Question

3 October 2021

14:53

State the accounts to be debited and credited in each of the following transactions with reasons.
Also journalise the same in the journal of M/s. Omkar.
(Note: Procedure of passing journal entry is discussed after solution.)

2012
Jan.

1 Started business with cash 5,000.

5 Goods purchased for cash 2,000.

7 Goods sold for 2,500.

12 Goods purchased from Krishna 6,000.

15 Sold goods to Ram worth 6,500.
18 Purchased furniture worth 1,000.

31 Received cash from Ram 5,000.

31 Paid cash 3,000 to Krishna.​

Answer 1

Answer:

Explanation:

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(1) 1 Started business with cash 5,000

• Debit cash a/c
• Credit capital a/c

(2) 5 Goods purchased for cash 2,000.

• Debit purchase a/c
• Credit cash a/c

(3) Goods sold for 2,500.

• Debit cash a/c
• Credit sales a/c

(4)  Goods purchased from Krishna 6,000.

• Debit purchase a/c

• Credit purchase a/c

(5)  Sold goods to Ram worth 6,500

• Debit cash a/c

• Credit Ram a/c

(6)  Purchased furniture worth 1,000.

• Debit furniture a/c
• Credit cash a/c

(7) Received cash from Ram 5,000.

• Debit cash a/c
• Credit ram a/c

(8) Paid cash 3,000 to Krishna.​

• Debit krishna a/c
• Credit cash a/c

Answer 2

Answer:

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Explanation:

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