Question No 5 Chapter No 8 – T.S. Grewal 11 Class

Question No. 5 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 5 Chapter No 8

Journalise the following transactions:

(i) Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his official receiver. He owed us 10,000.
(ii) Received cash for a bad debt written off last year 5,000
(iii) Rent due to landlord 8,000
(iv) Salaries due to clerks 10,000
(v) Placed an order with Rakesh Mohan for the supply of goods of the list price of Rs 1,00,000. In this connection. Raman paid 10% of the list price as an advance by cheque.

Solution of Question No 5 Chapter No 8: –

Date   Particulars
L.F. Debit Credit
(i) Cash A/c Dr. 7,500
Bad Debts A/c Dr. 2,500
           To Shyam A/c 10,000
(Being first and last compensation received from Shyam.)
(ii) Cash A/c 5,000
          To Bad Debts Recovered A/c 5,000
(Being Received cash for a bad debt written off last year.)
(iii) Rent A/c 8,000
          To outstanding Rent A/c 8,000
(Being rent due to landlord but not paid.)
(iv) Salary A/c 10,000
          To outstanding Salary A/c 10,000
(Being salary due but not paid.)
(v) Advance to Rakesh Mohan A/c 10,000
            To Cash A/c 10,000
(Being advance paid to the supplier against the purchase order.)

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.5 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 5 Chapter No 8 - T.S. Grewal 11 Class
Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his official receiver. He owed us 10,000. -Transaction No. 1 Question No.5 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
 Cash Assets Real Account Payment received in cash  Cash comes in   Debit
 Bad debt Loss Nominal Account Loss for not receiving a due amount  All Expenses and Losses Debit
 Mr. Shyam Person Personal Account Making payment Giver Credit

Transaction No. 2

Transaction No. 2 Question No.5 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 5 Chapter No 8 - T.S. Grewal 11 Class
Received cash for a bad debt written off last year 5,000 – Transaction No. 2 Question No.5 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
 Cash Assets Real Account Payment received in cash  Cash comes in   Debit
Bad debts recovered Gain Nominal Account Loss of last year recovered  All Income and gains  Credit

Transaction No. 3

Transaction No. 3 Question No.5 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 5 Chapter No 8 - T.S. Grewal 11 Class
Rent due to landlord 8,000 -Transaction No. 3 Question No.5 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Rent A/c Loss Nominal Account Expenses incurred  All Expenses and Losses Debit
Outstanding Rent A/c Representative Person Personal Account Actually, landlord is giving his cash to the business. Giver Credit

Transaction No. 4

Transaction No. 4 Question No.5 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 5 Chapter No 8 - T.S. Grewal 11 Class
Salaries due to clerks 10,000 – Transaction No. 4 Question No.5 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Salary A/c Loss Nominal Account Expenses incurred  All Expenses and Losses Debit
Outstanding Salary A/c Representative Persons Personal Account Actually, Clerks(employees) are giving their cash to the business. They are Giver Credit

Transaction No. 5

Transaction No. 5 Question No.5 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 5 Chapter No 8 - T.S. Grewal 11 Class
Placed an order with Rakesh Mohan for the supply of goods of the list price of Rs 1,00,000. In this connection. Raman paid 10% of the list price as an advance by cheque. – Transaction No. 5 Question No.5 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of Account Type of Account Rule which will Applicable What happen in the transaction Rule applied According to Rule It will be
Advance to Rakesh Mohan Representative Person Personal Account Receiving payment Rakesh Mohan is Receiver Debit
 Bank  Artificial Person  Personal Account  making payment Bank is giver Credit

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T.S. Grewal’s Double Entry Book Keeping (Class +1) – Solution

Chapter No. 1 – Introduction to Accounting

Chapter No. 2 – Basic Accounting Terms 

Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)

Chapter No. 4 – Bases of Accounting

Chapter No. 5 – Accounting Equation

Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit

Goods and Services Tax(GST)

Chapter No. 7 – Origin of Transactions –  Source Documents and Preparation of Vouchers

Chapter No. 8 – Journal

Chapter No. 9 – Ledger

Chapter No. 10 – Special Purpose Books I – Cash Book

Chapter No. 11 – Special Purpose Books II – Other Books

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Trial Balance 

Chapter No. 14 – Depreciation

Chapter No. 15 – Provisions and Reserves

Chapter No. 16 – Accounting for Bills of Exchange

Chapter No. 17 – Rectification of Errors 

Chapter No. 18 – Financial Statements of Sole Proprietorship

Chapter No. 19 – Adjustments in preparation of Financial Statements 

Chapter No. 20 – Accounts from incomplete Records – Single Entry System

Chapter No. 21 – Computers in Accounting

Chapter No. 22 – Accounting Software – Tally

Check out T.S. Grewal’s +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewals Double Entry Book Keeping - Question No 5 Chapter No 8 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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