11. Journalise the following transactions
2015
Әд
April 1 Sold goods to Rakesh on credit * 10,000
" 3 Bought goods from Mahesh on credit * 12,000
" 6 Received a cheque of from Rakesh 9500 in full settlement of
his account. Cheque deposited in Bank on the same day.
" 7 Cheque issued to Mahesh for 11,500 in full settlement of
account.
" 8 Cheque received from Rakesh dishonoured.
" 10 Sold goods to Suresh * 6,000
" 12 Suresh became insolvent 2000 received from his estate as full
and final payment
" 13 Bad debts recovered 500
" 16 Purchased Machinery from Radhakrishna, cheque issued for
the same * 40,000. Installation charges paid in cash 5,000
" 18 Depreciate Machinery by 10% for six months. Book value of
Machine 50,000
" 19 An old machine with book value of 60,000 is exchanged for
a new machine for 2,00,000. The old machine is valued at
40,000 for exchange purpose by the Selling Company.
" 20 Paid by cheque Rent 2,000; Salary 9,000; Advertising
2,000
000" 28 Provide for outstanding Salaries 3,000 and prepaid insurance
* 400
000" 31 Goods costing 900 given as charity, goods costing * 2500
distributed as samples and 800 distributed among employees.
Answers
Answer:
Journal entry
1. rakesh A/c Dr 10000
To sales A/c 10000
(being sold goods on credit )
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2. Purchases A/c Dr 12000
To mahesh A/c 12000
(being bought goods from mahesh )
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3. bank A/c Dr 9500
discount allowed A/c Dr 500
To rakesh A/c 1000
(being cheque received from rakesh as full settlement )
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4. mahesh A/c Dr 12000
To discount received A/c 500
To bank A/c 11500
(being cheque paid to mahesh as full settlement )
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5. Rakesh A/c Dr 11500
To bank A/c 11500
(being cheque received from rakesh as dishonoured )
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6. Suresh A/c Dr 6000
To sales A/c 6000
(being sold goods to suresh )
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7. cash A/c Dr 2000
Bad debts A/c Dr 4000
To suresh A/c 6000
(being suresh became insolvent and 2000 received from his estate as full
and final payment)
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8. Cash A/c Dr 500
To bad debts recovered A/c 500
(being bad debts recovered )
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9. Machinery A/c Dr 45000
To cash A/c 5000
To bank A/c 40000
(being purchased machinery and installation charges also pai and added with machinery cost )
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10. New Machine A/c Dr 2,00,000
To old machine A/c 40,000
To Cash A/C or Bank A/c 1,60,000
(Being new machinery bought by exchanging old machinery )
*Profit and Loss A/c Dr 10,000
To Old machine A/c 10,000
(Being loss on exchange of old machine)
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11. Rent A/c Dr 2000
salary A/c Dr 9000
Advertisement Dr 2000
To Cash A/c 13000
(Being expenses paid)
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12. Salary A/c Dr 3000
To salary outstanding A/c 3000
(Being salary is due )
Prepaid insurance A/c Dr 400
To insurance A/c 400
( Being insurance paid in advance )
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13. Goods as charity A/c Dr 900
goods as free samples A/c Dr 2500
Goods to employees A/c Dr 800
To purchases A/c 4200