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Standard VII
Mathematics
Cost Price and Selling Price
Journalise th...
Question

Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:
2019 ₹
Jan. 1 Started business with cash 1,00,000
Jan. 3 Bought goods on credit from Gupta & Co., Delhi 20,000
Jan. 5 Cash sales 5,000
Jan. 8 Cash purchases 8,000
Jan. 10 Sold goods to Ahmed & Co., Lucknow 10,000
Jan. 11 Deposited cash in bank 50,000
Jan. 13 Purchased a computer for office 20,000
Jan. 15 Took a loan from Mehboob 70,000
Jan. 16 Goods returned by Ahmed & Co. 2,000
Jan. 17 Purchased furniture from Mehfil Mart, Kolkata 10,000
Jan. 18 Paid interest to Mehboob 2,000
Jan. 19 Received claim from Ahmed & Co. for defects in goods supplied to them.
Claim was accepted and rebate was allowed.		 1,000
Jan. 22 Paid rent by cheque 2,000
Jan. 24 Withdrew from bank 20,000
Jan. 25 Sales of goods at counter after allowing trade discount of 10% 10,000
Jan. 26 Goods purchased from Gupta & Co., Delhi were destroyed by accident 10,000
Jan. 27 Advertisement expenses paid through bank 5,000
Jan. 28 Ahmed & Co. settled their account by cheque 7,000
Jan. 29 Paid the due amount to Gupta & Co. by cheque after availing discount of ₹ 800
Jan. 31 Sold old newspapers 500

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Solution

Journal of Afjal, Kolkata
Date
Particulars
L.F.
Debit Amount
(₹)
Credit Amount
(₹)
2019
Jan.01
 Cash A/c
Dr.
1,00,000
To Capital A/c
1,00,000
(Business started with cash)
Jan.03
 Purchases A/c
Dr.
20,000
To Gupta & Co.
20,000
(Goods purchased on credit)
Jan.05
 Cash A/c
Dr.
5,000
To Sales A/c
5,000
(Goods sold for cash)
Jan.08
 Purchases
Dr.
8,000
To Cash A/c
8,000
(Goods purchased for cash)
Jan.10
 Ahmed & Co.
Dr.
10,000
To Sales A/c
10,000
(Goods sold on credit)
Jan.11
 Bank A/c
Dr.
50,000
To Cash A/c
50,000
(Cash deposited into bank)
Jan.13
 Computers A/c
Dr.
20,000
To Cash A/c
20,000
(Computers purchased)
Jan.15
 Cash A/c
Dr.
70,000
To Loan from Mehboob
70,000
(Loan taken from Mehboob)
Jan.16
 Sales Return A/c
Dr.
2,000
To Ahmed & Co.
2,000
(Goods returned by Ahmed & Co.)
Jan.17
 Furniture A/c
Dr.
10,000
To Mehfil Mart 10,000
(Furniture purchased)
Jan.18
 Interest on Mehboob Loan A/c
Dr.
2,000
To Cash A/c
2,000
(Interest on Loan paid)
Jan.19
 Insurance Claim A/c
Dr.
1,000
To Ahmed & Company
1,000
(Insurance Claim due)
Jan.22
 Rent A/c
Dr.
2,000
To Bank A/c 2,000
(Rent paid)
Jan.24
 Cash A/c
Dr.
20,000
To Bank A/c
20,000
(Cash withdrawn from bank)
Jan.25
 Cash A/c
Dr.
9,000
To Sales A/c
9,000
(Goods sold for cash)
Jan.26
 Loss by Accident A/c
Dr.
10,000
To Purchases A/c
10,000
(Goods lost by accident)
Jan.27
 Advertisement A/c
Dr.
5,000
To Bank A/c
5,000
(Advertisement expenses paid)
Jan.28
 Bank A/c
Dr.
7,000
To Ahmed & Company
7,000
(Payment Received in full settlement)
Jan.29
 Gupta & Company
Dr.
20,000
To Bank A/c
19,200
To Discount Received A/c
800
(Payment made)
Jan.31
 Cash A/c
Dr.
500
To Sundry Income A/c
500
(Sundry Income received)
Ledger
Cash Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.01 Capital
1,00,000
 Jan.08 Purchases
8,000
Jan.05 Sales
5,000
 Jan.11 Bank
50,000
Jan.15 Loan from Mehboob
70,000
 Jan.13 Computer
20,000
Jan.24 Bank
20,000
 Jan.18 Interest on Mehboob Loan
2,000
Jan.25 Sales
9,000
 Jan.31 Balance c/d
1,24,500
Jan.31 Sundry income
500
2,04,500
2,04,500
Feb.01 Balance b/d
1,24,500
Purchases Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.03 Gupta & Company
20,000
 Jan.26 Loss by Accident
10,000
Jan.08 Cash
8,000
 Jan.31 Balance c/d
18,000
28,000
28,000
Feb.01 Balance b/d
18,000
Capital Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.31 Balance c/d
1,00,000
 Jan.01 Cash
1,00,000
1,00,000
1,00,000
Feb.01 Balance b/d
1,00,000
Sales Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.31 Balance c/d
24,000
 Jan.05 Cash
5,000
Jan.10 Ahmed & Company
10,000
Jan.25 Cash
9,000
24,000
24,000
Feb.01 Balance b/d
24,000
Gupta & Company
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.29 Bank
19,200
 Jan.03 Purchases
20,000
Jan.29 Discount Received
800
20,000
20,000
Ahmed & Company
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.10 Sales
10,000
 Jan.16 Sales returns
2,000
Jan.19 Insurance claim
1,000
Jan.28 Bank
7,000
10,000
10,000
Bank Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.11 Cash
50,000
 Jan.22 Rent
2,000
Jan.28 Ahmed & Company
7,000
 Jan.24 Cash
20,000
Jan.27 Advertisement
5,000
Jan.29 Gupta & Company
19,200
Jan.31 Balance c/d
10,800
57,000
57,000
Feb.01 Balance b/d
10,800
Computers Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.13 Cash
20,000
 Jan.31 Balance c/d
20,000
20,000
20,000
Feb.01 Balance b/d
20,000
Loan from Mehboob
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.31 Balance c/d
70,000
 Jan.15 Cash
70,000
70,000
70,000
Feb.01 Balance b/d
70,000
Insurance Claim Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.19 Ahmed & Company
1,000
 Jan.31 Balance c/d
1,000
1,000
1,000
Feb.01 Balance b/d
1,000
Rent Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.22 Bank
2,000
 Jan.31 Balance c/d
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Loss by Accident Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.26 Purchases
10,000
 Jan.31 Balance c/d
11,200
10,000
10,000
Feb.01 Balance b/d
10,000
Advertisement Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.27 Bank
5,000
 Jan.31 Balance c/d
5,000
5,000
5,000
Feb.01 Balance b/d
5,000
Sales Returns Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.16 Ahmed & Company
2,000
 Jan.31 Balance c/d
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Furniture Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.17 Mehfil Mart
10,000
 Jan.31 Balance c/d
10,000
10,000
10,000
Feb.01 Balance b/d
10,000
Mehfil Mart
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.31 Balance c/d
10,000
 Jan.17 Furniture
10,000
10,000
10,000
Feb.01 Balance b/d
10,000
Interest on Mehboob Loan Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.18 Cash A/c
2,000
 Jan.31 Balance c/d
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Discount Allowed Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.28 Ahmed & Company
800
 Jan.31 Balance c/d
800
800
800
Feb.01 Balance b/d
800
Discount Received Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.31 Balance c/d
2,000
 Jan.29 Gupta & Company
2,000
2,000
2,000
Feb.01 Balance b/d
2,000
Sundry Incomes Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
(₹)
Date
Particulars
J.F.
Amount
(₹)
2019
2019
Jan.31 Balance c/d
500
 Jan.31 Cash
500
500
500
Feb.01 Balance b/d
500
​

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Q. ​​Journalise the following transactions, post them into Ledger and prepare a Trial Balance:

2019 (₹) 2019 (₹)
April 1
Mohan commenced business with cash
 1,00,000 April 20 Received cash from Gopal 3,950
April 3 Bought goods 5,000 Discount Allowed 50
April 4 Sold goods to Gopal 4,000 April 25 Paid wages 700
April 10 Bought goods from Ram 8,000 April 27 Paid to Ram in full settlement 7,700
April 15
Paid trade expenses
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Q. Prepare Purchases Return Book of Aruna Stores, Kolkata from the following transactions and post them into Ledger:
2018
Jan. 10 Returned to Sohan & Sons, Kolkata:
10 Rohtas fans 36'' @ ₹ 1,250 each
Trade Discount 10%
CGST and SGST was paid @ 6% each
Jan. 25 Returned to Ram & Co., Delhi:
25 Tube-lights @ ₹ 200 each
IGST was paid @ 12%
Q. Journalise the following transactions, post them into Ledger, balance the accounts and prepare a Trial Balance :−

2017

 (₹)
March 1 Shyam Sunder & Sons commenced business with cash 80,000
2 Purchased goods for cash 36,000
3 Machinery purchased for cash 4,000
4 Purchased goods from :
Raghu
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Dilip
 30,000
6 Returned goods to Raghu 4,000
8 Paid to Raghu, in full settlement of his account 17,500
10 Sold goods to Mahesh Chand & Co. for ₹ 32,000 at 5% trade discount
13 Received cash from Mahesh Chand & Co. 19,800
Discount allowed 200
15 Paid cash to Dilip 14,850
Discount received 150
20 Sold goods for cash 25,000
24 Sold goods for cash to Sudhir Ltd. 18,000
25 Paid for Rent 1,500
26 Received for Commission 2,000
28 Withdrew by Proprietor for his personal use 5,000
28 Purchased a fan for Proprietor's house 1,200
Q. Following balances appeared in the books of Ram & Shyam on January 1, 2017 :−
Assets : Cash in hand ₹ 30,000; Stock ₹ 36,000; Lal Chand ₹ 7,600; Mukesh Khanna ₹ 16,200; Furniture ₹ 8,000.
Liabilities : Ghanshyam ₹ 6,000; Vinod ₹ 8,000.
Following transactions took place during Jan. 2017 :−

2017
Jan. 2 Purchased Typewriter for ₹ 7,500.
4 Sold goods for Cash of the list price of ₹ 25,000 at 20% trade discount and 5% Cash discount.
6 Sold goods to Gopal Seth for ₹ 10,000.
8 Gopal Seth returned goods for ₹ 1,500.
12 Purchased goods from Arun ₹ 12,000; and from Varun ₹ 15,000.
13 Settled Arun's account in full after deducting 5% for cash discount.
14 Paid cash to Ghanshyam in full settlement of his account.
16 Received ₹ 7,500 from Lal Chand in full settlement of his account.
17 Purchased a Scooter for office use ₹ 18,000.
20 Sold goods for cash ₹ 20,000.
22 Received from Gopal Seth ₹ 4,850 and discount allowed ₹ 150.
27 Paid for Wages ₹ 7,000 and Salaries ₹ 3,000.
28 Withdrew goods for ₹ 2,000 and Cash ₹ 1,500 for private use.
29 Paid for Life Insurance Premium of the Proprietor ₹ 1,600.

Journalise the above transactions, post them into Ledger, balance them and prepare a Trial Balance.
Q. Enter the following transactions in proper Subsidiary Books and post them into Ledger :−

2017
March 2 Purchased from Navrang Traders for ₹ 8,300
3 Sold goods to Rohan for ₹ 3,200
5 Bought of Ruchi Traders for ₹ 12,100
8 Rohan returns the goods for ₹ 600
10 Purchased goods from Jaipur Stores of the list price of ₹ 15,400 less 5% Trade Discount
12 Sold goods to Arun Traders for ₹ 18,000 less 15% Trade Discount
12 Bought of Amit Traders for ₹ 10,000
16 Purchased Machinery from Kirloskar Ltd. ₹ 20,000
18 Returned goods to Jaipur Stores for ₹ 800 less 5% Trade Discount.
19 Arun Traders returned goods for ₹ 3,000, less 15% Trade Discount
20 Sales to Kalpna & Co. for ₹ 14,700
22 Purchased goods from Navrang Traders ₹ 25,000
25 Returns outward to Navrang Traders for ₹ 1,200
26 Sales to Rupa Traders for ₹ 10,000 less 10% Trade Discount
29 Returns inward from Kalpana & Co. for ₹ 2,000
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