Question

16
1800 trade
1800xS
180o ao
24. 5.43
110 ans rash
(2) Salary payable to the secretary 5,000 is due.
(3) Out of the rent paid the year, * 2,000 is related to next year.
(4) Sold goods to Rano for cash, list price is 2,000 at 10% trade discount and 5% cash discount
(5) Sold goods for cash to a customer for 5,000 and collected 12% sales tax on it.
(6) Purchased goods from Mehta worth 5,000, he paid 100 as freight on our behalf.
(7) Received an order for supply of goods from Atul & Co. for 12,000 and received a bank draft of
2,000 as on advance.
(8) Paid to Mittal 5,000 on behalf of Jain.
(9) Sold goods costing * 6,000 to Goyal & Co., issued invoice at 20% above cost less 10% trade
discount.
(10) Allow 10% p.a. interest on capital amounting to 2,00,000.
200 x
ondy
- 2x 5
Solution:
Journal
Date
Particulars
L.F
Dr
Amount
RO
1,000
Amount
1
Dr.
1,000
Machinery AVC
To Cash AVC
(Being wages paid for installation of machinery)
Salaries AdC
Toutstanding Salaries Alc
2
Dr.
5,000​

Answer 1

sajna hai mujhe sajna k liye......

Answer 2

Answer:

16

1800 trade

1800xS

180o ao

24. 5.43

110 ans rash

(2) Salary payable to the secretary 5,000 is due.

(3) Out of the rent paid the year, * 2,000 is related to next year.

(4) Sold goods to Rano for cash, list price is 2,000 at 10% trade discount and 5% cash discount

(5) Sold goods for cash to a customer for 5,000 and collected 12% sales tax on it.

(6) Purchased goods from Mehta worth 5,000, he paid 100 as freight on our behalf.

(7) Received an order for supply of goods from Atul & Co. for 12,000 and received a bank draft of

2,000 as on advance.

(8) Paid to Mittal 5,000 on behalf of Jain.

(9) Sold goods costing * 6,000 to Goyal & Co., issued invoice at 20% above cost less 10% trade

discount.

(10) Allow 10% p.a. interest on capital amounting to 2,00,000.

200 x

ondy

- 2x 5

Solution:

Journal

Date

Particulars

L.F

Dr

Amount

RO

1,000

Amount

1

Dr.

1,000

Machinery AVC

To Cash AVC

(Being wages paid for installation of machinery)

Salaries AdC

Toutstanding Salaries Alc

2

Dr.

5,000

Answer :- Journal Entry for Prepaid Expenses :

Prepaid Expenses are those expenses which are paid in advance i.e., not related to the current year, paid for the next accounting year,benefit for such expenses will be received during the next accounting year.

Since it is paid in advance So It acts as an asset and as per rule “debit the increase in asset” and “credit the decrease in expenses” (modern approach). The journal entry for prepaid expenses involves two accounts: Prepaid Expense A/C and Expense A/C. Following entry will be passed:-

Prepaid Expense A/c. Dr... [Amount]

To Expense A/c [Amount]

(Being Expense paid in advance)

Let's take a example of your above mentioned transaction, Out of the rent paid this year, ₹ 5,000 is related to next year. The journal entry will be.

Prepaid Rent A/c. Dr... 5,000

To Rent A/c. 5,000

(Being Rent paid in advance).