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Journalise followings:
1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.
2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.
4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.
In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% Trade
Discount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.
7. Paid Income Tax Rs.1,000 by cheque.
8. Received Rs. 97,000 after deducting 3% cash discount, from Aman?
Most Upvoted Answer
Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber p...
1. Purchase of Bricks, Cement, and Timber
- Bricks, Cement, etc. purchased for Rs. 1,40,000
- Timber purchased for Rs. 2,00,000
- Total expenditure on office building: Rs. 3,40,000
- Payment mode: Cheque
Journal Entry:
Dr. Office Building Account 3,40,000
Cr. Bank Account 3,40,000
2. Rent Payment
- Total Rent paid: Rs. 15,000
- Business portion (1/3): Rs. 5,000
Journal Entry:
Dr. Rent Expense Account 15,000
Cr. Bank Account 15,000
3. Life Insurance Premium
- Employees’ premium: Rs. 10,000
- Proprietor’s premium: Rs. 2,000
- Total premium paid: Rs. 12,000
Journal Entry:
Dr. Insurance Expense Account 12,000
Cr. Bank Account 12,000
4. Advance to Rakesh
- Order placed for goods worth Rs. 1,00,000
- Advance paid (10%): Rs. 10,000
Journal Entry:
Dr. Purchases Account 1,00,000
Cr. Bank Account 10,000
Cr. Advance to Supplier Account 10,000
5. Sale to Sanjay
- Cost of goods: Rs. 3,600
- Selling Price Calculation:
- Marked Price = Cost + 20% = Rs. 4,320
- Less: Trade Discount (10%) = Rs. 432
- Final Invoice Amount = Rs. 3,888
Journal Entry:
Dr. Accounts Receivable - Sanjay 3,888
Cr. Sales Account 3,888
6. Sale to Anil
- Cost of goods: Rs. 40,000
- Marked Price = Cost + 25% = Rs. 50,000
- Less: Trade Discount (20%) = Rs. 10,000
- Selling Price = Rs. 40,000
Journal Entry:
Dr. Cash Account 40,000
Cr. Sales Account 40,000
7. Income Tax Payment
- Income Tax paid: Rs. 1,000
Journal Entry:
Dr. Income Tax Expense Account 1,000
Cr. Bank Account 1,000
8. Receipt from Aman
- Amount received after 3% cash discount: Rs. 97,000
- Gross Amount = Rs. 97,000 / (1 - 0.03) = Rs. 1,00,000
Journal Entry:
Dr. Cash Account 97,000
Dr. Discount Allowed Account 3,000
Cr. Accounts Receivable - Aman 1,00,000
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Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman?
Question Description
Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman?.
Solutions for Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? defined & explained in the simplest way possible. Besides giving the explanation of Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman?, a detailed solution for Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? has been provided alongside types of Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? theory, EduRev gives you an ample number of questions to practice Journalise followings:1. Bricks, Cement etc. for 1,40,000 and Timber purchased Rs.2,00,000 and used for office building. Payment made by cheque.2. Paid Rent for Rs. 15,000, only 1/3 part of premises used for business. 3. Life Insurance premium paid for employees, Rs.10,000 and for proprietor Rs.2,000.4. Placed an order with Rakesh for supply of goods of the list price of Rs.1,00,000.In this connection, Raman paid 10% of the list price as an advance by Cheque. 5. Supplied goods costing Rs.3,600 to Sanjay, issued invoice at 20% above cost less 10% TradeDiscount. 6. Sold goods to Anil costing Rs.40,000 for cash at a profit of 25% on cost less 20% Trade Discount.7. Paid Income Tax Rs.1,000 by cheque.8. Received Rs. 97,000 after deducting 3% cash discount, from Aman? tests, examples and also practice UPSC tests.
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