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

Question No 28 Chapter No 8

Journalise the following transactions:

2018 
Apr-01Paid into Bank Rs 21,000 for opening a Current Account.
Apr-02Withdrew for private expenses Rs 5,000.
Apr-04Withdrew from bank Rs 3,000
Apr-05Place on Fixed Deposited Account at Bank by transfer from Current Account Rs 5,000.
Apr-10Received a cheque from Shiv & Co. to whom goods sold for Rs 3,000 last year. Allowed him 2% Discount.
Apr-14Shiv & Co.’s cheque deposited into bank. 
Apr-16Shiv & Co.’s cheque dishonored (Bank charges Rs 10)
Apr-17Shiv & 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.DebitCredit
2018     
April 1Bank A/cDr. 21,000 
            To Cash A/c  21,000
 (Being opening a Current Account.)   
     
April 2Drawing A/cDr. 5,000 
           To Cash A/c   5,000
 (Being withdrew for private expenses)   
     
April 4Cash A/cDr. 3,000 
            To Bank A/c  3,000
 (Being withdrew from bank)   
     
April 5Fixed Deposit A/cDr. 5,000 
            To Bank A/c  5,000
 (Being withdrew from bank)   
     
April 10Cheque in hand A/cDr. 2,940 
 Discount Allowed A/cDr. 60 
            To Shiv & Co. A/c  3,000
 (Being amount received from Shiv & Co. and allowed discount)   
     
April 14Bank A/cDr. 2,940 
            To Cheque in hand A/c  2,940
 (Being Cheque Deposited into bank)   
     
April 16Shiv & Co. A/cDr. 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 17Bank  A/cDr. 3,000 
            To Shiv & Co. A/c  2,950
            To Interest received A/c  50
 (Being Shiv & Co. issued fresh cheque with Rs 50 as interest)   
     

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Bank  Assets  Real Account  Cash deposited into bankCash Comes InDebit
Cash  Assets  Real Account  Cash paid by business Cash Goes OutCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Drawing (owner) Person Personal Account  Owner received cashHe is ReceiverDebit
Cash  Assets  Real Account   Cash withdrawal for private useCash Goes OutCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cash  Assets  Real Account  Cash received by business Cash Comes InDebit
Bank Assets  Real Account  Cash withdrawal from BankCash Goes OutCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Bank Fixed Deposit  Assets  Real Account Business Received FDAsset (FD) Comes InDebit
Bank Assets  Real Account  Cash paid by business Cash Goes OutCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cheque in hand  Assets  Real Account Cheque received Cheque Comes InDebit
Discount Allowed ExpensesNominal AccountDiscount allowed All Expenses and lossesDebit 
Shiv & Co.  Personal  Personal Account  they are paying cashThey are GiverCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Bank  Assets  Real Account  Cash deposited into bankCash Comes InDebit
Cheque in Hand   Assets  Real Account  Cheque Deposited into bankCheque Goes OutCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Shiv & Co.  Personal  Personal Account  they are receiving Cheque BankThey are ReceiverDebit
Bank Assets  Real Account  Cheque returned from BankCheque Goes OutCredit

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 AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Cheque in hand  Assets  Real Account Cheque received Cheque Comes InDebit
Shiv & Co.  Personal  Personal Account  they are paying cashThey are GiverCredit
Interest Received  IncomeNominal AccountInterest charges All Income and GainsCredit

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