1.

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 Paid 80% amount immediately.(ii) Purchased foods for ₹ 20,000 from X and supplied it to Y for ₹ 26,000.(iii) Cash withdrawn from bank ₹ 5,000 for personal use and ₹ 25,000 for office use.(iv) Goods destroyed by fire : Cost Price ₹ 40,000.(v) Provide 20% depreciation on machinery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.

Answer» 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 X and supplied it to Y 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(iii) Cash withdrawn from bank ₹ 5,000 for personal use and ₹ 25,000 for office use.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.


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