JOURNAL ASSIGNMENT

Capital and Drawings

Q1. Record the following transactions in the books of C. K. Prahalad:

2018
April 1 Prahalad commenced business with cash ₹ 2,40,000
April 4 Cash withdrawn from business for personal use ₹ 18,500.
April 10 Additional capital introduced in the business ₹ 24,800.
April 15 Life insurance premium paid ₹ 11,000.
April 20 Personal car introduced in the business ₹ 4,50,000.

Q2. Journalise the following transactions in the books of Vijay Govindrajan:

2017
May 1 Vijay commenced business with cash ₹ 1,50,000.
May 4 Paid marriage expenses of proprietor's daughter from the business ₹ 41,000.
May 12 Life insurance premium paid on the life of proprietor's wife ₹ 12,000.
May 14 Rent of the residence of the proprietor paid from his own pocket ₹ 16,000.
May 18 Personal cash paid to purchase machinery for the business ₹ 74,000.
Hints :
There will be no entry for the transaction dated May 14 because both the debit and credit aspects are personal.
To pass a journal entry, atleast one aspect of the transactionshould relate to the business.
On May 18, personal cash is used for the machinery. Any personal property employed in the business will form
the capital. Hence, capital account will be credited.

Q3. Journalize the following transactions in the books of Reveena:

2019
Feb 1 Ravi commenced business with cash ₹ 2,50,000.
Feb 3 Cash withdrawn by proprietor for personal use ₹ 30,000.
Feb. 7 Additional capital introduced in the business₹ 80,000.
Feb. 9 Personal car introduced in the business ₹ 3,00,000.
Feb. 11 Life insurance premium paid₹ 9,000.
Feb 13 Goods withdrawn by proprietor for personal use ₹ 7,000.
Feb. 17 Books for proprietor's daughter purchased from the business bank account ₹ 3,500.
Feb. 19 Rent of the showroom paid from the personal bank account of the proprietor ₹ 21,000.
Feb. 21 Cash withdrawn from bank for personal use₹ 5,500.

Q4. Journalise the following transactions in the books of Sushma:

2019
Mar.1 Sushma started business with bank balance₹ 4,00,000.
Mar. 4 Paid for holiday trip of Sushma's family from the business ₹ 95,000.
Mar. 6 Income tax paid by cheque ₹ 19,000.
Mar. 10 Further cash introduced by proprietor into the business ₹ 55,000.
Mar. 14 Rent of the residence of the proprietor paid from his own pocket₹ 14,500.
Mar. 18 Personal cash paid for the purchase of furniture for the business ₹ 18,000.
Mar. 22 Purchased A.C. for personal use and payment made from the business bank account ₹ 24,000.
Mar. 26 Goods withdrawn for personal use ₹ 9,000.
Mar. 30 Rent received on business account deposited in personal bank account ₹ 40,000.

Cash and Credit Transactions

Q5. State with reasons whether the following transactions are cash transactions or credit transactions?
(i) Goods purchased for ₹ 35,200.
(ii) Goods purchased for cash₹ 45,300.
(iii) Cash purchases₹ 10,000.
(iv) Goods purchased from Maneka for cash₹ 18,350.
(v) Goods purchased from Maneka₹ 31,250.
 (vi) AGoods purchased from Maneka on credit₹ 12,500.
(vii) Goods purchased from Maneka ₹ 55,000.
(ix) Goods purchased from Maneka on account ₹ 25,600

Q6. Journalise the following transactions in the books of Gagan Narang.

2018
April 1 Started business with cash₹ 40,000.
April 4 Purchased goods for cash 6,200.
April 7 Purchased goods from Gurpreet on credit ₹ 3,800
April 8 Sold goods for cash₹ 5,500.
April 9 Sold goods on credit to Harpreet₹ 3,200.
April 12 Purchased goods for ₹ 9,000.
April 16 Purchased goods from Jai Bhagwan ₹ 4,500.
April 21 Purchased goods on credit ₹ 4,200.

Q7. Journalise the following transactions in the books of Davinder Bajaj :

2019
Mar. 1 Commenced business with cash ₹ 1,00,000
Mar. 4 Purchased goods for cash₹ 85,000.
Mar. 7 Sold good for cash ₹ 12,000.
Mar. 12 Sold good on credit to Ambani ₹ 16,000.
Mar. 16 Sold goods to Singhania ₹ 13,500.
Mar. 20 Sold goods₹ 9,000.
Mar .22 Sold goods on credit ₹ 14,400.
Mar. 24 Cash sales ₹ 7,700.

Q8. Journalise the following transactions in the books of Ram Dass :

2019
Jan. 1 Cash purchases ₹ 10,000
Jan. 2 Goods purchased from Sham & Sons on credit ₹ 8,000
Jan. 2 Cash sales ₹6,000
Jan. 3 Salary paid ₹ 2,000
Jan. 4 Rent received ₹ 1,000
Jan. 5 Machinery purchased for cash ₹ 50,000
Jan. 6 Furniture purchased from S.K. Trading Co. on credit ₹ 8,500
Jan. 8 Cash paid to Sham and Sons ₹ 8,000
Jan. 9 Goods sold on credit to Rahul ₹ 10,000

Q9. Journalise the following transactions in the books of Manohar Singh:

2018
Apr. 1 Manohar Singh commenced business with personal cash ₹ 1,50,000 and ₹ 50,000 borrowed from Ranjit Singh
on personal account.
Apr.2 Purchased goods from Yuvraj Singh ₹ 45,000.
Apr. 6 Cash withdrawn by proprietor for personal use ₹ 15,000.
Apr. 9 Sold goods to Yadwinder Singh for cash ₹ 63,000.
Apr. 12 Life insurance premium paid ₹ 12,000 on the life of proprietor's major son.
Apr. 14 Purchased goods on credit ₹ 31,000.
Apr. 18 Goods withdrawn by proprietor for personal use ₹ 16,000.
Apr. 21 Goods sold to Dalip Singh on credit ₹ 35,000.
Apr. 24 Rent of the residence of the proprietor paid from business bank account₹ 22,000.
Apr. 28 Cash purchases ₹ 19,000.
Payment/Receipt on Personal/Nominal Account
Q10. Record the following transactions in the journal of Keshubhai:
2018
Feb. 1 Paid ₹ 30,000 to Narender Kumar on account.
Feb. 2 Paid ₹ 20,000 to Shivraj for rent
Feb. 21 Received ₹ 11,000 from Nidhi on account.
Feb. 23 Received ₹ 22,000 fromMeenu as commission.

Q11. Journalise the following transactions in the books of Ashish :

2019
Mar. 1 Ashish started business with cash 1,00,000. Mar. 3 Rent of the residence of proprietor paid 10,000. Mar. 5
Paid 6,000 to Yogender for commission.
Mar. 9 Received 12,000 from Arvind on account.
Mar. 11 Received 7,000 from Kiran for interest.
Mar. 13 Additional capital introduced in the business 50,000.
Mar. 19 Withdrew cash 11,000 from the business for personal use.
Mar. 21 Paid to Gopal on account 9,000.

Trade Discount and Cash Discount

Q12. Journalise the following in the books of Narender Modi:
2018
Jan. 1 Modi started business with ₹ 2,00,000.
Jan. 5. Purchased goods worth ₹ 30,000 at a trade discount of 5%.
Jan. 6. Purchased goods worth ₹ 40,000 at a cash discount of 6%.
Jan. 7. Sold goods worth ₹ 35,000 to Hooda at a trade discount of 2%,
Jan. 8. Sold goods worth ₹ 25,000 to Nitish at a cash discount of 4%, cheque was received on the spot
Jan. 12. Goods of the selling price of ₹ 20,000 were sold at a trade discount of 5% and cash discount 2%, payment
received by cheque.

Q13. Enter the following transactions in the books of Mulayam Singh:

2019
Mar. 1Received ₹ 1,900 from Mayawati and allowed her discount ₹ 100,
Mar. 2. Paid ₹ 2,400 to Mishra and availed a discount of ₹ 100.
Mar. 8. Received ₹ 3,950 from Amar Singh in full settlement of his account of ₹ 4,000.
Mar. 9. Paid ₹ 4,390 to Akhilesh by cheque in full settlement of his account of ₹ 4,500
Mar. 15. Suresh Yadav, who owed 5,000, paid the amount by bank draft in full settlement of his account, by avalling
3% cash discount
Mar. 16. Dalip Yadav to whom 6,000 was payable, his account settled by receiving a discount of 1.5%.
Mar. 23. Paid 2,400 by cheque to Ravi, availing a discount of 4%.
Mar. 24. Received 6,860 from Santosh, allowing her 2% cash discount.
Hints: Cash discount given in percentage is calculated on the amount receivable/payable (not on the amount received
or paid). But when cash received/paid is given, the discount is calculated as follows:
Discount = Amount Received/Paid x Rate/ 100- Rate

Bad Debts &Recovery of Bad Debts

Q14. Journalise the following transactions in the books of Parsha Chaudhry:2017
May 1 Sri Shant who owed ₹ 40,000 is declared insolvert. Only 70 paise in a rupee could be recovered as from his
estate.
May 10 Avadh Bihan who owed ₹ 25,000 is declared insolvent. Nothing could be recovered his from estate.
May 14 Atal Bihari whose account was written as bad five years ago, paid ₹ 14,000.
May 18 Received first instalment of ₹ 35,000 from Shabana who is declared insolvent.
May 25 Javed Akhtar who owed ₹ 85,000 is declared insolvent. Only 60% could be recovered from him.
Q15. Record the following transactions in the books of Aarti Suri:
2019
Mar 1 Pooja who owed ₹ 60.000 is declared insolvent. First and final composition of 80% is recovered from her.
Mar 8. Recovered ₹ 56,000 from Sneh on her insolvency, being 80% of the amount due.
Mar. 15 Recovered ₹ 19,900 from Akansha whose account of ₹ 24,800 was written off as bad in the past.
Mar. 21 Deep Shikha who owed ₹ 45,000 is declared insolvent. First instalment of 40% recovered from her.
Mar 31 Second and final dividend of 30% could be recovered from Deep Shikha.
Hints: (i) On March 8, bad debts will be 20% of the amount due (not 20% of the amount recovered) which is
calculated as followed:

Purchase and Sale Transactions

Q16. Journalise the following transactions in the books of Suhasi:
2019
Feb. 1 Purchased goods from Karuna ₹ 25,000.
Feb. 4 Purchased one table ₹ 10,000, 6 office chairs of ₹ 1,500 each and one revolving chair for ₹ 8,000.
Feb. 10 Purchased 200 shares of Canara Bank at the rate of ₹ 390 per share.
Feb. 14 Purchased one calculator ₹ 1,000, one printer ₹ 12,000 and one note counting machine ₹ 45,000.
Feb. 17 Purchased one Godrej almirah ₹ 14,000 and cash box ₹ 6,000.
Feb. 19 Sold machinery worth ₹ 18,000 at book value counting.
Feb. 24 Sold 100 shares of Tata Chemicals @750 per share.
Feb. 25 Sold old furniture worth ₹ 9,000 to Manoj without any profit or loss.
Note: (i) on Feb. 14th, Office Equipment account will be opened.
(ii) On Feb. 17th, Fixtures account will be opened.

Expenses on Purchase and Sale

Q17. Journalise the following transactions in the books of Lal Krishan
2019
April 1. Purchased goods for 8,000, carriage on purchase ₹ 100.
April 2. Purchased machinery for ₹ 14,500, freight on purchase ₹ 500.
April 7. Goods sold for ₹ 12,000, selling commission paid ₹ 600.
April 8. Furniture costing ₹ 15,000 sold for ₹ 18,000, brokerage on sale ₹ 1,000.
April 9. A business vehicle costing ₹ 35,000 was sold for 18,000, brokerage on sale ₹ 1,000.

Q18. Journalise the following transactions in the books of Badri Nath.

2018
Feb. 1 Goods purchased for ₹ 20,000. Freight paid ₹ 500.
Feb. 2 Machinery purchased for ₹ 30,000. Installation charges paid ₹ 900.
Feb. 3 Goods purchased for ₹ 25,000 from Prince. Cartage paid ₹ 300.
Feb. 4 Goods costing ₹ 8,000 sold for ₹ 9,500 against cheque.
Feb. 5 Furniture costing 9,000 sold for ₹ 11,000, payment received by demand draft.
Feb. 6 Goods costing ₹ 12,000 sold for ₹ 15,000. Selling expenses incurred ₹ 500.
Feb. 7 Printer costing ₹ 12,000 sold for ₹ 15,000. Selling expenses amounted ₹ 600.
Feb. 8 An office almirah costing ₹ 15,000 sold for ₹ 13,000. Selling expenses incurred ₹ 500

Profit or Loss on Sale of Goods and Fixed Assets

Q19. Journalise the following transactions in the books of Somnath:
2019
Feb. 1. Goods costing ₹ 2,000 sold at a profit of ₹ 500.
Feb. 2 Machinery costing ₹ 4,000 sold at a profit of ₹ 1,000.
Feb. 6 Goods worth 9,000 sold at a loss of 10%.
Feb. 7 Furniture costing ₹ 12,000 sold at a loss of 5%
Feb. 12 Goods worth ₹ 10,000 purchased for ₹ 12,000.
Feb. 13. Computer worth ₹ 25,000 purchased for ₹ 28,000.
Hints: Goods or assets purchased are recorded at their purchase price. Their actual worth is irrelevant in accounting.
Borrowing/Lending of Money
Q20. Record the following transactions in the books of Priyanka:
2017
April 1 Borrowed ₹ 1,20,000 from Sanjana.
April 11 Lent ₹ 1,80,000 to Sanjeet.
April 18 Repaid ₹ 95,000 to Sanjana.
April 19 Sanjeet repaid ₹ 1,18,000.
April 30 Borrowed ₹ 44,000 from Priyanka's brother Rahul @ 10% interest.

Expenses/Incomes of Past, Present and Future

Q21. Journalise the following transactions in the books of M.S. Dhoni:
2018
April 1. Salaries paid by cheque ₹ 6,000.
April 2. Salaries due but not paid ₹ 3,000.
April 5. Interest received ₹ 5,000.
April 6. Interest due but not received ₹ 1,500.
April 10. Commission paid for the current year ₹ 4,500.
April 11. Commission paid for the next year ₹ 4,000.
April 12. Commission of last year paid ₹ 3,500.
April 16, Rent of current year received ₹ 6,800.
April 17, Rent of next year received ₹ 7,800.
April 18. Rent of last year received ₹ 8,800.

Q22. Journalise the following transactions in the books of Shaweta:

2019
April 1 Rent paid ₹ 6,000
April 2 Rent due but not paid ₹ 7,000.
April 3. Rent received ₹ 8,000
April 4 Rent due but not received ₹ 9,000.
April 5 Rent paid for the next year ₹ 10,000.
April 6 Rent paid for the last year ₹ 11,000
April 7 Rent received for the next year ₹ 12,000
April 8 Rent received for the last year ₹ 13,000.
Withdrawal of Cash and Goods from Business
Q23. Journalise the following transactions in the books of Manish:
2018
Jan. 1 Cash withdrawn form bank ₹ 9,000.
Jan. 2 Cash withdrawn from bank for personal use ₹ 8,000.
Jan.3 Proprietor withdrew cash ₹ 7,000.
Jan. 4 Cash withdrawn for office use ₹ 6,000.
Jan. 5 Goods destroyed by accident ₹ 5,000.
Jan. 6 Goods donated ₹ 4,000.
Jan. 7 Goods withdrawn by proprietor for personal use ₹ 3,000.
Jan.8 Goods distributed as free samples ₹ 2,000.

Q24. Journalise the following transactions in the books of Sonia:

2019
Mar. 1. Goods worth ₹ 3,000 withdrawn by Sonia for her personal use.
Mar. 2. Goods donated to a charitable hospital ₹ 5,000.
Mar. 3. Goods destroyed by fire ₹ 12,000. Insurance company admitted the claim ₹ 10,000
Mar. 4. Goods stolen by a thief ₹ 7,000. Goods were un-insured.
Mar. 5. Goods distributed as free samples ₹ 1,500.
Mar. 6. Goods of the selling price of ₹ 3,000 are further withdrawn by Sonia for personal use. 20%…
Loss of Goods/Cash
Q25. Journalise the following transactions in the books of Ram Gopal:
2019
Feb. 1Goods destroyed by fire ₹ 16,000. Goods were uninsured.
Feb. 4 Goods destroyed by rain ₹ 90,000. Insurance company admitted the full claim.
Feb. 8 Goods destroyed in transit ₹ 25,000. Transport company admitted the claim ₹ 19,000.
Feb. 12 Goods destroyed by flood ₹ 38,000. Full claim received from the Government by cheque.
Feb. 18 Cash stolen from the cash box ₹ 45,000. With the help of police, ₹ 27,000 could be recovered
Feb. 25 Goods destroyed by accident ₹ 91,000. Insurance company paid the claim ₹ 71,000.
Feb. 26 Goods lost by embezzlement ₹ 25,000.
Feb. 27 Bharti Axa Insurance Company admitted the above claim ₹ 19,000.
Feb. 28 Insurance company paid the above claim.
Hint: On Feb. 18, the entry will be passed with the net amount of loss.

Bank Transactions
Q26. Record the following transactions in the books of Rakhi:
2018
Mar.1 Cash deposited into bank ₹ 40,000.
Mar. 4 Personal cash deposited into business bank account ₹ 60,000.
Mar. 10 Cash withdrawn from bank for personal use ₹ 15,000.
Mar. 11 Cash withdrawn from bank for office use ₹ 9,900.
Mar. 14 Cheque issued to Shreya ₹ 14,400.
Mar. 18 Cheque issued to Balbir ₹ 16,000 for salary.
Mar. 19 Received cheque from Amrita ₹ 9,100 and deposited into bank the same day.
Mar.21 Cheque issued to Shreya returned dishonoured.
Hints: (i) Received cheques should be assumed as deposited into bank in the absence of anyinformation
regarding their deposits.
(ii) Personal cash deposited will increase the capital of the proprietor . Hence, capital account should be
credited on

Payment Made/Received on Behalf of Others

Q27. Enter the following transactions in the Journal of J.J. Singh:
2019
Mar.1 Cash received from Bikramjit on behalf of Suhag ₹ 10,000.
Mar.3 Rent received on behalf of Sunder Singh ₹ 15,000.
Mar.8 Interest paid to Shubegh Singh on behalf of Shamsher Singh ₹ 9,000.
Mar.11 Issued Cheque to Dalip Singh on behalf of Surjan Singh ₹ 11,000.
Mar.15 Arjun Singh received commission on our behalf ₹ 13,000.
Mar.18 Sadhu Singh received cash from Mani Singh on our behalf ₹ 22,000.
Mar. 21Santokh Singh paid rent on our behalf ₹ 4,500.
Mar. 24 Kharak Singh issued cheque to Nirvair Singh on our behalf ₹ 16,000.
Miscellaneous Transactions
Q28. Enter the following transactions in the Journal of S.S. Ray:
2019
Mar. 1 Exchanged old building worth ₹ 20,00,000 for a plot of land worth ₹ 30,00,000, balance paid in
cash.
Mar. 4 Exchanged old computers worth ₹ 60,000 for new worth ₹ 1,10,000, balance paid from the
personal bank account
Mar. 6 Charge 10% depreciation on machinery costing ₹ 85,000.
Mar. 7 Provide 12% interest to the proprietor on his capital ₹ 2,00,000.
Mar. 10 Charge 8% interest from the proprietor on his drawings ₹ 50,000.
Mar. 15 Collection charges ₹ 450 deducted by the bank from the current account of the business.
Mar. 17 Paid ₹ 150 for the purchase of refreshments for the customers.
Mar. 19Sold old newspapers for ₹ 730.
Q29. Journalise the following transactions in the books of Gautam Gambhir:
2018
Dec. 1 Exchanged old machinery worth 50,000 for new one for 1,10,000, balance paid by cheque
Dec. 4 Exchanged old printer worth 10,000 for new worth 25,000, balance paid from the personal bank
account
Dec. 7 Provide 10% p.a depreciation on machinery purchased for 1,20,000 for 7 months.
Dec. 10Allow 6% interest on capital of the proprietor 4,00,000
Dec. 13 Charge 8% p.a. interest from the proprietor for six months on his drawings 60,000.
Dec. 18 Bank charges 200 deducted by the bank from current account of the business.
Dec. 21 Purchase of refreshment for the business guests 120.
Dec. 31 Sold old newspapers of the office 540.

Q30. Journalise the transactions in the books of Abdullah:

2017
Apr. 1 Purchased goods through V.P.P. for₹ 4,000 from Surya Brothers.
Apr. 6 Sent goods to Manyta through V.P.P. ₹ 12,000.
Apr. 10 Received cash from Manyta for goods supplied through V.P.P.₹ 12,000.
Apr. 13Paid income tax ₹ 32,000.
Apr. 16 Received income tax refund in business bank account ₹ 15,000.

Return of Goods and Goods Destroyed

Q31. Journalise the following transactions in the books of Laxman:
2018
Mar 1Goods worth ₹ 6,000 sold to Sehwag at a trade discount of 5%.
Mar. 2 SehwagReturned 1/3 of the goods
Mar. 7 Purchased goods worth ₹ 8,000 from R.P. Singh at a trade discount of 4%.
Mar. 8 Returned one-fourth of the goods to R.P. Singh.
Mar. 11 Purchased goods worth ₹ 10,000 from Irfan at a trade discount of 5% and sold the same to Dravid
for
₹ 15,000
Mar. 12 Dravid returned one-fifth of the goods, which in turn were returned to Irfan.
Q32. Journalise the following transactions in the books of Deep Shikha:
2019
Jan. 2Purchased goods for ₹ 16,000 from Surachna.
Jan. 4 Sold the above goods to Hem Lata for ₹ 20,000.
Jan. 6 Hem Lata returned 1/5th of the goods sold to her, which in turn were returned to Surachana
Jan. 8 Goods spoiled by flood ₹ 7,000
Jan. 10 Goods destroyed by fire ₹ 9,000. Transport Company admitted the claim for ₹ 7,700.
Jan. 12Goods stolen from the showroom ₹ 11,000. Insurance company Paid the claim ₹ 9700.
Jan. 14 Goods destroyed by accident ₹ 13,000. Insurance company Admitted the full claim.
Jan. 16 Goods claim destroyedby fire ₹ 15,000.
Jan. 18 Insurance company admitted the claim for ₹ 12,500.

Compound/Composite Entries
Q33. Journalise the following transactions in the books of Sania:
2018
April 1Sania started business with cash ₹ 50,000, furniture ₹ 40,000 and machinery ₹ 1,10,000.
April 2. Purchased goods for cash ₹9,000 and on credit from Bhupathi ₹ 6,000.
April 3. Received commission ₹12,000, interest ₹ 7,000 and bad debts recovered ₹ 6,000.
April 4.Paid ₹ 9,700 to Ashok in full settlement of his account of ₹ 10,000.
April 5. Received ₹ 3,800 from Bobby Jindal and allowed him discount ₹ 200.
April 6. Rent paid ₹ 4,000; salary paid ₹ 7,000 and travelling expenses paid ₹ 2,000.

Q34. Journalise the following transactions in the books of Rajdeep:

2017
April 1Started business with cash of ₹ 30,000 and bank balance ₹ 50,000.
April 2 Paid wages and rent ₹ 3500 and ₹ 2,000 respectively.
April 4 Furniture for cash ₹ 7,000 on credit ₹ 9000 from Barkha.
April 7 Purchased machinery for ₹ 10,000 from Nitin and gave him a cheque for half of the amount.
April 10 Purchased goods from Sawan for ₹ 10,000 for cash and ₹ 15,000 on credit.
April 14 Goods lost by fire ₹ 2,000. Insurance Company paid the claim.
April 22 Depreciate furniture and machinery by ₹ 1,000 and ₹ 1,500 respectively.
April 24 Paid carriage on purchases ₹ 500 and on sales ₹ 800.
April 28 Paid for stationery ₹ 200, godown rent ₹ 1,000 and staff salaries ₹ 12,500.
April 30 Withdrew from bank for personal use ₹ 2,500 and for office use ₹ 3,500.

Opening Entry
Q35. On 1st April, 2018, the financial position of Apex Traders was as follows:
₹
Capital 70,000
Bank overdraft Machinery 7,500
Goodwill 45,000
Bills payable 5,000
Cash 2,500
Furniture 1,000
Building 5,000
Loan from a supplier 40,000
Bills receivable 20,000
Give the opening journal entry 4,000

Q36. Journalise the following transactions in the books of Raj Kumar:

2017
April 1The following balances appeared:
Cash ₹ 50,000; Building ₹ 1,50,000; Creditors 45,000; Stock ₹ 55,000; Bank Loan ₹ 38,000.
April 16 Purchased the running business of Mukesh for ₹ 5,00,000 paid by proprietor with the following
assets andliabilities:
Machinery ₹ 2,80,000; Furniture ₹ 2,10,000; Creditors ₹ 90,000.
April 30 Purchased the running business of Anil for 3,00,000 paid by proprietor with the following assets
and liabilities:
Stock: ₹ 2,00,000; Debtors 1,10,000; Machinery ₹ 40,000; Creditors ₹ 30,000.

Q37. Journalise the following transactions in books of Vinod Khosla:

2019 ₹
April 1 Assets:
Cash in hand 860
Cash at bank 140
Leasehold premises 12,000
Machinery 6,000
Due from Ritu Sharma 1,460
Due from Geetu Verma 3,540
Furniture 3,500
Liabilities: Loan 2,000
Due to Rachna Gupta 1,500
April 2 Purchased goods from Kamal Chaudhary 4,500
April 3 Goods sold 3,000
April 4 Purchased goods 3,700
April 6Purchased goods from Ram Kumar 7,000
April 7 Sold goods for cash 3,000
April 8 Paid for cash purchases from Rajinder 4,950
Discount allowed by him 50
April 11 Received cheque from Anil on account 3,000
April 16 Ritu Sharma paid by cheque in full settlement 1,400
April 24 Drawn from bank for personal use 450
April 30 Allow interest on capital @6% p.a. from 1 April 2015 to 30th April 2015
st

April 30 Salaries for the month of April unpaid.

Q38. Journalise the following transactions in the books of Raj Deshpande:

2018
April 1Debit balances : Cash in hand ₹18,000, Cash at bank ₹ 25,600, Stock of goods
₹20,000, Furniture 4,000 and Building 20,000, Sourav ₹ 2,700, Nitin 1,500, Ashwini 2,000,
Credit Balances: Sunny 5400, Sahl and Co. 9,000 and Aishwaraya Rai ₹ 5,500, Mrs Teena's
loan₹ 20,000.
April 3 Purchased goods worth 10,000 less 20% trade discount and 5% cash discount.
April 7 Sold goods to Vinod on credit ₹ 12,000.
April 11 Vinod became insolvent and could pay only 50 paise in a rupee.
April 15 Bought 100 shares in Ambani Electronic Ltd. @ 10 per share
April 19 Paid to Babu Interest on loan 250.
April 24 Goods worth800 given as charity
April 27Depreciate machinery @ 10% on ₹60,000.
April 30 Amount due from kumar previously written off as bad, now recovered ₹ 2,000
April 30 Income tax paid by cheque ₹ 800