Question

10. Give Journal entries for the following transactions.
1. D commences a business with a capital of Rs.50, 000 trading under the name of
Punjab General Store.
2. Paid into Dena Bank Rs. 5,000
3. Bought goods for Rs. 12,000
4. Bought office furniture from Goldage and Co. for Rs. 3,000
5. Goods sold to Hira Lal for Rs.500
6. Paid D's life Insurance premium Rs 150
7. Withdrawn from Bank Rs. 2,000
8. Borrowed from Bank Rs. 5,000​

Answer 1

Answer:

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Explanation:

1) Bank A/c ...Dr. 50000

To Capital A/c

2) Dena Bank A/c ...Dr. 5000

To Cash/Bank A/c 5000

3) Purchases A/c ....Dr. 12000

To Bank A/c 12000

4) Furniture A/c .....Dr. 3000

To Goldage and Co. 3000

5) Hiralal A/c ...Dr. 500

To Sales A/c 500

6) Life Insurance policy A/c. ...Dr. 150

To Bank A/c 150

7) Drawings A/c ...Dr. 2000

To Bank A/c 2000

8) Bank A/c ...Dr. 5000

To Loan from Bank 5000