Page 58 - ISCDEBK-XI

Journal 7.13

April 22 Purchased goods worth ` 16,000, less 20% trade discount and 5% cash discount
from Malhotra & Co. for cash and supplied them to Ramesh & Co.
at list price less 10% trade discount
April 25 Cash Purchases ..................................................................................................................................................................... 16,500
April 27 Goods worth ` 500 were damaged in transit, a claim was made
on the railway authorities for the same
April 28 Suresh is declared insolvent and a dividend of 50 paise in a rupee is received
from him in full settlement
April 28 Purchased Machinery from Rajiv for ` 50,000 and paid him by means of a bank draft
purchased from bank for ` 50,050
April 30 Received Commission ` 10,000 half of which is in advance
April 31 Allowed interest on capital @ 8% p.a. for one year
April 31 Paid for: Salaries ................................................................................................................................................................ 5,500
Rent ...................................................................................................................................................................... 1,000
4. Journalise the following transactions of Singh Enterprises, Delhi:

2021 `
June 1 Started business with cash ........................................................................................................................................... 50,000
June 2 Deposited cheque from Savings Account in firm’s account ............................................................................. 2,00,000
June 3 Received cash from Ram ............................................................................................................................................... 50,000
June 4 Purchased goods for cash ............................................................................................................................................. 15,000
June 11 Sold goods to M/s. Hari Sales, Delhi .......................................................................................................................... 12,000
June 13 Paid to Ramavtar .............................................................................................................................................................. 40,000
June 17 Received from M/s. Hari Sales ..................................................................................................................................... 10,000
June 20 Bought furniture from S.R. Furnishers against Cash ............................................................................................ 20,000
June 27 Paid rent .............................................................................................................................................................................. 28,000
June 30 Paid salary ........................................................................................................................................................................... 50,000
Comprehensive Question
5. Pass the Journal entries for the following:
(i) Goods worth ` 500 given as charity.
(ii) Received ` 975 from Harikrishna in settlement of his account for ` 1,000.
(iii) Received a first and final dividend of 60 paise in a rupee from the official receiver of Rajan, who owed
us ` 1,000.
(iv) Sold goods to Mohan of ` 12,000 less 2½% cash discount and received from him ` 11,700 net on
account by cheque.
(v) Bought goods from Raja & Co. of ` 30,000 at 15% trade discount and 2% cash discount and paid them
half the amount in cash.
(vi) Charged depreciation @ 10% for one month on Machinery of ` 50,000.
(vii) Rent outstanding ` 500.
(viii) Received interest on loan from the debtor ` 250.