JoURNAL
Q.1. Journalise the following transactions in the Journal of Mr. Pankaj for,
July 2000.
1 Mr. Pankaj commenced business with the following assets and liabilities.
Cash Rs. 15,000; Loan taken from Paresh Rs. 10,000; Bank Overdraft Rs.
38,000; Premises Rs. 40,000; Stock of Goods Rs. 7,000; Machinery Rs. 20,000;
Debtors Rs. 5,000.
3 Purchased 10 shares in Swastik. Com of Rs.1,500 per share against acheque
and paid brokerage in cash Rs.1,000
Goods with Selling Price Rs.2.000 are withdrawn for Person Use. Goods are
Soldat 20% profit on Sales Goods enbrier ce seere eorctCc
Bought goods from Mohan Rs.8,000 @10%T. D. and @5% C.D terms against
acheque. GST at 18% is applicable.
10 Paid Life Insurance Premium for Pankaj Rs.2,000 and for his wife Rs.3,000
both by cheque.
12 Invoiced goods to Akshay Rs.20,000 @18% GST, 10% T. Dand 10% C.D if
payment is made before end of July.
1 15 Mohan informs that thecheque is Dishonoured.
17 Purchased a second hand Motor Car against a cheque Rs. 23,000 and paid
Registration charges in cash Rs.4,000
19 Goods with selling price Rs.15,000 are lost by fire for which Insurance
Company did not admit 1/5th of loss as claim. Selling price is equal to 150%
of cost price.
21 Repaid Paresh's Loan by abearer cheque of Rs.10,800 including interest.
23 Part of Machinery with book value Rs.7,500 is sold against a bearer cheque of
Rs.5,200.
25 Akshay settled 50% of the amount due ½by cheque and ½in cash.
27 Sold all shares in Swastik.Comagainst acheque of Rs.25,000
28 Dispatched goods to Arvind Rs.4,000 (net) at 20% T.D. and paid carriage on
his behalf Rs.500
31 Mr. Ajay debtor for Rs.2,000 is declared insolvent and we could recover only
A|20 paise in a rupee as final dividend.
0.2. Journalise the following in the booksof Mr. Sudesh for August, 2001.
1 The proprietor Mr. Sudesh started the business with the following assets and
liabilities Cash Rs. 24,800; Premises Rs. 2,12,600; Bank Overdraft Rs.
48,200; Furniture Rs. 15,000; Atul (Cr.) Rs. 7,600; Vijay (Dr:) Rs.9,000, Loan
to Amar Rs. 12,500.
3 Purchased goods for Rs. 14,400(net) at Trade Discount 10% on credit from
Atul. The supplier paid Carriage Rs. 100
5 Cash sales realized Rs. 14,100at Cash Discount 6%.
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, Purchased Machinery costing Rs. 15,800 on credit from Larsen &Tubro Ltd.,
and paid Rs. 2,200 in cash for Installation Charges.
10 Paid Insurance for goods Rs. 1,350 and Life Insurance Premium for owner's
life Rs. 1,150. These payments are made by cheque.
11 Soldgoods to Rajesh Rs. 25,000 at 28% GST, Trade Discount 15% and Cash
Discount 10%. Rajesh paid 20% of the amount by cheque.
13 Amar repaid loan with interest Rs. 600by cheque.
14 Goods having Selling Price Rs. 1,500were distributed as free samples. Goods
are sold at 50% Profit on Cost.
17 Vijay was declared insolvent and his assets could not pay 40 paise in arupee.
23Goods of Sale Value of Rs. 6,000 were lost by fire and ipsurance company
admittedthe claim to the extent of 60%. Selling price =120% of cost price.
27 Purchased Goods worth Rs.20,000 from Vedant at 10%T.D., 10% C.D.&18%
GST.We paid 50% by Cheque.
31 Paid salary Rs. 3,500 out of which Rs. 2,100 is paid by cheque and balance in
cash.
Q.3. Journalise the following transaction in thebooks of Mr. Arun for August for
August 2004. (H. W)
1 Mr. Arun started the business with the following Asset and Liabilities ; Leas
hold premises Rs. 3,15,000 Machinery Rs. 1,85,000 , Furniture Rs. 62,000,
Ashok a/c (Dr), Rs. 9,500, Abhay's A/c(Cr.) Rs. 14,000 prepaid Insurance Rs.
4,500. Balance due to bank Rs. 36,000, Accrued Salary Rs. 3,500 Stock of
Goods Rs. 29,000. Loan from Mr. Anil Rs. 35,000.
2 Goods costing Rs. 9,000 were sold to Mr. Bahart at 25% above the cost.
>3 Ashok issued aCheque of Rs. 2,400 to usin full settlement of Rs. 2,500.
4 Purchased goods from Chirag against aCheque of Rs. 7,760 and earned 3%
cash discount.
5 Goods purchased from Mr. Chirag were sold to Mr. Hemant at Rs. 15,000. at
10% trade discount. We paid carriage charges Rs. 30 on Mr. Hemant's behalf.
6 Goods having Selling Price Rs. 6,000 were lost by accident and Insurance
Company admitted aclaim of 65% of the loss. (SP =120% of Cost)
7
Old Furniture representing cost Rs. 7,500 and b0ok value Rs. 5,700 was sold
on credit to Mr. Dhiraj at a loss of Rs. 1,700.
8Mr. Chirag informed us about dishonor of our Cheque which was issued on 4th
|Aug. 2004
Mr. Arun introduced capital Rs. 1,35,000 by depositing the amount into our
bank acCount.
10 Withdrawn Rs. 9,000 from bank account of business, out of which Rs. 3,500
were for domestic use of the owner.
11 Mr. Ashok was declared insolvent and his assets could pay Rs. 3,200.
12 Bank debited our account for Interest on Overdraft Rs. 785.
13 We soldgoods for Rs. 5,150, vide Cash Memo No; 4684, to Mr. Sunil.
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, 14 Paid interest on Mr. Anils Loan by Cheque of Rs. 700.
19 Purchased Goods worth Rs. 30,000 from Vikram at 20%T.D., 10% C.D.&28%
GST. Half of the goods were on Credit.
Q4. ShowJournal of Mr. Ricky martin for the Month of April 2005.
1 Mr. Ricky Martin Commenced Business with the following Assets and
Liabilities. Bank Balance Rs. 8,70,000, Machinery Rs. 82,000,
Motor Car Rs. 86,000, Pre-paid Rent Rs. 7,000, Cash in Hand Rs. 22,000, Stock
of Finished Goods Rs. 48,000 Jennifer Lopez (Dr) Rs. 24,000, Business
Creditors Rs. 69,500, Loan taken from Miss Sakira Rs. 32,000,Machinery Rs.
55,400.
2 Half of the above goods were sold to Mr. Paul Van Dyk @20% profit on cost
price but at 10% T.D. and 5% cash discount terms and condition.
3 Under our instructions Shaggy invoiced goods to Tony Broxton with her
outward invoice of Rs. 27,000 and our outward invoice of Rs. 36,000.
4 Tony Broxton returned 25% of goods to Shaggy after informing us.
5 A
cheque for the balance amount received from Tony Broxton @5% Discount.
6 Acheque for Rs. 9,500received from Mr. PaulVan Dyk as per the terms and
condition.
7 50% of the Sakira's Loan repaid by cheque with interest Rs. 640.
8 Goods worth Rs. 12,000 supplied to Whitney after charging 4 profits on Sales
price.
Whitney returned 40% of goods to us along with the cheque for the balance
amount @ 10% Cash Discount.
10 25% of the above goods were taken for personal use by Mr. Ricky Martin after
paying Rs. 25 carriage charges from Ofice cash box.
11 Whitney Houston's cheque returned back due to shortage of fund in her
personal Bank account.
12 Free sample worth Rs. 7,200 were received from Sakira.
13Above sample were sold to Shefali Jariwala for Rs. 8,200 and transport
charges Rs. 20incurred by her secretary Mrs, Rao.
14 Whitney Houston declared insolvent and 30% could be recovered from her
property as final dividend.
15 Mr, Ricky Martin purchased a new car with Showroom Price of Rs. 4,10,000
for Rs. 4,00,000 as a cash buyer. (Cheque payment).
16 Mr. Ricky martin sold his Machinery to Paul Van Dyk at aloss of Rs. 15,400.
17 New car was damaged in flood and Insurance Company accepted a claim for
60% of the losses.
18 Mr. Ricky Martin donated Rs. 2,000 in a church on behalf of Miss Madonna.
19 In the morning Ricky Martin Purchased goods from Britney Spears for
Rs. 18,000 &in the evening senta cheque at 10% C.D.
20 Abovegoods were sold to TataYoung after charging 1/4 profiton sales price.
21 Tata Youngsent a cheque at 20% discount.
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