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Question No 22 Chapter No 5
22. Journalise the following transactions in the Journal of Navin Gupta & Sons.:-
1 | Out of Insurance premium paid this year, 15,000 is related to next year. |
2 | Credit purchases from Ram & Co. for 50,000. The cash discount will be received at 5% on payment of bill within 10 days |
3 | Cash paid to Ram & Co. and discount availed of. |
4 | Paid Income Tax 20,000 by cheque. |
5 | Goods costing 2,00,000 sold for cash at a profit of 10% |
6 | Purchased iron safe for 2,00,000 filing cabinet for 50,000 and Computer for 1,00,000. |
The solution of Question No 22 Chapter No 5: –
In the Books of Radhika Traders |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
2019 | |||||
1 | Prepaid Insurance A/c | Dr. | 15,000 | ||
To Insurance A/c | 15,000 | ||||
(Being Prepaid insurance recorded) | |||||
2 | Purchases A/c | Dr. | 50,000 | ||
To Ram & Co | 50,000 | ||||
(Being Goods purchased on credit from Ram & Co) | |||||
3 | Ram & Co | Dr. | 50,000 | ||
To Cash A/c | 47,500 | ||||
To Discount Received A/c | 2,500 | ||||
(Being Motor car return to Maruti Ltd.) | |||||
4 | Drawings A/c | Dr. | 20,000 | ||
To Cash A/c | 20,000 | ||||
(Being Paid income tax ) | |||||
5 | Cash A/c | Dr. | 2,20,000 | ||
To Sales A/c | 2,20,000 | ||||
(Being Goods sold for cash including profit of 10) | |||||
6 | Office Equipment A/c | Dr. | 3,50,000 | ||
To Cash A/c | 3,50,000 | ||||
(Being Office equipment purchased) | |||||
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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
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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)