Page 35 - DEBK-XI(2020)

8.4 Double Entry Book Keeping — CBSE XI

21. For abnormal loss of goods (Fire/Stolen) Bank A/c (Insurance claim received) ...Dr.
Or
Insurance Claim A/c (Insurance claim admitted) ...Dr.
Abnormal Loss A/c (Insurance claim not admitted) ...Dr.
To Purchases A/c
22. Drawing a Bill of Exchange on debtor Bills Receivable A/c ...Dr.
To Debtor’s A/c

23. Acceptance of a Bill of Exchange Creditor ’s A/c ...Dr.
To Bills Payable A/c

Solved Questions

1 Journalise the following transactions in the books of Gupta Bros.:
Date Particulars `
2020
March 1 Started business with cash ` 30,000; goods ` 15,000 and furniture ` 20,000
March 2 Paid into bank 20,000
March 3 Bought goods from Mohan Bros. on credit 7,000
March 4 Sold goods to Goyal Bros. on credit 6,000
March 5 Bought a vehicle for delivering goods to customers 10,000
March 7 Received from salesman for goods sold by him after deducting commission ` 150 3,000
March 9 Drawn a cheque for ` 800 for personal use
March 10 Goyal Bros. gave cheque; deposited in the bank 6,000
March 11 Paid to Mohan Bros. by cheque 6,700
Discount allowed by him 300
March 13 Paid for repairs of furniture 200
March 13 Received an order for goods from Mahesh 5,000
March 14 Sold old newspapers 80
March 15 Interest received from bank 400
March 16 Paid ` 300 for expenses on goods sold to Goyal Bros. This amount to be realised from Goyal Bros.
March 19 Bought goods from Sohan Lal & Sons 400
Paid cartage on these goods 50
March 20 Bank intimates that the cheque of Goyal Bros. has been returned dishonoured
March 21 The vehicle bought on March 5 met with an accident resulting in complete loss. Its salvage was sold for ` 500
March 22 Paid rent by cheque 600
March 23 Salaries for the month of February remain unpaid 300
March 25 Paid Municipal taxes in cash 800
March 31 Depreciation charged on furniture @ 10%
Received an order for goods ` 5,000 from Shyam and received ` 1,000 as advance