Question

Journalise the following transactions in the books of Ashok:
(i) Received ₹ 11,700 from Hari Krishan in full settlement of his account for ₹ 12,000.
(ii) Received ₹ 11,700 from Shyam on his account for ₹ 12,000.
(iii) Received a first and final dividend of 70 paise in the rupee from the official receiver of Rajagopal who owed us ₹ 7,000.
(iv) Paid ₹ 2,880 to A.K. Mandal in full settlement of his account for ₹ 3,000.
(v) Paid ₹ 2,880 to S.K. Gupta on his account for ​₹ 3,000.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
(i)	Cash A/c	Dr.		11,700
	Discount Allowed A/c	Dr.		300
	To Hari Krishan’s A/c				12,000
	(Received in full settlement)
(ii)	Cash A/c	Dr.		11,700
	To Shyam’s A/c				11,700
	(Received from Shyam on account)
(iii)	Cash A/c	Dr.		4,900
	Bad Debts A/c	Dr.		2,100
	To Rajagopal’s A/c				7,000
	(Received 70 paise in a rupee from Rajagopal)
(iv)	A.K. Mandal’s A/c	Dr.		3,000
	To Cash A/c				2,880
	To Discount Received A/c				120
	(Paid in full settlement)
(v)	S.K. Gupta’s A/c	Dr.		2,880
	To Cash A/c				2,880
	(Paid on account to S.K. Gupta)