Question No 41 Chapter No 5 – USHA Publication 11 Class

Question No 41 Chapter No 5

Question No 41 Chapter No 5

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: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

 

 

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