1. Journalise the following transactions in the books of Shankar & Co.
1998
June
1
Started business with a capital of
60,000
June
June
2
Paid into bank
30,000
June
6
Paid to Shiram
4,920
June
6
Discount allowed by him
80
June
8
Cash Sales
20,000
June
12
Sold to Hameed
5,000
June
15
Purchased goods from Bharat on credit
7,500
June
18
Paid Salaries
4,000
June
20
Received from Prem
2,480
June
20
Allowed him discount
20
June
25
Withdrew from bank for office use
5,000
June
28
Withdraw for personal use
1,000
June
30
Paid Hanif by cheque
Answers
Journal Entries in the books of Shankar and Co for the year 1998
1 June
Cash A/C DR 60,000
To Capital A/C 60,000
( Being business started with capital )
2 June
Bank A/C DR 30,000
To Cash A/C 30,000
( Being paid into bank )
6 June
Shiram A/C DR 5,000
To Cash A/C 4,920
To Discount A/C 80
( Being amount paid to shiram and discount recieved )
8 June
Cash A/C DR 20,000
To Sales A/C 20,000
( Being sales done in cash )
12 June
Hameed A/C DR 5,000
To Sales A/C 5,000
( Being sales done )
15 June
Purchase A/C DR 7,500
To Bharat A/C 7,500
( Being purchase done on credit )
18 June
Salaries A/C DR 4,000
To Cash A/C 4,000
( Being salaries paid )
20June
Cash A/C DR 2,480
Discount A/C DR 20
To Prem A/C 2,500
( Being amount recieved and discount given )
25 June
Cash A/C DR 5,000
To Bank A/C 5,000
( Being amount withdrawn from bank )
28 June
Drawing A/C DR 1,000
To Cash A/C 1,000
( Being amount withdrawn for personal use )
30 June
Hanif A/C DR
To Bank A/C
( Being amount paid to hanif )