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Journal Questions

The document contains a series of journal entries for various transactions conducted by multiple businesses, including Naresh & Co., Ram Rai & Sons, Himanshu, Sohan, Murlidhar & Sons, and Chandan Bros. Each section outlines specific transactions, detailing cash payments, sales, purchases, returns, and discounts. The entries are organized chronologically and include relevant financial figures and descriptions for clarity.

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baijualan6515
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26 views

Journal Questions

The document contains a series of journal entries for various transactions conducted by multiple businesses, including Naresh & Co., Ram Rai & Sons, Himanshu, Sohan, Murlidhar & Sons, and Chandan Bros. Each section outlines specific transactions, detailing cash payments, sales, purchases, returns, and discounts. The entries are organized chronologically and include relevant financial figures and descriptions for clarity.

Uploaded by

baijualan6515
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Journal Questions

Q.1 Record the following transactions in the Journal of Naresh & Co. :

2018 June 1 Paid cash to Mahesh 9600 and discount received from him 400

June 4 Received cash from Arun 4900 and discount allowed to him 100

June 10 Goods sold to Harish 30000

June 12 Harish returned goods 2000

June 14 Received cash from Harish ₹27,500 in full settlement of his account.

June 20 Sold goods to Gopal of the list price of ₹60,000 at 10% trade discount.

June 23 Purchased goods from Ravi of the list price of ₹20,000 at 15% trade discount

Q.2 Give Journal entries for the following transactions in the books of Ram Rai & Sons.

2023 April 2 Cash purchases 48,000

April 3 Sold goods to Vasudev 10,000

April 6 Returned defective goods by Vasudev 1,000

April 8 Received cash from Vasudev 8800 and Discount allowed 200

April 9 Chanderkant sold goods to us 20000

April 10 Pritam purchased goods from us 12000

April 10 Paid insurance premium by cheque 500

April 12 ₹ Paid for Life Insurance Premium of Sh. Ram Rai by cheque 2,000

April 15 Paid Cash to Chanderkant 13780and Discount allowed by him 220

April 18 Bought goods from Pawan, list price ₹15,000 less 20% trade discount

April 22 Paid to Pawan 8000

April 26 Received Cash from Pritam 6000


April 30 Paid wages ₹2,000, Advertisement Expenses ₹2,500 and Salaries paid ₹9,000

April 30 Received Interest 500

April 30 Received Commission 2,000

Q.3 Pass journal entries for the following transactions in the journal of Himanshu, 2024

April 1 Himanshu Chauhan started business with cash ₹1,50,000, Furniture ₹10,000 and Goods 60,000.

4 Sold goods to Partap of the list price of ₹20,000 at trade discount of 10%.

6 Partap returned goods of list price of ₹2,000.

10 Received from Partap 16,000 in full settlement of his account.

15 Purchased furniture for ₹12,000.

15 Purchased goods from Sahdev of the list price of ₹50,000 at 12% Trade Discount.

18 Returned goods to Sahdev of the list price of ₹4,000.

20 Cleared the account of Sahdev by paying cash at a discount of 5%.

21 Sold goods to Aakriti ₹20,000 and Shikha ₹32,000.

24 Received cash from Aakriti 19,600 in full settlement of her account. Paid insurance premium ₹1,500.

25 Paid 2,400 for insurance premium for proprietor.

26 Purchased goods for ₹16,000 for cash at a trade discount of 10% and cash discount of 2%

27 Received full payment from Shikha at a discount of 5% in full settlement of his account.

28 Paid for advertisement 2,000, salaries ₹8,000 and rent ₹1,600.

30 Received Commission ₹1,000.

Q.4 Journalise the following transactions in the books of Sohan 2023

Feb. 1 Started business contributing ₹50,000 in cash; ₹4,50,000 in cheque and building valued
20,00,000.

Feb. 5 Purchased goods from Manohar Lal of the list price of ₹50,000 for ₹46,000
Feb. 17 Purchased goods costing ₹1,00,000 from Sahil & Co. Paid 60% immediately by cheque to avail
5% discount.

Feb. 24 Sold goods to Kishore & Co. of the list price of ₹40,000 for ₹38,000.

Feb. 26 Sold to Kanika & Co. goods costing ₹1,00,000 at 20% profit, allowing 10% trade discount and 5%
cash discount. Kanika & Co. made 40% payment immediately by cheque.

Q.5 Journalise the following transactions in the books of Murlidhar & Sons, timber merchants, giving
suitable narrations :-

(i) Received a Cheque from Jay ₹5,450. Allowed him discount 150. Cheque is immediately deposited
into bank.

(ii) Returned goods to Sudershan of the value of ₹350.

(iii) Issued a Cheque in favour of M/s Karanvir Timber Co. on account of the purchase of Timber of
₹7,500.

(iv) Purchased machinery for ₹50,000 by cheque and installation charges of machinery ₹2,500 paid in
cash.

(v) Purchased goods for ₹1,00,000 from Ajay and supplied it to Vijay for ₹1,20,000.

Q.6 Journalise the following transactions in the books of Chandan Bros. :

(i) Received ₹38,000 from Ramin full settlement of his account for ₹40,000.

(ii) Received ₹38,000 from Danny on his account for ₹40,000

(iii) Biru who owed us ₹15,000 is declared Insolvent and 65 paişe in a rupee is received as final dividend
from his estate.

(iv) Sold goods to Reena list price ₹20,000, trade discount 10% and cash discount 5%. She paid the
amount on the same day and availed the cash discount.

(v) Supplied goods costing ₹6,000 to Suman, issued invoice at 10% above cost less 5% trade discount.

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