Question

09
sold at a profit of 20% for cash
Journalizing the following transactions in the books of Parsha
i) Borrowed Rs. 40,000 from Pooja.
ii) Lent Rs. 30,000 to Megha .
Repaid Rs. 25,000 to Pooja.
iv) Prmium paid for insurance of company.
v) Income tax paid by cheque Rs.800.
Paid rent and salaries Rs. 10,000.​

Answer 1

Explanation:

i) Cash A/c Dr. 40000.

To Pooja loan A/c. 40000

ii) Megha lent A/c Dr. 30000

To Cash 30000

Cash A/c Dr 25000

Discount A/c Dr 5000

To Megha. 30000

iii) premium A/c Dr

To Cash A/c

iv) Income Tax A/c Dr 800

To Bank A/c. 800

Rent and salaries A/c Dr 10000

To Cash A/c. 10000