Question No 03 Chapter No 9 – D.K Goal 11 Class

Question No 03 Chapter No 9

03.Following balances appeared in the books of Ram & Shyam on January 1, 2017 :−
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. 2018:−

2018
Jan.2	Purchased Typewriter for 7,500.
Jan.4	Sold goods for Cash of the list price of 25,000 at 20% trade discount and 5% Cash discount
Jan.6	Sold goods to Gopal Seth for 10,000.
Jan.8	Gopal Seth returned goods for 1,500.
Jan.12	Purchased goods from Arun 12,000; and from Varun 15,000.
Jan.13	Settled Arun’s account in full after deducting 5% for cash discount.
Jan.14	Paid cash to Ghanshyam in full settlement of his account.
Jan.16	Received 7,500 from Lal Chand in full settlement of his account
Jan.17	Purchased a Scooter for office use 18,000.
Jan.20	Sold goods for cash 20,000.
Jan. 22	Received from Gopal Seth 4,850 and discount allowed 150
Jan.27	Paid for Wages 7,000 and Salaries 3,000.
Jan.28	Withdrew goods for 2,000 and Cash 1,500 for private use.
Jan.29	Paid for Life Insurance Premium of the Proprietor 1,600.

Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance

The solution of Question No 03 Chapter No 9: –

In the Books of Radhika Traders
Date	Particulars		L.F.	Debit	Credit
2019
Jan.1	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)

 

Dr.	Cash A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan. 1	To Balance c/d		30,000	Jan. 2	By Typewriter A/c		7,500
Jan.04	To Sale. A/c		19,000	Jan.13	By Arun’s A/c		11,400
Jan.06	To Lal Chand’s A/c		7,500	Jan.14	By Ghanshyam’s A/c		6,000
Jan.20	To Sales A/c		20,000	Jan.17	To Scooter A/c		18,000
Jan.26	To Gopal Seth’s A/c		4,850	Jan.27	To Wages A/c		7,000
				Jan.27	By Salaries A/c		3,000
				Jan.28	By Drawings A/c		1,500
				Jan.29	By Drawings A/c		1,600
				Jan. 31	By Balance c/d		25,350
			81,350				81,350

Dr.	Capital A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
				Jan. 1	By Balance b/d		83,800
Jan. 31	To Balance c/d		83,800
			83,800				83,800

Dr.	Stock A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.1	To Balance b/d		36,000
				Jan. 31	By Balance c/d		36,000
			36,000				36,000

Dr.	Lal Chand’s  A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
				Jan.6	By Cash A/c		7,500
				Jan.6	By Raghu’s A/c		100
Jan.31	To Balance c/d		7,600
			7,600				7,600

Dr.	Mukesh Khanna’s A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.1	To Balance b/d		16,200
				Jan. 31	By Balance c/d		16,200
			16,200				16,200

Dr.	Furniture A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.1	To Balance b/d		8,000
				Jan. 31	By Balance c/d		8,000
			8,000				8,000

Dr.	Ghanshyam’s A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.1	To Balance b/d		6,000
				Jan. 31	By Balance c/d		6,000
			6,000				6,000

Dr.	Vinod’s A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
				Jan.1	By Balance b/d		8,000
Jan.31	To Balance c/d		8,000
			8,000				8,000

Dr.	Sales  A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
				Jan.4	By Cash A/c		19,000
				Jan.04	By Discount Allowed A/c		1,000
				Jan.06	By Gopal Seth’s A/c		10,000
				Jan.20	By Cash A/c		20,000
Jan.31	To Balance c/d		50,000
			50,000				50,000

Dr.	Office Equipment A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.2	To Cash A/c		7,500
				Jan. 31	By Balance c/d		7,500
			7,500				7,500

Dr.	Gopal Seth’s A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.06	To Sales A/c		10,000	Jan.08	By Sales Return A/c		1,500
				Jan.22	By Cash A/c		4,850
				Jan.22	By Discount Allowed A/c		510
				Jan. 31	By Balance c/d		3,500
			10,000				10,000

Dr.	Discount Allowed A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.4	To Sales A/c		1,000
Jan.16	To Lal Chand’s A/c		100
Jan.22	To Gopal Seth’s A/c		150	Jan. 31	By Balance c/d		1,250
			1,250				1,250

Dr.	Purchases A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.12	To Arun’s A/c		12,000	Jan.28	By Drawings A/c		2,000
Jan.12	To Varun’s A/c		15,000
				Jan. 31	By Balance c/d		25,000
			27,000				27,000

Dr.	Arun’s A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.13	To Cash A/c		11,400	Jan.12	By Purchases A/c		12,000
Jan.13	To Discount Received A/c		600
			12,000				12,000

Dr.	Discount Received A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
				Jan.10	By Arun’s A/c		600
Jan.31	To Balance c/d		600
			600				600

Dr.	Scooter A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.17	To Cash A/c		18,000
				Jan. 31	By Balance c/d		18,000
			18,000				18,000

Dr.	Wages A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.27	To Cash A/c		27,000
				Jan. 31	By Balance c/d		27,000
			27,000				27,000

Dr.	Salaries A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.27	To Cash A/c		3,000
				Jan. 31	By Balance c/d		3,000
			3,000				3,000

Dr.	Drawings A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2018				2018
Jan.28	To Purchases A/c		2,000
Jan.28	To Cash A/c		1,500
Jan.29	To Cash A/c		1,600
				Jan. 31	By Balance c/d		5,100
			5,100				5,100

Trail Balance A/c
Particulars	J.F.	Debit	Credit
Cash A/c		25,350
Stock A/c		36,000
Mukesh Khanna’s A/c		16,200
Machinery A/c		8,000
Furniture A/c			8,000
Vinod’s A/c			4,000
Capital A/c			83,800
Discount Allowed A/c		7,500
Office Equipment. A/c		1,250
Discount Allowed A/c		1,500
Sales A/c			50,000
Gopal Seth’s A/c		3,500
Sales Return A/c		1,500
Purchases A/c		25,000
Varun’s A/c			15,000
Discount Received A/c			600
Scooter A/c		18,000
Wages A/c		7,000
Salaries A/c		3,000
Drawings A/c		5,100
		1,57,400	1,57,400

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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

• Chapter 1 Evolution of Accounting & Basic Accounting Terms
• Chapter 2 Accounting Equations
• Chapter 3 Meaning and Objectives of Accounting
• Chapter 4 Double Entry System
• Chapter 5 Books of Original Entry – Journal 
• Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
• Chapter 7 Books of Original Entry – Cash Book (Coming soon)
• Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
• Chapter 9 Ledger (Coming soon)
• Chapter 10 Trial Balance and Errors (Coming soon)
• Chapter 11 Bank Reconciliation Statement (Coming soon)
• Chapter 12 Depreciation (Coming soon)
• Chapter 13 Bills of Exchange (Coming soon)
• Chapter 14 Generally Accepted Accounting Principles(GAAP) 
• Chapter 15 Bases of Accounting
• Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
• Chapter 17 Capital and Revenue 
• Chapter 18 Provisions and Reserves 
• Chapter 19 Final Accounts (Coming soon)
• Chapter 20 Final Accounts – With Adjustments (Coming soon)
• Chapter 21 Errors and their Rectification (Coming soon)
• Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
• Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
• Chapter 24 Computerised Accounting System (Coming soon)
• Chapter 25 Introduction to Accounting Information System (Coming soon)

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