7. Pass the necessary Journal entries for the following transactions:
5 Received a cheque from Ramesh to whom goods were sold for 12,000 last year
April 20 Ramesh settled his account by issuing cheque including 60 for interest
23 Bank draft got issued in favour of Ms Lal & Sons 5,000. Bank charges 700
28 A bill of exchange of 4,000 (due after one month) discounted from bank for 3,800
pril 30 Goods sold for cash 7,000 and half of the sale proceeds deposited in bank
collected by Bank
2020
April 1 Deposited in bank for opening a Current Account
April 2 Withdrawn from bank
April
Allowed him 1% discount on payment
April 7 Ramesh's cheque deposited in bank
April 9 Ramesh's cheque dishonoured (bank charges 320)
April 21 Cash directly deposited by Raja (Customer) in bank account
April
April
April 30 Bank charges debited by bank ..........
120%.
ransactions Relating to Goods
transactions:
Answers
Answer:
ANSWER:
Journal
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2018
Apr 01
Cash A/c
Dr.
1,00,000
To Capital A/c
1,00,000
(Started business with cash)
Apr 02
Bank A/c
Dr.
20,000
To Cash A/c
20,000
(Paid into bank)
Apr 03
Purchases A/c
Dr.
50,000
To Cash A/c
50,000
(Goods purchased)
Apr 04
Cash A/c
Dr.
10,000
To Bank A/c
10,000
(Drew from bank for office use)
Apr 13
Krishna A/c
Dr.
15,000
To Sales A/c
15,000
(Goods sold)
Apr 20
Purchases A/c
Dr.
22,500
To Shyam A/c
22,500
(Goods purchased on credit)
Apr 24
Cash A/c
Dr.
12,500
Discount Allowed A/c
Dr.
500
To Krishna A/c
13,000
(Received from Krishna)
Apr 28
Shyam A/c
Dr.
22,500
To Cash A/c
21,500
To Discount Received A/c
1,000
(Paid to Shyam)
Apr 28
Sales Return A/c
Dr.
2,000
To Krishna A/c
2,000
(Goods returned by Krishna)
Apr 30
Cash A/c
Dr.
80,000
To Sales
80,000
(Cash sales for the month of April)
Apr 30
Rent A/c
Dr.
5,000
To Cash A/c
5,000
(Paid rent)
Apr 30
Salary A/c
Dr.
10,000
To Cash A/c
10,000
(Paid salary)
Page No 8.52:
Question 2:
Journalise the following transactions of Mr. Rahul:
2018 ₹
Jan. 1 Rahul started business with cash 1,00,000
Jan. 2 Paid into bank 60,000
Jan. 3 Bought goods from M/s. Singh & Co. on credit 20,000
Jan. 3 Paid cartage 300
Jan. 4 Purchased furniture 2,000
Jan. 4 Place an order for HP Printers for ₹15,000, amount advanced 5,000
Jan. 4 Purchased calculator 1,000
Jan. 4 Purchased computer through cheque 13,000
Jan. 6 Paid for postage 150
Jan. 8 Sold goods for cash 4,000
Jan. 9 Sold goods on credit to M/s. Sharda & Co. 10,000
Jan. 9 Paid cartage 200
Jan. 15 Paid to M/s Singh & Co. on account 17,500
Jan. 25 Sold goods to M/s. Ray & Co. 5,600
Jan. 27 Received cheque from M/s. Sharda & Co. in full settlement of amount due from them 9,750
Jan. 31 Paid for electricity charges 1,000
Jan. 31 Paid salary 1,500
Jan. 31 Paid rent of building by cheque , half of the building is used by the proprietor for residential use 5,000
Jan. 31 Drew for private use 3,500
ANSWER:
Journal
Date
Particulars
L.F.
Debit
Amount
(Rs)
Credit
Amount
(Rs)
2018
Jan.01
Cash A/c
Dr.
1,00,000
To Capital A/c
1,00,000
(Business started with cash)
Jan.02
Bank A/c
Dr.
60,000
To Cash A/c
60,000
(Cash deposited into cash)
Jan.03
Purchases A/c
Dr.
20,000
To M/s Singh & Co.
20,000
(Goods purchased)
Jan.03
Cartage A/c
Dr.
300
To Cash A/c
300
(Cartage paid)
Jan.04
Furniture A/c
Dr.
2,000
To Bank A/c
2,000
(Furniture purchased by cheque)
Jan.04
HP Printers A/c
Dr.
5,000
To Bank A/c
5,000
(Advance paid for placing an order for printer)
Jan.04
Office Equipments A/c
Dr.
1,000
To Bank A/c
1,000
(Calculator purchased by cheque)
Jan.04
Computer A/c
13,000
To Bank A/c
13,000
(Computer purchased by cheque)
Jan.06
Postage A/c
Dr.
150
To Cash A/c
150
(Postage paid)
Jan.08
Cash A/c
Dr.
4,000
To Sales A/c
4,000
(Goods Sold)
Jan.09
M/s Sharda & Co. A/c
Dr.
10,000
To Sales A/c
10,000
(Goods Sold)
Jan.09
Cartage A/c
Dr.
200
To Cash A/c
200
(Cartage paid)
Jan.15
M/s Singh & Co. A/c
Dr.
17,500
To Cash A/c
17,500
(Payment made)
Jan.25
M/s Ray & Co. A/c
Dr.
5,600
To Sales A/c
5,600
(Goods Sold)
Jan.27
Bank A/c
Dr.
9,750
Discount Allowed A/c
Dr.
250
To M/s Sharda & Co. A/c
10,000
(Payment Received)
Jan.31
Electricity Charges A/c
Dr.
1,000
To Cash A/c
1,000
(Electricity Charges paid)
Jan.31
Salary A/c
Dr.
1,500
To Cash A/c
1,500
(Salary paid)
Jan.31
Rent A/c
Dr.
2,500
Drawings A/c
Dr.
2,500
To Cash A/c
5,000
(Rent paid)
Jan.31
Drawings A/c
Dr.
3,500
To Cash A/c
3,500
(Cash withdrawn for personal use)
Page No 8.52:
Question 3:
Journalise the following transactions in the books of M/s. R.K. & Co.:
(i) Purchased goods of list price of ₹ 20,000 from Vishal at 20% trade discount against cheque payment.
(ii) Purchased goods of list price of ₹ 20,000 from Naman at 15% trade discount against cash.
(iii) Purchased goods of list price of ₹ 30,000 from Amrit at 20% trade discount.
(iv) Purchased goods of list price of ₹ 40,000 for ₹ 35,000 for cash.
(v) Goods returned of list price ₹ 10,000 purchased from Amrit.
(vi) Sold goods to Parul of list price of ₹ 40,000 at 10% trade discount against cheque payment.
(vii) Sold goods to Aman of list price of ₹ 30,000 at 10% trade discount against cash.
(viii) Sold goods to Pawan of list price of ₹ 20,000 at 10% trade discount.
(ix) Sold goods to Yamini of list price of ₹ 25,000 for ₹ 23,000.
(x) Sold goods costing ₹ 10,000 at cost plus 20% less 10% trade discount to Bhupesh.
(xi) Sold goods purchased at list price of ₹ 50,000 less 15% trade discount sold at a profit of 25% less 10% trade discount against cheque.
(xii) Aman returned goods of list price of ₹ 10,000 sold to him at 10% trade discount.
ANSWER:
Journal
Date
Particulars
L.F.
Debit
Amount
(Rs)
Credit
Amount
(Rs)
(i)
Purchase A/c
Dr.
16,000
To Bank A/c
16,000
(Goods purchased from Vishal by cheque)