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dk goel accounts chapter 4 question no. 50
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dk goel accounts chapter 4 question no. 50
Explanation of DK Goel Accounts Chapter 4 Question No. 50


Question:

Ravi purchased goods for Rs. 50,000 and paid Rs. 10,000 at the time of purchase. He sold goods for Rs. 60,000 and received Rs. 40,000 at the time of sale. Pass necessary journal entries in the books of Ravi and prepare his accounts for the above transactions.


Journal Entries:


  • To Purchase Account - Rs. 50,000

  • To Cash Account - Rs. 10,000

  • Being goods purchased on credit and cash paid for the same

  • To Sales Account - Rs. 60,000

  • To Cash Account - Rs. 40,000

  • Being goods sold on credit and cash received for the same



Preparation of Accounts:

Ravi's accounts can be prepared using the following format:
























































Particulars L/F Amount (Dr.) Amount (Cr.)
Capital Account
To Purchase Account Dr. 50,000
To Cash Account Dr. 10,000
Total 60,000
To Sales Account 60,000
To Cash Account 40,000
Total 100,000
Balance c/d 40,000
100,000 100,000


From the above accounts, we can conclude that Ravi purchased goods worth Rs. 50,000 on credit and paid Rs. 10,000 in cash. He sold goods worth Rs. 60,000 on credit and received Rs. 40,000 in cash. His total sales for the period was Rs. 1,00,000 out of which Rs. 40,000 was received in cash.
Community Answer
dk goel accounts chapter 4 question no. 50
Divide 300,000 amount by 5 =60000
To bank A/C 60,000.        By balance B/d. 300000
To interest 45000.            By interest.          45000
To bal C/d 240000                     (300000�15�100)

Same procedure follow :-
To bank 60,000.               By balance B/d 240000
To interest 36000.          By interest 36000
To balance C/d 180000



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dk goel accounts chapter 4 question no. 50
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