(16) Pass journal entries in the books Shri Ram Traders
April - 2019
1. A business is commenced with cash of Rs. 1,00,000 receivables of Rs. 50,000,
liability of Rs. 25,000 stock of goods of Rs. 30,000
3. A 15% loan of Rs. 1,00,000 is borrowed from Sita.
6. Goods of Rs. 10,000 destroyed by fire and insurance company admitted claim for
60% Rs. 2,000 realised from sale of destroyed goods.
10. To earn 20% profit on selling price goods of cost price of Rs. 5,000 sold.
Answers
Answer:
(1)Cash a/c. Dr ₹1,00,000
Bills receivable a/c. Dr ₹50,000
Stock a/c. Dr ₹30,000
To Creditors a/c. ₹25,000
To Capital a/c ₹1,55,000
(Being business commenced)
(2)Cash a/c. Dr ₹1,00,000
To 15% Loan from Sita a/c. ₹1,00,000
(Being loan borrowed from sita)
(3) Goods destroyed by fire a/c. Dr ₹10,000
To Purchase a/c ₹10,000
(Being goods destroyed by fire)
(4) Insurance claim a/c. Dr ₹6,000
Cash a/c. Dr ₹2,000
Loss by fire a/c. Dr.₹2,000
To Goods destroyed by fire ₹10,000
(Being insurance premium claimed by 60% and money realised by selling destroyed goods)
(5) Cash a/c. Dr ₹6,000
To Sales a/c. ₹6,000
(Being goods sold costing ₹5,000 at 20% profit)