Question No 41 Chapter No 5 - USHA Publication 11 Class

Question No 41 Chapter No 5

Table of Contents

41. Journalise the following transactions in the book of Sudhir :

2019
Jan. 1	Sudhir having no capital of his own started business with Rs 50,000, borrowed from his friend Shiv @10%p.a.
Jan. 5	Purchased goods for Rs 5,000
Jan.12	Received invoice at 10% trade discount from Rohit and sons and supplied these goods to Madan, listed at Rs 3,000
Jan. 20	Madan is declared insolvent and the amount @25 paise per rupee is received from him in full settlement
Jan. 25	Purchased goods for Rs 1,000 from Nanda and Supplied it to Helen for Rs 1,300, Helen returned goods worth Rs 390, which in turn were returned to Nanda
Feb. 9	Bought a house for Rs 1,500 and a cart for Rs 2,000 of delivering goods to the customers
Feb. 25	The house bought on Feb,9 died and the carcase was sold for Rs 200
Feb. 28	Supplied goods for Rs 300 to Sudhir for domestic use
Mar. 31	300 were paid to Mohan, out of business funds, for the repair of Sudhir’s residential house.

In the Books of Sudhir
Date	Particulars		L.F.	Debit	Credit
2019
Jan. 1	Cash A/c	Dr.		50,000
	To Shiva’s Loan A/c				50,000
	(Being business started with loan @ 10% p.a. )

Jan. 5	Purchases A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being goods bought for cash )

Jan.12	Purchases A/c	Dr.		2,700
	To Rohit And Sons A/c				2,700
	(Being goods bought worth Rs 3,000 @ 10% trade discount)

Jan. 12	Madan A/c	Dr.		3,000
	To Sale A/c				3,000
	(Being goods sold on credit)

Jan. 20	Cash A/c	Dr.		750
	Bad debts A/c	Dr.		2,250
	To Bad debts recovered A/c				3,000
	(Being compensation received and balance written-off as bad debts)

Jan. 25	Purchases A/c	Dr.		1,000
	To Nandas A/c				1,000
	(Being goods returned by us)

Jan. 25	Halen A/c	Dr.		1,300
	To Sales A/c				1,300
	(Being goods sold on credit )

Jan. 25	Return Inward A/c	Dr.		390
	To Halen A/c				390
	(Being gods received back, previously sold)

Jan.25.	Nanda A/c	Dr.		300
	To Return outwards A/c				300
	(Being goods returned previously purchased)

Feb. 9	Horse and cart A/c	Dr.		3,500
	To Cash A/c				3,500
	(Being horse and cart purchased for delivery of goods)

Feb. 25	Cash A/c	Dr.		200
	Profit & loss A/c	Dr.		1,300
	To House and cart A/c				1,500
	(Being carcase of a dead horse sold and balance treated as a loss )

Feb. 28	Drawing A/c	Dr.		300
	To Purchases A/c				300
	(Being goods taken by the proprietor for personal use)

Mar.31	Drawing A/c	Dr.		300
	To Cash A/c				300
	(Being amount was withdrawn by the proprietor from the business for payment of personal expenditure)