Principles of Accounting Grade 11 (Solution of Challenging problems of Journal Entries) NEB 2077(2021AD)

 

SQ 5 : Journalize the following transactions.

Date

Transactions

1 - 4 - 2019

Started business with cash Rs. 100,000, stock Rs. 30,000, debtors Rs. 20,000 and creditors Rs. 5,000

3 - 4 - 2019

Deposited cash into bank Rs. 50,000

Withdrew cash from bank Rs. 2,000 for office use

Withdrew cash from bank Rs. 5,000 for personal use

5 - 4 - 2019

Paid to Raju Rs. 855 after receiving 5% discount.

Received from Kailash Rs. 900 after providing 10% discount.

7 - 4 - 2019

Received from Harish Rs. 1,900 in full settlement of Rs. 2,000.

10 - 4 - 2019

Purchased goods from Kailash for Rs. 10,000 and 10% Trade discount and paid cash after receiving 5% cash discount.

20 - 4 - 2019

Sold an old furniture of Rs. 15,000 at profit of Rs. 2,000

Solution:

                                                 Journal Entries in the book of ……………                                       

Date

Particulars

L.F.

Debit Rs.

Credit Rs.

1 - 4 - 2019

Cash a/c ……………….Dr.

Stock a/c……………….Dr.

Debtors a/c…………….Dr.

    To Creditors a/c

    To Capital a/c

(Being business started with cash, stock, debtors)

 

1,00,000

30,000

20,000

 

 

 

5,000

1,45,000

3 - 4 - 2019

Bank a/c ……………….Dr.

    To Cash a/c

(Being cash deposited into bank)

 

50,000

 

50,000

 

3 - 4 - 2019

Cash a/c ……………….Dr.

    To Bank a/c

(Being cash withdrawn for office use)

 

2,000

 

2,000

 

3 - 4 - 2019

Drawing a/c ……………….Dr.

    To Bank a/c

(Being cash withdrawn for personal use)

 

5,000

 

5,000

 

5 - 4 - 2019

Raju a/c ……………….Dr.

    To Cash a/c

    To Discount a/c

(Being cash paid to Raju and received discount)

 

900

 

855

45

 

5 - 4 - 2019

Cash a/c ………………Dr.

Discount a/c…………..Dr.

   To Kalaish a/c

(Being cash received from Kailash and discount allowed)

 

900

100

 

 

1,000

7 - 4 - 2019

Cash a/c ………………Dr.

Discount a/c…………..Dr.

   To Harish a/c

(Being cash received from Harish and discount allowed)

 

1,900

100

 

 

2,000

10 - 4 - 2019

Purchase a/c…………..Dr.

  To Cash a/c

  To Discount a/c

(Being goods purchased at trade and cash discount)

 

9,000

 

8,550

450

20 - 4 - 2019

Cash a/c…………..Dr.

  To Furniture a/c

  To Profit on sale of furniture a/c

(Being furniture sold at profit)

 

15,000

 

13,000

2,000

Trade and cash discount: When trade and cash, both discounts are paid or received at the time of sale or purchase of goods, first of all, the trade discount is deducted from the price of the goods and then only cash discount is determined. n this situation, only a cash discount is recorded, but not the trade discount while passing the journal the entry of the transaction.

On this date 10 - 4 - 2019, Both trade and cash discounts are calculated as follows:

            

List Price………………………………………………

Less: Trade discount (10% of 10,000) …………

10,000

1,000

Net Price………………………………………………

Less: Cash discount (5% of 9,000)……………..

9,000

450

Cash paid………………………………………..

8,550

 

 SQ 6 : Journalize the following transactions.

Date

Transactions

5 - 12

Started business with cash Rs. 50,000, stock Rs. 20,000, and account payable Rs. 5,000

12 - 12

A debtors had to pay Rs. 2,000 but he became insolvent and only 20% of total debt was recovered by his property.

17 - 12

Old furniture sold for Rs. 10,000 on cash

Depreciation charged @ 10% on machinery costing Rs. 50,000

22 - 12

Paid wages to Sonam Rs. 15,000

Purchased goods of Rs. 25,000 on credit

25 - 12

Paid for electricity and water Rs. 4,000

26 - 12

Goods of Rs. 40,000 were purchased and issued cheque of Rs. 20,000 and paid Rs. 19,500 in cash in full settlement

30 - 12

Charged Rs. 1,500 as interest on drawing

       

Solution:                                           

                                 Journal Entries in the book of ……………                                        

Date

Particulars

L.F.

Debit Rs.

Credit Rs.

5 - 12

Cash a/c ……………….Dr.

Stock a/c……………….Dr.

    To Account payable a/c

    To Capital a/c

(Being business started with cash, stock)

 

50,000

20,000

 

 

 

5,000

65,000

12 - 12

Cash a/c ……………….Dr.

Bad debts a/c………….Dr.

    To Debtor a/c

(Being cash received and bad debt recorded)

 

400

1,600

 

 

2,000

 

17 - 12

Cash a/c ……………….Dr.

    To Furniture a/c

(Being furniture sold on cash)

 

2,000

 

2,000

 

17 - 12

Depreciation a/c ……………….Dr.

    To Machinery a/c

(Being depreciation charged on machinery)

 

5,000

 

5,000

 

22 - 12

Wages a/c ……………….Dr.

    To Cash a/c

(Being wages paid)

 

15,000

 

15,000

 

22 - 12

Purchase a/c ………………Dr.

   To Creditor a/c

(Being goods purchased on credit)

 

25,000

 

25,000

25 - 12

Electricity and water a/c ………Dr.

   To Cash a/c

(Being payment made for water and electricity)

 

4,000

 

4,000

26 - 12

Purchase a/c…………..Dr.

  To Cash a/c

  To Bank a/c

  To Discount a/c

(Being goods purchased on cash, through cheque and discount received)

 

40,000

 

19,500

20,000

500

30 - 12

Capital or Drawing a/c…………..Dr.

  To Interest on Drawings a/c

(Being interest on drawings)

 

1,500

 

1,500


 

                                                                                            


  




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