wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Journalise the following transactions in the books of Mohan, Delhi:
(i) Raj of Alwar, Rajasthan who owed Mohan ₹ 25,000 became insolvent and received 60 paise in a rupee as full and final settlement.
(ii) Mohan owes to his landlord ₹ 10,000 as rent.
(iii) Charge depreciation of 10% on furniture costing ₹ 50,000.
(iv) Salaries due to employees ₹ 20,000.
(v) Sold to Sunil goods in cash of ₹ 10,000 less 10% trade discount plus CGST and SGST @ 6% each and received a net of ₹ 8,500.
(vi) Provided interest on capital of ₹ 1,00,000 @ 10% per annum.
(vii) Goods lost in theft ₹ 5,000, which were purchased paying IGST @ 12% from Alwar, Rajasthan.
[Hint:]
(vii) Loss of Stock by Theft A/c ... Dr. ₹ 5,600
To Purchase A/c ₹ 5,000
To Input IGST A/c ₹ 600

Open in App
Solution

Journal
Date
Particulars
L.F.
Debit
Amount
(Rs)
Credit
Amount
(Rs)
(i)
Cash A/c
Dr.
15,000
Bad-Debts A/c
Dr.
10,000
To Raj’s A/c
25,000
(Received 60 paise in full and final settlement)
(ii)
Rent A/c
Dr.
10,000
To Rent Outstanding A/c
10,000
(Owed rent to landlord)
(iii)
Depreciation A/c
Dr.
5,000
To Furniture A/c
5,000
(10% depreciation charged on furniture)
(iv)
Salaries A/c
Dr.
20,000
To Salaries Outstanding A/c
20,000
(Salaries due to employees)
(v)
Cash A/c
Dr.
8,500
Discount Allowed A/c
Dr.
1,580
To Sales A/c
9,000
To Output CGST A/c
540
To Output SGST A/c
540
(Goods sold)
(vi)
Interest on Capital A/c
Dr.
10,000
To Capital A/c
10,000
(Interest on capital allowed @ 10% p.a.)
(vii)
Loss of Stock by Theft A/c
Dr.
5,600
To Purchases A/c
5,000
To Input IGST A/c
600
(Goods lost by theft)

flag
Suggest Corrections
thumbs-up
47
similar_icon
Similar questions
Q. Pass Journal entries in the books of Puneet, Delhi for the following:
(i) Received an order from Karan & Co. for supply of goods of ₹ 50,000.
(ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance.
(iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000.
(iv) Sold goods to Bharat, Kaithal (Haryana) of ₹ 10,000 plus IGST @ 12% out of which 1/5th were returned being defective.
(v) Cheque of ₹ 20,000 issued by Feroz was dishonoured.
(vi) Received 40 paise in a rupee from Feroz against the above dues.
(vii) Received a cheque of ₹ 25,000 from Mohan after banking hours.
(viii) Purchased goods from Barun of Chandigarh of ₹ 10,000 plus IGST @ 12% and sold them to Arun of Shimla (HP) at ₹ 22,400, including IGST @ 12%.
(ix) Arun returned goods of ₹ 6,720, including IGST which were returned to Barun.
(x) ABC & Co. purchased 10 TV sets @ ₹ 20,000 per set and paid IGST @ 12%. It sold all the sets @ ₹ 25,000 per set plus CGST and SGST @ 6% each.
(xi) Paid insurance of ₹ 12,000 plus CGST and SGST @ 6% each for a period of one year.
(xii) Sold personal car for ₹ 1,00,000 and invested the amount in the firm.
(xiii) Goods costing ₹ 1,00,000 were destroyed in fire. Insurance company admitted the claim for ₹ 75,000. These goods were purchased within Delhi.
(xiv) Purchased machinery for ₹ 56,000 including IGST of ₹ 6,000 and paid cartage thereon ₹ 5,000 and installation charges ₹ 10,000.
(xv) Goods costing ₹ 40,000 sold to Mr. X at a profit of 20% on sales less 10% Trade Discount plus CGST and SGST @ 6% each and received a cheque under 2% cash discount.
(xvi) Purchased machinery from New Machinery House for ₹ 50,000 and paid it by means of a bank draft purchased from bank. Paid charges ​₹ 500.
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
The Concept of Money
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon