Journalise the following transactions in the books of Mr. Bipin.
2011 July Started bus ess with Cash Rs. 1 3,25,000 Goods worth Rs 50,000 and Laptop Rs 45,000.
3 Deposited in Dena Bank Rs 1,50,000. Bought goods on credit from
7 Manish Rs 10,000 at 10% Trade discount.
11 Sold goods to Nitin of Rs 12,000 at 5% Trade Discount.
13 Goods worth Rs 900 burnt by fire. Received cash of Rs 11,200 from
17 Nitin in full settlement of his account. Drew from bank Rs 4,000 for his personal purpose.
Paid cash Rs 9,300 to Manish in full settlement of his account. 20
Answers
Answer:
Cash ac dr 325000
Purchases dr. 50000
Laptop dr. 45000
To capital ac 420000
Bank dr. 150000
To cash 150000
Purchases dr. 9000
To manish 9000
Nitin ac dr. 11400
To sales 11400
Loss by fire dr. 900
To purchases 900
Cash ac dr. 11200
Discount allowed 200
To nitin ac 11400
Drawings dr. 4000
To bank 4000
Cash dr. 9300
To manish 9000
To discount recieve 300
Journal Book Of 2011
Transaction - 1 :
cash A/c . . . Dr - 13,25,000
Stock A/c . . . Dr - 50,000
Laptop A/c . . . Dr - 45,000
- To capital A/c - 14,20,000
( Being started business with cash, stock and laptop )
Transaction - 2 :
Bank A/c . . . Dr - 1,50,000
- To cash A/c - 1,50,000
( Being opened a bank A/c and deposited with cash )
Transaction - 3 :
Purchase A/c . . . Dr - 9,000
- To Manish - 9,000
( Being goods purchased from Manish on credit )
Calculation of trade discount :-
CP = 10,000
Trade discount = 10% of 10,000 = 1,000
Selling price = 10,000 - 1,000 = 9,000
Note - Trade discount is not recorded in books
Transaction - 4 :
Nitin . . . Dr - 11,400
- To sales A/c - 11,400
( Being goods sold to Nitin on credit )
Calculation of trade discount :-
CP = 12,000
Trade discount = 5% of 12,000 = 600
Selling price = 12,000 - 600 = 11,400
Transaction - 5 :
Lost by fire A/c . . . Dr - 900
- To purchase A/c - 900
( Being goods lost by fire )
Transaction - 6 :
Cash A/c . . . Dr - 11,200
Discount allowed A/c . . . Dr - 200
- To Nitin - 11,400
( Being cash received from Nitin in full settlement )
Transaction - 7 :
Drawings A/c . . . Dr - 4,000
- To bank A/c - 4,000
( Being cash withdrawn from bank for personal use )
Transaction - 8 :
Manish . . . Dr - 10,000
- To cash A/c - 9,000
- To discount received A/c - 1,000
( Being cash paid to Manish in full settlement )