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

Comments

Post a Comment

Popular posts from this blog

CHAPTER 9: BOOK OF ORIGINAL ENTRY: COMPOUND ENTRY, OPENING ENTRY, TRADE DISCOUNT, CASH DISCOUNT, ANSWERS TO ASSIGNMENTS # 9 & 10

Image
LEARNING OUTCOMES: After going through this lesson, you shall be able to understand the following concepts. • Recording of a business transaction in Journal • Compound Journal Entry • Opening Entry • Trade discount and Cash discount . Compound Journal Entry In case there are more than two accounts in a transaction, then sometimes instead of passing a number of Journal entries for a single transaction we prefer to pass a single journal entry.  This single journal entry is termed as compound journal entry which involves more than two accounts in a transaction. Let's look into the following transactions: 1. Started business with cash.  2. Purchased goods for cash. 3. Sold goods on credit to X. The above transactions have simple journal entries. They are simple entries because these entries have only one debit account and one credit account.  In a transaction, where there are more than one debit or more than one credit or multiple debits and credits, then, for su
Read more

PRACTICE ASSIGNMENT # 15, ANSWERS TO ASSIGNMENT # 14 AND PA 1 EXAM

TASK # 1  DO THE ASSIGNMENT  GIVEN BELOW FOR PRACTICE. ASSIGNMENT # 15 JOURNALISE THE FOLLOWING TRANSACTIONS: REMEMBERING THE STEPS TO JOURNALISE: 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 Insuran
Read more

2. Chapter 1: Introduction to Accounting (Continued)

Chapter 1: Introduction to Accounting (Continued) Learning objectives:  *Meaning of accounting  *Characteristics or Features or Attributes of     Accounting   * Accounting Process   * Objectives of Accounting  *  Advantages of Accounting  *  Limitations of Accounting   *  Users of Accounting Information  *  Qualitative Characteristics of Accounting Information  *  Systems of Accounting  *   Role of Accounting in Business Click the link for my Audio Recapitulation from the Previous Class Advantages of Accounting 1. Provides information about financial performance. 2.  Provides assistance to management. 3.  Facilitates comparative study:  intra firm comparison and inter firm comparison. 4. Replaces memory: it maintains systematic records. 5.  Helps in settlement of tax liability. 6.  Helpful in raising loans. 7.  Evidence in Court. 8.  Helps in sale of business. 9.  Helpful in decision making. Click the link for my Audio
Read more