Question

Question 27.
Journalise the following transactions in the books of Ashok:
(i) Received ₹ 11,700 from Hari Krishan in full settlement of his account for ₹ 12,000.
(ii) Received ₹ 11,700 from Shyam on his account fro ₹ 12,000.
(iii) Received a first and final divident of 70 paise in the rupee from the official receiver of Rajagopal who owed us ₹ 7,000.
(iv) Paid ₹ 2,880 to A.K. Mandal in full settlement of his account for ₹ 3,000.
(v) Paid ₹ 2,880 to S.K. Gupta on his account for ₹ 3,000.

Answer 1

Answer:

(a)cash a/c 11700

   discount allowed 300

            to hari kishan a/c 12000

 

Answer 2

The journal entries in the books of Ashok (A) shown below:

Explanation:

1.

Cash A/c........................................Dr   Rs11,700

Discount Allowance A/c.............Dr   Rs300

            To Hari krishan A/c........................Cr    Rs12,000

Being received the payment in full settlement

2.

Cash A/c.............................Dr   Rs11,700

        To Shyam A/c....................Cr    Rs 11,700

Being payment received from Shyam on account

3.

Cash A/c....................................Dr    Rs4,900

Bad debts A/c...........................Dr   Rs 2,100

              To Rajagopal A/c..............Cr   Rs7,000

Being 70 paise in rupee from debtor

4.

A.K Mandal A/c...........................Dr   Rs 2,880

     To Cash A/c.................................Cr    Rs 3,000

      To Discount Received A/c.........Cr   Rs120

Being paid to A.K Mandal in full settlement

5.

S.K Gupta A/c...........................Dr   Rs 2,880

     To Cash A/c.................................Cr    Rs 2,880

Being paid to S. K Gupta in full settlement