Q.1 Record journal entries in the books of Mohan Stores:
Dec. 1 Commenced business with cash Rs. 50,000;
Dec.3 Sold goods to Geeta of list price Rs. 15,000 less 10% trade discount.
Dec.6 Geeta returned goods of list price. 3,000.
Dec.8 Received cash Rs. 10,500 from Geeta in full settlement
Dec.9 Bought goods from Krishna of list price Rs. 25,000 less trade discount 20%.
Dec. 10
Dec. 11
Paid Rs. 19,300 to Krishna in full settlement of his account.
Bought goods of list price Rs. 12,000 less 15% trade discount and 2% cash discount for cash. All payment done on the spot
Bought goods from Ram Rs. 12,000 and 40% paid immediately.
Sold goods to Mohan of the list price Rs. 20,000 less 15% trade discount and 2% cash discount. Mohan paid 40% price immediately.
Dec.12
Dec. 13
Dec. 15
Raman who owed us Rs. 2000 was declared insolvent and paid 40 paisa in
a rupee.
Received cash from Gopal Rs. 400 whose account was written off as bad debt last year.
Withdrew cash Rs. 2500 and goods costing Rs. 3000 for personal use.
Goods costing Rs. 3000 was damaged by fire and insurance company admitted a claim of Rs. 2000.
Withdrew cash for office use Rs. 3000 and 1000 for personal use from
Bank.
Purchased a second hand machine for Rs. 15,000 spent Rs. 4500 on its repair and carriage charges paid Rs. 500.
Goods Costing Rs. 4000 were used for making furniture and paid wages of carpenter Rs. 1,000.
Bought a shop for Rs. 60,000 by issuing cheque, however, brokerage 1% and registration chares Rs. 4000 paid in cash.
Paid life insurance premium of proprietor Rs. 2000 and income tax Rs. 1500.
Bought shares of Tata Motors for Rs. 10,000 and brokerage paid 1%.
Goods taken by proprietor for personal use Rs. 2000 and goods distributed as free sample Rs. 1000.
Interest earned but not received Rs. 500 (Accrued interest 500) Bought goods of list price Rs. 50,000 less 10% trade discount and 2% cash discount from Neha. Paid 30% amount immediately.
Dec. 18
Dec.20
Dec.22
Dec.23.
Dec.24
Dec.26
Dec.27
Dec.29
Dec.31
Dec. 31
Dec.31 Dec.31
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Answer:
bec. 1 cash a/c Dr. 50000
to capital a/c 50000
Dec. 3 sale a/c Dr. 13500
to gita a/c 13500
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