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Page No 12.29:
Question 1:
Prepare a Purchase Book in the books of M/s Modern Furniture House, Lucknow (U.P) from the following transactions assuming CGST @ 6% and SGST @ 6% :-
2017 | |
June 5 | Bought from Mohan Lal & Co., Kanpur (U.P) :- |
20 Godrej Chairs @ ₹ 2,000 each | |
5 Godrej Tables @ ₹ 6,000 each | |
Trade Discount 20% | |
10 | Purchased from Bharat Bhushan & Sons, Varanasi (U.P) :- |
5 Almirahs @ ₹ 12,000 each | |
2 Revolving Chairs @ ₹ 20,000 each | |
Trade Discount 10% | |
14 | Purchased from Surya Traders, Lucknow (U.P) |
80 Desks @ ₹ 2,500 each | |
10 Sofa Sets @ ₹ 20,000 each | |
Trade Discount @ 15% | |
20 | Purchased for cash from Gopi Chand Haldi Ram, Delhi :- |
4 Tables @ ₹ 5,000 each | |
25 | Bought Furniture for office use from New Furniture House, Faridabad on Credit : |
5 Chairs @ ₹ 2,500 per Chair. | |
2 Tables @ ₹ 5,000 per Table. |
Answer:
Purchases Book |
||||||||
Date |
Particulars |
Invoice No. |
L.F. |
Details |
Cost |
Input CGST |
Input SGST |
Total |
June 05 |
Mohan Lal & Company, Kanpur |
|
|
|
|
|
|
|
|
20 Godrej Chairs @ ₹ 2,000 each |
|
|
40,000 |
|
|
|
|
|
5 Godrej Tables @ ₹ 6,000 each |
|
|
30,000 |
|
|
|
|
|
|
|
|
70,000 |
|
|
|
|
|
Less: 20% T.D. |
|
|
14,000 |
|
|
|
|
|
|
|
|
56,000
|
|
|
|
|
|
Add: CGST @ 6% |
|
|
3,360 |
|
|
|
|
|
Add: SGST @ 6% |
|
|
3,360 |
|
|
|
|
|
|
|
|
62,720 |
56,000 |
3,360 |
3,360 |
62,720 |
|
|
|
|
|
|
|
|
|
June 10 |
Bharat Bhushan & Sons, Varanasi |
|
|
|
|
|
|
|
|
5 Almirahs @ ₹ 12,000 each |
|
|
60,000 |
|
|
|
|
|
2 Revolving Chairs @ ₹ 20,000 each |
|
|
40,000 |
|
|
|
|
|
|
|
|
1,00,000 |
|
|
|
|
|
Less: 10% T.D. |
|
|
10,000 |
|
|
|
|
|
|
|
|
90,000 |
|
|
|
|
|
Add: CGST @ 6% |
|
|
5,400 |
|
|
|
|
|
Add: SGST @ 6% |
|
|
5,400 |
|
|
|
|
|
|
|
|
1,00,800 |
90,000 |
5,400 |
5,400 |
1,00,800 |
June 14 |
Surya Traders, Lucknow |
|
|
|
|
|
|
|
|
80 Desks @ ₹ 2,500 each |
|
|
2,00,000 |
|
|
|
|
|
10 Sofa Sets @ ₹ 20,000 each |
|
|
2,00,000 |
|
|
|
|
|
|
|
|
4,00,000 |
|
|
|
|
|
Less: 15% T.D. |
|
|
60,000 |
|
|
|
|
|
|
|
|
3,40,000 |
|
|
|
|
|
Add: CGST @ 6% |
|
|
20,400 |
|
|
|
|
|
Add: SGST @ 6% |
|
|
20,400 |
|
|
|
|
|
|
|
|
3,80,800 |
3,40,000 |
20,400 |
20,400 |
3,80,800 |
|
|
|
|
|
4,86,000 |
29,160 |
29,160 |
5,44,320 |
|
|
|
|
|
|
|
|
|
Page No 12.30:
Question 2:
M/s Ram Narain & Sons of Kerala, who are dealers in readymade garments, purchased the following :-
2017 | |
May 2 | Purchased from Fashion House, Mumbai (Maharashtra) :- |
100 Shirts @ ₹1,800 per Shirt | |
75 T-shirts @ ₹ 1,600 per piece | |
Less: Trade Discount 20%; and freight charges payable ₹ 10,000. | |
10 | Purchased from Appolo Garments, Kerala :- |
65 Shirts @ ₹ 2,000 per piece | |
80 T-shirts @ ₹ 1,500 per piece | |
Less: 20% Trade Discount and freight charges payable ₹ 2,000. | |
May 15 | Purchased from Garden Furniture House, Kolkata :- |
12 Chairs @ ₹ 5,000 per Chair | |
25 | Purchased from Amitabh Shirts, New Delhi for cash :- |
120 Shirts @ ₹ 1,500 per Shirt |
Prepare Purchase Book assuming CGST @ 9% and SGST @ 9%.
Answer:
Purchases Book of M/s Ram Narain & Sons, Kerala | |||||||||
Date | Particulars | Invoice No. | L.F. | Details (₹) |
Purchase (₹) |
Input CGST (₹) |
Input SGST (₹) |
Input IGST (₹) |
Total Amount (₹) |
2017 | |||||||||
May 02 | Fashion House, Mumbai (Maharashtra) | ||||||||
100 Shirts @ Rs 1,800 per Shirt
|
1,80,000 | ||||||||
75 T-Shirts @ Rs 1,600 per piece
|
1,20,000 | ||||||||
3,00,000 | |||||||||
Less: 20% Trade Discount | 60,000 | ||||||||
2,40,000 | |||||||||
Add: 18% IGST | 43,200 | ||||||||
2,83,200 | 2,40,000 | – | – | 43,200 | 2,83,200 | ||||
May 10 | Appolo Garments, Kerala | ||||||||
65 Shirts @ Rs 2,000 per piece
|
1,30,000 | ||||||||
80 T-Shirts @ Rs 1,500 per piece | 1,20,000 | ||||||||
2,50,000 | |||||||||
Less: 20% Trade Discount | 50,000 | ||||||||
|
2,00,000 | ||||||||
Add: 9% CGST | 18,000 | ||||||||
9% SGST | 18,000 | ||||||||
2,36,000 | 2,00,000 | 18,000 | 18,000 | – | 2,36,000 | ||||
4,40,000 | 18,000 | 18,000 | 43,200 | 5,19,200 | |||||
Working Notes
(1) In Purchases Book, we record only the credit purchase of goods, so transaction dated May 15 (being purchase of Furniture on credit) and May 25 (being purchase of goods for cash) will not be recorded.
(2) A separate entry will be passed in Journal Proper for Freight Charges payable on May 02, 2017 and May 10, 2017. Assuming GST rate is 18%, follwing are the entries:
Journal Proper | |||||
Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) | |
2017 | |||||
May 02 | Freight Inwards A/c | Dr. | 10,000 | ||
Input IGST A/c | Dr. | 1,800 | |||
To Fashion House
|
11,800 | ||||
(Freight charges on inter-state purchase of goods @ 18% GST) | |||||
May 10 | Freight Inwards A/c | Dr. | 2,000 | ||
Input CGST A/c | Dr. | 180 | |||
Input SGST A/c | Dr. | 180 | |||
To Appolo Garments
|
2,360 | ||||
(Freight charges on intra-state purchase of goods @ 9% GST) | |||||
Page No 12.30:
Question 3:
Record the following transactions in the Sales Book of Ganesh & Co. of Jaipur (Rajasthan), who deal in Furniture. Assume CGST @ 6% and SGST @ 6% :-
2017 | |
June 4 | Sold to Gupta Furniture House, New Delhi :- |
120 Chairs @ ₹ 2,500 per Chair | |
25 Table @ ₹ 8,000 per Table | |
Less: 5% | |
8 | Sold to Raja Furniture House, Ahmedabad (Gujarat) :- |
8 Almirahs @ ₹ 15,000 each | |
9 Steel Cabinets @ ₹ 20,000 each | |
Less: Trade discount of 10% | |
12 | Sold old Computer for ₹ 1,500 to Mohan & Co. on Credit. |
20 | Sold 4 Sofa sets @ ₹ 25,000 each to Varun & Co. for cash |
25 | Sold to New Furniture House, Jaipur:- |
5 Sofa sets @ ₹ 20,000 each | |
10 Tables @ ₹ 8,000 each | |
28 | Purchased from Ram Lal & Co. Jaipur on credit :- |
50 chairs @ ₹ 2,000 each |
Answer:
Sales Book of Ganesh & Co. of Jaipur, (Rajasthan) | |||||||||
Date | Particulars | Invoice No. | L.F. | Details (₹) | Sale (₹) |
Output CGST (₹) |
Output SGST (₹) |
Output IGST (₹) |
Total Amount (₹) |
2017 | |||||||||
June 04 | Gupta Furniture House, New Delhi | ||||||||
120 Chairs @ Rs 2,500 per Chair
|
3,00,000 | ||||||||
25 Tables @ Rs 8,000 per Table
|
2,00,000 | ||||||||
5,00,000 | |||||||||
Less: 5% Trade Discount
|
25,000 | ||||||||
4,75,000 | |||||||||
Add: 12% IGST | 57,000 | ||||||||
5,32,000 | 4,75,000 | – | – | 57,000 | 5,32,000 | ||||
June 08 | Raja Furniture House, Ahemadabad (Gujarat) | ||||||||
8 Almirahs @ Rs 15,000 each
|
1,20,000 | ||||||||
9 Steel Cabinets @ Rs20,000 each
|
1,80,000 | ||||||||
3,00,000 | |||||||||
Less: 10% Trade Discount
|
30,000 | ||||||||
2,70,000 | |||||||||
Add: 12% IGST | 32,400 | ||||||||
3,02,400 | 2,70,000 | – | – | 32,400 | 3,02,400 | ||||
June 25 | New Furniture House, Jaipur | ||||||||
5 Sofa Sets @ Rs 20,000 each
|
1,00,000 | ||||||||
10 Tables @ Rs 8,000 each | 80,000 | ||||||||
1,80,000 | |||||||||
Add: 6% CGST | 10,800 | ||||||||
6% SGST
|
10,800 | ||||||||
2,01,600 | 1,80,000 | 10,800 | 10,800 | – | 2,01,600 | ||||
June 30 | 9,25,000 | 10,800 | 10,800 | 89,400 | 10,36,000 | ||||
Note: In Sales Book, we record only the credit sale of goods, so transaction dated June 12 (being Computer sold on credit) and June 20 (being Sofa Sets sold for cash) will not be recorded.
Page No 12.31:
Question 4:
Record the following transactions in the Sales Book of M/s Ajanta Electronics, Ranchi (Jharkhand) assuming CGST @ 9% and SGST @ 9%:
2018 | |
March 1 | Sold to Vandna Electronics, Kolkata (West Bengal) Vide Invoice No. 1255 : |
50 Musical Alarm Clocks @ ₹ 800 each | |
40 Wall Clocks @ ₹ 500 each | |
Trade Discount 20% | |
10 | Sold to Mohan Watch Company, Patna (Bihar) Vide Invoice No. 1256 : |
25 Deluxe Wall Clocks @ ₹ 800 each | |
Trade Discount 10% | |
15 | Sold to Superior Watch Company, Ranchi Vide Invoice No. 1257 : |
75 Deluxe Wall Clocks @ ₹ 800 each | |
40 Super Deluxe Wall Clocks @ ₹ 1,000 each | |
Trade Discount 15% | |
20 | Sold to Modern Electronics, Ranchi Vide Cash Memo No. 5234 : |
100% Musical Alarm Clocks @ ₹ 800 each | |
Trade Discount 20% |
Answer:
Sales Book of M/s Ajanta Electronics, Ranchi (Jharkhand) | |||||||||
Date | Particulars | Invoice No. | LF | Details (₹) | Sale (₹) |
Output CGST (₹) |
Output SGST (₹) | Output IGST (₹) |
Total |
2018 | |||||||||
Mar. 01 | Vandna Electronics, Kolkata | 1255 | |||||||
50 Musical Alarm Clocks @ Rs 800 each
|
40,000 | ||||||||
40 Wall Clocks @ Rs 500 each
|
20,000 | ||||||||
60,000 | |||||||||
Less: 20% Trade Discount | 12,000 | ||||||||
48,000 | |||||||||
Add: 18% IGST | 8,640 | ||||||||
56,640 | 48,000 | - | - | 8,640 | 56,640 | ||||
Mar. 10 | Mohan Watch Company, Patna (Bihar) | 1256 | |||||||
25 Deluxe Wall Clocks @ Rs 800 each
|
20,000 | ||||||||
Less: 10% Trade Discount | 2,000 | ||||||||
18,000 | |||||||||
Add: 18% IGST | 3,240 | ||||||||
21,240 | 18,000 | - | - | 3,240 | 21,240 | ||||
Mar. 15 | Superior Watch Company, Ranchi | 1257 | |||||||
75 Deluxe Wall Clocks @ Rs 800 each
|
60,000 | ||||||||
40 Super Deluxe Wall Clocks @ Rs 1,000 each | 40,000 | ||||||||
1,00,000 | |||||||||
Less: 20% Trade Discount | 15,000 | ||||||||
85,000 | |||||||||
Add: 9% CGST | 7,650 | ||||||||
9% SGST
|
7,650 | ||||||||
1,00,300 | 85,000 | 7,650 | 7,650 | - | 1,00,300 | ||||
1,51,000 | 7,650 | 7,650 | 11,880 | 1,78,180 | |||||
Note: In Sales Book, we record only the credit sale of goods, so transaction dated March 20 (being sale of electronics for cash) will not be recorded.
Page No 12.31:
Question 5:
Write up Return Outward Book of Malthotra & Co., Bhiwani (Haryana) from the following transactions assuming CGST @ 6% and SGST @ 6% : -
2017 | |
August 4 | Returned to Saraswati House, Bhiwani 25 Chairs @ ₹ 1,800 per Chair, being not of specified quality. |
Trade Discount 10% | |
12 | Sent back one Dining Table to Navneet Enterprise, Karnal (Haryana) for not being polished @ ₹ 10,000 and 20 Chairs @ ₹ 2,000 each. |
20 | Returned to Yadav & Co., Patiala (Punjab), being not according to sample :- |
20 Chairs @ ₹ 1,500 each. | |
2 Dressing Tables @ ₹ 7,500 each. | |
28 | Allowance claimed from Navneet Enterprise, Ludhiana (Punjab) on account of mistake in the invoice ₹ 5,000. |
Answer:
Purchases Return Book of Malhotra & Co., Bhiwani (Haryana) | ||||||||||
Date | Particulars | Debit Note No. |
L.F. | Details (₹) | Purchase Return (₹) | Input CGST (₹) |
Input SGST (₹) |
Input IGST (₹) |
Total Amount (₹) |
|
2017 | ||||||||||
Aug. 04 | Saraswati House, Bhiwani | |||||||||
25 Chairs @ Rs 1,800 per Chair
|
45,000 | |||||||||
Less: 10% Trade Discount
|
4,500 | |||||||||
40,500 | ||||||||||
Add: 6% CGST | 2,430 | |||||||||
6% SGST | 2,430 | |||||||||
45,360 | 40,500 | 2,430 | 2,430 | - | 45,360 | |||||
Aug. 12 | Navneet Enterprise, Karnal (Haryana) | |||||||||
1 Dining Table @ Rs10,000
|
10,000 | |||||||||
20 Chairs @ Rs 2,000 each
|
40,000 | |||||||||
50,000 | ||||||||||
Add: 6% CGST | 3,000 | |||||||||
6% SGST | 3,000 | |||||||||
56,000 | 50,000 | 3,000 | 3,000 | - | 56,000 | |||||
Aug. 20 | Yadav & Co., Patiyala (Punjab) | |||||||||
20 Chairs @ 1,500 each
|
30,000 | |||||||||
2 Dressing Tables @ 7,500 each
|
15,000 | |||||||||
45,000 | ||||||||||
Add: 12% IGST | 5,400 | |||||||||
50,400 | 45,000 | - | - | 5,400 | 50,400 | |||||
Aug. 28 | Navneet Enterprise, Ludhiyana (Punjab) | |||||||||
Mistake in the Invoice | 5,000 | |||||||||
Add: 12% IGST
|
600 | |||||||||
5,600 | 5,000 | - | - | 600 | 5,600 | |||||
Aug. 31 | 1,40,500 | 5,430 | 5,430 | 6,000 | 1,57,360 | |||||
Page No 12.31:
Question 6:
Enter the following transactions in the Returns Inward Book of Anand Cloth House, Ajmal Khan Road, New Delhi Assuming CGST @ 2.5% and SGST @ 2.5% :-
October 3 | Chakravarti & Co. Jaipur (Rajasthan), returned to us being not according to sample :- |
50 Metre Cotton Cloth @ ₹ 200 per Metre | |
30 Metre Silk Cloth @ ₹ 500 per Metre | |
Trade Discount 20% | |
12 | Narain Rai & Co. Indore (M.P.), returned being not up to the approved sample :- |
25 Metre woollen cloth @ ₹ 400 per Metre | |
20 | Goods sold to Janaki Das Sita Ram, New Delhi now returned by them, being defective valued at ₹ 8,000. |
28 | Allowance allowed to Kesari Lal & Sons, Sadar Bazar, New Delhi on account of a mistake in the invoice ₹ 3,000. |
Answer:
Returns Inward Book of Anand Cloth House, Ajmal Khan Road, New Delhi | ||||||||||
Date | Particulars | Credit Note No. | L.F. | Details (₹) |
Sales Return (₹) | Output CGST (₹) |
Output SGST (₹) |
Output IGST (₹) |
Total Amount (₹) |
|
Oct. 03 | Chakravarti & Co., Jaipur (Rajasthan) | |||||||||
50 metre Cotton Cloth @ Rs 200 per metre
|
10,000 | |||||||||
30 metre Silk Cloth @ Rs 500 per metre
|
15,000 | |||||||||
|
25,000 | |||||||||
Less: 20% Trade Discount
|
5,000 | |||||||||
20,000 | ||||||||||
Add: 5% IGST | 1,000 | |||||||||
21,000 | 20,000 | - | - | 1,000 | 21,000 | |||||
Oct. 12 | Narain Rai & Co., Indore (MP) | |||||||||
25 metre Woolen Cloth @ Rs 400 per metre | 10,000 | |||||||||
Add: 5% IGST
|
500 | |||||||||
10,500 | 10,000 | - | - | 500 | 10,500 | |||||
Oct. 20 | Janaki Dass Sita Ram, New Delhi | |||||||||
Defective Goods | 8,000 | |||||||||
Add: 2.5% CGST | 200 | |||||||||
2.5% SGST
|
200 | |||||||||
8,400 | 8,000 | 200 | 200 | - | 8,400 | |||||
Oct. 28 | Kesari Lal & Sons, Sadar Bazar, New Delhi | |||||||||
Mistake in the Invoice | 3,000 | |||||||||
Add: 2.5% CGST | 75 | |||||||||
2.5% SGST
|
75 | |||||||||
3,150 | 3,000 | 75 | 75 | - | 3,150 | |||||
Oct. 31 | 41,000 | 275 | 275 | 1,500 | 43,050 | |||||
Page No 12.32:
Question 7:
Prepare Returns Inward and Returns Outward Books from the following in the books of Modern Shoes, Kolkata (West Bengal) assuming CGST @ 6% and SGST @ 6% :-
2018 | |
January 3 | Returned to Bata Shoe Co., Kolkata |
50 pairs of Chappals being not up to the approved sample @ ₹ 600 per pair | |
Less: Trade Discount 20% | |
10 | Guru Nanak & Co., Kolkata, returned to us :- |
10 pairs of Shoes, for being defective @ ₹ 1,200 per pair | |
Less: Trade Discount 10% | |
15 | Returned to Baluja Shoe Co., Kolkata |
20 pairs of ladies chappals @ ₹ 500 per pair | |
Less: 15% | |
22 | Partap Footwear Co., Patna (Bihar), returned to us :- |
50 pairs of Shoes @ ₹ 1,400 per pair | |
Less: 5% | |
27 | Manoj Shoe Co., Kolkata, returned to us :- |
20 pairs of Sandals @ ₹ 1,000 per pair | |
31 | Returned to Liberty Shoe Co., Ranchi (Jharkhand) defective shoes worth ₹ 5,000. |
Answer:
Returns Outward Book of Modern Shoes, Kolkata (West Bengal) | ||||||||||
Date | Particulars | Debit Note No. | L.F. | Details (₹) | Purchases Return (₹) |
Input CGST (₹) |
Input SGST (₹) |
Input IGST (₹) |
Total Amount (₹) |
|
2018 | ||||||||||
Jan. 03 | Bata Shoe Co., Kolkata | |||||||||
50 pairs of Chappals @ Rs 600 per pair
|
30,000 | |||||||||
Less: 20% Trade Discount
|
6,000 | |||||||||
24,000 | ||||||||||
Add: 6% CGST | 1,440 | |||||||||
6% SGST | 1,440 | |||||||||
26,880 | 24,000 | 1,440 | 1,440 | - | 26,880 | |||||
Jan. 15 | Baluja Shoe Co., Kolkata | |||||||||
20 pairs of Ladies Chappals @ Rs 500 per pair
|
10,000 | |||||||||
Less: 15% Trade Discount
|
1,500 | |||||||||
8,500 | ||||||||||
Add: 6% CGST | 510 | |||||||||
6% SGST | 510 | |||||||||
9,520 | 8,500 | 510 | 510 | - | 9,520 | |||||
Jan. 31 | Liberty Shoe Co.,Ranchi (Jharkhand) | |||||||||
Defective Shoes | 5,000 | |||||||||
Add:12% IGST
|
600 | |||||||||
5,600 | 5,000 | - | - | 600 | 5,600 | |||||
Jan. 31 | 37,500 | 1,950 | 1,950 | 600 | 42,000 | |||||
Returns Inward Book of Modern Shoes, Kolkata (West Bengal) | ||||||||||
Date | Particulars | Credit Note No. | L.F. | Details (₹) | Sales Return (₹) | Output CGST (₹) |
Output SGST (₹) |
Output IGST (₹) |
Total Amount (₹) |
|
2017 | ||||||||||
Jan. 10 | Guru Nanak & Co., Kolkata | |||||||||
10 pairs of Shoes @ Rs 1,200 per pair
|
12,000 | |||||||||
Less: 10% Trade Discount
|
1,200 | |||||||||
10,800 | ||||||||||
Add: 6% CGST | 648 | |||||||||
6% SGST | 648 | |||||||||
12,096 | 10,800 | 648 | 648 | - | 12,096 | |||||
Jan. 22 | Partap Footwear Co., Patna (Bihar) | |||||||||
50 pairs of Shoe @ Rs 1,400 per pair
|
70,000 | |||||||||
Less: 5% Trade Discount
|
3,500 | |||||||||
66,500 | ||||||||||
Add:12% IGST | 7,980 | |||||||||
74,480 | 66,500 | - | - | 7,980 | 74,480 | |||||
Jan. 27 | Manoj Shoe Co., Kolkata | |||||||||
20 pairs of Sandals @ Rs 1,000 per pair | 20,000 | |||||||||
Add: 6% CGST | 1,200 | |||||||||
6% SGST
|
1,200 | |||||||||
22,400 | 20,000 | 1,200 | 1,200 | - | 22,400 | |||||
Jan. 31 | 97,300 | 1,848 | 1,848 | 7,980 | 1,08,976 | |||||
Page No 12.32:
Question 8:
Enter the following transactions in the 'Journal Proper' of Karuna Stores :
March 1 | Purchased furniture on credit from Kuber Furniture Store for ₹ 15,000. |
March 5 | Goods for ₹ 6,000 given away as charity. |
March 12 | Goods worth ₹ 8,000 and Cash ₹ 4,000 were stolen by an employee. |
March 15 | Arun who owed us ₹ 20,000 was declared insolvent and nothing was received from him. |
March 18 | Proprietor withdrew for his personal use cash ₹ 5,000 and goods worth ₹ 10,000. |
March 31 | Provide interest on capital of ₹ 5,00,000 at 6% p.a. for full year. |
March 31 | Out of the rent paid this year, ₹ 5,000 is related to the next year. |
March 31 | Salaries due to clerks ₹ 12,000. |
Answer:
Journal Proper
Journal in the books of Sh. Karuna Sagar |
|||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
Mar. 01 | Furniture A/c | Dr. | 15,000 | ||
To Kuber Furniture Store
|
15,000 | ||||
(Furniture purchased on credit) | |||||
Mar. 05 | Charity A/c | Dr. | 6,000 | ||
To Purchases A/c
|
6,000 | ||||
(Goods given as charity) | |||||
Mar. 12 | Loss by Theft A/c | Dr. | 8,000 | ||
To Purchases A/c
|
8,000 | ||||
(Goods stolen) | |||||
Mar. 15 | Bad Debts A/c | Dr. | 20,000 | ||
To Arun
|
20,000 | ||||
(Arun was declared insolvent) | |||||
Mar. 18 | Drawings A/c | Dr. | 15,000 | ||
To Purchases A/c
|
10,000 | ||||
(Goods withdrawn for personal use) | |||||
Mar. 31 | Interest on Capital A/c | Dr. | 30,000 | ||
To Capital A/c
|
30,000 | ||||
(Interest on capital allowed) | |||||
Mar. 31 | Prepaid Rent A/c | Dr. | 5,000 | ||
To Rent A/c
|
5,000 | ||||
(Adjustment entry for prepaid rent) | |||||
Mar.31 | Salary A/c | Dr. | 12,000 | ||
To Outstanding Salary A/c
|
12,000 | ||||
(Salary to clerks was outstanding) | |||||
Note: Cash transactions will not be recorded in Journal Proper.
Page No 12.33:
Question 9:
Record the following transactions of Keshav Bros. in the proper books :
2017 |
|
Jan. 1 | Assets : Cash in hand ₹ 8,500; Cash at Bank ₹ 1,40,000; Stock of goods ₹ 2,20,000; Due from Manohar Lal ₹ 30,000 and Deep Chand ₹ 24,000; Furniture and Equipment ₹ 3,00,000. |
Liabilities : Due to Sunil ₹ 15,000. | |
2 | Withdrawn from bank ₹ 20,000. |
4 | Paid salaries ₹ 22,000. |
6 | Sold goods to Surya Narain : |
60 metres silk @ ₹ 150 per metre
|
|
100 metres cotton @ ₹ 70 per metre
|
|
Less : Trade Discount @ 12%
|
|
8 | Surya Narain returned 40 metres Cotton. |
9 | Received full payment from Manohar Lal by cheque, sent it to bank, Discount allowed 3%. |
10 | Purchased from Ganga Parshad : |
300 metres cotton @ ₹ 60 per metre
|
|
500 metres silk @ ₹ 120 per metre
|
|
Less : Trade Discount 10%.
|
|
12 | Sold goods to Vinita for cash ₹ 16,000. |
13 | Accepted a bill for ₹ 25,000 for 30 days drawn by Ganga Parshad. |
15 | Gave cheque to Ganga Parshad for ₹ 45,000, discount allowed by him ₹ 200. |
18 | Paid to Sunil ₹ 14,850 after receiving discount of 1%. |
20 | Mr. Keshav Chand took away 5 metres silk costing ₹ 100 per metre for his personal use. |
24 | Paid rent by cheque ₹ 2,000. |
25 | Received from Surya Narain ₹ 11,000 in full settlement of his account. |
27 | Old newspapers sold for cash ₹ 400. |
27 | Paid for stationery and postage ₹ 500. |
28 | Sold 400 metres silk @ ₹ 160 per metre to Sh. Ganesh Chand. |
31 | Received cash ₹ 40,000 from Sh. Ganesh Chand and also received a B/R from him for the balance amount due from him for 2 months. |
Answer:
Proper Subsidiary Books
Cash Book | ||||||||||
Dr. | ||||||||||
Date | Particulars | L.F. | Cash (Rs) | Bank (Rs) | Date | Particulars | L.F. | Cash (Rs) | Bank (Rs) | |
2017 | 2017 | |||||||||
Jan. 01 | Balance b/d | 8,500 | 1,40,000 | Jan. 02 | Cash A/c | C | – | 20,000 | ||
Jan. 02 | Bank A/c | C | 20,000 | – | Jan. 04 | Salaries A/c | 22,000 | – | ||
Jan. 09 | Manohar Lal (WN1) | – | 29,100 | Jan. 15 | Ganga Parshad | – | 45,000 | |||
Jan. 09 | Sales A/c | 16,000 | – | Jan. 18 | Sunil (WN2) | 14,850 | – | |||
Jan. 25 | Surya Narain (WN3) | 11,000 | – | Jan. 24 | Rent A/c | – | 2,000 | |||
Jan. 27 | Sundry Income | 400 | – | Jan. 27 | Stationery & Postage A/c | 500 | – | |||
Jan. 31 | Sh. Ganesh Chand | 40,000 | – | Jan. 31 | Balance c/d | 58,550 | 1,02,100 | |||
95,900 | 1,69,100 | 95,900 | 1,69,100 | |||||||
Feb. 01 | Balance b/d | 58,550 | 1,02,100 | |||||||
WN1: Calculation of Discount Allowed to Manohar Lal

WN2: Calculation of Discount Received from Sunil


Purchases Book | |||||
Date | Particulars | L.F. | Details (Rs) | Amount (Rs) | |
2017 | |||||
Jan. 10 | Ganga Parshad | ||||
300 metres Cotton @ 60 per metre
|
18,000 | ||||
500 metres Silk @ 120 per metre
|
60,000 | ||||
|
78,000 | ||||
Less: 10% Trade Discount
|
7,800 | 70,200 | |||
Jan. 31 | Purchases A/c | Dr. | 70,200 | ||
Sales Book | |||||
Date | Particulars | L.F. | Details (Rs) | Amount (Rs) | |
2017 |