Advertisement

Question 10 Chapter 5 – Unimax Publications of Class 11

Kuljeet Singh
Question 10 Chapter 5 – Unimax Publications of Class 11

Advertisement

Question 10 Chapter 5 – Unimax Publications of Class 11

10. Journalise the following transactions in the books of Varun, Delhi:
(i) He started business contributing Rs. 10,000 in cash, Rs. 5,00,000 in cheque and a building Valued at Rs. 5,00,000.
(ii) Purchased goods from Mohan Jaipur for Rs. 2,00,000 out of which cheque was issued for Rs. 60,000.
(iii) Sold goods on credit to Ravinder, Delhi for Rs. 1,60,000.
(iv) Received Rs. 1,75,700 by cheque from Ravinder in full settlement of his account.
(v) Paid Rs. 1,62,000 to Mohan in full settlement of amount due to him.
(vi)A new machine of Rs. 2,40,000 was purchased from Machine Tools Ltd., Ludhiana in Exchange of an old machine valued at Rs. 50,000. He gave a cheque of Rs. 1,00,000 from his Savings account and balance from firm’s account.
(vii) Purchased machinery from Mohan & Sons, Delhi for Rs. 50,000 on credit.
(viii) Depreciation of Rs. 5,000 was provided on machinery at the end of the year.
(ix) Varun issued a cheque for Rs. 50,000 from his savings account in firm’s name.
(x) Paid Rs. 5,000 as income tax.
(xi) A cheque amounting to Rs. 50,000 deposited in the bank from his savings account returned Dishonoured for technical reasons. CGST and SGST @ 6% each is to be levied on intra-state (within the state purchase and sale) While IGST is to be levied@12% on inter-state transactions.

The solution of Question 10 Chapter 5 – Unimax Publications of Class 11:

IN THE BOOKS OF MR. VARUN JOURNAL

DateParticulars L.F.DebitCredit
      
(i)Cash A/cDr. 10,000 
 Bank A/cDr. 5,00,000 
 Building A/cDr. 5,00,000 
 To Capital A/c   10,10,000
 (Being the business started with cash 10,000, cheque 5,00,000 and building of 5,00,000)    
      
(ii)Purchases A/cDr. 2,00,000 
 Input IGST A/cDr. 24,000 
 To Bank A/c   60,000
 To Mohan A/c   1,64,000
 (Being the goods purchased from Mohan Jaipur paying GST 12%, issued cheque for 60,000)    
      
(iii)Ravinder A/cDr. 1,79,200 
 To Sales A/c   1,60,000
 To Output CGST A/c   9,600
 To Output SGST A/c   9,600
 (Being the intra-state sale of goods to Ravinder, Delhi on Credit for 1,60,000, charging CGST and SGST 6% 1,75,700 Each)    
      
(iv)Bank A/cDr. 1,75,700 
 Discount Allowed A/cDr. 3,500 
 To Ravinder A/c   1,79,200
 (Being the cheque received from Ravinder and allowed him Discount of 4,000)    
      
(v)Mohan A/cDr. 1,64,000 
 To Bank A/c   1,62,000
 To Discount Received A/c   2,000
 (Being 1,62,000 paid to D. Lal in full settlement of his dues And discount received)    
      
(vi)Machinery A/c (New)Dr. 2,40,000 
 Input IGST A/cDr. 28,800 
 To Machine Tools A/c   2,68,800
 (Being a new machine purchased, paying IGST 12%)    
      
 Machine Tools A/cDr. 2,68,800 
 To Machinery A/c   50,000
 To Output CGST A/c   6,000
 To Capital A/c   1,00,000
 To Bank A/c   1,12,800
 (Being an old machine given in settlement charging IGST 12%, a cheque of 1,00,000 from savings account and Balance from Firms account)    
      
(vii)Machinery A/cDr. 50,000 
 Input CGST A/cDr. 3,000 
 Input SGST A/cDr. 3,000 
 To Sales A/c   56,000
 (Being the purchase of machinery on credit from Mohan & Sons)    
      
(viii)Depreciation A/cDr. 5,000 
 To Machinery A/c   5,000
 (Being the depreciation charged on machinery for the year)    
      
(ix)Bank A/cDr. 50,000 
 To Capital A/c   50,000
 (Being the cheque from proprietor’s savings account)    
      
(x)Drawings A/cDr. 5,000 
 To Cash A/c   5,000
 (Being the income tax paid)    
      
(xi)Capital A/cDr. 50,000 
 To Bank A/c   50,000
 (Being the cheque deposited into bank dishonoured)   

Note: An old machine given in exchange means sale of an old machine. Therefore, IGST is charged, it being inter-state sale.

End of Solution

Check Out the Solution of all questions for this chapter:

The solutions to all questions of Chapter No. 5 – Goods and Services Tax (GST) : An Introduction Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.

1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.

2. Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

Usha-Publication-class-11-min
Usha – Elements of Book-Keeping PSEB Class 11 Accounts- Solution

Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *