PRACTICE ASSIGNMENT # 17, ANSWERS TO ASSIGNMENT # 16


TASK # 1 

DO THE ASSIGNMENT  GIVEN BELOW FOR PRACTICE.


ASSIGNMENT # 17

JOURNALISE THE FOLLOWING TRANSACTIONS:

REMEMBERING THE STEPS TO JOURNALISE:

1.
Cheque received from Ravi 5,000 and allowed discount 1,000.


     2.  Ravi's Cheque endorsed to              Sunil in full settlement of Rs            5,500.

  3. Ravi's             Cheque  dishonoured (Bounced).

4. Customer's          taxi fare paid      Rs. 1,000, as        customer lost      his purse.












 
5. 500 due from Amrit are Bad Debts.





TASK # 2

CHECK THE ANSWERS TO THE ASSIGNMENT # 16

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.







1
Purchases A/C…Dr
To Lakshman
(Being goods purchased from Lakshman)

60,000

60,000
2
Cash A/C…Dr Debtor…Dr
To Sales A/C
(Being goods sold at a profit and received 50% payment in cash)

18,000
18,000


36,000
3
Cash…Dr
 To Sales A/C

(Being goods sold  at profit)

6,000

6,000

4
Cash A/C…Dr
To Sales A/C

(Being goods sold  at loss)

4,000

4,000
5
Creditor…Dr
To Sales A/C
(Being goods sold to a creditor)

10,000

10,000

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