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Books of Original Entry- Journal (Part - 2) - Commerce PDF Download

Page No 9.62:
Ques 12: Record the following transactions in the Journal of Shyam Sunder & Sons:
Books of Original Entry- Journal (Part - 2) - CommerceBooks of Original Entry- Journal (Part - 2) - CommerceANSWER: 
Books of Original Entry- Journal (Part - 2) - Commerce
Books of Original Entry- Journal (Part - 2) - Commerce

Page No 9.63:
Ques 13: Journalise the following transactions:Books of Original Entry- Journal (Part - 2) - Commerce
ANSWER: 

Books of Original Entry- Journal (Part - 2) - Commerce

Ques 14(a): 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 X ₹ 5,000; Building Y₹ 25,000. Liabilities: Creditors−  ₹ 5,000;  ₹ 6,000.  
In April, 2017, the following transaction took place:

Books of Original Entry- Journal (Part - 2) - CommerceBooks of Original Entry- Journal (Part - 2) - Commerce
Pass Journal entries for the above transactions.
ANSWER: 
Books of Original Entry- Journal (Part - 2) - Commerce
Books of Original Entry- Journal (Part - 2) - Commerce
Books of Original Entry- Journal (Part - 2) - Commerce

Page No 9.64:
Ques 14(b): Following was the position of Harish & Co. as on 1st April, 2017 :−
Cash in Hand ₹ 10,000; Cash at Bank ₹ 16,800; Furniture ₹ 8,000; Stock ₹ 50,000; Debtors− Ram ₹ 8,000; Shyam ₹ 12,000; Creditors− Anil ₹ 4,000; Sunil ₹ 5,000.
Following transactions took place during April, 2017 :−

Books of Original Entry- Journal (Part - 2) - Commerce
ANSWER:
Books of Original Entry- Journal (Part - 2) - Commerce

Books of Original Entry- Journal (Part - 2) - Commerce

Books of Original Entry- Journal (Part - 2) - Commerce

Page No 9.65:
Ques 15: 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.

ANSWER:
Books of Original Entry- Journal (Part - 2) - Commerce


Ques 16: Pass journal entries for the following:
Books of Original Entry- Journal (Part - 2) - Commerce
ANSWER: 
Books of Original Entry- Journal (Part - 2) - Commerce

Ques 17: Enter the following transactions in the Journal of Arun Govil & Co.:
Books of Original Entry- Journal (Part - 2) - Commerce
Books of Original Entry- Journal (Part - 2) - Commerce
ANSWER:
Books of Original Entry- Journal (Part - 2) - Commerce

Books of Original Entry- Journal (Part - 2) - Commerce

Page No 9.66:
Ques 18: Journalise the following transactions of Raj Kumar Traders, timber merchants:-
1. Purchased timber from Kuldeep Kumar, for cash ₹ 2,000 and credit ₹ 10,000.
2. Paid to Kuldeep Kumar in full settlement of his account ₹ 9,950.
3. Paid rent in advance ₹ 10,000.
4. Purchased machinery for ₹ 1,00,000 by cheque and carriage ₹ 2,000 and installation charges ₹ 1,000 paid in Cash.
5. Purchased goods for ₹ 50,000 from Govind and sold it to Manohar for ₹ 65,000.

ANSWER: 
Books of Original Entry- Journal (Part - 2) - Commerce

Ques 19: Pass Journal entries for the following transactions:−
1. Purchased Machinery for ₹ 20,000 and paid ₹ 200 for its carriage.
2. Received a cheque for ₹ 4,850 from X in full settlement of his account of ₹ 5,000. Cheque was immediately deposited into bank.
3. Received by cheque a first and final payment of 60 paise in a ₹ from Y who owed us ₹ 10,000.
4. Sold goods to Z for ₹ 10,000 at a trade discount of 20%. Next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank.
5. Goods costing ₹ 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.

ANSWER: 

Books of Original Entry- Journal (Part - 2) - Commerce
Working Notes: Calculation of amount of goods sold to Manoj

Books of Original Entry- Journal (Part - 2) - Commerce

Ques 20: 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.

ANSWER: 
Books of Original Entry- Journal (Part - 2) - Commerce

Page No 9.67:
Ques 20: 
Journalise the following transactions:−
(i) Sold goods to Brijesh of the list price of ₹ 10,000 at trade discount of 5%. Received full payment in cash.
(ii) Goods given away as charity ₹ 1,000.
(iii) Charge interest on capital of ₹ 5,00,000 @ 7% p.a.
(iv) Outstanding wages ₹ 3,000.
(v) ₹ 5,000 due from Sunny are now bad debts.
(vi) ₹ 50,000 cash sales (of goods costing ₹ 40,000).

ANSWER:
Books of Original Entry- Journal (Part - 2) - Commerce

Ques 22: 
Prepare journal from the transactions given below:−
(a) Proprietor withdrew for private use ₹ 10,000 from bank.
(b) Goods costing ₹ 50,000 were burnt by fire.
(c) Purchased machinery for cash ₹ 1,50,000 and paid ₹ 2,000 on its installation.
(d) Charge 5% depreciation on building costing ₹ 2,00,000 and 8% depreciation on furniture costing ₹ 5,000.
(e) Prepaid salary ₹ 2,000.
(f) Kapil who owed us ₹ 20,000 becomes insolvent and nothing is received from his estate.

ANSWER: 

Books of Original Entry- Journal (Part - 2) - Commerce

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FAQs on Books of Original Entry- Journal (Part - 2) - Commerce

1. What is a journal in accounting?
Ans. A journal, also known as a book of original entry, is a record of financial transactions in chronological order. It is the first step in the accounting cycle, where transactions are recorded as they occur. The journal is a useful tool for accountants to track the movement of funds in a business.
2. What are the types of transactions that are recorded in the journal?
Ans. The journal records all financial transactions, including sales, purchases, receipts, and payments. This includes both cash and credit transactions. In addition, it also records non-cash transactions such as depreciation, amortization, and accruals.
3. How is the journal different from the ledger?
Ans. The journal is a book of original entry used to record all financial transactions in chronological order, while the ledger is a book of final entry that summarizes the transactions by account. The ledger provides a detailed account of each transaction, while the journal provides a complete record of all transactions.
4. What is the purpose of using a journal in accounting?
Ans. The main purpose of using a journal in accounting is to maintain an accurate record of all financial transactions. This helps in preparing financial statements, identifying errors, and tracking the movement of funds in a business. It also helps in the audit process, as auditors can use the journal to verify the accuracy of financial statements.
5. How do you post transactions from the journal to the ledger?
Ans. Posting transactions from the journal to the ledger involves transferring the details of each transaction to the relevant ledger account. This involves debiting or crediting the appropriate account based on the nature of the transaction. The posting process ensures that all transactions are recorded accurately in the ledger and helps in preparing financial statements.
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