Class 11 Accountancy Chapter 5 - Journal

TS Grewal Solutions for Class 11Accountancy Chapter 5

TS Grewal Solutions for Class 11 Accountancy Chapter 5 – Journal is a concept that students should consider while preparing for their Accountancy exams. Here, are few solutions rendered in a simple and a step by step method.

Board CBSE
Class Class 11
Subject Accountancy
Chapter Chapter 5
Chapter Name Journal
Number of questions solved 7
Category TS Grewal

TS Grewal Solutions for Class 11 Accountancy Chapter 5- Journal

QUESTION 1

Without Goods & Service Tax (GST)

Journalize the transaction of Deepak for January 2019.

Date Particulars
2018

01 April

02 April

03 April

04 April

13 April

20 April

24 April

28 April

28 April

30 April

30 April

30 April

Deepak began business with Cash

Credited to bank

Bought goods from cash

Withdrew cash from bank for office use

Traded goods to Thomas on Credit

Purchased goods from Rubin on Credit

Received from Thomas

Allowed him discount

Paid cash to Rubin

Discount received

Thomas returned goods

Cash sale for the month

Paid Rent

Paid Salary

2,00,000

30,000

70,000

20,000

25,000

32,500

12,500

500

30,500

2,000

3,000

1,00,000

10,000

20,000

Solution.

Books for Deepak

JOURNAL

Date Particulars L.F. Dr.

RS

Cr.

RS

2018

01 April

Cash A/C Dr.

To Capital A/C

(Being Deepak began his business with cash)

2,00,000 2,00,000
02 April Bank A/C Dr.

To Cash A/C

(Being cash paid to the bank)

30,000 30,000
03

April

Purchase A/C DR

To Cash A/C

(Being goods purchased for cash)

70,000 70,000
04 April Cash A/C Dr.

To Bank A/C

(Being cash withdrew for office use)

20,000 20,000
13 April Thomas A/C Dr.

To Sales A/C

(Being goods sold to Thomas on credit)

25,000 25,000
20 April Purchased A/C Dr.

To Rubin A/C

(Being goods purchased from Rubin on credit)

32,500 32,500
24 April Cash A/C Dr.

Discount A/C

To Capital A/C

(Being cash received from Thomas & discount allowed)

12,500

500

13,000
28 April Rubin A/C Dr.

To Cash A/C

To discount A/C

(Being cash paid to Deepak and discount received)

32,500 30,500

2,000

28 April Sales Return A/C Dr.

To Thomas A/C

(Being goods return by Thomas)

3,000 3,000
30 April Cash A/C Dr.

To Sales A/C

(Being goods sold by cash)

1,00,000 1,00,000
30

April

Rent A/C Dr.

Salary A/C

To Cash A/C

(Being rent & salary paid)

10,000

20,000

30,000

QUESTION 2

Journalise the following transaction.

Sr.

No.

Particulars Rs.
i Compensation of 75 paise in a rupee was received from Gopal’s official receiver. He owned us. 10,000
ii Cash received for a bad debt written off last year. 10,000
iii Due Rent to Landlord 9,000
iv Salaries due to clerks 12,000
v Placed an order with Sam for the supply of goods of the list price ₹1,00,000. In this regards, Sheetal paid 10% of the price in advance by cheque.

Solution.

JOURNAL
Date Particulars L.F. Dr.

Rs.

Cr.

Rs.

i Cash A/C Dr.

Bad debt A/C Dr.

To Gopal A/C

(Being insolvency to Gopal with 75paise in a rupee recoverable)

7,500

2,500

10,000
ii Cash A/C Dr.

To Bad debts recovered A/C

(Being amount written off as bad debts recovered)

10,000 10,000
iii Rent A/C Dr.

To Outstanding Rent A/C

(Being rent due to the landlord)

9,000 9,000
iv Salary A/C Dr.

To Outstanding Salary A/C

(Being salary due to the Clerk)

12,000 12,000
v Advance to Sam A/C Dr.

To Bank A/C

(Being paid advanced to Sam for a future order)

10,000 10,000

QUESTION 3

Journalise the following transactions.

(i) Products worth ₹10,000 given as charity.

(ii) Goods sold to Anu for ₹ 1,20,000, 20% payable by cheques at the time of sale and balance after 30 days of sale.

(iii) Received 800 from Deep in full settlement of his account for Rs. 1,000

(iv) Received dividend of 60 paise in a rupee from an official receiver of Raj, who owned us ₹12,00

(v) Depreciation on plant ₹2,000

(vi) Interest charge in Drawings ₹1,800

(vii) Goods sold on ₹50,000 to Sameer for cash at a profit of 30% on cost less 20% trade discount and charged 7% value-added tax and paid cartage ₹200, which should not be charged from the customer.

Solution.

JOURNAL
Date Particulars L.F. Dr.

Rs.

Cr.

Rs.

i Charity A/c Dr.

To Purchase A/c

(Being products given to charity)

10,000 10,000
ii Bank A/c Dr.

Anu A/c Dr.

To Purchase A/c

(Being products sold partially through bank and credit)

30,000

90,000

1,20,000
iii Cash A/c Dr.

Discount allowed A/c Dr.

To Deep A/c

(Being cash received from Deep in full settlement)

800

200

1,000
iv Cash A/c Dr.

Bad debt A/c Dr.

To Raj A/c

(Being first & final dividend received from Raj in full settlement of his debt)

720

480

1,200
v Depreciation A/c Dr.

To Plant A/c

(Being depreciation charged on plant))

2,000 2,000
vi Drawing A/c Dr.

To interest on drawing A/c

(Being products given to charity)

1,800 1,800
vii Cash A/c Dr.

To Sales A/c

To VAT A/c

(Being products sold to sameer at 10% discount and 8% VAT)

53,500 50,000

3,500

viii Cartage A/c Dr.

To Cash A/c

(Being cartage paid)

200 200

QUESTION 4

Prepare a journal entry for the purchase of goods by Amit, Punjab from Herbal products, Mumbai, Maharashtra for ₹30,000 less trade discount @ 20% plus IGST @ 10%.

Solution.

Date Particulars L.F Dr.

Rs.

Cr.

Rs.

Purchases A/c (30,000- 20%) Dr.

Input IGST @10% Dr.

To Herbal products, Mumbai, Maharashtra

(Being goods purchased at less than 20% trade discount, payable IGST @10%)

24,000

2,400

26,400

QUESTION 5

State the accounts to be credited along with the amount for payment to Aaron of ₹5,000 by cheque in full settlement of 6,000.

Solutions.

Full settlement of Rs. 6,000
Paid amount 6,000
Less:Paid cheques by Aaron 5,000
Discount Received 1,000
Date Particulars L.F Dr.

Rs.

Cr.

Rs.

Aaron A/c Dr.

To Bank A/c

To discount received A/c

(Being full settlement of Rs 6,000)

6,000 5,000

1,000

QUESTION 6

Prepare a journal entry for a sale of goods by Shweta, Delhi to Madan, Delhifor 10,000 less 10% trade discount and 2% cash discount. Assume payment is received at the time of sale . CGST & SGST is levied at 6% each.

Solution.

Date Particulars L.F Dr.

Rs.

Cr.

Rs.

Cas/Bank A/c Dr.

Discount allowed A/c (10,080 x 2%) Dr.

To Sales A/c

To Output CGST @ 6% A/c

To Output SGST @ 6% A/c

(Being goods sale @10% trade discount and cash discount allowed 2%, payable CGST and SGST @6% each))

9,878

202

9,000

540

540

QUESTION 7

M/s Auto pvt. Ltd., Kolkata bought 600 numbers of motorcycle seats @ 200 each plus IGST @ 12% from M/s T.G, Auto, Bhopal. Settled trade terms were: Trade discount allowed @ 10% and cash discount @ 5% if payment is made within a week. M/s Auto pvt. Ltd., Kolkata made the payment after 30 days. Find out the trade and cash discount.

Solution.

Calculation of trade discount
Bought 600 numbers of motorcycle seats @ 200 each 1,20,000
Less:Trade discount @ 10% 12,000
1,08,000
Add: Input IGST @ 12% 21,600

86,4000

Here, the cash discount is not included as the payment was made after 30 days.

In the book of M/s Auto pvt. Ltd., Kolkata

JOURNAL

Date Particulars L.F Dr.

Rs.

Cr.

Rs.

Purchase A/c Dr.

Input IGST @12 % Dr.

To M/s T.G Auto

(Being motorcycle seat purchase @ 10% trade discount, payable IGST @ 12%)

1,08,000

21,600

1,29,600