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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 - T.S. Grewal +1 Book 2019

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Question No 6 Chapter No 8

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

400

 
           To Rajan A/c   1,000
 (Being rent due to landlord but not paid.)   
      
(v)Depreciation A/cDr. 1,000 
             To Plant A/c   1,000
 (Being Depreciation charged on Plant.)   
     
(vi)Capital A/cDr. 1,500 
             To Interest on Drawing A/c   1,500
 (Being interest charges on interest on drawing.)   
     
(vii)Anil A/cDr. 40,000 
             To Sales A/c   40,000
 (Being goods sold to Anil at 20% trade discount)   
     
 Cartage A/cDr. 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
Transaction No. 1 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording 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
Transaction No. 2 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording 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
Transaction No. 3 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording 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
Transaction No. 4 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording 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
Transaction No. 5 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording 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
Transaction No. 6 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Owner

Person

Personal A/c

The owner is using an amount of Interest for his own purpose not paying it to the 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
Transaction No. 7 Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Sales a/c (Goods)

 Assets

 Real Account

 Goods giving by Business

Goods Go out

Credit

 Anil a/c

 Person

 Personal Account

Goods received

Pawan is receiver

Debit

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Transaction No. 7b Question No.6 - Chapter No.8 - T.S. Grewal +1 Book 2019
Transaction No. 7b Question No.6 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be

Cartage

Expenses

Nominal Account

Expenses Incurred

All Exp. or Loss

Debit

 Cash

 Assets

 Real Account

 Cash paid by a business

 Cash goes out

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

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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

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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

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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

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

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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