JJM CLASSES

CA ADITYA AGARWAL,B.COM(HONS)

Worksheet Name: Journal Standard: 11th Commerce Subject: Accountancy

Q1. Journalise the following transactions in the books of Kanishk Traders:

i. Sold goods costing ₹ 1,20,000 to Charu at a profit of 33 on cost less 15% Trade Discount.
1
%
3

ii. Sold goods costing ₹ 80,000 to Arun against cheque at a profit of 25% on cost less 15% Trade Discount.
ii Paid by cheque ₹ 8,400 as insurance premium for a period of 12 months starting 1st August 2016. Financial year closes o
i. n 31st March every year.

Ans: Working Notes:

WN 1: Calculation of amount of goods sold to Charu.
Cost = 1,20,000
Add: Profit @ 33 1

3
% on 1, 20, 000 = 40,000
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1, 60, 000

Less: Trade Discount @ 15% on 1,60,000 = 24,000

¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1, 36, 000

WN 2: Calculation of amount of goods sold to Arun.

Cost = 80,000
Add: Profit @ 25% on 80,000 = 20,000
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1, 00, 000

Less: Trade Discount @ 15% = 15,000

¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
85, 000

Q2. Journalise the following trasactions:

₹
1.Charge depreciation on Machinery 20,000
2.Salary due to Office Clerks 1,00,000
3.Received cash for Bad-Debts written off last year 5,000
4.Purchased goods from Ashok & Co. for ₹ 50,000 at 20% Trade Discount. Half the payment was made in cash.
5.Issued cheque to Ashok & Co. in full settlement 19,500
6.Paid Life Insurance Premium by cheque 6,000
7.Proprietor used goods for household purposes 20,000
8.Goods given free to a hospital out of business 10,000

Ans:
Q3. Journalise the following transactions:
1. Sold goods to Brijesh of the list price of ₹ 10,000 at trade discount of 5%. Received full payment in cash.
2. Goods given away as charity ₹ 1,000.
3. Charge interest on capital of ₹ 5,00,000 @ 7% p.a.
4. Outstanding wages ₹ 3,000.
5. ₹ 5,000 due from Sunny are now bad debts.
6. ₹ 50,000 cash sales (of goods costing ₹ 40,000).
Ans:
Q4. Prepare journal from the transactions given below:
1. Proprietor withdrew for private use ₹ 10,000 from bank.
2. Goods costing ₹ 50,000 were burnt by fire.
3. Purchased machinery for cash ₹ 1,50,000 and paid ₹ 2,000 on its installation.
4. Charge 5% depreciation on building costing ₹ 2,00,000 and 8% depreciation on furniture costing ₹ 5,000.
5. Prepaid salary ₹ 2,000.
6. Kapil who owed us ₹ 20,000 becomes insolvent and nothing is received from his estate.
Ans:
Q5. Journalise the following transactions:
 2017 ₹
Jan. 1 Paid into bank for opening a Current Account 10,000
Jan. 3 Goods sold for ₹ 50,000 and the amount was deposited into the bank
Jan. 7 Amount withdrawn from bank 20,000
Jan. 10 Goods sold for Cash 15,000
Jan. 12 Amount deposited into bank 12,000
Jan. 14 Goods purchased and payment made by cheque. 25,000

Ans:
Q6. Journalise the following:
2017
March
Purchased building for ₹ 1,50,000 and incurred expenses of ₹ 10,000 on its purchase.
4
March
Satish who owed us ₹ 20,000 is declared insolvent and 60 paise per ₹ is received from his estate.
10
March
Paid ₹ 500 for repairing the office furniture.
15
March
Proprietor withdrew for his personal use cash ₹ 5,000 and goods worth ₹ 2,000.
18
March Purchased the following items for business: Iron Safe ₹ 15,000; Filing Cabinet ₹ 5,000; Computer ₹ 12,000; Postag
20 e ₹ 200 and Stationery ₹ 150
March
Paid electricity charges ₹ 1,600.
28
March
Charge depreciation on Machinery @ 10% for one year (Machinery ₹ 75,000).
31
March
Outstanding wages at the end of the year ₹ 6,000.
31

Ans:
Q7. Pass Journal Entries for the following transactions:
1. Provide depreciation on Furniture ₹ 500 and on Machinery ₹ 2,000.
2. Received cash ₹ 1,000 for bad-debts written off last year.
3. Ajay Singh was declared bankrupt. He owed ₹ 2,500 to us. Nothing could be recovered from his estate.
4. ₹ 20,000 for wages and ₹ 4,000 for salaries are outstanding.
5. Purchased furniture for ₹ 6,000 for the proprietor and paid the amount by cheque.
6. Provide 9% interest on capital amounting to ₹ 2,00,000.
7. Charge interest on drawings ₹ 1,000.
Ans:
Q8. 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.
Ans:
Q9. Enter the following transaction in the Journal of Marutinandan Stores:
2017
Jan. 10 Purchased goods from Ghanshyam of the list price of ₹ 50,000 at 15% trade discount.
Jan. 13 Returned goods to Ghanshyam of the list price of ₹ 2,000
Jan. 15 Paid cash to Ghanshyam ₹ 40,000 in full settlement of his account.
Jan. 20 Purchased goods from Raghu of the list price of ₹ 60,000 at 10% trade discount.
Jan. 22 Returned goods to Raghu of the list price of ₹ 5,000
Jan. 25 Paid cash to Raghu ₹ 49,000 in full settlement of his Account.

Ans:
Q10. Journalise the following transactions:
 1. Goods for ₹ 50,000 were destroyed by fire.
2. Goods worth ₹ 18,000 were distributed as free samples and ₹ 20,000 were given away as charity in cash.
3. Goods worth ₹ 25,000 and cash ₹ 40,000 were taken away by the proprietor for his personal use.
4. Goods worth ₹ 20,000 and cash ₹ 5,000 were given away as charity.
5. Cash ₹ 1,00,000 were stolen from the Iron Safe of the trader.
Ans:
Q11. Pass journal entries for the following:
Jan. 5 Purchased goods for Cash ₹ 10,000 and spent ₹ 200 for their carriage.
Jan. 10 Purchased machinery for Cash ₹ 50,000 and spent ₹ 500 for its carriage.
Jan. 15 Paid ₹ 20,000 for cement, ₹ 10,000 for timber and ₹ 5,000 as wages for the construction of building.
Jan. 17 Purchased an old machinery for ₹ 20,000 and spent ₹ 2,500 on its immediate repairs.
Jan. 20 Paid ₹ 500 for repairing some other machinery.

Ans:
Q12. Journalise the following transactions:
1. Purchased a Motor Car for ₹ 3,00,000 and paid ₹ 25,000 for its repair and renewal. Entire payment is made by cheque.
2. Received Rent ₹ 5,000.
3. Goods worth ₹ 20,000 were distributed as free samples.
4. Charge depreciation on Motor Car ₹ 32,500.
5. Rent due to Landlord ₹ 10,000 and Salary due to Clerks ₹ 80,000.
6. Charge interest on Capital ₹ 20,000.
7. ₹ 5,000 due from Sanjay Gupta are bad-debts.
8. Goods worth ₹ 50,000 were destroyed by fire.
9. ash ₹ 5,000 and goods worth ₹ 20,000 were stolen by an employee.
Ans:
Q13. Journalise the following in the books of Som Nath & Sons:
2019
Purchased a Machinery for ₹ 1,00,000 and the payment was made by issuing a cheque from Proprietor's saving bank
May 1
account.
May 4 Received an order from Chakravarti for goods of ₹ 4,00,000 alongwith a cheque of 10% of the order as advance.
May 8 Paid cash ₹ 8,000 to Dushyant and discount allowed by him ₹ 800.
May 1
Goods stolen by an employee (Sale Price ₹ 20,000; Cost ₹ 15,000).
0
May 1
Purchased stationery worth ₹ 8,000 for office use and ₹ 2,000 for personal use.
5
May 2
Manoj pays us ₹ 5,400 after deducting 10% for prompt payment.
0
May 2 Sold goods to Kuber costing ₹ 2,00,000 at 25% above cost less trade discount of 10% and cash discount of 5%. Kuber
8 did not avail the cash discount.

Ans:
Q14. Journalise the following trasactions:
2019 ₹
March 50,00
Started business with cash
1 0
20,00
March Purchased Machinery for cash
0
2
Paid installation charges on machinery 2,000
March Purchased goods from X of the list price of ₹ 25,000, Trade Discount 20% and cash discount 5%. Payment was
5 made in cash immediately
March
Sold goods to Y costing ₹ 10,000 at 30% profit on cost less 10% trade discount
10
March
Paid Rent 1,000
15
March
Goods stolen from business 2,000
20
 March Gave as charity: Cash 100
22 Goods 200
March
Purchased Post Cards and Envelopes 50
31
March 25,00
Purchased a Computer for business
31 0

Ans:
Q15. Journalise the following transactions:
1. Goods destroyed by Fire for ₹ 5,000.
2. Paid by cheque ₹ 25,000 as wages on installation of a Machinery.
3. Issued a cheque in favour of M/s Parmatma Saran & Sons on account of purchase of goods ₹ 75,000.
4. Goods sold costing ₹ 60,000 to M/s Kalu Sons at an invoice price 10% above cost less 5% Trade discount.
Ans: Working Notes: Calculation of goods sold to M/s Kalu & Sons.
Cost = 60,000
Add: Profit (10% on 60,000) = 6,000
=
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
66, 000

Less: Trade Discount (5% on 66,000) = 3,300

Sale Price =
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
62, 700

Q16. Following balances appeared in the books of Radhika Traders as on 1st April, 2017:
Assets: Cash ₹ 8,000; Cash at Bank ₹ 7,000; Stock ₹ 30,000; Debtors; ₹ 36,000 (Mohan ₹ 10,000; Sohan ₹ 12,000; Dinesh ₹ 14,000);
Furniture ₹ 5,000; Building ₹ 25,000.
Liabilities: Creditors− X ₹ 5,000; Y ₹ 6,000.
In April, 2017, the following transaction took place:
2017 ₹
April Bought goods of the list price of ₹ 6,000 from Khanna Brothers less 15% trade discount and 2% cash discount a
2 nd paid 40% price at the same time.
April
Received a draft from Mohan in full settlement and deposited it into Bank
3
April
Purchased goods from Suresh of the list price of ₹ 8,000 at 20% trade discount and paid him by cheque. 9,750
5
April 25,00
Sold goods and received a cheque
8 0
April 12,00
Deposited the above cheque into Bank
10 0
April
Sohan deposited in our Bank A/c 4,000
12
April
Paid Income Tax by Cheque 5,600
16
April Received a cheque from Sohan and sent to Bank 7,800
20 Discount allowed 200
April Withdrew from Bank−for office 2,000
21 for private use 4,000
April
Sent a cheque to X in full settlement of his A/c 4,900
23
April
Cheque of Sohan returned by the bank as dishonoured.
27
April
Dinesh was declared insolvent and a payment of 60 paise in a ₹ received from his estate by a Cheque
28
Bank allowed Interest 350
April
Paid for Rent by cheque 1,500
30
Paid for traveling expenses by cheque 500

Pass Journal entries for the above transactions.

Ans:
Q17. Journalise the following transactions:
1. Bought goods from Arun for ₹ 2,00,000 at a trade discount of 15% and cash discount of 2%. Paid 80% amount immediately.
 2. Purchased foods for ₹ 20,000 from X and supplied it to Y for ₹ 26,000.
3. Cash withdrawn from bank ₹ 5,000 for personal use and ₹ 25,000 for office use.
4. Goods destroyed by fire: Cost Price ₹ 40,000.
5. Provide 20% depreciation on machinery costing ₹ 50,000.
6. Out of insurance paid this year, ₹ 3,000 is related to next year.
7. Allow ₹ 5,000 as interest on capital and charge ₹ 1,000 as interest on drawings.
8. Sohan who owed us ₹ 25,000 was declared insolvent and a cheque of 40 paise in a ₹ is received from him in full settlement.
9. Paid Income Tax ₹ 10,000 by cheque.
10. Salary paid ₹ 80,000 and Salary Outstanding ₹ 20,000.
Ans: Working Notes: Calculation of payment made and outstanding amount to Arun.
Cost = 2,00,000
Less: Trade Discount (15% on 66,000) 30,000
= ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1, 70, 000

Payment made in Cash (80% of 1,70,000) = 1,36,000

Less: Cash Discount (2% on 1,36,000) = 2,720
Net Amount = ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1, 33, 280

Outstanding amount to Arun (20% of 1,70,000) = ₹ 34,000

Q18. Pass Journal entries in the books of Hari Shankar & Co. from the following:
2017 ₹
April 1 Commenced business with cash 50,000
April 2 Purchased goods from Subhash 20,000
April 4 Sold goods to Ramnath 15,000
April 6 Ramnath returned defective goods 1,000
Received cash from Ramnath and 13,800
April 10
Discount allowed 200
April 12 Gopal sold goods to us 10,000
April 14 Paid to Gopal in full settlement of his account after deducting 5% discount
April 15 Paid Rent 10,000
April 16 Paid Rent of Hari Shankar's residence 5,000
April 18 Purchased goods for cash from Govind for ₹ 6,000 at 20% trade discount
April 20 Purchased goods from Govind for ₹ 10,000 at 20% trade discount
April 24 Paid to Govind ₹ 7,850 in full settlement of his account
April 25 Paid to Subhash ₹ 4,750 discount received ₹ 250
April 30 Paid wages ₹ 400, Salaries ₹ 4,000, Advertisement expenses ₹ 800 and Trade expenses ₹ 1,000

Ans:
Q19. Fill in the missing information in the following journal entries:
Ans:
Q20. Pass Journal entries in the books of Raghunath Bros. from the following transactions:
2016
June 1 Raghunath Bros. started business with cash ₹ 80,000; Goods ₹ 40,000 and furniture ₹ 20,000
June 2 Sold goods to Nandlal of the list price of ₹ 20,000 at trade discount of 10%
June 4 Nandlal returned goods of the list price of ₹ 4,000
June 8 Received from Nandlal ₹ 14,150 in full settlement of his account
June 10 Purchased goods from Brij Mohan of the list price of ₹ 10,000 at 15% trade discount
June 13 Returned goods to Brij Mohan of the list price of ₹ 1,000
June 16 Settled the account of Brij Mohan by paying cash, under a discount of 4%
June 18 Purchased goods from Anil ₹ 5,000, Sunil ₹ 10,000
June 19 Paid cash to Anil ₹ 1,900 and discount received ₹ 100
June 20 Paid ₹ 9,800 to Sunil in full settlement of his account
June 20 Bought a 'Table Fan' for ₹ 8,000 for the domestic use of Raghunath
June 25 Sold goods for cash of the list price of ₹ 8,000 at 10% trade discount and 3% cash discount
June 30 Paid Rent ₹ 8,000; Trade Expenses ₹ 7,000 and Travelling Expenses ₹ 3,800

Ans:
Q21. Enter the following transactions in the Journal of Sahil Bros.:
2018 ₹
October 1 Purchased goods from Anil for Cash 40,000
October 3 Purchased goods from Atul 75,000
October 6 Returned goods to Atul 3,000
October 8 Paid cash to Atul 50,000
October 10 Sold goods to Charu 1,00,000
October 12 Charu returned 20% of goods
October 15 Paid rent 2,000
October 20 Sahil withdrew for personal use 10,000

Ans: