Question No 07 Chapter No 5 – D.K Goal Class 11

Question No 07 Chapter No 5

07. Give Journal Entries for the following transactions in the books of Raja Ram & Co. :

2020
Mar.3	Bought goods for cash of the list price of 80,000 at 10% trade discount and 2 1/2 % cash discount.
Mar.5	Sold goods for cash of the list price of 1,00,000 at 15% trade discount and 3% cash discount.
Mar.6	Sold goods to Nagpal of the list price of 50,000 at 20% trade discount
Mar.8	Nagpal returned one-fourth of the above goods.
Mar.10	Nagpal settled the account by paying cash under a discount of 5%.

 

The solution of Question No 07 Chapter No 5: –

In the Books of Raja Ram & Co
Date	Particulars		L.F.	Debit	Credit
2019
Mar.3	Purchases A/c	Dr.		72,000
	To Cash A/c				70,200
	To Discount Received A/c				1,800
	(Being Goods purchased for cash and received cash discount.)
Mar.5	Cash A/c	Dr.		82,450
	Discount Allowed A/c	Dr.		2,550
	To Sales A/c				85,000
	(Being Goods sold for cash and allowed cash discount)
Mar.6	Nagpal’s A/c	Dr.		40,000
	To Sales A/c				40,000
	(Being Goods sold to Nagpal)
Mar.8	Sales Return A/c	Dr.		10,000
	To Nagpal’s A/c				10,000
	(Being Goods returned by Nagpal)
Mar.10	Cash A/c	Dr.		28,500
	Discount Allowed A/c	Dr.		1,500
	To Sales A/c				30,000
	(Being Cash received in full settlement)

 

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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)