ASSIGNMENT # 15 AND ANSWERS TO ASSIGNMENT # 14


DEAR STUDENTS,

 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 Insurance premium of owner 1.000 and Insurance of Building of Business 2,000.



TASK # 2

CHECK THE ANSWERS TO THE ASSIGNMENT # 14



ASSIGNMENT # 14

1
Purchased chairs from personal money and contributed to business Rs. 1,000.

2
Purchased Machinery of 1,00,000 for which 20 % advance was already given, balance paid by two cheques of equal amount one from savings A/c and one from Current A/c.

3
Extra office Air conditioner taken to home Rs. 15,000

.


4
Stationery given to the children of the owner Rs. 800

.


5
Borrowed from bank Rs. 7,500.

6
Started business by taking loan from father Rs. 50,000.

7
Gave loan of Rs. 5,000 to brother Ramesh.





8
Paid railway freight on behalf of our customer Mr. Nitin Rs. 800.


9
Received an order of goods for Rs. 1,00,000 from Sonu.



10
Sonu's order was executed and cartage Rs. 5,000 was paid in this regard.


ANSWERS TO ASSIGNMENT # 14

1
Furniture A/C…Dr
To Capital A/C
(Being chairs purchased by personal cash)

 1,000

 1,000
2
Machinery A/C…Dr
To Advance for machinery A/C
To Bank A/c
To Capital A/c
(Being Machinery purchased)


1,00000


 20,000
 40,000
 40,000
3
Drawings A/C...Dr
To Office Equipments A/C
(Being extra air conditioner taken by proprietor)

15,000

15,000
4
Drawings A/C…Dr
To Stationery A/C
(Being stationery given to children of proprietor)

800

800
5
Bank A/C…Dr
To Bank Loan A/C
(Being loan taken from bank)

7,500

7,500
6
Cash A/C…Dr
To Capital A/C
(Being business started)

50,000

50,000
7
Loan to Ramesh…Dr
To Cash A/C
(Being loan given to Ramesh, proprietor’s brother)

5,000

5,000
8
Nitin’s  A/c…Dr
To Cash A/C
(Being carriage paid on behalf of our customer Mr.
Nitin)



9
No entry for order received





10
Sonu…Dr
To Sales A/C 
Carriage A/C…Dr
                      To Cash A/C
(Being goods sold to Sonu)

1,00,000

     5,000

 1,00,00

5,000


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