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.
Answers
Answer:
(a)cash a/c 11700
discount allowed 300
to hari kishan a/c 12000
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