Page 49 - ISCDEBK-XI

7.4 Double Entry Book Keeping—ISC XI

Jan. 10 Purchases A/c ...Dr. 20,000
To Cash A/c 8,000
To Shyam Lal 12,000
(Being the goods purchased for cash ` 8,000 and on credit from
Shyam Lal for ` 12,000)
Jan. 15 Rakesh ...Dr. 1,000
Cash A/c ...Dr. 1,000
To Sales A/c 2,000
(Being the goods sold to Rakesh for cash and credit)
Illustration 2.
Journalise the following transactions in the books of a trader:
1st April, 2022

Debit Balances: Cash in Hand—` 18,000; Cash at Bank—` 25,600; Stock of Goods—` 50,000;
Furniture—` 10,000; and Building—` 4,51,400. Debtors: Vijay—` 2,700; Anil—
` 1,500; Ashwani—` 2,000; Anupam—` 1,800; and Madhu—` 5,000.
Credit Balanaces: Creditors: Anand—` 5,400; Arya & Co.—` 77,000 and Balwant Rai— ` 52,000;
Mrs. Anita’s Loan—` 1,00,000.
2022
April 1 Purchased goods worth ` 50,000 less 20% trade discount and 5% cash discount. Paid ` 25,000 by
cheque and balance in cash.
April 3 ` 2,646 received from Vijay and allowed him discount ` 54.
April 5 Bought 100 shares in Bharat Ltd. @ ` 15 per share, brokerage paid ` 30.
April 8 Goods costing ` 500 were damaged in transit; a claim was made on the railway authorities for
the same.
April 10 Paid ` 5,292 cash to Anand and discount allowed by him ` 108.
April 13 Received cheque from the railway in full settlement of claim for goods damaged in transit.
April 15 Anupam is declared insolvent and a dividend of 50 paise in a rupee is received from him in full
settlement.
April 18 Sold 40 shares in Bharat Ltd. @ ` 18 per share, brokerage paid ` 15.
April 20 Bought a Delivery Van for ` 21,000 for delivering goods to customers.
April 22 Paid for: Charity ` 501
Postage ` 200
Stationery ` 199
April 30 One month’s interest on Mrs. Anita’s Loan @ 12% p.a. became due but was not paid.
April 30 The Delivery Van bought on April 20 met with an accident and was sold for ` 10,000.
April 30 Received from travelling salesman ` 3,000 for goods sold by him after deducting his travelling
expenses ` 150.
April 30 Paid for: Salaries ` 3,500
Rent ` 1,500
April 30 Sold goods worth ` 12,000 less 10% trade discount.