24. Journalise the following transactions :
1. Goods costing * 2,000 (Market price * 2,500) was destroyed by
fire.
2. Salary paid * 4,000 but salary is still owing 1,000.
3. Received an advance from Amit ? 15,000 against order of for
35,000.
4. Order of goods of Amit was executed.
5. Bought goods of list price 30,000 less 10% trade discount from
Mohan
6. Sold 1/3 goods bought from Mohan to Ram at a profit of 20%.
7. Paid cash to Gopi on behalf of Moti 1,000.
8. Insurance premium was paid 2,000. It includes 14th for next
year.
9. Received cheque from Ram for 10,500 in full settlement of his
account.
[Ans. Total 1,17,600]
10. Cheque of Ram endorsed to Mohan.
Answers
question :
Journalise the following transactions: Goods destroyed by fire Rs.500. Paid Rs.2 500 in cash as wages on installation of a machinery. Issued a cheque in favour of M/s. Parmatma Singh and Sons on account of purchase goods worth Rs.7 500. Goods sold costingRs.6 000 to M/s Kalu Sons at an invoice price 25% above cost less 5% Trade Discount.
answer :
You are required to give (a) Journal Entries, (b) Nature of Account (whether Asset, Liability, Capital, Expense or Revenue), (c) Direction of change (Increase of Decrease), and (d) Appropriate rule for recording the change for the following transactions: <br> Nitin invested Rs. 50,000 cash and Rs. 5,00,000 by cheque to start a business. <br> 2. He deposited Rs. 5,000 out of cash in the bank. <br> 3. Purchased goods for Rs. 5,000 against cash. <br> 4. Pruchased a building and paid Rs. 2,50,000 by cheque. <br> 5. Purchased goods from M/s. Hari & Co. for Rs. 1,00,000 <br> 6. Sold goods for cash Rs. 50,000. <br> 7. Sold goods on credit to M/s Ramesh & Co, Rs. 25,000. <br> 8. M/s. Ramesh & Co. returned goods of Rs. 5,000, being defective. <br> 9. Goods returned to M/s. Hari & Co. at cost price, i.e., Rs. 4,000. <br> 10. Paid salary to staff by cheque Rs. 15,000. <br> 11. Paid rent for the residence of Nitin Rs. 10,000 by cheque. <br> 12. Paid electricity charges for the month Rs. 1,000 in cash. <br> 13. Paid telephone charges Rs. 500 in cash. <br> 14. Bought office furniture for Rs. 25,000 against cheque. <br> 15. Paid M/s. Hari & Co. on account Rs. 50,000 by cheque. <br> 16. Received from M/s. Ramesh & Co. Rs. 15,000 by cheque. <br> 17. Paid advance Rs. 20,000 by cheque to M/s. Abhi & Sons. <br> 18. Received advance of Rs. 30,000 by cheque from M/s Ajay & Co. <br> 19. Paid Rs. 1,000 for stationery. <br> 20. Nitin withdrew Rs. 10,000 for household expenses out of cash.
note :
sry I did not know the answer but this will help u I think .....