Question

19. Journalise the following transactions of Rakesh Agencies, Delhi (Proprietor Shri Rakesh
2020
1 Rakesh commenced business with cash
50.000
Jan 2 Purchased goods for cash
10.000
Jan 5 Purchased goods from Mohan, Delhi
60.000
Jan 7 Opened bank account with Bank of India
10.000
Jan 10 Purchased furniture for office
2.000
Jan 15 Sold goods for cash
8.000
20 Sold goods to Ram of the list price of 1.25.000 less 20% Trade discount and 2% cash discount
and paid 40% by cheque
Jan 25 Cash sales
3.500
Jan 27 Paid to Mohan on account
3.000.
Jan 28 ram returns good for sale value
5000.
Jan 31 paid salaries
9000
Jan 31 paid to the petty cashier
3000.
Jan 31 rejected and returned 5% of goods supplied by mohan.
.
.
Please do help fast as the accurate ans isn't available anywhere ​

Answer 1

Answer:

Jan 1. Cash a/c -dr 50,000

to capital a/c 50,000

( being started a business)

jan 2. purchases a/c -dr 10,000

to cash a/c 10,000

( )

Jan 5. purchases a/c -dr

to mohan's a/c

( )

jan 7. bank (bank of India) a/c -dr

to cash a/c

( )

jan 10. furniture a/c -dr

to cash a/c

( )

jan 15. ram a/c -dr

to sales a/c

( )

jan 20. ram a/c -dr 50,800

bank a/c -dr 40,000

discount allowed a/c -dr 1,200

to sales a/c

( )

jan 25. cash a/c -dr

to sales a/c

( )

jan 27. mohan a/c -dr

to cash/ bank a/c

( )

jan 28. sales return a/c -dr

to ram a/c

( )

jan 31. salaries a/c -dr

to cash a/c

( )

jan 31. petty cashier a/c - dr

to cash a/c

( )

jan 31. purchases return a/c -dr

to mohan a/c

( )

hope it help.

Answer 2

Concept:

Journal

• A diary is a thorough record of every transaction a firm makes.
• Information kept in a journal is used to reconcile accounts and transmit data to other accounting records.
• A single-entry technique of bookkeeping is also an option when a transaction is entered into a company's journal, however double-entry methods are more common.
• The double-entry approach records an increase in one account and a drop in the corresponding account once a transaction has taken place.
• Single-entry bookkeeping merely records changes in one account and is hardly utilised.
• A trading diary that lists the trades made by an investor and their rationale is referred to as a journal in the financial industry.

Given:

Transactions taken place at Rakesh Agencies.

Find:

Prepare journal

Solution:

Refer image.

Hence, the given transactions will be journalised as given in the image.

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