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