Pass Journal entries in the books of Raghunath from the following transactions:1994
June 1
June 2
June 4
June 8
June 10
June 13
June 16
June 18
June 19
June 20
June 20
June 25
June 30
Ans 1:
Date
1994
June 1
June 2
June 4
June 8
Raghunath started business with cash Rs. 80,000, Goods Rs. 40,000 and
Furniture Rs. 20,000
Sold goods to Nandlal of the list price of Rs. 20,000 at trade discount of 10%
Nandlal returned goods of the list price of Rs. 4,000
Received from Nanlal Rs. 14,150 in full settlement in his account.
Purchased goods from Brij Mohan of the list price of Rs. 10,000 at 15% Trade
discount
Returned goods to Brij Mohan of the list price of Rs. 1,000
Settled the account of Brij Mohan by paying cash, under discount of 4%
Purchased goods from Anil Rs. 5,000; Sunil Rs. 10,000.
Paid cash to Anil Rs. 1,900 and discount received Rs. 100
Paid Rs. 9,800 to Sunil in full settlement of his account.
Bought a Table Fan for Rs. 1,200 for the domestic use of Raghunath.
Sold goods for cash of the list price of Rs, 8,000 at 10% trade discount and 3%
cash discount.
Paid Rent Rs. 800; Trade Expense Rs. 700 and Travelling Expenses Rs. 380.
JOURNAL OF RAGHUNATH
Particulars
L.F.
Cash A/c.
Dr.
Purchases A/c.
Dr.
Furniture A/c.
Dr.
To Capital A/c
(For business started with Cash, Goods & Furniture)
Nandlal A/c.
Dr.
To Sales A/c
(For goods sold less trade discount)
Sales Return A/c.
Dr.
To Nandlal
(For goods returned by Nandlal Rs. 4,000 less 10%)
Cash A/c.
Dr.
Discount A/c.
Dr.
Amount
Dr.
Rs.
80,000
40,000
20,000
Amount
Cr.
Rs.
1,40,000
18,000
18,000
3,600
14,150
250
3,600
June 10
June 13
June 16
June 18
June 19
June 20
June 20
June 25
To Nandlal
(For cash received and discount allowed)
Purchases A/c
Dr.
To Brij Mohan
(For goods purchased on credit)
Brij Mohan A/c.
Dr.
To Purchases Return A/c.
(For goods returned to Brij Mohan Rs. 1,000 less 15%)
Brij Mohan A/c.
Dr.
To Cash A/c.
To Discount A/c.
(For cash paid and discount received)
Purchases A/c
Dr.
To Anil A/c
To Sunil A/c
Anil A/c.
Dr.
To Cash A/c
To Discount A/c
(For cash paid and discount received)
Sunil A/c.
Dr.
To Cash A/c
To Discount A/c
(For cash paid to Sunil and discount received)
Drawings A/c
Dr.
To Cash A/c
(For table fan bought for domestic use)
Cash A/c.
Dr.
Discount A/c.
Dr.
To Sales A/c.
(For goods worth Rs. 8,000 sold at 10% trade discount
and 3% cash discount)
14,400
8,500
8,500
850
850
7500
7344
306
15,000
5,000
10,000
2,000
1,900
100
10,000
9,800
200
1,200
1,200
6,984
216
7,200
2. The following balances appeared in the books of Vishal Stores on 1 st January 1994:Assets :- Cash Rs. 15,000; Bank Balance Rs. 5,000; Stock Rs. 40,000;
Furniture Rs. 3,600; Debtors Rs. 24,000 (X Rs. 6,000; Y Rs. 8,000 and Z Rs. 10,000).
Liabilities : Bank Loan Rs. 10,000; Creditors- Rs. 12,500(Ajay Rs. 5,000,
Vijay Rs. 7,500)
Following transactions took place during 1994.
Jan 2
Bought goods from kailash for Rs. 20,000 at a trade discount of 10% and Cash
discount of 2%, Paid 60% amount immediately.
Jan 4
Sold goods to X for Rs. 9,000
Jan 5
Received Rs. 14,800 from X in full settlement of his account
Jan 6
Cash deposited into bank Rs. 10,000
Jan 8
Cheque received from Y for Rs. 7,850 in full settlement of his account. This
cheque was immediately deposited in bank.
Jan 10
Received a cheque from Z Rs. 2,000
Jan 12
Jan 15
Jan 16
Jan 16
Jan 18
Jan 20
Jan 22
Jan 24
Jan 25
Jan 31
Jan 31
Jan 31
Ans 2:
Date
1994
Jan 1
Jan 2
Jan 4
Jan 5
Jan 6
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Amount
Dr.
Rs.
15,000
5,000
40,000
3,600
6,000
8,000
10,000
Amount
Cr.
Rs.
10,000
5,000
7,500
65,100
Dr.
18,000
Dr.
9,000
Dr.
Dr.
14,800
200
Dr.
10,000
10,584(1)
216
7,200
9,000
15,000
10,000
Jan 8
Jan 10
Jan 12
Jan 15
Jan 16
Jan 16
Jan 18
Jan 20
Jan 22
Jan 24
Jan 25
Jan 31
Jan 31
Note (1)
7,850
150
8,000
2,000
2,000
2,000
2,000
8,000
7,850
150
3,000
12,000
15,000
Dr.
5,000
Dr.
6,984
216
5,000
7,200
Dr.
Dr.
3,200
4,800
Dr.
8,000
Dr.
5,200
Dr.
5,000
Dr.
Dr.
2,000
1,500
Dr.
8,000
8,000
5,200
5,000
3,500
500
500
2,10,600
2,10,600
Total Amount
Less 10% Trade Discount
20,000
2,000
18,000
10,800
216
10,584
7,200
3. Journalise the following transactions in the books of Dr. Chandan:(1) Biroo who owed Rs. 1,500 is declared Insolvent and 65 paise in a rupee is received
as final dividend from his estate.
(2) Sold goods to Kitty list price Rs. 2,000, Traders Discount 10% and cash discount
5%. He paid the amount on the same day and availed Cash Discount.
(3) Supplied goods costing Rs. 600 to Shakuntla, issued invoice at 10% above cost less
5% trade discount.
Ans 3:
JOURNAL OF Dr. CHANDAN
Particulars
L.F.
Date
S.No.
(1)
(2)
(3)
Note (1)
Cash A/c.
Dr.
Bad-debts A/c.
Dr.
To Birooo
(For cash received and bad debts written off)
Cash A/c. ,
Dr.
Discount A/c.
Dr.
To Sales A/c
(For goods of the list price of Rs. 2,000 sold at 10%
trade discount and 5% cash discount)
Shakunla A/c
Dr.
To Sales A/c.
(For goods sold to Shankuntla at 10% above cost and
allowed 5% trade discount )
Cost of goods
Add 10% of 600
Less : 660 x 5
100
600
60
660
33
____
627
Amount
Dr.
Rs.
975
525
Amount
Cr.
Rs.
1,500
1,710
90
1,800
627(1)
627
Ans 4:
JOURNAL
Date
S.No.
(1)
(2)
(3)
Particulars
Drawings A/c.
To. Cash A/c
To Purchases A/c
(For cash and goods taken away for personal use)
Charity A/c.
To Purchases A/c
(For goods given as a charity)
Free Samples A/c
To Purchases A/c.
(For goods distributed as free samples. )
Loss on theft A/c.
To Purchases A/c
To Cash A/c
(For Goods and Cash stolen by an employee)
Loss by fire A/c.
To Purchases A/c
(For goods destroyed by fire)
L.F.
Dr.
Amount
Dr.
Rs.
3,000
Amount
Cr.
Rs.
2,000
1,000
Dr.
5,000
Dr.
2,500
Dr.
7,000
Dr.
10,000
5,000
2,500
5,000
2,000
10,000
7.
8.
9.
10.
11.
12.
Paid Rs. 500 for expenses on goods sold to Vijay. The amount is to be realized
by Vijay
Purchased post cards for Rs. 25; Envelopes for Rs. 50 and Stamps for Rs. 100
Purchased office stationary for Rs. 400
Gave a Charity Cash Rs. 200: Goods Rs. 400 and Furniture Rs. 500.
Received an order of goods from Vishnu for Rs. 10,000 and received Rs. 2,000
as advance.
Paid cash to Y on behalf of X Rs. 6000.
Ans 5:
JOURNAL
Date
S.No.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Particulars
Cash A/c.
Dr.
To Sales A/c
To Sales Tax A/c
(For goods sold for cash and sales tax collected)
Office Equipment A/c
Dr.
To Cash A/c
(For Iron Safe purchased)
Office Equipment A/c
Dr.
To Cash A/c
(For filling cabinet purchased for Rs. 4,000 and cartage
paid on it Rs. 20)
Office Equipment A/c
Dr.
To Radha Krishan & Co A/c
(For portable typewriter purchased)
Fixtures A/c
Dr.
To Cash A/c
(For electric fan purchased)
Live Stock A/c
Dr.
To Cash A/c
((For a horse purchased for business)
Vijay
Dr.
To Cash A/c
(For expenses paid on behalf of Vijay)
Postage A/c
Dr.
To Cash A/c
(For Post Cards, envelopes and stamps purchased)
L.F.
Amount
Dr.
Rs.
5,400
Amount
Cr.
Rs.
5,000
400
10,000
10,000
4,020
4,020
8,000
8,000
2,000
2,000
15,000
15,000
500
500
175
175
(9)
(10)
(11)
(12)
Stationery A/c
To Cash A/c
(For stationery purchased for office use)
Charity A/c
To Cash A/c
To Purchases A/c
To Furniture A/c
(For cash, goods and furniture given as Charity)
Cash A/c(1)
To Advance from Vishnu
(For amount received as advance)
X(2)
To Cash A/c
(For cash paid to Y on behalf of X)
Dr.
400
400
Dr.
Dr.
1,100
200
400
500
2,000
2,000
Dr.
6,000
6,000
Note (1) In Transaction no. 11 no entry will be passed for receiving an order of Rs. 10,000. as on
transaction has been taken place for it.
(2) In transaction no. 12, the account of X will be debited, as the payment has been made on his
behalf.