Question No 33 Chapter No 8 – T.S. Grewal 11 Class

Question No. 33 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 33 Chapter No 8

Record the following transactions in the journal of Ashoka Furniture Traders:

2018   Rs.
Jan. 1 Started business with cash  50,000
Jan. 2 Deposited into bank from his Saving Account 3,50,000
Jan. 10 Purchased machinery of Rs. 1,00,000. An old machine (personal) valued at Rs 15,000 was given in exchange and balance was paid by cheque. IGST was levied and charged @12%  
Jan. 15 Paid installation charges for machinery 2,000
Jan. 20 Purchased timber from Singh & Co. of the list price of Rs 20,000 plus CGST and SGST @ 6%each , He allowed 10% Trade Discount  
Jan. 25 Timber costing Rs 5,000 was used for furnishing the office  
Jan. 31 Sold furniture to Rakesh of the list price of Rs 10,000 and allowed him 10% Trade Discount. Charged CHST and SGST @ 6% each   
Feb. 10  Sent cheque to Singh & Co. in Full Settlement  19,000
Feb. 15 Received from Rakesh in full and final settlement 9,000
Feb. 20 Paid wages  15,000
Feb. 25 Issued a cheque for Rs 5,000 in favour of the landlord for rent of February  

Solution of Question No 33 Chapter No 8: – 

In the Books of Ashoka Furniture Traders

Date   Particulars
L.F. Debit Credit
2018          
Jan. 1 Cash A/c Dr.   50,000  
            To Capital A/c       50,000
  (Being Commenced business with cash.)      
         
Jan. 2 Bank A/c Dr.   3,50,000  
            To Capital A/c       3,50,000
  (Being introduce further capital into business.)      
           
Jan. 10 Machine A/c Dr.   1,00,000  
  Input IGST A/c Dr.   12,000  
             To Cash A/c       97,000
             To Capital A/c     15,000
  (Being purchased machine and owner sold his old machine)      
         
Jan. 15 Machine A/c Dr.   2,000  
             To Cash A/c     2,000
  (Being installation charge on machine paid)      
         
Jan. 20 Purchase A/c Dr.   18,000  
  Input CGST A/c Dr.   1,080  
  Input SGST A/c Dr.   1,080  
             To Sales A/c     20,160
  (Being Purchase timber from Singh & Co.)      
         
Jan. 25 Furniture & Fitting A/c Dr.   5,000  
             To PurchaseA/c     5,000
  (Being stock of timber used for Furnishing the office)      
         
Jan. 31 Rakesh’sA/c Dr.   10,080  
              To Sales A/c     9,000
              To Output CGST A/c     540
              To Output SGST A/c     540
  (Being goods sold to Rakesh)      
         
Jan. 12 Old Furniture A/c Dr.   500  
  Input CGST A/c Dr.   30  
  Input SGST A/c Dr.   30  
             To Rakesh’s A/c     560
  (Being old furniture taken from Rakesh.)      
           
Feb. 10 Singh & Co. A/c Dr.   20,160  
            To BankA/c     19,000
            To Discount Received A/c     1,160
  (Being payment made to Singh & Co. in full settlement)      
         
Feb. 15 Cash A/c Dr.   9,000  
  Discount Allowed A/c      520  
             To Rakesh’s A/c     9,520
  (Being payment received with cheque and discount allowed. )      
           
Feb. 20 Wages A/c Dr.   15,000  
            To Cash A/c     15,000
  (Being wages paid )      
         
Feb. 25 Rent A/c Dr.   5,000  
            To Bank A/c     5,000
  (Being Rent paid for the month of February)      
         
 

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