Question No 14 Chapter No 7 – D.K Goal 11 Class

Question No 14 Chapter No 7

14. Enter the following transactions in a triple column Cash Book:-

2020		Rs
Mar.1	Commenced business with 1,00,000 of which 20,000 were borrowed from Mr. Ratan
Mar.2	Opened current account with Punjab National Bank	75,000
Mar.4	Bought goods by cheque	60,000
Mar.5	Purchased a typewriter for 4,000 and spent 500 on its repairs
Mar.8	Paid petty cash expenses	200
Mar.10	Transferred from Current account to Fixed Deposit Account in the Bank	5,000
Mar.12	Sold goods for Cash 25,000 and cheque 15,000
Mar.13	Deposited the above cheque into the bank
Mar.15	Purchased goods from Ram Singh on Credit	25,000
Mar.18	Settled Ram Singh’s Account by cheque	24,750
Mar.20	Sent a cheque in payment of the fees of Proprietor’s son	500
Mar.25	Cash sales received a cheque	4,000
Mar.28	Deposited the above cheque into bank, collection charges	25
Mar.31	Repaid the loan taken from Mr. Ratan including interest @ 18% p.a

The solution of Question No 14 Chapter No 7: –

Dr.	Cash Book										Cr.
Date	Particulars	L. F.	Discount Allowed	Cash	Bank	Date	Particulars	L. F.	Discount Received	Cash	Bank
2020						2020
Mar.1	To Balance b/d		–	80,000	–	Mar.02	By Bank A/c		–	75,000	–
Mar.1	To Loan from Ratan A/c		–	20,000	–	Mar.4	By Purchases A/c		–	–	60,000
Mar.02	To Cash A/c		–	–	75,000	Mar.5	By Office Equipment A/c		–	4,500	–
Mar.12	To Sale A/c		–	25,000	–	Mar.08	By Petty Expenses A/c		–	200	–
Mar.13	To Cheque in Hand A/c		–	–	15,000	Mar.10	By Fixed Deposit A/c			–	5,000
Mar.28	To Cheque in Hand A/c		–		4,000	Mar.18	By Ram Singh A/c		250	–	24,750
						Mar.20	By Drawings A/c		–	–	500
						Mar.28	By Collection Charges A/c		–	–	25
						Mar.31	By Loan from Ratan A/c			20,000
						Mar.31	By Interest paid on Loan A/c			300
Jun.30	To Balance c/d		–			Jun.30	By Balance C/d		250	25,000	325
			–	1,25,000	94,000				250	1,25,000	94,000

 

Date	Particulars		L.F.	Debit	Credit
2020
Mar. 12	Cheques-in-Hand A/c	Dr.		15,000
	To Sales A/c				15,000
	(Being Received cheque from kalpna)
Mar. 06	Cheques-in-Hand A/c	Dr.		4,000
	To Sales A/c				4,000
	(Being Received cheque)
Feb. 06	Bank A/c	Dr.		10,000
	To Cheques-in-Hand A/c 2				10,000
	(Being Cheque received from Kalpna, sent to bank for collection)

Calculation of interest on the loan 

Interest on Loan	=	20,000	x	18	x	1
				100		12
	=	300

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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)

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.