Question

10 points
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2. Journalise the following transactions in the books of Gajanan
2019
May 3 Purchased goods for 90,000 and amount paid by Bank directly
7 Sold goods to Satish on credit * 30,000.
9 Paid for Postage 10,000
12 Paid for Wages 15,000.
15 Received cheque of 30,000 from Sati.
21 Received Dividend 5000.
25 Purchased Laptop of 40,000 and paid by cheque.
28 Deposited cash 10,000 into State Bank of India.
31 Purchased goods for 40,000 and paid by RTGS​

Answer 1

Answer:

Answer is there in the above picture

Answer 2

Journalise the given transactions in the books of Gajanan.

Answer: Refer the attachment.

Explanation of journal entries:

3. Purchased goods for Rs. 90,000 and amount paid by Bank directly.

Goods come inside the business, hence purchase account is debited. Cash goes out of the business, hence it is credited. [Debit the reciever, credit the giver.]

7. Sold goods to Satish on credit Rs. 30,000.

Satish's account is debited, the goods are not sold by cash. Goods go out of the business and so sales account is credited.

9. Paid for Postage Rs. 10,000

Postage being an expense, hence it is debited. Cash goes out of business, hence it is credited.

12. Paid for Wages Rs. 15,000.

Wages being an expense, hence it is debited. Cash goes out of business, hence it is credited.

15. Received cheque of Rs. 30,000 from Sati.

Bank account is debited, as bank is the receiver and Sati account is credited as sati is the giver.

21. Received Dividend Rs. 5000.

Dividend is an income and is received by bank so hence bank account is debited. Dividend account is credited.

25. Purchased Laptop of Rs. 40,000 and paid by cheque.

Laptop is an asset for the Business hence, laptop account is debited and as cash is going out of the business, bank account is credited.

28. Deposited cash Rs. 10,000 into State Bank of India.

State Bank of India account is debited as State bank Of India is the Receiver. And cash account is credited as proprietor is giving cash.

31. Purchased goods for 40,000 and paid by RTGS.

Purchase account is debited as goods are coming into the business and RTGS which refers to fund transfer by Bank hence Bank Account is credited.