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Standard VIII
Mathematics
Discount
Record the fo...
Question

Record the following transactions of M/s Mahipal Bros. in Proper Subsidiary Books, post them into the Ledger and take out a Trial Balance:
2017
Jan. 1 Commenced business with Cash ₹ 2,00,000.
2 Deposited into U.T.I Bank ₹ 1,75,000.
4 Purchased goods from Dilip for ₹ 40,000. Trade Discount 20%.
6 Gave a cheque to Dilip for ₹ 16,800 and discount allowed by him ₹ 200.
8 Goods bought from Nilesh for Cash ₹ 14,000.
10 Accepted a bill at 2 months for ₹ 15,000 drawn by Dilip.
11 Bought goods from Suresh ₹ 75,000.
13 Paid to Suresh a Cheque for ₹ 58,800 after receiving discount of 2%.
15 Cash sales made to Jyoti Parshad ₹ 8,000.
16 Sold goods to Mohinder for ₹ 20,000.
17 Goods returned by Mohinder for ₹ 1,500.
18 Received from Mohinder ₹ 7,900 after allowing a discount of 1.25%.
20 Goods sold to Banerjee ₹ 50,000.
21 Deposited into Bank ₹ 20,000.
25 Goods taken for personal use ₹ 2,000.
25 Purchased furniture ₹ 40,000 and Typewriter ₹ 10,000 for office use.
Payment for both the items is made by Cheque.
25 Sold goods to Anubhav ₹ 30,000.
27 Goods returned by Anubhav ₹ 5,000.
27 Received full payment from Banerjee by Cheque, sent it to Bank, Discount allowed 2%.
28 Acceptance received from Anubhav at 30 days for the amount due from him.
28 Paid for stationery ₹ 400 and for Postage ₹ 200.
31 Rent of proprietor's house paid by Cheque ₹ 2,500.

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Solution

Cash Book
Dr. Cr.
Date Particulars L.F. Cash (Rs) Bank (Rs) Discount
(Rs)		 Date Particulars L.F. Cash (Rs) Bank (Rs) Discount
(Rs)
2017 2017
Jan. 01 Capital A/c 2,00,000 – – Jan. 02 Bank A/c C 1,75,000 – –
Jan. 02 Cash A/c C – 1,75,000 – Jan. 06 Dilip’s A/c – 16,800 200
Jan. 15 Sales A/c 8,000 – – Jan. 08 Purchases A/c 14,000 – –
Jan. 18 Mohinder’s A/c 7,900 – 100** Jan. 13 Suresh’s A/c – 58,800 1,200*
Jan. 21 Cash A/c C – 20,000 – Jan. 21 Bank A/c C 20,000 – –
Jan. 27 Banerjee’s A/c – 49,000 1,000 Jan. 25 Furniture A/c – 40,000 –
Jan. 25 Typewriter A/c – 10,000 –
Jan. 28 Stationery A/c 400 – –
Jan. 28 Postage A/c 200 – –
Jan. 31 Drawings A/c – 2,500 –
Jan. 31 Balance c/d 6,300 1,15,900 –
2,15,900 2,44,000 1,100 2,15,900 2,44,000 1,400
Feb. 01 Balance b/d 6,300 1,15,900 –


Purchases Book
Date Particulars L.F. Details (Rs) Amount (Rs)
2017
Jan. 04 Dilip 40,000
Less: 20% Trade Discount 8,000 32,000
Jan. 11 Suresh 75,000
Jan. 31 Purchases A/c Dr. 1,07,000

Sales Book
Date Particulars L.F. Details (Rs) Amount (Rs)
2017
Jan. 16 Mohinder 20,000
Jan. 20 Banerjee 50,000
Jan. 25 Anubhav 30,000
Jan. 31 Sales A/c Cr. 1,00,000

Sales Return Book
Date Particulars Credit Note No. L.F. Details
(Rs)		 Amount (Rs)
2017
Jan. 17 Mohinder 1,500
Jan. 27 Anubhav 5,000
Jan. 31 Sales Return A/c Dr. 6,500

Journal
Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs)
2017
Jan. 06 Dilip Dr. 200
To Discount Received A/c 200
(Discount of Rs 200 received from Dilip)
Jan. 10 Dilip’s A/c Dr. 15,000
To Bills Payable A/c 15,000
(Acceptance given to the bill drawn by Dilip)
Jan. 13 Suresh Dr. 1,200*
To Discount Received A/c 1,200*
(Discount of 2% received from Suresh)
Jan. 18 Discount Allowed A/c Dr. 100**
To Mohinder 100**
(Discount of 1.25% allowed to Mohinder)
Jan. 25 Drawings A/c Dr. 2,000
To Purchases A/c 2,000
(Goods taken for personal use)
Jan. 27 Discount Allowed A/c Dr. 1,000
To Banerjee 1,000
(Discount of 2% allowed to Banerjee)
Jan. 28 Bills Receivable A/c Dr. 25,000
To Anubhav’s A/c 25,000
(Acceptance received from Anubahv)
TOTAL 44,500 44,500

Sales Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 31 Balance c/d 1,08,000 Jan. 15 Cash A/c 8,000
Jan. 31 Sundries as per Sales Book 1,00,000
1,08,000 1,08,000
2017
Feb. 01 Balance b/d 1,08,000

Capital Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 31 Balance c/d 2,00,000 Jan. 01 Cash A/c 2,00,000
2,00,000 2,00,000
2017
Feb. 01 Balance b/d 2,00,000

Purchases Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 08 Cash A/c 14,000 Jan. 25 Drawings A/c 2,000
Jan. 31 Sundries as per Purchases Book 1,07,000 Jan. 31 Balance c/d 1,19,000
1,21,000 1,21,000
2017
Feb. 01 Balance b/d 1,19,000

Mohinder’s Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 16 Sales A/c 20,000 Jan. 18 Cash A/c 7,900
Jan. 18 Discount Allowed A/c 100
Jan. 17 Sales Return A/c 1,500
Jan. 31 Balance c/d 10,500
20,000 20,000
2017
Feb. 01 Balance b/d 10,500

Banerjee’s Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 20 Sales A/c 50,000 Jan. 27 Bank A/c 49,000
Jan. 27 Discount Allowed A/c 1,000
50,000 50,000

Dilip’s Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 06 Bank A/c 16,800 Jan. 04 Purchases A/c 32,000
Jan. 06 Discount Received A/c 200
Jan. 10 Bills Payable A/c 15,000
32,000 32,000

Suresh’s Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 13 Bank A/c 58,800 Jan. 11 Purchases A/c 75,000
Jan. 13 Discount Received A/c 1,200
Jan. 31 Balance c/d 15,000
75,000 75,000
2017
Feb. 01 Balance b/d 15,000

Furniture Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 25 Bank A/c 40,000 Jan. 31 Balance c/d 40,000
40,000 40,000
2017
Feb. 01 Balance b/d 40,000

Stationery Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 28 Cash A/c 400 Jan. 31 Balance c/d 400
400 400
2017
Feb. 01 Balance b/d 400

Drawings Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 25 Purchases A/c 2,000 Jan. 31 Balance c/d 4,500
Jan. 31 Bank A/c 2,500
4,500 4,500
2017
Feb. 01 Balance b/d 4,500

Typewriter Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 25 Bank A/c 10,000 Jan. 31 Balance c/d 10,000
10,000 10,000
2017
Feb. 01 Balance b/d 10,000

Postage Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 28 Cash A/c 200 Jan. 31 Balance c/d 200
200 200
2017
Feb. 01 Balance b/d 200

Anubhav’s Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 25 Sales A/c 30,000 Jan. 27 Sales Return A/c 5,000
Jan. 28 Bills Receivable A/c 25,000
30,000 30,000

Bills Payable Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 31 Balance c/d 15,000 Jan. 10 Dilip’s A/c 15,000
15,000 15,000
2017
Feb. 01 Balance b/d 15,000

Bills Receivable Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 28 Anubhav’s A/c 25,000 Jan. 31 Balance c/d 25,000
25,000 25,000
2017
Feb. 01 Balance b/d 25,000

Discount Allowed Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 18 Mohinder’s A/c 100 Jan. 31 Balance c/d 1,100
Jan. 27 Banerjee’s A/c 1,000
1,100 1,100
2017
Feb. 01 Balance b/d 1,100

Sales Return Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 31 Sundries as per Sales Return Book 6,500 Jan. 31 Balance c/d 6,500
6,500 6,500
2017
Feb. 01 Balance b/d 6,500

Discount Received Account
Dr. Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)
2017 2017
Jan. 31 Balance c/d 1,400 Jan. 06 Dilip’s A/c 200
Jan. 13 Suresh’s A/c 1,200
1,400 1,400
2017
Feb. 01 Balance b/d 1,400

Trial Balance
as on Jan. 31, 2017
Name of Accounts L.F. Debit
Balances
Amount
(Rs)		 Credit
Balances
Amount
(Rs)
Cash A/c 6,300 –
Bank A/c 1,15,900 –
Capital A/c – 2,00,000
Sales A/c – 1,08,000
Purchases A/c 1,19,000 –
Mohinder’s A/c 10,500 –
Suresh’s A/c – 15,000
Furniture A/c 40,000 –
Typewriter A/c 10,000 –
Stationery A/c 400 –
Postage A/c 200 –
Drawings A/c 4,500 –
Bills Payable A/c – 15,000
Bills Receivable A/c 25,000 –
Sales Return A/c 6,500 –
Discount Allowed A/c 1,100 –
Discount Received A/c – 1,400
3,39,400 3,39,400

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Q. Journalise the following transactions in the books of Prakash:

(i) Opened a current account with Punjab National Bank ₹ 1,00,000.
(ii) Received a cheque of ₹ 12,900 from Chandradev and allowed discount ₹ 300 to him. The cheque was deposited into Bank on the same day.
(iii) Purchased machinery for ₹ 1,00,000, payment made by cheque. Installation charge of machinery ₹ 6,000 paid in cash.
(iv) Purchased a horse for business for ₹ 20,000.
(v) Sold goods to Gokul at a list price of ₹ 4,000. Trade discount 10% and cash discount 5%. He paid the amount on the same day and availed the cash discount.
(vi) Purchased goods for ₹ 10,000 and paid ₹ 400 for carriage on these goods.
(vii) Additional cash introduced by the proprietor ₹ 40,000.
(viii) Purchased stationery ₹ 800 and postal stamps ₹ 100.
(ix) Withdrawn from bank ₹ 20,000.
(x) Received an order to supply goods of ₹ 40,000 from Manu and received ₹ 10,000 as an advance together with the order.
(xi) Cash ₹ 10,000 and goods worth ₹ 4,000 were stolen.
(xii) Purchased goods from Devendra for ₹ 40,000 and the payment was made by cheque.
(xiii) Sold 1/4th of the above goods at a profit of 25% on cash.
Q.

uFollowing was the position of Harish & Co. as on 1st April, 2017 :−


Cash in Hand ₹ 10,000; Cash at Bank ₹ 16,800; Furniture ₹ 8,000; Stock ₹ 50,000; Debtors− Ram ₹ 8,000; Shyam ₹ 12,000; Creditors− Anil ₹ 4,000; Sunil ₹ 5,000.


Following transactions took place during April, 2017 :−

2017
April 2 Received a cheque from Ram in full settlement of his account after deducting 5% cash discount.
4 Deposited the above cheque into Bank.
5 Goods purchased for ₹ 20,000 at 10% trade discount and 5% cash discount. Payment made by cheque.
6 Received a cheque from Shyam for ₹ 3,860 and discount allowed to him ₹ 140. Cheque deposited into the bank on the same day.
10 Cash paid to Anil after deducting 2% cash discount.
15 Old furniture sold for ₹ 800.
16 Sold goods to Shiv Parshad of the list price of ₹ 10,000 at a trade discount of 15%.
18 Shiv Parshad returned goods of the list price of ₹ 1,000.
20 Paid for furniture repairs to Bahadur Singh ₹ 100.
25 Received a cheque from Shiv Parshad after deducting 4% cash discount. Cheque was deposited into bank.
28 Bank charged ₹ 50 for 'Bank Charges'.
30 Received Commission ₹ 200.
Q. Pass Journal entries for the following transactions:−
1. Purchased Machinery for ₹ 20,000 and paid ₹ 200 for its carriage.
2. Received a cheque fo ₹ 4,850 from X in full settlement of his account of ₹ 5,000. Cheque was immediately deposited into bank.
3. Received by cheque a first and final payment of 60 paise in a ₹ from Y who owed us ₹ 10,000.
4. Sold goods to Z for ₹ 10,000 at a trade discount of 20%. Next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank.
5. Goods costing ₹ 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.
Q. Enter the following transactions in proper Subsidiary Books, post them into Ledger Accounts, balance the accounts and prepare a Trial Balance :
2017
Jan. 1 Assets : Cash in hand ₹ 20,000; Debtors : Sri Gopal ₹ 15,000, Poonam & Co. ₹ 30,000; Stock ₹ 1,75,000, Machinery ₹ 1,20,000; Furniture ₹ 40,000.
Liabilities: Bank Overdraft ₹ 33,000; Creditors : Niranjan Lal ₹ 24,000, Bombay Trading Co. ₹ 16,000.
Jan. 2 Purchased from Manohar Lal & Sons goods of the list price of ₹ 20,000 at 10% trade discount.
5 Returned to Manohar Lal & sons goods of the list price of ₹ 2,000.
10 Issued a Cheque to Manohar Lal & Sons in full settlement of their account.
12 Sold to Sri Gopal, goods worth ₹ 25,000.
15 Received Cash ₹ 10,000 and a Cheque for ₹ 8,000 from Sir Gopal. The Cheque was immediately sent to bank.
16 Withdrew for personal use : Cash ₹ 5,000 and goods ₹ 3,000.
17 Accepted a bill for 45 days drawn by Niranjan Lal for the amount due to him.
18 Acceptance received from Poonam & Co. for the amount due from them payable after 30 days.
19 Sold to Raghubir Brothers, goods valued ₹ 16,000.
20 Cash purchases ₹ 15,000.
22 Withdrew from bank fo office use ₹ 10,000.
23 Purchased from Bombay Trading Co., goods valued ₹ 24,000.
24 Sri Gopal returned goods worth ₹ 2,000.
25 Received from Raghubir Brothers ₹ 10,000.
27 Accepted a bill for ₹ 25,000 for 1 month drawn by Bombay Trading Co.
27 Paid Rent by Cheque ₹ 2,800.
Received Commission in Cash ₹ 800.
31 Paid salaries ₹ 5,000.
Q. Enter the following transactions in a Two Column Cash Book :−
(i) Commenced business with cash ₹50,000
(ii) Deposited in Bank 40,000
(iii) Received c ash from Mohan ₹950 in full settlement of a debt of ₹1,000
(iv) Bought goods for cash ₹10,000
(v) Bought goods by cheque ₹15,000
(vi) Sold goods for cheque for ₹20,000 and deposited in Bank on the same day
(vii) Paid to Arun by cheque ₹1,900 in full settlement of his account of ₹2,000
(viii) Drew from Bank for office use ₹1,000
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