Question No. 30 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 30 Chapter No 8

Journalise the following in the books of Amit Saini, Gurugram (Haryana):

(i)Raj of Alwar, Rajasthan who owed Mohan Singh Rs 25,000 Became insolvent and received 60 paise in a rupee as full and final settlement. 
(ii)Mohan Singh owes to his landlord Rs 10,000 as rent.
(iii)Charge depreciation of 10% on furniture costing Rs 50,000.
(iv)Salaries due to employees Rs 20,000
(v)Sold to Sunil goods in cash of Rs 10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of Rs 8,500.
(vi)Provided interest on capital of Rs 1,00,000 @ 10% per annum.
(vii)Goods lost in theft – Rs 5,000 which were purchase paying IGST @ 12% from Alwar, Rajasthan.

Solution of Question No 30 Chapter No 8: – 

In the Books of Amit Saini, Gurugram (Haryana)

Date  Particulars
L.F.DebitCredit
      
(i)Cash A/cDr. 15,000 
 Bad Debts A/cDr. 10,000 
            To Raj of Alwar, Rajasthan A/c  25,000
 (Being Raj became insolvent and received 60 paise in a rupee as full and final settlement.)   
     
(ii)Rent A/cDr. 10,000 
           To Outstanding Rent A/c   10,000
 (Being Rent owes to landlord.)   
      
(iii)Depreciation on Furniture A/cDr. 5,000 
            To Furniture A/c  5,000
 (Being goods given as charity)   
     
(iv)Salaries A/cDr. 20,000 
            To Outstanding Salaries A/c  20,000
 (Being due to employees.)   
     
(v)Cash A/cDr. 8,500 
 Discount Allowed A/cDr. 1,580 
            To Sales A/c  9,000
            To Output CGST A/c  540
            To Output SGST A/c  540
 (Being due to employees.)   
     
(vi)Interest on Capital A/cDr. 10,000 
            To Capital A/c  10,000
 (Being provided interest on capital on Rs 1,00,000 @ 10%)   
     
(vii)Loss by theft A/cDr. 5,600 
            To Purchase A/c  5,000
            To Input IGST A/c  600
 (Being goods destroyed by Theft)   
     
 

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