Question

1.4 Exercise
1. Pass Journal entries from the following transaction of Sri
Ram & Sons for the month ending 31st January, 2015
Jan.1. Started business with Cash
* 10,000
4. Brought furniture for Cash
* 150
5. Purchase goods for Cash
*5,000
10. Sold goods to Mohan on credit
*2,575
12. Purchase goods by Shyam on credit
3,000
14. Mohan paid Cash
2,500
allowed him discount
75
25. Shyam received Cash
2,920
discount allowed by him
* 80
27. Withdraw for personal expenses
* 150
30. Paid Rent
* 100
31. Paid Salaries
500​

Answer 1

Answer:

Kindly mark my answer as the brainliest if you find it worthy.

Answer 2

The following journal entries shall be passed in the books of Journal of Sri Ram & Sons for the given transactions:

1 Jan

Cash A/c                                        ----dr                       10,000

       To Capital A/c                                                                   10,000

(being business commenced with a certain amount of cash.)

4 Jan

Furniture A/c                                        ----dr                    150

       To Cash A/c                                                                     150

(furniture purchased for cash.)

5 Jan

Purchases A/c                                        ----dr                     5,000

       To Cash A/c                                                                         5,000

(being goods purchased for cash.)

10 Jan

Mohan A/c                                        ----dr                            2,575

       To Sales A/c                                                                         2,575

(being goods sold to Mohan on credit.)

12 Jan

Purchases A/c                                        ----dr                  3,000

       To Shyam A/c                                                                     3,000

(being goods sold to Shyam on credit.)

14 Jan

Cash A/c                                        ----dr                        2,500

Discount Allowed A/c                   ----dr                              75

       To Mohan A/c                                                                 2,575

(being payment received from Mohan and discount allowed to him.)

25 Jan

Shyam  A/c                                        ----dr                       3,000

       To Cash A/c                                                                    2,920

       To Discount Received A/c                                                  80

(being payment made to Shyam and discount received of Rs.80 .)

27 Jan

Drawings A/c                                        ----dr                  150

       To Cash  A/c                                                                   150

(being cash withdrawn for personal use.)

30 Jan

Rent A/c                                        ----dr                       100

       To Cash A/c                                                                   100

(being rent paid in cash.)

31 Jan

Salaries A/c                                        ----dr                       500

       To Cash A/c                                                                      500

(being salaries paid in cash.)

#SPJ2