Question

10. Journalise the following transactions
2017 Jan,01
Commenced business with cash Rs. 1,00,000
Jan,02
Cash Purchases Rs 25,000
Jan,05 Till takings Rs 40,000
Jan,07
Deposited into Bank Rs 20,000
Jan,09 Outstanding rent RS 1,000
Jan,15 Cash withdrawn for personal use Rs 2,000
Jan,17 Prepaid insurance Rs.500
Jan,18 Commission receivable Rs 800
Jan,20 Bank charges Rs 200
Jan,22 Interest on Capital Rs. 2,000
Jan,25 Goods given away by Charity Rs 600
Jan,28 Drew for office use Rs 2,000​

Answer fast ​

Answer 1

Required Journal Entries :

1 ) Cash ac Dr. 1,00,000

To capital ac. 1,00,000

( commenced business with cash )

2 ) Purchase ac Dr. 25,000

To cash ac 25,000

( Cash Purchases )

3 ) Bank ac. Dr. 20,000

To cash ac. 20,000

( Deposited cash into bank )

4 ) Rent ac Dr 1,000

To cash ac 1000

( Outstanding rent )

5 ) Drawings ac Dr. 2,000

To cash ac 2,000

( Cash withdrawn for personal use )

6 ) Insurance ac Dr. 500

To cash ac 500

( Prepaid Insurance )

7 ) Cash ac Dr. 800

To commission ac 800

( Commission receivable )

8 ) Bank charges ac Dr. 200

To cash ac 200

( Bank charges )

9 ) Interst ac Dr. 2000

To cash ac 2000

( Interest on capital )

10 ) Bank ac Dr 2000

To cash 2000

( Drew cash for office use )

• Goods given by charity is not an business transaction , then also it was not recorded in Journal book.