Question

0.23. Journalise the following transactions in the Journal of Navin
1. Out of Insurance premium paid this year, 315,000 is related to next year.
2. Credit purchases from Ram & Co. for 350,000. Cash discount will be recei
on payment of bill within 10 days.
3. Cash paid to Ram & Co. and discount availed of
4. Paid Income Tax *20,000 by cheque.
5. Goods costing 2,00,000 sold for cash at a profit of 10%
6. Purchased iron safe for 32,00,000, filing cabinet for 50,000 and Com
81,00,000.
Ans. Total 37,05,000]​

Answer 1

Answer:

1. Prepaid insurance A/c Dr. 3,15,000

To Cash A/c. 3,15,000

2. Purchases A/c. Dr. 3,50,000

To Ram &com. A/c. 3,50,000

3. Ram &com. A/c. Dr. 350,000

To Cash A/c. 3,50,000

4. Drawings A/c. Dr. 20,000

To Bank A/c. 20,000

5. Cash A/c. Dr. 2,20,000

To Sales A/c. 2,20,000

6. Iron safe A/c. Dr. 32,00,000

Filing Cabinet A/c. Dr. 50,000

Computer A/c. Dr. 81,00,000

To Cash A/c. 1,13,50,000

Explanation:

Are u sure the amount written in 6th no.

is correct?