Question No 15 Chapter No 7 – D.K Goal 11 Class

Question No 15 Chapter No 7

15. Enter the following transactions in a three column Cash Book :-

2018
Mar.1	Cash in Hand 15,000; Bank 8,000
Mar.2	Sold goods to X on credit for 10,000
Mar.5	Sold goods for 20,000; received a cheque from them, discount allowed 2 1/2 %. The cheque was deposited into the bank on 7th March.
Mar.10	Purchased goods from Suresh on the terms of 5% Cash discount if the payment is made within 3 days 20,000.
Mar.12	Payment made to Suresh; half in Cash and half by cheque
Mar.14	Received a Bank Draft for 6,820 from Siya Ram in full settlement of 7,000 due from him. Sent the draft to the Bank.
Mar.16	Settled Pawan’s account of 5,000 at a discount of 5%
Mar.17	Goods worth 8,000 were purchased from Sunil on 5th March. Its payment was made today by cheque after deducting 5% cash discount.
Mar.18	Withdrawn from Bank 20,000 and Furniture was purchased for 15,000; the balance taken by the proprietor.
Mar.20	Received a cheque from Ravi for 2,850 in a settlement after deducting 5%. Endorsed the cheque to Gopal on 22nd March.
Mar.22	Placed an order with ‘Jai Traders’ for goods of the value of 10,000 and sent a cheque of 8,000 with the order.
Mar.23	Purchased furniture by cheque of 6,000q
Mar.24	Cash sales 15,000; half of which deposited into bank
Mar.25	X settled his account by payment of 10,150; 150 being the interest charged.
Mar.27	Paid rent to Landlord ‘Rakesh’ by cheque 2,000.
Mar.28	Cashed a cheque for 10,000 and paid salaries in cash 8,000
Mar.31	Deposited into bank, balance of cash in excess of 5,000.

The solution of Question No 15 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 Capital A/c		–	15,000	8,000	Mar.12	By Suresh A/c		1,000	9,500	9,500
Mar.7	To Sale A/c		500	–	19,500	Mar.16	By Pawn A/c		250	4,750	–
Mar.14	To Siya Ram A/c		180	–	6,820	Mar.17	By Purchases A/c		400	–	7,600
Mar.24	To Sale A/c		–	7,500	7,500	Mar.18	By Drawings A/c		–	–	5,000
Mar.25	To X A/c		–	10,000	–	Mar.18	By Furniture A/c			–	15,000
Mar.25	To Interest A/c		–	150	–	Mar.22	By Jai Traders A/c		–	–	8,000
Mar.28	To Bank A/c			10,000		Mar.23	By Furniture A/c		–	–	6,000
Mar.31	To Cash A/c				15,400	Mar.27	By Rent A/c		–	–	2,000
						Mar.28	By Cash A/c		–	–	10,000
						Mar.28	By Salary A/c			8,000
						Mar.31	By Bank A/c			15,400
Jun.30	To Balance c/d		830		5,880	Jun.30	By Balance C/d		1,650	5,000	325
			830	42,650	63,100				1,650	42,650	63,100

 

Date	Particulars		L.F.	Debit	Credit
2020
Mar. 05	Cheques-in-Hand A/c	Dr.		19,500
	Discount Allowed A/c	Dr.		500
	To Sales A/c				20,000
	(Being Cheque received from Navin)
Mar. 20	Cheques-in-Hand A/c	Dr.		2,850
	Discount Allowed A/c	Dr.		150
	To Sales A/c				3,000
	(Being Cheque received from Ravi)
Mar. 22	Gopal A/c	Dr.		2,850
	To Cheques-in-Hand A/c				2,850
	(Being Cheque endorsed to Gopal)

Working Note:-
Cash Deposited into the Bank

Cash Deposited into the bank	=	Total Cash Column (Dr. side) – Total Cash Column (Cr. side) + Cash Balance maintained
	=	42,650 – (22,250 + 5,000)
	=	Rs 15,400

Calculation of Discount Allowed to Ravi

The amount received from Ravi is 95% = Rs 2,850

The total amount to be received from Ravi is 100%	=	100	x	2,850
				95
	=	Rs 3,000

Discount allowed to Ravi	=	3,000	x	5
				100
	=	Rs 150

 

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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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