Question

1. Journalize the following transactions of Swoop Traders:
2017-Jan
01) Business stared with cash 1,00,000 Opened bank Account with SBI 5000 a) Purchased goods for cash. 10,000 a) Sold goods to Suma 20,000 c) Goods returned from Suma 2, 000 a Cash received from Suma 17,500 in full settlement of her A/c. a) Paid for stationary 1,000 Paid rent by cheque .4,000 Drew for personal use Rs. 3,000 Purchased furniture on credit from Anu Steels, Hubli 10,000 Salary outstanding. 60,000​..

Answer 1

Answer:

1-Cash Dr. to Capital 100000

2-Bank Dr. to Cash 5000

3-Purchase Dr. to Cash 10000

4-Suma Dr. to Sales 20000 (credit sales)

5- Sales Return Dr. to Suma 2000 (Sales return)

6- Cash Dr. 17500

Discount Dr. 500

To Suma 18000 (20000-2000)

7- Stationery Dr. to Cash 1000

8- Rent Dr. to Bank 1000 (by cheque)

9- Drawings Dr. to Bank 4000

10- Furniture to Anu Steels 10000

11- Salary Dr. To Outstanding Salary 60000

Answer 2

Answer:

Concept:

For accounting purposes, a journal is a physical record or digital document maintained as a book, spreadsheet, or data in accounting software. When a business transaction is made, the accountant records the financial transaction as a journal entry. If an expense or income affects one or more trading accounts, this will also be detailed in the journal entry

Find:

We pass the journal entries

Given:

01) Business stared with cash 1,00,000

02) Opened bank Account with SBI 5000

3) Purchased goods for cash. 10,000

4) Sold goods to Suma 20,000

5) Goods returned from Suma 2, 000

6) Cash received from Suma 17,500 in full settlement of her A/c.

7) Paid for stationary 1,000 Paid

8) rent by cheque .4,000

9) Drew for personal use Rs. 3,000

10) Purchased furniture on credit from Anu Steels, Hubli 10,000

11) Salary outstanding. 60,000.

Explain:

1. Cash Dr. 10000

To Capital 100000

2. Bank. Dr. 500

To Cash 5000

3. Purchase Dr. 10000

To Cash. 10000

4. Suma. Dr. 20000

To Sales 20000

5. Sales Return Dr. 2000

To Suma 2000

6. Cash. Dr. 17500

Discount Dr. 500

To Suma. 18000

7. Stationery Dr. 1000

To Cash 1000

8. Rent Dr. 1000

To Bank 1000

9. Drawings Dr. 4000

To Bank 4000

10. Furniture Dr. 10000

To Anu Steels 10000

11. Salary. Dr. 60000

To Outstanding Salary 60000

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