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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 - T.S. Grewal +1 Book 2019

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Question No 33 Chapter No 8

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

2018 Rs.
Jan. 1Started business with cash 50,000
Jan. 2Deposited into bank from his Saving Account3,50,000
Jan. 10Purchased 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. 15Paid installation charges for machinery2,000
Jan. 20Purchased timber from Singh & Co. of the list price of Rs 20,000 plus CGST and SGST @ 6%each , He allowed 10% Trade Discount 
Jan. 25Timber costing Rs 5,000 was used for furnishing the office 
Jan. 31Sold 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. 15Received from Rakesh in full and final settlement9,000
Feb. 20Paid wages 15,000
Feb. 25Issued 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.DebitCredit
2018     
Jan. 1Cash A/cDr. 50,000 
           To Capital A/c   50,000
 (Being Commenced business with cash.)   
     
Jan. 2Bank A/cDr. 3,50,000 
           To Capital A/c   3,50,000
 (Being introduce further capital into business.)   
      
Jan. 10Machine A/cDr. 1,00,000 
 Input IGST A/cDr. 12,000 
            To Cash A/c   97,000
            To Capital A/c  15,000
 (Being purchased machine and owner sold his old machine)   
     
Jan. 15Machine A/cDr. 2,000 
            To Cash A/c  2,000
 (Being installation charge on machine paid)   
     
Jan. 20Purchase A/cDr. 18,000 
 Input CGST A/cDr. 1,080 
 Input SGST A/cDr. 1,080 
            To Sales A/c  20,160
 (Being Purchase timber from Singh & Co.)   
     
Jan. 25Furniture & Fitting A/cDr. 5,000 
            To PurchaseA/c  5,000
 (Being stock of timber used for Furnishing the office)   
     
Jan. 31Rakesh’sA/cDr. 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)   
     
Feb. 10Singh & Co. A/cDr. 20,160 
           To BankA/c  19,000
           To Discount Received A/c  1,160
 (Being payment made to Singh & Co. in full settlement)   
     
Feb. 15Cash A/cDr. 9,000 
 Discount Allowed A/c   1,080 
            To Rakesh’s A/c  10,080
 (Being payment received with cheque and discount allowed. )   
      
Feb. 20Wages A/cDr. 15,000 
           To Cash A/c  15,000
 (Being wages paid )   
     
Feb. 25Rent A/cDr. 5,000 
           To Bank A/c  5,000
 (Being Rent paid for the month of February)   
     
 

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