I want solutions for T S Grewal pg - 8 60 - Q- 18,20,26 and 27 with explanation - Accountancy -

Question

I want solutions for T S Grewal pg - 8 60 - Q- 18,20,26 and 27
with explanation plzz help !!

Manisha Arora · Accepted Answer

Dear Student, the solutions of the questions as provided by you is
are as follows:
Solution for Question Number-18

Journal Entry

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Rent A/c
Dr

5,000

To Outstanding Rent A/c

5,000

(Rent Outstanding)

Cash A/c
Dr

25,000

To Interest on Loan

25,000

(Interest on Loan is received from a
Debtor)

Interest on Capital A/c
Dr

1,500

To Capital A/c

1,500

(Interest on Capital is received for 6
months on Rs 50,000@ 6%)

Cash A/c
Dr

780

Discount Allowed A/c
Dr

20

To Surinder

800

(Received cash from Surinder in full
settlement of his account for Rs 800)

Solution for Question Number-20

Journal Entry

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Charity A/c
Dr

400

To purchases A/c

400

(Goods given as charity)

Cash A/c
Dr

500

To Bad-Debts Recovered A/c

500

(Received cash from Bad-Debts
written off last year)

Drawings A/c
Dr

500

To Interest on Drawings A/c

500

(Interest on Drawings received @ 5% on Rs
10,000)

Solution for Question Number-26

Journal Entry

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Purchases A/c
Dr

16,000

VAT paid A/c
Dr

1,600

To Ramesh

17,600

(Goods purchased from Ramesh for Rs 20,000
@ 20% trade discount and plus 10%)

Krishna A/c
Dr

9,900

To Sales A/c

9,000

To VAT Collected A/c

900

(Sold goods costing Rs 7,000 to Krishna
for Rs 9,000 plus VAT 10%)

Bank A/c
Dr

11,000

To Sales A/c

10,000

To VAT Collected A/c

1,000

(Goods worth Rs 10,000 are sold and VAT is
Charged @ 10%)

VAT Collected A/c
Dr

1,600

To VAT paid A/c

1,600

(Adjustment of VAT paid against VAT
collected)

VAT A/c
Dr

300

To Bank A/c

300

(VAT collected minus VAT paid, deposited
into Government Account

Solution for Question Number-27

Journal Entry

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Machinery A/c
Dr

25

To Cash A/c

25

(Wages paid on installation of
Machinery)

Cash A/c
Dr

1,710

To Sales A/c

1,710

(Goods worth Rs 2,000 are sold to Kitty @
10% trade discount and 5% cash discount)

Shakutala
Dr

627

To Sales A/c

627

(Goods sold to Shakuntala, issued invoice
at 10% above cost less trade discount @ 5%)

Journal Entry
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

	Rent A/c	Dr.		5,000
	To Outstanding Rent A/c				5,000
	(Rent Outstanding)

	Cash A/c	Dr.		25,000
	To Interest on Loan				25,000
	(Interest on Loan is received from a Debtor)

	Interest on Capital A/c	Dr.		1,500
	To Capital A/c				1,500
	(Interest on Capital is received for 6 months on Rs 50,000@ 6%)

	Cash A/c	Dr.		780
	Discount Allowed A/c	Dr.		20
	To Surinder				800
	(Received cash from Surinder in full settlement of his account for Rs 800)

I want solutions for T.S.Grewal pg - 8.60 - Q- 18,20,26 and 27 with explanation....plzz help..!!