Question

30 household transactions for journal entry

Answer 1

Following are the translations and Journal Entries-


1. Cash brought in by the proprietor as capital Rs. 50000


Cash Account Debit 50, 000
Proprietor’s capital Account Credit 50,000


2. Goods purchased on credit from Madan Lal Rs. 3,000

Purchase account debit 3000
Madan Lal account credit 3000


3. Furniture purchased for cash Rs. 15000

Furniture Account Debit 15000
Cash Account Credit 15000


4. Goods sold on credit to Dev Raj Rs. 1000

Dev Raj Account Debit 1000
Sale Account Credit 1000


5. Goods purchased for cash Rs. 7000

Purchase account debit 7000
Cash account credit 7000


6. Goods sold for cash Rs. 3000

Cash account debit 3000
Sale account credit 3000


7. Rent paid for shop to landlord 8000

Rent Account Debit 8000
Cash Account Credit 8000


8. Commission received in cash 1000

Cash Account Debit 1000
Commission Account Credit 1000


9. Cash deposited into bank 20000

Bank Account Debit 20000
Cash Account Credit 20000


10. Cash withdrawn from bank for office use Rs. 3200

Cash Account Debit 3200
Bank Account Credit 3200


11. Cash drawn by proprietor from business for personal use Rs. 4000

Drawing Account Debit 4000
Cash Account Credit 4000


12. Goods given as charity Rs. 500

Charity Account Debit 500
Purchase Account Credit 500


13. Bad Debts written off Rs. 200

Bad Debt Account Debit 200
Debtor Account Credit 200


14. Bad debts recovered in cash Rs. 100

Cash Account Debit 100
Bad Debts Recovered Account Credit 100


15. Carriage paid on machinery ( expenses on purchase of asset ) Rs. 3500

Machinery Account Debit 3500
Cash Account Credit 3500


16. Depreciation on fixed assets Rs. 620

Depreciation Account Debit 620
Fixed Asset Account Credit 620 


17. Carriage paid on the behalf of buyer Rs. 1500

Debtor account Debit 1500
Cash Account Credit 1500


18. Goods given as free samples Rs. 400

Advertising Account Debit 400
Purchase Account Credit 400


19. Interest allowed on capital Rs. 1000

Interest on capital Account Debit 1000
Capital Account Credit 1000


20. Interest charged on drawings Rs. 300

Drawing Account Debit 300
Interest on drawing account Credit 300


21. Bank charges or interest charged by bank Rs. 250

Bank charge Account Debit 250
Bank account Credit 250


22. Goods lost by fire Rs. 1000

Loss by Fire Account Debit 1000
Purchase Account Credit 1000


23. Goods insured and a claim of 20000 is admitted by insurance company in full or in part.

Insurance company Account Debit 20000
Loss by Fire Account Credit 20000


24. Loan taken Rs. 80000

Cash Account Debit 80000
Lender’s loan Account Credit 80000


25. Interest paid on loan. Rs. 1200

Interest on loan Account Debit 1200
Cash Account Credit 1200


26. Interest on loan due but not paid in cash is Rs. 450 

Interest on loan Account Debit 450
Loan or Creditor Account 450


27. Investment purchased is Rs. 40,000

Investment Account Debit 40000
Cash Account Credit 40000


28. Cash stolen from office is Rs. 3000

Loss by Theft Account Debit 3000
Cash Account Credit 3000


29. Cash paid to a creditor in full settlement ( When cash discount is received) Amount due to Madan Lal Rs. 3000 paid him Rs. 2700 in full settlement. 

Madan Lal Account Debit 3000
Cash Account Credit 2700
Discount Received Account Credit 300


30. Cash received from a debtor in full settlement (When cash discount is allowed). Amount receivable from Dev Raj Rs. 2800, received from him Rs. 2500. 

Cash Account Debit 2650
Discount Allowed Account Debit 150
Dev Raj Account Credit 2800

Answer 2

Answer:

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