PRACTICE ASSIGNMENT # 16, ANSWERS TO ASSIGNMENT # 15


TASK # 1 

DO THE ASSIGNMENT  GIVEN BELOW FOR PRACTICE.


ASSIGNMENT # 16

JOURNALISE THE FOLLOWING TRANSACTIONS:

REMEMBERING THE STEPS TO JOURNALISE:

1
Purchased goods costing Rs. 50,000 in Rs. 60,000 from Lakshman.

2
Half of the goods purchased from lakshman sold at a profit of 20 % and received 50 % amount immediately.
3
Sold goods costing Rs. 5,000 for Rs. 6,000

4
Sold goods costing Rs. 5,000 for Rs. 4,000

5
Sold goods worth Rs. 10,000 to a creditor.





TASK # 2

CHECK THE ANSWERS TO THE ASSIGNMENT # 15

1
Received an order of goods for Rs. 50,000 from Rinku and Received 10 % as advance.

2
Rinku's order was executed and balance money received by cheque.


3
Wages of Rs. 1,000 paid by owner from his personal funds.



4
Rent of owners personal house paid from office cash Rs. 2,000.


5
Paid Rs. 250 for subscribing for newspapers.

6
Received Rs. 700 from sale of old chairs and tables.

7
Paid interest on Loan Rs. 300.
8
Goods stolen of cost price Rs. 2,000 (sales price Rs. 3,000).

9
Paid income tax Rs. 1,000 and Life Insurance Premium Rs. 4,000.


10
Paid Life Insurance premium of owner 1.000 and Insurance of Building of Business 2,000.
 1.
CASH A/C...Dr.
To Advance from  RInku
(Being advance received from Rinku for goods)

 5000

5000
2
BankA/c…Dr
Advance from Rinku…Dr
To Sales A/C (Being goods sold to Rinku)

45,000
5,000


50,000
3
Wages A/C…Dr
To Capital A/C
(Being wages paid by owner from his personal
funds)

1,000

1,000
4
Drawings A/C…Dr
To Cash A/C
(Being rent paid for proprietor)

2,000

2,000
5
 Newspapers A/C…Dr
To Cash A/C
(Being cash paid for subscription of newspapers)

250

250
6
Cash A/C…Dr
To Furniture A/C (Being old chairs and tables sold)

700

700
7
Interest on loan A/C…Dr
To Cash A/C
(Being interest on loan paid)

300

300
8
Loss by theft A/C…Dr
To Purchases A/C (Being loss by theft incurred)

2,000

2,000
9
Drawings  A/C…Dr
                    To Cash A/C
(Being cash paid for income tax and life insurance)

5,000

 5,000
10
Drawings A/C…Dr Insurance A/C…Dr
To Cash A/C
(Being life insurance premium paid for proprietor
and insurance premium paid for building of business)

1,000
2,000


3,000









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