Principles of Accounting Grade 11 (Solutions of Compound Journal Entries ) 2077/2021

 

SQ 7 : Journalize the following transactions.

Date

Transactions

1 - 4 - 2018

Started business with following assets and liabilities :

Cash Rs. 15,000, debtors Rs. 40,000, stock Rs. 50,000, loan 3000 and creditors Rs. 5,000

5 - 4 - 2018

Paid salary Rs. 1,000, wages Rs. 400 and rent Rs. 2,000

6 - 4 - 2018

Paid for advertisement Rs. 10,000.

8 - 4 - 2018

Drew cash amounting Rs. 10,000, goods worth Rs. 5,000 and furniture Rs. 15,000 from business for personal use.

12 - 4 - 2018

Goods returned to Sheela for Rs. 1,500.

The value of land is appreciated by Rs. 12,000

18 - 4 - 2018

Received loan from Kusal Rs. 2,000

25 - 4 - 2018

Charged Rs. 500 as interest on capital.

Solution:

                                                 Journal Entries in the book of ……………                                       

Date

Particulars

L.F.

Debit Rs.

Credit Rs.

1 - 4 - 2018

Cash a/c ……………….Dr.

Stock a/c……………….Dr.

Debtors a/c…………….Dr.

    To Creditors a/c

    To Loan a/c

    To Capital a/c

(Being business started with assets and liabilities)

 

15,000

50,000

40,000

 

 

 

5,000

3,000

97,000

5 - 4 - 2018

Salary a/c ……………….Dr.

Wages a/c……………….Dr.

Rent a/c………………….Dr.

    To Cash a/c

(Being salary, wages and rent paid)

 

1,000

400

2,000

 

 

 

3,400

 

6 - 4 - 2018

Advertisement a/c …….Dr.

    To Cash a/c

(Being cash paid for advertisement)

 

10,000

 

10,000

 

8 - 4 - 2018

Drawing a/c ……………….Dr.

    To cash a/c

    To purchase a/c

    To furniture a/c

(Being cash, goods and furniture withdrawn for personal use)

 

30,000

 

10,000

5,000

15,000

 

12 - 4 - 2018

Sheela a/c ……………….Dr.

    To purchase return a/c

(Being goods returned to Sheela)

 

1,500

 

1,500

 

12 - 4 - 2018

Land a/c ………………Dr.

   To Profit & loss or Appreciation a/c

(Being appreciation in the value of land)

 

12,000

 

12,000

18 - 4 - 2018

Cash a/c ………………Dr.

   To Loan a/c  or Kushal's loan a/c

(Being loan taken from Kushal)

 

2,000

 

 

2,000

25 - 4 - 2018

Capital or Drawing a/c…………..Dr.

  To Interest on Drawings a/c

(Being interest on drawings)

 

500

 

500

 

SQ 8 : Journalize the following transactions.

Date

Transactions

1 - 4 - 2076

Started business with cash Rs. 25,000, bank balance of Rs. 20,000, goods of Rs. 3,000, bank loan of Rs. 50,000 and creditors Rs. 10,000

A computer having book value of Rs. 25,000 was sold for Rs. 22,500

2 - 4 - 2076

Provide interest @ 10% on capital of Rs. 2,00,000.

3 - 4 - 2076

Received cash from Sonu Rs. 500 previously written off as bad debt.

10 - 4 - 2076

Provide interest @ 10% on drawing of Rs. 1,00,000

12 - 4 - 2076

Paid life insurance premium Rs. 5,500 of the owner by cheque.

17 - 4 - 2076

Goods costing Rs. 15,000 were lost by fire and insurance company admitted the claim fully.

22 - 4 - 2076

Issue a cheque of Rs. 1,000 for purchase of stationaries.

       

Solution:                                           

                                 Journal Entries in the book of ……………                                        

Date

Particulars

L.F.

Debit Rs.

Credit Rs.

1 - 4 - 2076

Cash a/c ……………….Dr.

Bank balance a/c…..….Dr.

Goods a/c…………….. Dr.

Goodwill a/c………….Dr.

    To Creditors a/c

    To Bank Loan a/c

(Being business started with assets and liabilities)

 

25,000

20,000

        3,000

12,000

 

 

 

 

 

10,000

50,000

 

1 - 4 -2076

Cash a/c …………..………….….Dr.

Loss on sale of computer a/c…..Dr.

    To Computer a/c

(Being computer sold at loss)

 

22,500

2,500

 

 

25,000

 

2 - 4 - 2076

Capital or Drawing a/c …….Dr.

    To Interest on drawings a/c

(Being interest on drawings)

 

2,000

 

2,000

 

3 - 4 - 2016

Cash a/c ….Dr.

    To Bad debt recovered a/c

(Being bad debt recovered)

 

500

 

500

 

10 - 4 - 2016

Drawing or Capital a/c ….Dr.

    To Cash a/c

(Being owner's life insurance premium)

 

5,500

 

5,500

 

12 - 4 - 2016

Drawing or Capital a/c ….Dr.

    To Cash a/c

(Being owner's life insurance premium)

 

10,000

 

10,000

17 - 4 - 2076

Insurance a/c ………Dr.

   To Purchase a/c

(Being goods lost by fire and full claim admitted by insurance company)

 

15,000

 

15,000

22 - 4 - 2076

Stationeries a/c…………..Dr.

  To Bank a/c

(Being stationeries purchased by cheque)

 

1,000

 

1,000

 

 

 

SQ 9 : Journalize the following transactions.

Date

Transactions

1 - 9 - 2019

Started business with cash Rs. 55,000, debtors of Rs. 40,000, stock of Rs. 5,000 and furniture of Rs. 30,000

Sold goods to Hari of Rs. 15,000, trade discount @ 10%

3 - 9 - 2019

Furniture costing Rs. 4,000 was sold for Rs. 4,200.

10 - 9 - 2019

Received cash from Hari Rs. 13,000 in full settlement of his debt.

22 - 9 - 2019

Goods lost by fire Rs. 10,000 and insurance company admitted claim of Rs. 6,000 only.

23 - 9 - 2019

Furniture withdrawn for personal use Rs. 5,000.

25 - 9 - 2019

Mr. Nabin who owed Rs. 5,000 became insolvent and he settled his debt by bank Rs. 0.30 per rupee from his state.

28 - 9 - 2019

Write off goodwill of Rs. 1,00,000 by 5%.

       

Solution:                                           

                                 Journal Entries in the book of ……………                                        

Date

Particulars

L.F.

Debit Rs.

Credit Rs.

1 - 9 - 2019

Cash a/c ……………….Dr.

Debtors a/c…………….Dr.

Stock a/c……..……….. Dr.

Furniture a/c………….Dr.

    To Capital a/c

(Being business started with cash, debtors, stock and furniture)

 

55,000

40,000

        5,000

30,000

 

 

 

 

 

1,30,000

 

1 - 9 - 2019

Hari a/c …………..………….….Dr.

    To Sales a/c

(Being goods sold to Hari)

 

13,500

 

 

13,500

 

3 - 9 -2019

Cash a/c …………..………….….Dr.

    To Furniture a/c

    To Profit on sale of furniture a/c

(Being furniture sold at profit)

 

4,200

 

 

4,000

200

 

10 - 9 -2019

Cash a/c ………….….Dr.

Discount a/c…………Dr.

    To Hari a/c

(Being interest on drawings)

 

13,000

500

 

 

13,500

22 - 9 -2019

Goods lost by fire a/c ….Dr.

Insurance a/c ……………Dr.

    To Purchase a/c

(Being goods lost and insurance company admitted claim partially)

 

4,000

6,000

 

 

 

10,000

23 - 9 -2019

Drawing a/c ……………...Dr.

    To Furniture a/c

(Being furniture taken for personal use)

 

5,000

 

5,000

23 - 9 -2019

Cash a/c ………Dr.

Bad debt a/c…..Dr.

   To Nabin a/c

(Being cash received and bad debt recorded)

 

1,500

3,500

 

 

5,000

28 - 9 -2019

Goodwill written off a/c……..Dr.

  To Goodwill a/c

(Being goodwill written off)

 

5,000

 

5,000

 

 

 

     
   

                                            

 

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