Question

10,000
5,000
7. Pass the necessary Journal entries for the following transactions:
2020
April 1 Deposited in bank for opening a Current Account.....
April 2 Withdrawn from bank
April 5 Received a cheque from Ramesh to whom goods were sold for 12,000 last year
Allowed him 1% discount on payment
April 7 Ramesh's cheque deposited in bank
April 9 Ramesh's cheque dishonoured (bank charges 20)
April 20 Ramesh settled his account by issuing cheque including 60 for interest
April 21 Cash directly deposited by Raja (Customer) in bank account
April 23 Bank draft got issued in favour of M/s Lal & Sons 5,000. Bank charges * 700
April 28 A bill of exchange of 4,000 (due after one month) discounted from bank for 3,800
April 30 Bank charges debited by bank.
April 30 Goods sold for cash 7,000 and half of the sale proceeds deposited in bank
12.080
8,000
400​

Answer 1

Answer:

JOURNAL ENTRY

1 April 2020,

• Deposited in bank for opening a Current Account

2 April 2020,

• Withdrawn from bank

5 April 2020

• Received a cheque from Ramesh to whom goods were sold for 12,000 last year
• Received a cheque from Ramesh to whom goods were sold for 12,000 last yearAllowed him 1% discount on payment

7 April 2020,

• Ramesh's cheque deposited in bank

9 April 2020,

• Ramesh's cheque dishonoured (bank charges 20)

20 April 2020,

• Ramesh settled his account by issuing cheque including 60 for interest

21 April 2020,

• Cash directly deposited by Raja (Customer) in bank account

23 April 2020,

• Bank draft got issued in favour of M/s Lal & Sons 5,000. Bank charges * 700

28 April 2020,

• A bill of exchange of 4,000 (due after one month) discounted from bank for 3,800.

30 April 2020,

• Bank charges debited by bank.
• Goods sold for cash 7,000 and half of the sale proceeds deposited in bank.

The End.