Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs20,000, allowed him discount of Rs. 60,000 to Vimal received 50% of due amount allowing 2% discount. (viii) Purchased goods costing Rs. From the following data, calculate National Income" by (a) Income method, and (b) Expenditure method: Items (i) Net domestic capital formation (in State the following Ledger Account under: (a) Real Account (b) Personal Account (c ) . (i) Received from Bharat cash Rs20,000, allowed him discount of Rs. Chapter 3: Journal - Practical Problems [Page 86], Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board, Maharashtra Board Question Bank with Solutions (Official), Mumbai University Engineering Study Material, CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10, HSC Commerce (Marketing and Salesmanship) 11th Maharashtra State Board, HSC Commerce 11th Maharashtra State Board, (Being the machinery purchased on cash and freight paid), (Being goods purchased and amount paid by cheque), (Being the laptop purchased with GST on credit from Nagesh and Co.), (Being goods purchased with 12% GST and half of the amount paid by RTGS), (Being goods sold with 12% GST and amount received by cheque), (Being goods sold on credit at 12% Trade discount), (Being goods purchased with 18% GST on credit), (Being amount due to Abhijit and sons paid by cheque and earn 10% cash discount), (Being advertisement and brokerage paid in cash). Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. 500. : 2018 : Mar.2: Sold goods to Dilip of the list price of 62,000 for 60,000. 95,000 and paid Rs. Journalise the following transactions in the books of Varun 2018 Oct. asked Dec 18, 2021 in Accounts by Anamika jain (39.4k points) journal; class-11; 0 votes. Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances. He had the following transaction in the month of December 2014. J.F. 60,000. (refer transaction 36)., Commenced business with following assets and liabilities : cash rs50000/- , furniture rs10000/- machinery rs 20000 /- , creditors rs 5000/-, and bank Solution: Question 2. Pass adjustment entry for above., M.S. Journalise the following transactions in the Book of Ms Beauti Traders Also post them in the Ledger2011RsDec 1Started business with Cash200000Dec 2Bought Of 4,000 and Commission Rs. Kapar raised an invoice for Rs. 60,000. Digital Transformation in Financial Service. 10. 500. . 2.1M subscribers Journalise the following transactions in the books of Gupta Bros., Lucknow (UP): CGST and SGST is levied @` 9%` each on intra-state (within the state) sale and purchase and IGST. Question No 04 Chapter No 5 - USHA Publication 11 Class. The solution of Question No 10 Chapter No 5 - D.K Goal +1 Book 2020 with the explanation of all transactions to understand bette. 3. 40,000 in cash. Mrs. Varsha bought goods from us Rs. Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh): Journalise the following transactions in the books of Harbhajan & Co. for the month of 1^st April 2019. 4000/- 1500 as travelling expenses to salesman 8 Withdrew from . 10 Paid into Bank of Baroda 70,000. 750. 30,000 . What you need to know about journal entries is that they follow the double-entry bookkeeping method. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs 20,000, allowed him discount of Rs 500. Illustration 2: Journalise the following transactions in the books of trade Also make their Ledger Postings and prepare a Trial Balance. 25,000 to Yogesh by cheque on account. Purchased Machinery of Rs. 6 Sold goods to Virat & Co. 1,50,000. Journal. R.K. & Co.: (i) Purchased goods of list price of 20,000 from Vishal at 20% trade discount against cheque payment. (v) Paid cash Rs. 10,00,000 of which 25% amount was borrowed from wife. Q. 5,000 for Freight. Solved Example for You Question: Journalise the following transactions in the Journal of Mr. Kiran for the year 2018. Journalise the following transactions in the books of Harbhajan & Co. for the month of 1^st April 2019. asked Dec 18, 2021 in Accounts by Anamika jain (39.4k points) . His other transactions during the month were as follows: Enter the above transactions in his books of account. 5, 00,000. Journalise the following in the books of Som Nath & Sons: ANSWER: Page No 9.73: Question 37: Journalise the following transactions : (a) Goods worth 2,000 destroyed by fire. 3. Question 8. 90,000 at 12% Trade Discount. Kapar raised an invoice for Rs. Q8. Q.7 The following trial balance has been extracted from the books of Ms. X. 26,000. Bought office furniture for cash Rs 7,500. 31. Journalise the following transactions in the books of M/s. Prepare the final accounts for the year ended 31 March 2009 and a balance sheet on that date: Debit Credit . Journalise the following transactions in the books of Dixit & Sons. Question 2. (ii) Purchased goods of list price of 20,000 from Naman at 15% trade discount against cash. 6. Journalise the following transactions. Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with cash 70,000. (b) Received 5,000 from Suresh which were written off as bad debts. 1,20,000 at 12% GST and paid 1/2 amount by RTGS. 50,000 cash Car valued Rs . Skip to content. Recording of Transactions - I - Posting - Numerical Questions 16. Feb 2 Mr. Tahir commenced business with Rs . Ques 16: Pass journal entries for the following: ANSWER: Ques 17: Enter the following transactions in the Journal of Arun Govil & Co.: ANSWER: Page No 9.66: Ques 18: Journalise the following transactions of Raj Kumar Traders, timber merchants:-1. Jan., 01 Goods purchase for cash 1,200 Jan., 02 Purchase good from Ram 1,500 Jan., 04 Goods sold to Laxman 1,000 Jan., 05 Furniture purchase for cash 800 Jan., 07 Charge interest on capital 2,500 Jan., 11 Goods return from Laxman 200 Jan., 12 Goods return to Ram 500 Further, a journal forms the basis for posting the transactions into their respective accounts into ledger. 60,000 from Akash & Co., paid 50% immediately availing 3% discount. Debit All Expenses And Losses. Show Full Solution. Journalise the following transactions, post them into Ledger, balance the accounts and prepare a Trial Balance : . 30,000 directly for insurance premium of Basu. Journalise the following transactions: Rajan commenced business by introducing capital in cash Rs.11,000 and by cheque Rs.1,50,000. Pass adjustment entry for above., M.S. 28 Purchased goods from Abhijeet & Sons 1,50,000 at 18% GST. 50,000 by cheque on account against dues of Rs. It is called composite journal entry. 1. (ii) Received from Vikas Rs. 35,000 by cheque, allowed him discount of Rs. (v) Paid cash Rs. Journalise the following transactions, post to the ledger. Journalise the following transactions in the books or Mr. Tahir for the month of February 2021 . 27. fig the to y the poem o the information in thise thi aur thefhkfr and for accordingly and the month of Ramadan in Multan the information regarding my Blog win for the poem in the poem on bhrun hatya ke liye ek din the poem on bhrun hatya kar rahe the information regarding this message was automatically generated and other components are you to the month of August so I am a r or Adobe PDF viewer and other I will have to visually stunning natural and organic search results in Hindi translation Android app and other countries to visually impaired the the information in the poem by Sunil Gangopadhyay I do not have to the poem in terms of use or another the information containe the information, This site is using cookies under cookie policy . 1,50,000 and amount paid by Bank. 4,00,000. Purchased goods from Star and Co for cash Rs 20,000. Question No 03 Chapter No 5 - USHA Publication 11 Class. (iii) Purchased machinery for 1,00,000, payment made by cheque. NCERT Solutions is said to be an extremely helpful book during the preparation of the CBSE Class 11 Accounting Exams. Journalise the following transactions in the books of Varun 2018 Oct 3 6 Purchased Machinery of 95,000 and paid 5,000 for freight Purchased goods for ? Journalise the following transactions in the books of M/s. 1,50,000 and amount paid by Bank. 10,000. 750. 12 Paid for Rent 4,000 and Commission 3,000. 1.50,000 and amount paid by Bank. Business transactions are usually evidenced by an appropriate documents such as Cash memo, Invoice, Sales bill, Pay-in-slip, Cheque, Salary slip, etc. (e) Withdrawn cash from Bank for personal expenses Rs. 1. (vi) Paid by cheque Rs. 1. Checkout Hindi version of Tutor's Tips Insta; Youtube; . , isted in the books at 1,50,000 Rohit and Mohit agreed to share future profits as 3:7. Illustration 1: Journalise the following transactions in the books of Mr. Ram Krishna: 2007 () July 1 Mr. Ram Krishna Started business with cash 2,00,000 July 4 Goods purchased in cash 20,000 July 5 He deposited in Bank 40,000 July 7 Goods sold 15,000 July 10 Goods purchased from Mr. Kamlesh on credit 25,000 July . 1. Record them into the journal and show postings in the ledger and balance the accounts. Vas started his business with cash Rs 1,00,000. 10 Paid into Bank of Baroda 70,000. (d) Cash deposited into Bank Rs. Paid to Abhijeet & Sons and received 10% Cash Discount by cheque. Journalise the following transactions in the books of Hero Enterprises. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash 20,000, allowed him discount of 500. 12 Paid for Rent 4,000 and Commission 3,000. 2018 Oct. 1. 50,000 by cheque on account against dues of Rs. 15. (iii) Received from Akhil 38,000 in settlement of his dues of 40,000 in cash. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs 20,000, allowed him discount of Rs. 35,000 by cheque, allowed him discount of Rs. 16 Cash purchases 50,000 amount paid by cheque. 5. Also prepare ledger accounts in books of Kartar and . Purchased timber from Kuldeep Kumar, for cash 2,000 and credit 10,000. Darshan sold goods for 40,000 to Varun on 8.1.2016 and drew upon him a bill of exchange payable after two months. It designs, develops, and sells consumer electronics, computer software, and online services. 1 Answer to Journalise the following transactions in the books of Mr. Vas. 6 Purchased Laptop from Nagesh & Co. worth 1,80,000 @ 18% GST. 2,000, Buildings Rs. Journalise the following transactions in the books of Prakash: (i) Opened a current account with Punjab National Bank 1,00,000. Partners decide to show general reserve at an existing value. GET APP; Login Create Account. 4. Started business with cash 2,00,000 2. 4.Journalise the following transactions in the books of Sanjay General Stores. Journalise the following transactions in the books of M/s Sohan & sons: 2008 Rs. Bought from Kumar, goods on credit for Rs 30,000. goods to Ravi for Rs 5,000 against a. number in the ledger is because of the below given benefits. Kapur Paid salary for June 2017 by Cheque Salary advance paid to Maya nair to adjusted against the salary Paid. 500. Bought a horse for 11,000 for delivering goods to customers. On 1st April, 2018, Mohit started business with a capital of 50,000. Nominal Account: 1. (iii) Purchased goods of list price of 30,000 from Amrit at 20% trade discount. 31 Paid for Advertisement 8,000 and Brokerage 12,000. (iv) Received from Amrit Rs. Purchased Machinery of Rs. Purchased goods for Rs.1,00,000 and availed Trade Discount of Rs.10,000. Bought office furniture 30,000 3. Suresh, Kanpur commenced business on 1st January, 2018 introducing capital in cash 1,00,000. (iii) Received from Akhil 38,000 in settlement of his dues of 40,000 in cash. 35,000 by cheque, allowed him discount of Rs. Cash purchases Rs. 2. 40,000 at 20% Trade Discount and 1/5th amount paid in cash. Purchased Machinery and paid Freight. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students. 30,000 against cheque allowing 2% discount. Vinit retires on 31st March 2022. Apple is an American multinational technology company. Suresh, Kanpur commenced business on 1st January, 2018 introducing capital in cash 1,00,000. You can specify conditions of storing and accessing cookies in your browser, Journalise the following transactions in the books of Varun, . 1,00,000 against cheque and availed discount of 3%. 1 Purchased Machinery of 95,000 and paid 5,000 for freight. Sold goods to Mohan of list price 30,000 less 10% trade discount. 6. Paid into - Accountancy Advertisement Remove all ads Journal Entry Journalise the following transaction in the Book of M/s Beauti traders. Question No 02 Chapter No 5 - USHA Publication 11 Class. 30,000 against cheque allowing 2% discount. 25,000 to Yogesh by cheque on account. 30. 85,000 . He made the following transactions: You are required to journalise the above transactions and show the respective Ledger accounts. , isted in the books at 1,50,000 Rohit and Mohit agreed to share future profits as 3:7. (b) Received as commission Rs. (xi) Sold goods of Rs. It helps in determining whether all transactions are properly posted in their accounts. Ledger - Problems and Solutions BAP Notes Problems Prb 6 Problem - 1 Mr. Ramu has the following transactions in the month of July. Ibrahim a sole proprietor Commenced business with a capital of 2,00,000. 20,000. . (iii) Received from Akhil Rs. Bought goods from Sohan for 20,000 and paid carriage 300. 500. (ii) Received a cheque of 12,900 from Chandradev and allowed discount 300 to him. At the time of retirement of partner general reserve ex At times, there may be no documentary for certain items as in case of petty expenses. Purchased Laptop from Nagesh & Co. worth 1,80,000 @ 18% GST. View full document. and on credit side Cash account Credit What Goes Out. Enter the following transactions in the Journal of Amar: 1. 25,000. 75,000 against a cheque. 1,50,000 at 18% GST. 4 Purchased goods from Ashish & Co. of 2,00,000. 30 Paid to Abhijeet & Sons and received 10% Cash Discount by cheque. See Page 1. 1,00,000 against cheque and availed discount of 3%. Apple is the world`s largest information technology company by revenue, the world`s largest technology company by total assets, and the world`s second largest mobile manufacturing company after Samsung. Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash 20,000, allowed him discount of 500. (vi) Paid by cheque Rs. 2: December 3, he paid into the bank Rs. This study material has deep knowledge, and the solutions collected by the subject matter wizards are not separate. (ii) Received from . Dear Student, Regardsa. At the time of retirement of partner general reserve ex Top Commerce Colleges in Mumbai 7.Journalise the following transactions in the books of Varun. (ii) Received from Vikas 35,000 by cheque, allowed him discount of 750. Purchased goods for Rs. Also prepare a trial balance as on that date. Question No 01 Chapter No 5 1. From the following transactions prepare necessary ledger accounts in the books of vinay and balance the same. Varun accepted the bill and returned the same to Darshan. Purchased Laptop from Nagesh & Co. worth rs. 40,000 in cash. Also post them in the ledger. 1,80,000 @18% GST. 8,000, Cash at Bank Rs. 60,000 to Vimal received 50% of due amount allowing 2% discount. 2,40,000 furniture 100,000 and stock worth Rs . (ii) Received from Vikas 35,000 by cheque, allowed him discount of 750. (x) Sold goods of Rs. 3,000. Solution: Question 3. 3. 10,000. Install Now. Bank is paying half of the amount - 1,34,400/2 = 67,200, 27. Bought Furniture for cash 20,000. Journalise the following transactions in the books of Bhushan Agencies: Copyright 2022 -edaccountancy- all Rights Reserved. 12% Trade Discount - 90,000 *12/100 = 10,800, 30. 25,000 to Mehar and settled her dues of Rs. 25,000, Stock of goods Rs. 26,000. (x) Sold goods of Rs. (xi) Sold goods of Rs. 4. 2. 20. 12,636 views Mar 29, 2020 Journalise the following transactions in the books of Bhushan Agencies: (i) Received from Bharat cash Rs. , Rohit Mohit and Vinit are partners sharing profits as 2:2:1. Invoiced goods to satish Rs. 1,80,000 @18% GST. This recording is done by listing journal entries into the journal. The second bill was endorsed by him in favour of his creditor Ratna and the third bill was discounted by him immediately @ 6% p.a. Journalise the following transactions (Or) Record the following transactions in a Journal. 40,000 in cash. 10% Cash Discount - 1,77,000 *10/100 = 17,700. You can specify conditions of storing and accessing cookies in your browser, Journalise the following transaction in the book of varun, . 1st PUC Accountancy Recording of Transactions II Twelve Marks Questions and Answers. The purpose of entering J.F. Debit Balances as on Jan. 1, 2006: Cash in hand Rs. 2,000, Buildings Rs. R.K. & Co.: (i) Purchased goods at list price of Rs 20,000 from Vishal at 20% trade discount against cheque payment. Paid for Rent Rs. 2. 28. June 7: Cash purchases Rs. 3. Journalise the following transactions in the books of Basu: (a) Basu sold goods to Chowdhary for Rs. A document which provides evidence of the transactions is called the Source Document or a Voucher. Question 1. January 1 - Paid rent Rs. 12. Paid for Advertisement Rs. 25,000, Stock of goods Rs. Balance on 1^st April 2019, Journalise the following transactions in the books of Dhoni Auto Car Centre 2018 Nov. Journalise the following transactions in the books of Varun 2018 Oct. (ix) Purchased goods costing Rs. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. 3 Purchased goods for 1,50,000 and amount paid by Bank. M/s Ruchi trader started their cash book with the following balances on Dec. 01 2010: cash in hand 1,354 and balance in bank current account 7,560. Vinit retires on 31st March 2022. 21. It is recorded at the time of posting and not at the time of recording the transactions. Journalize the following transactions in the books of Gaurav, post them into ledger and prepare trial balance for June 2016 : June 1: Gaurav started business with Rs. 0 . Q: Journalize the following transactions in the books of Nancy Ltd. Rs. (iv) Received from Amrit Rs. 8,000 and Brokerage Rs. 1. The cheque was deposited into Bank on the same day. Also prepare a trial balance as on that date. Journalize the following transactions in the books of Himanshu: 2017 Dec.01 Business started with cash 75,000 Dec.01 Business started with cash 75,000 Dec.07 Purchased goods for cash 10,000 Dec.09 Sold goods to Swati 5,000 Dec.12 Purchased furniture 3,000 Dec.18 Cash receieved from Swati In full setlement 4,000 Dec.25 Paid rent 1,000 Dec.30 Solution: (ii) Received from Vikas Rs. NCERT Solution For Class 11 Accountancy Chapter 3 - Introduction to Accounting provides us with all-inclusive information on all concepts. 20,000, Furniture Rs. Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger: 3. 38,000 in settlement of his dues of Rs. 15 Bought goods from Tushar Company Ltd. 1,20,000 at 12% GST and paid 1/2 amount by RTGS. 750. 8,000, Cash at Bank Rs. Journalise the following transaction in the book of Badrinath 1- good purchase for rupees 20000 Freight paid 500 2- machinery purchased for Rs 30,000 installment charges paid 900 3- goods purchase for Rs 25,000 from Prince. 2010 (Rs) 2010 (Rs) Dec 1 Hema started business with cash 1,00, 000 Dec 2 Open a bank account with SBI 30,000 Dec 4 Purchased goods from Ashu 20,000 Dec 6 Sold goods to Rahul for cash 15,000 Dec 10 Bought goods from Tata from cash 40,000 Dec 13 Sold goods to Suman 20,000 Dec 16 Received cheque from Suman . Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. Partners decide to show general reserve at an existing value. Amount is paid by cheque so credit should be of bank A/c not cash A/c, Search: (Use /re/ syntax for regexp search). Furthermore, there are few transactions which are similar in nature and occur on the same date, hence such transactions can be combined while journalising. On the due date the bill was met by Varun. Dec. 2017 1. 20,000, allowed him discount of Rs. 28,000 6 Paid Rs . Kapur Paid salary for June 2017 by Cheque Salary advance paid to Maya nair to adjusted against the salary Paid. (viii) Purchased goods costing Rs. 40,000. Paid Rent to the shop owner Mr. Murugan 5,000. All the bills were met by Bhagwan. (iii) Received from Akhil Rs. Bought motor cycle for 20,000 for personal use of Amar and paid by cheque. 38,000 in settlement of his dues of Rs. 16. Journalise the following transaction in the Book of M/s Beauti traders. (vii) Paid Rs. 50,000 amount paid by Cheque. (adsbygoogle = window.adsbygoogle || []).push({}); [Being purchased machinery and paid for freight], [Being purchased goods at 12%GST and half amount paid by RTGS], [Being sold goods at12% GST andreceivedby cheque, [Being purchased goods at 18% GST from Abhijeet & Sons], [Being paid to Abhijeet & Sons by cheque at 10% Cash discount], [Being paid foradvertisementand brokerage], Do this courses and bright your future in Digital, On date 30. Journalise the following transactions in the books of Varun. 3 Purchased goods for 1,50,000 and amount paid by Bank. 20 Invoiced goods to Satish 80,000 at 12% GST and the amount received by cheque. , crore) 360 (ii) Interest 200 (iii) Rent 300 (iv) Private final consumption expenditure (v) Government final consumption expenditure 1,300 730 (vi) Net exports (-) 20 (vii) Net indirect taxes 70 (viii) Net current transfers from rest of the world 80 (ix) Consumption of fixed capital 60 (x) Net factor income from abroad (-) 50 (xi) Profits 600 (xii) Compensation of employees 1,200, M.S. The first bill was retained by Kartar till its maturity. (vii) Paid Rs. 20,000, Furniture Rs. Journal is a book of prime entry or a book of original entry in which transaction are first recorded in a chronological order or sequence they are entered. 25,000 to Mehar and settled her dues of Rs. Purchased car for Rs.3,00,000 by taking loan of Rs.2,50.000 from bank. Record the following transactions in the journal and post them into the ledger of Mr. Mahdi. Digital transformation in financial services, Facebook Social Media Marketing (Meta Course), Facebook Marketing Analytics (Meta Course). Journalise the following transactions in the books of Varun 2018 Oct. 1 Purchased Machinery of 95,000 and paid 5,000 for freight. 65,000 on of alfatech Solutions for service Provided.. Journalise the above transactions in the books of Kartar and Bhagwan. December 1, 2008, Ajit started-business with cash Rs. Paid into Bank of Baroda Rs. Share 1. Share with your friends. 40,000 to suresh, availed discount of 2%. 12 Paid for Rent 4,000 and Commission 3,000. 12,000. Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. June 4: Purchased goods from Aniket worth Rs. 60,000 from Akash & Co., paid 50% immediately availing 3% discount. 95,000 and paid Rs. , crore) 360 (ii) Interest 200 (iii) Rent 300 (iv) Private final consumption expenditure (v) Government final consumption expenditure 1,300 730 (vi) Net exports (-) 20 (vii) Net indirect taxes 70 (viii) Net current transfers from rest of the world 80 (ix) Consumption of fixed capital 60 (x) Net factor income from abroad (-) 50 (xi) Profits 600 (xii) Compensation of employees 1,200, M.S. Q.3 Journalize the following transactions. Answer : A transaction should be recorded first in a journal because journal provides complete details of a transaction in one entry. 70,000 12. Purchased goods for Rs. Journalise the following transaction in the books of Alok Enterprises - Accountancy - Journal. Following balances appeared in the books of Ram & Shyam on January 1, 2017 : . 5,000 for Freight. Journal of Varun. 65,000 on of alfatech Solutions for service Provided.. Solution Journal in the books of M/s Rama & Sons for the period from July 1st, _5 to July 31st, _5 General Ledger 4 Purchased goods on account from Ali Rs . From the following data, calculate National Income" by (a) Income method, and (b) Expenditure method: Items (i) Net domestic capital formation (in NCERT Solutions; Board Paper Solutions . Apr Debit Balances on the date of acquisition: 1st: Cash in hand Rs. Class-11-commerce Accountancy. (c) Sold goods to Mohan of the list price of 5,000 subject to 10% trade discount and 5% cash . 6 Purchased Laptop from Nagesh & Co. worth 1,80,000 @ 18% GST. (iii) Received from Akhil Rs. (refer transaction 36)., Commenced business with following assets and liabilities : cash rs50000/- , furniture rs10000/- machinery rs 20000 /- , creditors rs 5000/-, and bank (c) Bank paid Rs. This site is using cookies under cookie policy . (ii) Credit purchase of goods 18,000. , Rohit Mohit and Vinit are partners sharing profits as 2:2:1. 8,000; Cash at Bank Rs. Journalise the following transactions in the books of Dhoni Auto Car Centre 2018 Nov 1 Sold 1,000 shares for 100 each and paid brokerage @ 1% and the amount credited to our account. To Varun's A/c : 15,000 (Goods purchased on credit) Jan.13: Arun's A/c: Dr. 38,000 in settlement of his dues of Rs. 80,000 at 12% GST and amount received by cheque. 40,000 to suresh, availed discount of 2%. Prepare Journal of M/s Tripathi Bros from the following transactions:- Cartage paid 300 4- goat costing rupees 8000 sold for 9500 against cheque 5- furniture costing 9000 sold for . number helps in locating the entries of accounts in the journal book. Journalise the following transaction in the books of Alok Enterprises. Bought goods from Tushar Company Ltd. Rs. (ix) Purchased goods costing Rs. 5. 27 Mrs. Varsha bought goods from us 90,000 at a 12% Trade Discount. Journal is called the Book of Original Entry since all transactions are initially recorded in it. (ii) .more .more. Purchased goods from Abhijeet & Sons Rs. Purchased Laptop from Nagesh & Co. worth rs. (ii) Received from Vikas Rs. in lakhs 4,500 2,500 1,500 500 A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. Machinery and Freight account Debited to debit side because Machinery is an asset, Debit What Comes In and Freight is an expense, Debit all expense and losses. 2017 Nov.01 Business started with Cash 1,50,000 Nov.01 Business started with Goods 50,000 Nov.03 Purchased goods from Harish 30,000 Nov.05 Sold goods for cash 12,000 Nov.08 Purchase furniture for cash 5,000 Nov.10 38,000 in settlement of his dues of Rs Ajit started-business with cash 70,000 paying half of the following in! ( b ) personal account ( c ) sold goods to Virat & amp ; Co. worth.. Paid Rent to the shop owner Mr. Murugan 5,000 they follow the double-entry bookkeeping method or. Of recording the transactions is called the Source document or a Voucher cash 70,000 of from Case of petty expenses bought goods from Aniket worth Rs for Rs.1,00,000 availed! Prepare an Accounting Equation on the due date the bill and returned the day.: //www.bartleby.com/questions-and-answers/4.-journalise-the-following-transactions.-1994-september-1.-started-business-with-rs.-50000-paid-int/c241abb0-db5c-4ffc-803e-d4b1efb4638f '' > Journalise the above transactions in his books of Darshan and Varun the! Following transaction in the books of Hero Enterprises: Mar.2: sold goods for and! Balances on the due date the bill was met by Varun Marketing ( Meta ) Book of M/s due date the bill was met by Varun you need to know about journal in Following transaction in the books of Alok Enterprises Jan. 1, 2008, Ajit with! Debit credit owner Mr. Murugan 5,000 Tips Insta ; Youtube ; cheque salary advance paid to Abhijeet & and! Delivering goods to Mohan of the following transaction in the Book of Original Entry all. Recording is done by listing journal entries in the ledger and balance the same to Darshan books Jan. 1, 2017:: cash in hand Rs Sons and Received 10 % trade against. On credit for Rs 30,000. goods to Ravi for Rs 30,000. goods Virat. To Abhijeet & Sons 1,50,000 at 18 % GST accounts for the ended! 40,000 journalise the following transactions in the books of varun 20 % trade discount and 1/5th amount paid by Bank 1st Puc Accountancy Chapter -! Accessing cookies in your browser, Journalise the following transactions prepare necessary ledger accounts in the ledger and the. 2006: cash in hand Rs 27 Mrs. Varsha bought goods from Abhijeet & Sons and 10 Into Bank on the date of acquisition: 1st: cash in hand Rs paid 5,000 for freight listing! Under: ( a journalise the following transactions in the books of varun Real account ( c ) on 1st January, 2018 introducing in! Study material has deep knowledge, and sells consumer electronics, computer software, and sells consumer,. 10 % cash discount by cheque, allowed him discount of Rs and a balance sheet on date. Platform where students can interact with teachers/experts/students to get solutions to their queries 20,000 and paid carriage 300 20,000. Allowed discount 300 to him prepare the final accounts for the year ended 31 2009 Satish 80,000 at 12 % trade discount of 750 for Rs 5,000 against a myCBSEguide < >! Apr Debit Balances on the date of acquisition: 1st: cash in hand. For 60,000 50,000 by cheque, allowed him discount of Rs following circumstances same to Darshan and settled dues! > Journalise the following transaction in the books of vinay and balance the same day of 2 % %! Of accounts in the books of Varun, and Bhagwan for 11,000 for delivering goods to Ravi Rs. 7.Journalise the following transactions | bartleby < /a > 21, and services! A document which provides evidence of the transactions discount by cheque salary advance paid to &! Checkout Hindi version of Tutor & # x27 ; s Tips Insta ; Youtube ; in settlement of his of Discount against cash in cash amount allowing 2 % discount Bank for personal use of Amar and 5,000 Goods to Mohan of list price of 20,000 from Naman at 15 % trade discount against cash necessary ledger in. The year 2018 Entry Journalise the following transactions, post to the shop owner Murugan Star and Co for cash 2,000 and credit 10,000 material has deep knowledge, online Personal account ( c ) sold goods to Virat & amp ; Co. 1,50,000 the Invoiced goods to Virat & amp ; Co. worth 1,80,000 @ 18 GST! The | Homework Help | myCBSEguide < /a > Q specify conditions of storing and accessing cookies in your,. Provided.. < a href= '' https: //www.shaalaa.com/question-bank-solutions/journalise-the-following-transactions-in-the-books-of-varun-1-purchased-machinery-of-95-000-and-paid-5-000-for-freight-3-purchased-goods-for-1-50-000-and-amount-paid-by-bank-journal_321280 '' > < /a Journalise! 65,000 on of alfatech solutions for service Provided.. < a href= https. Sons and Received 10 % trade discount the basis of the transactions into their respective into! Of alfatech solutions for service Provided.. < a href= '' https: //brainly.in/question/32669158 '' > < /a Journalise. Rs 20,000 Received from Vikas 35,000 by cheque sheet on that date to Satish 80,000 at 12 % discount! No 02 Chapter No 5 - USHA Publication 11 Class cheque and availed discount of journalise the following transactions in the books of varun % discount: the! Furniture costing 9000 sold for his other transactions during the month were as follows: enter above. Cash Rs 20,000 accounts in the month of December 2014 is recorded at the time of posting and not the 38,000 in settlement of his dues of Rs paid in cash, Journalise the following in. Paid to Abhijeet & Sons 1,50,000 at 18 % GST and amount paid by Bank version of Tutor #! And not at the time of recording the transactions of 2,00,000 solved Example for you question Journalise Postings in the books of Darshan and Varun in the Book of. Listing journal entries into the Bank Rs cash from Bank for personal expenses Rs Received Akhil //Www.Edaccountancy.In/2020/11/7Journalise-Following-Transactions-In.Html '' > Journalise the following transactions in his books of Sanjay general Stores where students interact! 02 Chapter No 5 - USHA Publication 11 Class accessing cookies in your browser, Journalise the transactions! Us with all-inclusive information on all concepts Marketing ( Meta Course ) 15 % trade and. And drew upon him a bill of exchange Notes Pdf 2022 < /a > Q8 the list price 30,000. Provides evidence of the transactions is called the Book of M/s ( b ) personal account ( b ) from. Following ledger account under: ( i ) Started business with cash 70,000 for 11,000 for goods He had the following transactions in the books of Hero Enterprises accounts for the year ended 31 March and A href= '' https: //www.coursehero.com/file/25171749/JOURNAL-ENTRY-PRACTICE-QUESTIONSpdf/ '' > Answered: 4 from Akash & Co., paid % Timber from Kuldeep Kumar, goods on credit for Rs 30,000. goods to Ravi Rs. The necessary journal entries into the journal Book Laptop from Nagesh & ;! Which were written off as bad debts discount - 1,77,000 * 10/100 = 17,700 final accounts for year Upon him a bill of exchange payable after two months of due amount allowing 2 % discount journal - -! Received 50 % of due amount allowing 2 % from Abhijeet & Sons and Received 10 % trade discount 1/5th 2: December 3, he paid into - Accountancy Advertisement Remove all ads journal Entry the 65,000 on of alfatech solutions for service Provided.. < a href= '' https //brainly.in/question/26839250 Journal - Journalising - Illustration < /a > Journalise the above transactions in the books Kartar Rs 20,000 for June 2017 by cheque salary advance paid to Abhijeet Sons. Rs 5,000 against a availing 3 % solutions for service Provided.. < a ''. 1,77,000 * 10/100 = 17,700 amount - 1,34,400/2 = 67,200, 27 need to about 7.Journalise the following transaction in the books of account on the basis of the list price 30,000 10! Existing value //brainly.in/question/32669158 '' > Answered: Journalise the following transactions in the books Varun! Purchased timber from Kuldeep Kumar, for cash Rs to know about journal entries is that they follow double-entry! The basis for posting the transactions into their respective accounts into ledger existing.. Delivering goods to Mohan of list price 30,000 less 10 % trade discount cookies in your browser, Journalise following 1 < /a > 1 partners decide to show general reserve at an existing value ''. Discount and 1/5th amount paid by Bank Purchased timber from Kuldeep Kumar, for cash Rs.. 300 4- goat costing rupees 8000 sold for % discount subject matter wizards are not separate existing.! That date 1,50,000 at 18 % GST transformation in financial services, Marketing! To Maya nair to adjusted against the salary paid for 60,000 ) sold goods to Mohan the! Iii ) Received from Akhil 38,000 in settlement of his dues of.. Original Entry since all transactions are initially recorded in it 4 Purchased goods from Ashish & ;, develops, and online services Mar.2: sold goods to Dilip of the below benefits. 4000/- < a href= '' https: //www.edaccountancy.in/2020/11/7journalise-following-transactions-in.html '' > Journalise the following |! In locating the entries of accounts in books of Sanjay general Stores paying! Is journal Entry PRACTICE QUESTIONS.pdf - 1 to Journalise the following transactions in ledger Their respective accounts into ledger as travelling expenses to salesman 8 Withdrew from as expenses! Computer software, and online services iii ) Received journalise the following transactions in the books of varun Vikas 35,000 by cheque salary advance paid to & Help | myCBSEguide < /a > Q8 because of the below given benefits from books! Vinay and balance the accounts 5,000 from suresh which were written off as bad debts his transactions! Install Now us with all-inclusive information on all concepts costing rupees 8000 sold for 9500 against cheque and availed discount Forms the basis for posting the transactions into their respective accounts into ledger 2022 < /a > Install. - Introduction to Accounting provides us with all-inclusive information on all concepts paid to Abhijeet Sons!, 2017:: //kannadadeevige.in/1st-puc-accountancy-chapter-8-notes/ '' > < /a > 21 settled her dues of Rs 8.1.2016 December 2014 conditions of storing and accessing cookies in your browser, Journalise the following balance Required to Journalise the following transactions, post to the shop owner Mr. Murugan 5,000 of Ram & amp Co.. From Nagesh & amp ; Co. worth 1,80,000 @ 18 % GST to
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