Question No 05 Chapter No 5 – D.K Goal Class 11

Question No 05 Chapter No 5

05. Enter the following transaction in the Journal of Marutinandan Stores:

2020
Jan.10	Purchased goods from Ghanshyam of the list price of 50,000 at 15% trade discount.
Jan.13	Returned goods to Ghanshyam of the list price of 2,000.
Jan.15	Paid cash to Ghanshyam 40,000 in full settlement of his account.
Jan.20	Purchased goods from Raghu of the list price of 60,000 at 10% trade discount
Jan.22	Returned goods to Raghu of the list price of 5,000
Jan.25	Paid cash to Raghu 49,000 in full settlement of his account

 

The solution of Question No 05 Chapter No 5: –

In the Books of Marutinandan Stores
Date	Particulars		L.F.	Debit	Credit
2019
Jan.10	Purchases A/c	Dr.		42,500
	To Ghanshyam’s A/c				42,500
	(Being Goods purchased at 15.)
Jan.13	Ghanshyam’s A/c	Dr.		1,700
	To Purchases Return A/c				1,700
	(Being Goods returned to Ghanshyam deducting trade discount of 15)
Jan.15	Ghanshyam’s A/c	Dr.		40,800
	To Cash A/c				40,000
	To Discount Received A/c				800
	(Being Cash paid to Ghanshyam in full settlement of his account)
Jan.20	Purchases A/c	Dr.		54,000
	To Raghu’s A/c				54,000
	(Being Goods purchased from Raghu at trade discount of 10.)
Jan.22	Raghu’s A/c	Dr.		4,500
	To Purchases Return A/c				4,500
	(Being Goods returned to Raghu deducting trade discount of 10)
Jan.25	Raghu’s A/c	Dr.		49,500
	To Cash A/c				49,000
	To Discount Received A/c				500
	(Being Cash paid to Raghu in full settlement of his account)

 

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Also, Check out the solved question of all Chapters: –

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)