Question No 09 Chapter No 8 – D.K Goal 11 Class

Question No 09 Chapter No 8

Journal Proper

09. Record the following transactions of Keshav Bros. in the proper books :

2018
Jan.1	Assets : Cash in hand 8,500; Cash at Bank 1,40,000; Stock of goods 2,20,000; Due from Manohar Lal 30,000 and Deep Chand 24,000; Furniture and Equipment 3,00,000.
	Liabilities: Due to Sunil 15,000.
Jan.2	Withdrawn from bank 20,000.
Jan.4	Paid salaries 22,000.
Jan.6	Sold goods to Surya Narain :
	60 metres silk @ 150 per metre
	100 metres cotton @ 70 per metre
	Less : Trade Discount @ 12 1/2 %
Jan.8	Surya Narain returned 40 metres Cotton.
Jan.9	Received full payment from Manohar Lal by cheque, sent it to the bank, Discount allowed 3%.
Jan.10	Purchased from Ganga Parshad :
	300 metres cotton @ 60 per metre
	500 metres silk @ 120 per metre
	Less: Trade Discount 10%
Jan.12	Sold goods to Vinita for cash 16,000
Jan.13	Accepted a bill for 25,000 for 30 days drawn by Ganga Parshad
Jan.15	Gave cheque to Ganga Parshad for 45,000, discount allowed by him 200
Jan.18	Paid to Sunil 14,850 after receiving a discount of 1%
Jan.20	Mr Keshav Chand took away 5 metres of silk costing 100 per metre for his personal use
Jan.24	Paid rent by cheque 2,000.
Jan.25	Received from Surya Narain 11,000 in full settlement of his account
Jan.27	Old newspapers sold for cash 400
Jan.27	Paid for stationery and postage 500.
Jan.28	Sold 400 metres silk @ 160 per metre to Sh. Ganesh Chand
Jan.31	Received cash 40,000 from Sh. Ganesh Chand and also received a B/R from him for the balance amount due from him for 2 months.

The solution of Question No 09 Chapter No 8: –

Dr.	Cash Book								Cr.
Date	Particulars	L. F.	Cash	Bank	Date	Particulars	L. F.	Cash	Bank
2020					2020
Jan.1	To Balance c/d		8,500	1,40,000	Jan.2	By Cash A/c		–	20,000
Jan.2	To Bank A/c		20,000	–	Jan.4	By Salaries A/c		22,000	–
Jan.9	To Manohar Lal A/c *		–	29,100	Jan.15	By Ganga Parshad A/c		–	45,000
Jan.9	To Sale A/c		16,000	–	Jan.18	By Sunil A/c**		14,850	–
Jan.25	To Surya Narain A/c ***		11,000	–	Jan.24	By Rent A/c		–	2,000
Jan.27	To Sundry Income A/c		400		Jan.27	By Stationery & Postage A/c		500	–
Jan.31	To Ganesh Chand A/c		40,000
					Dec.30	By Balance C/d		58,550	1,02,100
			95,900	1,69,100				95,900	1,69,100

Working Note:-
Calculation of Discount Allowed to Manohar Lal*

Amount due from Manohar Lal	=	30,000
	=	3	X	30,000
		100
	=	Rs 900

Amount Received from Manohar Lal = 30,000 – 900 = Rs 29,100

Calculation of Discount Received from Sunil**

Amount due to Sunil	=	15,000
	=	3	X	15,000
		100
	=	Rs 150

Calculation of Discount Allowed to Surya Narain***

Net sale to Surya Narain	=	Total Sale – Sale Return
	=	14,000 – 2,450
	=	Rs 11,550

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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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