Question No 41 Chapter No 5
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Video Tag: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. |
The solution of Question No 41 Chapter No 5: –
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) | |||||
How to make Journal Entries in Accounting – Explanation
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Also, Check out the solved question of all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
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