Question No 3 Chapter No 8 - T.S. Grewal 11 Class

Question No 3 Chapter No 8

Table of Contents

Solution of Question No 3 Chapter No 8: –

Explanation of All Transactions with images: –

T.S. Grewal’s Double Entry Book Keeping (Class +1) – Solution

Journalise the following transactions of Mr. Rahul

(i)	Purchased goods of list price of Rs 20,000 from Vishal at 20% trade discount against cheque payment.
(ii)	Purchased goods list price of Rs 20,000 from Naman at 15% trade discount against cash.
(iii)	Purchased goods list price of Rs 30,000 from Amrit at 20% trade discount.
(iv)	Purchased goods list price of Rs 40,000 for Rs 35,000 for cash.
(v)	Goods returned of list price of Rs 10,000 purchased from Amrit.
(vi)	Sold goods to Parul of list price Rs 40,000 at 10% trade discount against cheque payment.
(vii)	Sold goods to Aman of list price Rs 30,000 at 10% trade discount against cash.
(viii)	Sold goods to Pawan of list price Rs 20,000 at 10% trade discount.
(ix)	Sold goods to Yamini at a list price of Rs 25,000 for Rs 23,000.
(x)	Sold goods costing Rs 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi)	Sold goods purchased at list price of Rs 50,000 less 15% trade discount sold at a profit of 25% less 10% trade discount against cheque
(xii)	Aman returned goods of the list price of Rs 10,000 sold to him at 10% trade discount.

Solution of Question No 3 Chapter No 8: –

Note: – Always remember that:
“You have to record all transactions with that amount which is given after discount or which you calculate after deducting discount amount because trade discount did not show into the books.”

In the books of M/s. R. K. Co.

Date	Particulars		L.F.	Debit	Credit
(i)	Purchase A/c	Dr.		16,000
	To Bank A/c				16,000
	(Being goods purchased from Vishal and payment made with cheque)

(ii)	Purchase A/c	Dr.		17,000
	To Cash A/c				17,000
	(Being goods purchased from Naman and payment made with Cash)

(iii)	Purchase A/c	Dr.		24,000
	To Amrit A/c				24,000
	(Being goods purchased from Amrit)

(iv)	Purchase A/c	Dr.		35,000
	To Cash A/c				35,000
	(Being goods purchased for Cash)

(v)	Amrit A/c	Dr.		8,000
	To Purchase Return A/c				8,000
	(Being furniture purchased)

(vi)	Bank A/c	Dr.		36,000
	To Sales A/c				36,000
	(Being goods sold to Parul and payment received with cheque)

(vii)	Cash A/c	Dr.		27,000
	To Sales A/c				27,000
	(Being goods sold to Aman and payment received in cash)

(viii)	Pawan A/c	Dr.		18,000
	To Sales A/c				18,000
	(Being goods sold to Pawan on credit)

(ix)	Yamini A/c	Dr.		23,000
	To Sales A/c				23,000
	(Being goods sold to Yamini on credit)

(x)	Bhupesh A/c	Dr.		10,800
	To Sales A/c				10,800
	(Being goods sold to Bhupesh on credit)

(xi)	Purchase A/c	Dr.		42,500
	To Bank A/c				42,500
	(Being goods purchased.)

(xii)	Bank A/c	Dr.		56,250
	To Sales A/c				56,250
	(Being goods sold and payment received with cheque)

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

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Purchase (Goods)	Assets	Real Account	Goods received by business	Goods comes in	Debit
Bank	Artificial Person	Personal Account	Giving cash to seller	Giver	Credit

Transaction No. 2

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Purchase (Goods)	Assets	Real Account	Goods received by business	Goods comes in	Debit
Cash	Assets	Real Account	Payment made in cash	Cash goes out	Credit

Transaction No. 3

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Purchase (Goods)	Assets	Real Account	Goods received by business	Goods comes in	Debit
Mr. Amrit	Person	Personal Account	Selling his goods	Giver	Credit

Transaction No. 4

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Purchase (Goods)	Assets	Real Account	Goods received by business	Goods comes in	Debit
Cash	Assets	Real Account	Payment made in cash	Cash goes out	Credit

Transaction No. 5

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Purchase (Goods)	Assets	Real Account	Goods returned by business	Goods goes out	Credit
Mr. Amrit	Person	Personal Account	Receiving his goods back	Receiver	Debit

Transaction No. 6

Name of Account

Type of Account

Rule which will Applicable

What happen in the transaction

Rule applied

According to Rule It will be

Sales a/c

(Goods)

Assets

Real Account

Goods giving by Business

Goods Goes out

Credit

Bank

Artificial Person

Personal Account

Payment received by cheque

Bank is receiver

Debit

Transaction No. 7

Name of Account

Type of Account

Rule which will Applicable

What happen in the transaction

Rule applied

According to Rule It will be

Sales a/c

(Goods)

Assets

Real Account

Goods giving by Business

Goods Goes out

Credit

Cash

Assets

Real Account

Cash received by business

Cash Comes In

Debit

Transaction No. 8

Name of Account

Type of Account

Rule which will Applicable

What happen in the transaction

Rule applied

According to Rule It will be

Sales a/c

(Goods)

Assets

Real Account

Goods giving by Business

Goods Goes out

Credit

Pawan a/c

Person

Personal Account

Goods received

Pawan is receiver

Debit

Transaction No. 9

Name of Account

Type of Account

Rule which will Applicable

What happen in the transaction

Rule applied

According to Rule It will be

Sales a/c

(Goods)

Assets

Real Account

Goods giving by Business

Goods Goes out

Credit

Yamini a/c

Person

Personal Account

Goods received

Pawan is receiver

Debit

Transaction No. 10

Name of Account

Type of Account

Rule which will Applicable

What happen in the transaction

Rule applied

According to Rule It will be

Sales a/c

(Goods)

Assets

Real Account

Goods giving by Business

Goods Goes out

Credit

Bhupesh a/c

Person

Personal Account

Goods received

Pawan is receiver

Debit

Transaction No. 11

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Purchase (Goods)	Assets	Real Account	Goods received by business	Goods comes in	Debit
Bank	Artificial Person	Personal Account	Giving cash to seller	Bank is Giver	Credit

Transaction No. 11 - 2 Question No.3 - Chapter No.8 - T.S. Grewal +1 Book 2019 — Transaction No. 11 – 2 Question No.3 – 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

Sales a/c

(Goods)

Assets

Real Account

Goods giving by Business

Goods Goes out

Credit

Bank

Artificial Person

Personal Account

Payment received by cheque

Bank is receiver

Debit

Transaction No. 12

Name of Account	Type of Account	Rule which will Applicable	What happen in the transaction	Rule applied	According to Rule It will be
Sales Return a/c	Assets	Real Account	Business Receiving Goods Back	Goods Comes in	Debit
Cash	Assets	Real Account	Cash received by Mr. Aman	Cash goes Out	Credit