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Question No 13 Chapter No 5
13. Pass Journal Entries for the following transactions:−
1 | Provide depreciation on Furniture 500 and on Machinery 2,000 |
2 | Received cash 1,000 for bad-debts written off last year. |
3 | Ajay Singh was declared bankrupt. He owed 2,500 to us. Nothing could be recovered from his estate. |
4 | 20,000 for wages and 4,000 for salaries are outstanding. |
5 | Purchased furniture for 6,000 for the proprietor and paid the amount by cheque |
6 | Provide 9% interest on capital amounting to 2,00,000 |
7 | Charge interest on drawings 1,000. |
The solution of Question No 13 Chapter No 5: –
In the Books of Hari Shankar & Co | |||||
Date | Particulars |
L.F. | Debit | Credit | |
2019 | |||||
1 | Depreciation A/c | Dr. | 2,500 | ||
To Furniture A/c | 500 | ||||
To Machinery A/c | 2,000 | ||||
(Being Depreciation charged on furniture and machinery.) | |||||
2 | Cash A/c | Dr. | 1,000 | ||
To Bad Debts Recovered A/c | 1,000 | ||||
(Being Bad debts recovered) | |||||
3 | Bad Debts A/c | Dr. | 2,500 | ||
To Ram’s A/c | 2,500 | ||||
(Being Bad debts written −off) | |||||
4 | Wages A/c | Dr. | 20,000 | ||
Salaries A/c | Dr. | 4,000 | |||
To Outstanding Wages A/c | 20,000 | ||||
To Outstanding Salaries A/c | 4,000 | ||||
(Being Wages and Salaries were outstanding) | |||||
5 | Drawings A/c | Dr. | 6,000 | ||
To Bank A/c | 6,000 | ||||
(Being Furniture purchased for personal use) | |||||
6 | Interest on Capital A/c | Dr. | 18,000 | ||
To Capital A/c | 18,000 | ||||
(Being Interest on capital provided) | |||||
7 | Drawings A/c | Dr. | 1,000 | ||
To Interest on Drawings A/c | 1,000 | ||||
(Being Interest on drawings charged) | |||||
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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
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Chapter 3 Meaning and Objectives of Accounting
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)
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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)