2.
Journalise the following transactions in the Books of Balan
1999
Dec.1
3
Balan commenced business with a capital of
Bought goods for cash
Sold goods for cash 5 Deposited in IOB
4
6
7
8
9 10
11
12
13
15
16
18
19
20
25
3.1
Bought goods from Ravi Bought furniture for cash
Sold goods to Nathan Paid cash to Seenu
Nathan returned goods worth
Paid advertisement charges
Returned goods to Ravi Withdrew cash from bank
Bought a bicycle for office use
Received commission
Drew cash for personal use
Electricity charges paid
Paid insurance premium
Interest received
Paid Rent
Paid Salaries
Interest accrued
Salary due
Prepaid insurance
Commission received in advance
following are the francoti
The
Ra
60,000 50,000
40,000
30,000
4,000
40,000
10,000
2,000
4,000
3,000
10,000
3,000
1,000
6,000
600
1,500
300
1,200
9,600
600
1.000
500
100
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Answer:
A journal entry records a business transaction in the accounting system of an organization. Journal entry from the building blocks of the double entry accounting system that has been used for centuries to keep financial records. They make it possible to track what a business has used its resources for, and where those resources came from and are used in the business.
The double-entry accounting system is required in every business which affects two accounts on an equal basis; one credit and one debit. Each account in Double entry has an equal amount.
Journal entries for books of Balan A/C are:
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