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Books of Original Entry- Journal (Part - 3) - Commerce PDF Download

Page No 9.67:
Ques 23: 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: 
Books of Original Entry- Journal (Part - 3) - Commerce

Ques 24: Journalise the following transactions in the books of Kanishk Traders:
Books of Original Entry- Journal (Part - 3) - Commerce
Ans: 
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce 

Ques 25: Journalise the following:−

Books of Original Entry- Journal (Part - 3) - CommerceAns: 

Books of Original Entry- Journal (Part - 3) - Commerce

Books of Original Entry- Journal (Part - 3) - Commerce

Page No 9.68:
Ques 26: Journalise the following:
1. Purchased goods for ₹ 25,000 for Cash and paid ₹ 200 for carriage on these goods.
2. Purchased goods for ₹ 40,000 on Credit from Sudhir and paid ₹ 500 for carriage on these goods.
3. Purchased machinery for ₹ 20,000 and spent ₹ 500 on its carriage and ₹ 300 on its installation.
4. Purchased goods from Anil for ₹ 15,000.
5. Sold 
1/3rd of the above goods at a profit of 20% on cost.
6. Goods costing ₹ 12,000 sold to Mr.X , issued invoice at 25% above cost less 10% trade discount.
7. Provide 20% depreciation on furniture costing ₹ 10,000. 8. Gave as charity − Cash ₹ 500 and Goods ₹ 2,000.

Ans: 

Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

Ques 27: Journalise the following:
Books of Original Entry- Journal (Part - 3) - Commerce
Ans:
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

Page No 9.69:

Ques 28: Journalise the following transactions:
Books of Original Entry- Journal (Part - 3) - Commerce
Ans: 

Books of Original Entry- Journal (Part - 3) - Commerce


Ques 29: Give the journal entries corresponding to the narration given below:-

Books of Original Entry- Journal (Part - 3) - Commerce

Ans:
Books of Original Entry- Journal (Part - 3) - Commerce


Page No 9.70:

Ques 30: Rectify the following entries assuming that the narration in each case is correct:

Books of Original Entry- Journal (Part - 3) - Commerce

Ans: 

Books of Original Entry- Journal (Part - 3) - Commerce

* Payment of brokerage will be included in cost of the building as it is incurred at time of purchase of building.
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

Page No 9.71:
Ques 31: Journalise the following transactions:
(a) Goods destroyed by Fire for ₹ 5,000.
(b) Paid by cheque ₹ 25,000 as wages on installation of a Machinery.
(c) Issued a cheque in favour of M/s Parmatma Saran & Sons on account of purchase of goods ₹ 75,000.
(d) Goods sold costing ₹ 60,000 to M/s Kalu Sons at an invoice price 10% above cost less 5% Trade discount.

Ans:
Books of Original Entry- Journal (Part - 3) - Commerce

Books of Original Entry- Journal (Part - 3) - Commerce


Ques 32: Journalise the following trasactions:−
Books of Original Entry- Journal (Part - 3) - Commerce
Ans:
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

Page No 9.72:
Ques 33: Journalise the following transactions :
Books of Original Entry- Journal (Part - 3) - Commerce
Ans:
Books of Original Entry- Journal (Part - 3) - Commerce

Books of Original Entry- Journal (Part - 3) - Commerce

Ques 34: 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. Cash ₹ 5,000 and goods worth ₹ 20,000 were stolen by an employee.

Ans: 
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

Ques 35: Journalise the following transactions:
(i) Bought goods from Arun for ₹ 2,00,000 at a trade discount of 15% and cash discount of 2%. Paid 80% amount immediately.
(ii) Purchased foods for ₹ 20,000 from  and supplied it to  for ₹ 26,000.
(iii) Cash withdrawn from bank ₹ 5,000 for personal use and ₹ 25,000 for office use.
(iv) Goods destroyed by fire : Cost Price ₹ 40,000.
(v) Provide 20% depreciation on machinery costing ₹ 50,000.
(vi) Out of insurance paid this year, ₹ 3,000 is related to next year.
(vii) Allow ₹ 5,000 as interest on capital and charge ₹ 1,000 as interest on drawings.
(viii) Sohan who owed us ₹ 25,000 was declared insolvent and a cheque of 40 paise in a ₹ is received from him in full settlement.
(ix) Paid Income Tax ₹ 10,000 by cheque.
(x) Salary paid ₹ 80,000 and Salary Outstanding ₹ 20,000.

Ans:
Books of Original Entry- Journal (Part - 3) - Commerce

Books of Original Entry- Journal (Part - 3) - Commerce

Books of Original Entry- Journal (Part - 3) - Commerce

Page No 9.73:
Question 36:
Journalise the following in the books of Som Nath & Sons:
Books of Original Entry- Journal (Part - 3) - Commerce
ANSWER:
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

Page No 9.73:
Question 37:
Journalise the following transactions :
(a) Goods worth ₹ 2,000 destroyed by fire.
(b) Received ₹ 5,000 from Suresh which were written off as bad debts.
(c) Sold goods to Mohan of the list price of ₹ 5,000 subject to 10% trade discount and 5% cash discount. Mohan availed cash discount.
(d) Received ₹ 9,900 from Hari in full settlement of his account ₹ 10,000.

ANSWER:
Books of Original Entry- Journal (Part - 3) - Commerce
Books of Original Entry- Journal (Part - 3) - Commerce

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FAQs on Books of Original Entry- Journal (Part - 3) - Commerce

1. What are the different types of books of original entry?
Ans. The different types of books of original entry include the journal, cash book, sales day book, purchases day book, and general ledger. These books are used to record different types of transactions in a systematic manner.
2. What is the purpose of using a journal as a book of original entry?
Ans. The journal is used as a book of original entry to record all the transactions in chronological order. It acts as a primary record of all business transactions before they are posted to the general ledger. The journal helps in maintaining a complete and accurate record of financial transactions.
3. How is the journal different from other books of original entry?
Ans. The journal differs from other books of original entry in terms of the type of transactions recorded. While the cash book records cash transactions, the sales day book records credit sales, and the purchases day book records credit purchases. On the other hand, the journal records all types of transactions, including cash, credit, and non-cash transactions.
4. What is the significance of using books of original entry in accounting?
Ans. Books of original entry play a crucial role in accounting as they provide a complete and organized record of all financial transactions. They serve as a source document for posting entries to the general ledger. By using books of original entry, accountants can ensure accuracy and maintain a proper audit trail for all transactions.
5. How can errors be rectified in the journal as a book of original entry?
Ans. Errors in the journal can be rectified by making correcting entries. If an error is discovered before posting to the general ledger, the incorrect entry can be crossed out and a new entry can be made with the correct information. However, if the error is discovered after posting to the general ledger, a correcting entry must be made to rectify the mistake.
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