Question No 17 Chapter No 5
17.Pass Journal entries for the following transactions:−
| 1 | Purchased Machinery for 20,000 and paid 200 for its carriage. |
| 2 | Received a cheque for 4,850 from X in full settlement of his account of 5,000. The cheque was immediately deposited into bank. |
| 3 | Received by cheque a first and final payment of 60 paise in a from Y who owed us 10,000. |
| 4 | Sold goods to Z for 10,000 at a trade discount of 20%. The next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank |
| 5 | Goods costing 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount. |
The solution of Question No 17 Chapter No 5: –
| In the Books of Radhika Traders |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2019 | |||||
| 1 | Machinery A/c | Dr. | 20,200 | ||
| To Cash A/c | 20,200 | ||||
| (Being Machinery purchased and paid for carriage) | |||||
| 2 | Bank A/c | Dr. | 4,850 | ||
| Discount Allowed A/c | Dr. | 150 | |||
| To X’s A/c | 5,000 | ||||
| (Being Cheque received from X in full settlement ) | |||||
| 3 | Cash A/c | Dr. | 6,000 | ||
| Bad Debts A/c | Dr. | 4,000 | |||
| To Y’s A/c | 10,000 | ||||
| (Being Cash received and bad debts written −off) | |||||
| 4 | Z’s A/c | Dr. | 8,000 | ||
| To Sales A/c | 8,000 | ||||
| (Being Goods sold to Manohar Lal) | |||||
| Bank A/c | Dr. | 7,600 | |||
| Discount Allowed A/c | Dr. | 400 | |||
| To Z’s A/c | 8,000 | ||||
| (Being Cheque received in full settlement ) | |||||
| 5 | Manoj’s A/c * | Dr. | 21,600 | ||
| To Sales A/c | 21,600 | ||||
| (Being Goods sold to Manoj) | |||||
Working Note: –
Calculation of amount of goods sold to Manoj*
| Cost Price | = | 20,000 |
| Add: Profit | = | 4,000 |
| Invoice Price | = | 24,000 |
| Less: Trade discount | = | 2,400 |
| = | 21,600 |
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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
Chapter 1 Evolution of Accounting & Basic Accounting Terms
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Chapter 2 Accounting Equations
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)
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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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