Question

1. Journalise the following transactions:

1 Paid into bank * 21,000 for opening a Current Account
2 Withdrew for personal expenses * 5,000.
4 Withdrew from bank 3,000.
5 Placed an amount in Fixed Deposit at Bank by transfer from Current Account 5,000.
10 Received a cheque from Shiv & Co. to whom goods were sold for 3,000 last year. Allowed him 2% discount.
14 Shiv & Co.'s cheque deposited into bank.
16 Shiv & Co.'s cheque dishonoured (Bank charges 10)
17 Shiv & Co. settled his account by means of a cheque for 3,000, + 40 being interest charged.​

Answer 1

Explanation:

Particular Dr. Cr. Bank account. 21000 Withdraw exp ac. 5000 Withdraw bank ac. 3000 Bank ac. 5000. Goods ac. 3000 Interest 3000+40 3040

Answer 2

Answer:

Journal entry

1) Cash A/c    Dr    21000

      To bank current   A/c                    21000

(being cash deposited in bank to open current account )

2)drawings A/c   Dr   5000

          To bank A/c                    5000

(being withdraw cash for personal expenses)

4) cash A/c    Dr   3000

          To bank A/c            3000

(being cash withdrawn for official use)

5)  fixed deposit A/c   5000

         To bank current  A/c  5000

(being current account amount transferred to fixed deposit )

10) Bank A/c                     Dr      2940

    Discount allowed A/c  Dr           60

             To Shiv & co A/c                           3000

(being cheque received from shiv and co full settlement by allowing 2% discount)

14) no entry for depositing cheque in bank

others answers i dont know. if i know i will update you