Question No 37 Chapter No 5

Question No 37 Chapter No 5

37. Journalise the following in the books of Prakash:

(i)Opened a current account with Punjab National Bank 1,00,000.
(ii)Received a cheque of 12,900 from Chandradev and allowed discount 300 to him. The cheque was deposited into Bank on the same day.
(iii)Purchased machinery for 1,00,000, payment made by cheque. Installation charge of machinery 6,000 paid in cash.
(iv)Purchased a horse for business for 20,000.
(v)Sold goods to Gokul at a list price of 4,000. Trade discount 10% and cash discount 5%. He paid the amount on the same day and availed the cash discount.
(vi)Purchased goods for 10,000 and paid 400 for carriage on these goods
(vii)Additional cash introduced by the proprietor 40,000.
(viii)Purchased stationery 800 and postal stamps 100.
(ix)Withdrawn from bank 20,000.
(x)Received an order to supply goods of 40,000 from Manu and received 10,000 as an advance together with the order.
(xi)Cash 10,000 and goods worth 4,000 were stolen
(xii)Purchased goods from Devendra for 40,000 and the payment was made by cheque
(xiii)Sold 1/4th of the above goods at a profit of 25% on cash.

 

The solution of Question No 37 Chapter No 5: –

In the Books of Radhika Traders
DateParticulars
L.F.DebitCredit
2019     
iBank A/cDr. 1,00,000 
 To Cash A/c   1,00,000
 (Being opened a bank account in PNB)   
     
iiBank A/cDr. 12,900 
 Discount Allowed A/cDr. 300 
 To Chandra dev   13,200
 (Being received cheque from Chandradev and allowed discount)   
      
iiiMachinery A/cDr. 1,06,000 
 To Bank A/c  1,00,000
 To Cash A/c  6,000
 (Being machinery purchased and installation charges paid)   
     
ivLivestock A/cDr. 20,000 
 To Cash A/c   20,000
 (Being purchased horse for business)    
      
vCash A/cDr. 3,420 
 Discount Allowed A/cDr. 180 
 To Machinery A/c   3,600
 (Being sold goods to Gokul and received payment)    
      
viPurchases A/cDr. 10,000 
 Carriage inwards A/cDr. 400 
 To Cash A/c   10,400
 (Being purchases made and carriage paid)    
      
viiCash A/cDr. 40,000 
 To Capital A/c   40,000
 (Being capital introduced)    
      
viiiStationery A/cDr. 800 
 Postage A/cDr. 100 
 To Cash A/c   900
 (Being stationery & postal stamps bought)    
      
ixCash A/cDr. 20,000 
 To Bank A/c   20,000
 (Being with drawn from bank)    
      
xCash A/cDr. 10,000 
 To Manu Advance A/c   10,000
 (Being Advance received from Manu)    
      
xiLoss by theft A/cDr. 14,000 
 To Purchases A/c   4,000
 To Cash A/c   10,000
 (Being cash & goods stolen)    
      
xiiPurchases A/cDr. 40,000 
 To Bank A/c   40,000
 (Being goods purchased payment made by cheque)    
      
xiiiCash A/cDr. 12,500 
 To Sale A/c   12,500
 (Being goods sold at the profit of 25%)    
     

Working Note: –

Calculation of payment made and outstanding amount to Arun*

Cost=2,00,000
Less: Trade discount on (15% on 66,000)=30,000
 =1,70,000
Payment made in cash=1,36,000
Less: cash discount (2% on 1,36,000=2,720
 =1,33,280

 

How to make Journal Entries in Accounting – Explanation

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Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Chapter 1 Evolution of Accounting & Basic Accounting Terms

Chapter 2 Accounting Equations

Chapter 3 Meaning and Objectives of Accounting

Chapter 4 Double Entry System

Chapter 5 Books of Original Entry – Journal 

Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)

Chapter 7 Books of Original Entry – Cash Book (Coming soon)

Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)

Chapter 9 Ledger (Coming soon)

Chapter 10 Trial Balance and Errors (Coming soon)

Chapter 11 Bank Reconciliation Statement (Coming soon)

Chapter 12 Depreciation (Coming soon)

Chapter 13 Bills of Exchange (Coming soon)

Chapter 14 Generally Accepted Accounting Principles(GAAP) 

Chapter 15 Bases of Accounting

Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)

Chapter 17 Capital and Revenue 

Chapter 18 Provisions and Reserves 

Chapter 19 Final Accounts (Coming soon)

Chapter 20 Final Accounts – With Adjustments (Coming soon)

Chapter 21 Errors and their Rectification (Coming soon)

Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)

Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)

Chapter 24 Computerised Accounting System (Coming soon)

Chapter 25 Introduction to Accounting Information System (Coming soon)

 

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