Question

Q4. Following balances appeared in the books of Ram &Shyam on January 1, 2017:-
(1
Assets : Cash in hand * 30,000; Stock 36,000; Lal Chand 7,600; Mukesh Khanna * 16,200; Furniture *
8,000.
Liabilities : Ghanshyam * 6,000; Vinod 8,000.
Following transactions took place during Jan. 2017 :-
2017
Jan. 2 Purchased Typewriter for 7,500.
4 Sold goods for Cash of the list price of * 25,000 at 20% trade discount and 5% Cash
discount.
6 Sold goods to Gopal Seth for 10,000.
8 Gopal Seth returned goods for * 1,500.
12 Purchased goods from Arun * 12,000; and from Varun 15,000.
13 Settled Arun's account in full after deducting 5% for cash discount.
14 Paid cash to Ghanshyam in full settlement of his account.
16 Received * 7,500 from Lal Chand in full settlement of his account.
17 Purchased a Scooter for office use * 18,000.
20 Sold goods for cash 20,000.
22 Received from Gopal Seth * 4,850 and discount allowed * 150.
27 Paid for Wages * 7,000 and Salaries * 3,000.
28 Withdrew goods for 2,000 and Cash * 1,500 for private use.
29 Paid for Life Insurance Premium of the Proprietor 1,600.​

Answer 1

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Answer 2

Answer:

Explanation:

        Particulars               Dr.                                Cr.                                          

Cash in hand A/c Dr.   30,000  

 Stock A/c Dr.   36,000  

 Lal Chand’s A/c Dr.   7,600  

 Mukesh Khanna’s A/c Dr.   16,200  

 Furniture A/c Dr.   8,000  

 To Ghanshyam’s A/c                          6,000

 To Vinod’s A/c                                 8,000

 To Capital A/c (Balancing figure)           83,800

 (Being Opening entry made)      

           

Jan.2 Office Equipment A/c Dr.   7,500  

 To Cash A/c                                                   7,500

 (Being Goods purchased on credit from Raghu and Dilip)      

         

Jan.4 Cash A/c Dr.   19,000  

 Discount Allowed A/c Dr.   1,000  

 To Sales A/c                                            20,000

 (Being Goods sold for cash at 20%)        

           

Jan.6 Gopal Seth’s A/c Dr.   10,000  

 To Sales A/c                                            10,000

 (Being Goods sold on credit to Gopal Seth)        

           

Jan.8 Sales Return A/c Dr.   1,500  

 To Gopal Seth’s A/c                                1,500

 (Being Goods returned)        

           

Jan.12 Purchases A/c Dr.   27,000  

 To Arun’s A/c                                                 12,000

 To Varun’s A/c                                       15,000

 (Being Goods purchased on credit.)        

           

Jan.13 Arun’s A/c Dr.   12,000  

 To Cash A/c       11,400

 To Discount Received A/c       600

 (Being Cash paid to Arun in full settlement)        

           

Jan.14 Ghanshyam’s A/c Dr.   6,000  

 To Cash A/c       6,000

 (Being Cash paid to Ghanshyam)        

           

Jan.17 Scooter A/c Dr.   18,000  

 To Cash A/c       18,000

 (Being Scooter purchased)        

           

Jan.20 Cash A/c Dr.   20,000  

 To Sales A/c       20,000

 (Being Goods sold for cash)        

           

Jan.22 Cash A/c Dr.   4,850  

 Discount Allowed A/c Dr.   150  

 To Gopal Seth’s A/c       5,000

 (Being Cash received)        

           

Jan.27 Wages A/c Dr.   7,000  

 Salaries A/c Dr.   3,000  

 To Cash A/c       10,000

 (Being Expenses paid)        

           

Jan.28 Drawings A/c Dr.   3,500  

 To Purchases A/c       2,000

 To Cash A/c       1,500

 (Being Amount withdrawn )        

           

Jan.29 Drawings A/c Dr.   1,600  

 To Cash A/c       1,600

 (Being Paid life insurance premium)