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+1 Accountancy Opening Entries

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Shiv P. Nautiyal
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78 views1 page

+1 Accountancy Opening Entries

Uploaded by

Shiv P. Nautiyal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Q.1. Enter the following transactions in the Journal of Gaurav Bros.

:
2022
May 10 Sold goods to Kailash of the list price of ₹1,00,000 at trade discount of 15%.
May 13 Kailash returned goods of the list price of ₹4,000.
May 18 Received from Kailash the amount due from him, under a cash discount of 5%.

Q.2. Pass journal entries for the following:


2023
March 4 Sold goods to Nupur for ₹50,000 at terms 4% cash discount and 20% trade
discount. Half the amount received by cash and balance half by cheque on the same day.
March 6 Sold goods to Anuradha for ₹1,00,000 on terms 10% trade discount and 5% cash discount if the
payment is received within fifteen days. 80% payment is received on March 18th by cheque.
March 20 Sold goods to Sudha for ₹1,00,000 at 20% trade discount and 10% cash discount if the payment
is received within ten days. She paid half the amount on March 26th and 30% of the remainder on March
31st.

Q.3. The following balances appeared in the books of Vishal Stores on 1st April, 2023 :
Assets :- Cash ₹15,000; Bank balance ₹5,000; Stock ₹40,000; Furniture ₹3,600; Debtors ₹24,000 (X
₹6,000; Y ₹8,000 and Z ₹10,000).
Liabilities :- Bank Loan ₹10,000; Creditors ₹12,500 (Ajay ₹5,000, Vijay,₹7,500).

Q.4. Journalise the following transactions in the books of Chandan Bros. :


(i) Received ₹38,000 from Krishan Swaroop in full settlement of his account for ₹40,000.
(ii) Received ₹38,000 from Dushyant on his account for ₹40,000
(iii) Biroo who owed us ₹15,000 is declared Insolvent and 65 paise in a rupee is received as final dividend
from his estate by cheque which is deposited into bank.
(iv) Sold goods to Kitty list price ₹20,000, trade discount 10% and cash discount 5%. He paid the amount on
the same day and availed the cash discount.
(v) Supplied goods costing ₹6,000 to Shakuntla, issued invoice at 10% above cost less 5% trade discount.

Q.5. Pass Journal Entries for the following transactions :-


1. Provide depreciation on Furniture ₹5,000 and on Machinery ₹20,000.
2. Received cash ₹10,000 for bad-debts written off last year.
3. Ajay Singh was declared bankrupt. He owed ₹25,000 to us. Nothing could be recovered from his estate.
4. ₹2,00,000 for wages and ₹40,000 for salaries are outstanding.
5. Purchased furniture for ₹60,000 for the proprietor and paid the amount by cheque.
6. Provide 9% interest on capital amounting to ₹20,00,000.
7. Charge interest on drawings ₹10,000.

Q.6. Journalise the following transactions in the Journal of Navin Gupta & Sons.:-
1. Out of Insurance premium paid this year, ₹15,000 is related to next year.
2. Credit purchases from Ram & Co. for ₹50,000. Cash discount will be received at 5%on payment of bill
within 10 days.
3. Cash paid to Ram & Co. and discount availed of.
4. Paid Income Tax ₹20,000 by cheque.
5. Goods costing ₹2,00,000 sold for cash at a profit of 10%.
6. Purchased iron safe for ₹2,00,000, filing cabinet for ₹50,000 and Computer for ₹1,00,000.

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