deposited into bank)      
         
April 16 Shiv & Co. A/c Dr.   2,950  
             To Bank A/c     2,950
  (Being Shiv & Co. cheque dishonored and bank deducted charge Rs 10 which is recoverable from the Shiv & Co., So, Debited to their account.)      
         
April 17 Bank  A/c Dr.   2,950  
             To Shiv & Co. A/c     2,950
             To Interest received A/c     2,950
  (Being Shiv & Co. cheque dishonored and bank deducted charge Rs 10)      
         

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank   Assets   Real Account   Cash deposited into bank Cash Comes In Debit
Cash   Assets   Real Account   Cash paid by business  Cash Goes Out Credit

Transaction No. 2

Transaction No. 2 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 2 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Drawing (owner)  Person  Personal Account   Owner received cash He is Receiver Debit
Cash   Assets   Real Account    Cash withdrawal for private use Cash Goes Out Credit

Transaction No. 3

Transaction No. 3 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 3 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cash   Assets   Real Account   Cash received by business  Cash Comes In Debit
Bank  Assets   Real Account   Cash withdrawal from Bank Cash Goes Out Credit

Transaction No. 4

Transaction No. 4 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 4 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank Fixed Deposit   Assets   Real Account  Business Received FD Asset (FD) Comes In Debit
Bank  Assets   Real Account   Cash paid by business  Cash Goes Out Credit

Transaction No. 5

Transaction No. 5 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 5 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cheque in hand   Assets   Real Account  Cheque received  Cheque Comes In Debit
Discount Allowed  Expenses Nominal Account Discount allowed  All Expenses and losses Debit 
Shiv & Co.   Personal   Personal Account   they are paying cash They are Giver Credit

Transaction No. 6

Transaction No. 6 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 6 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Bank   Assets   Real Account   Cash deposited into bank Cash Comes In Debit
Cheque in Hand    Assets   Real Account   Cheque Deposited into bank Cheque Goes Out Credit

Transaction No. 7

Transaction No. 7 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 7 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Shiv & Co.   Personal   Personal Account   they are receiving Cheque Bank They are Receiver Debit
Bank  Assets   Real Account   Cheque returned from Bank Cheque Goes Out Credit

Transaction No. 8

Transaction No. 8 Question No.28 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 8 Question No.28 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Cheque in hand   Assets   Real Account  Cheque received  Cheque Comes In Debit
Shiv & Co.   Personal   Personal Account   they are paying cash They are Giver Credit
Interest Received   Income Nominal Account Interest charges  All Income and Gains Credit

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