Question No 6 Chapter No 8 – T.S. Grewal 11 Class

Question No. 6 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 6 Chapter No 8

Journalise the following transactions:

(i) Goods worth Rs 500 given as charity.
(ii) Sold goods to Mayank of Rs 1,00,000, payable 25% by cheque at the time of sale and balance after 30 days of sale.
(iii) Received Rs 975 from Harikrishna in full settlement of his account Rs 1,000. 
(iv) Received a first and final dividend of 60 paise in a rupee from the official receiver of Rajan, who owed us Rs 1,000.
(v) Charged depreciation on plant Rs 1,000.
(vi) Charged interest on drawings Rs 1,500
(vii) Sold goods costing Rs 40,000 to Anil for cash at a profit of 25% on cost less 20% trade discount and paid cartage Rs 100, which is not to be charged from customer.

Solution of Question No 6 Chapter No 8: –

Date   Particulars
L.F. Debit Credit
(i) Charity A/c Dr.   500  
             To Purchase A/c     500
  (Being goods given as charity.)      
           
(ii) Mayank A/c Dr.   75,000  
  Bank A/c Dr.   25,000  
            To Sales A/c       1,00,000
  (Being goods sold to Mayank and 25% payment received with cheque.)      
           
(iii) Cash A/c Dr.   975  
  Discount Allowed A/c Dr.   25  
            To Hari Krishna A/c       1,000
  (Being cash received from Hari Krishna with full settlement.)      
           
(iv) Cash A/c Dr.   600  
  Bad debts A/c Dr.  

400

 
            To Rajan A/c       1,000
  (Being rent due to landlord but not paid.)      
           
(v) Depreciation A/c Dr.   1,000  
              To Plant A/c       1,000
  (Being Depreciation charged on Plant.)      
         
(vi) Capital A/c Dr.   1,500  
              To Interest on Drawing A/c       1,500
  (Being interest charges on interest on drawing.)      
         
(vii) Anil A/c Dr.   40,000  
              To Sales A/c       40,000
  (Being goods sold to Anil at 20% trade discount)      
         
  Cartage A/c Dr.   100  
              To Cash A/c       100
  (Beingcartage paid in cash on above sale.)      
         

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.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.6 – 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

 Charity

Expenses

Nominal Account

50% Payment received in cash

 Cash comes in  

Debit

Purchase (goods)

Assets

 Real Account

Goods given as charity

Goods goes out

Credit

Transaction No. 2

Transaction No. 2 Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 2 Question No.6 – 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

Sales a/c (Goods)

 Assets

 Real

 Goods giving by Business

Goods Goes out

Credit

 Bank

 Artificial Person

 Personal

Payment received by cheque

Bank is receiver

Debit

 Mayank

 Person

 Personal

Goods received

Mayank is receiver

Debit

Transaction No. 3

Transaction No. 3 Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 3 Question No.6 – 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

 Discount allowed

Loss

Nominal Account

Loss for receiving payment early

 All Expenses and Losses

Debit

 Mr. Hari Krishna

Person

Personal Account

Making payment

Giver

Credit

Transaction No. 4

Transaction No. 4 Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 4 Question No.6 – 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 due amount

 All Expenses and Losses

Debit

 Mr. Rajan

Person

Personal Account

Making payment

Giver

Credit

Transaction No. 5

Transaction No. 5 Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 5 Question No.6 – 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

Depreciation

Loss

Nominal

Value of assets diminished

 All Expenses and Losses

Debit

 Plant

Assets

 Real

Assets decreasing

Goes out

Credit

Transaction No. 6

Transaction No. 6 Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 6 Question No.6 – 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

Owner

Person

Personal A/c

Owner is using amount of Interest for own purpose not paying it to business.

Owner is indirectly receiving cash

Debit

 Interest on Drawing

Income

Nominal A/c

Interest earned by Business

All Income and gains

Credit

Transaction No. 7

Transaction No. 7 Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 7 Question No.6 – 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

Sales a/c (Goods)

 Assets

 Real Account

 Goods giving by Business

Goods Goes out

Credit

 Anil a/c

 Person

 Personal Account

Goods received

Pawan is receiver

Debit

 

Transaction No. 7b Question No.6 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 6 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 7b Question No.6 – 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

Cartage

Expenses

Nominal Account

Expenses Incurred

All Exp. or Loss

Debit

 Cash

 Assets

 Real Account

 Cash paid by business

 Cash goes out

Credit

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