Question

ACCOUNTS -- JOURNAL
Journalise the following transaction in the books of Alok Enterprises :
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Answer 1

January 1:

Bank A/c ... Dr - Rs 5,00,000

• To capital A/c - Rs 5,00,000

(Being business started by depositing a cheque from the savings account.)

January 3:

Purchases A/c ... Dr - Rs 50,000

• To bank A/c - Rs 50,000

(Being goods purchased against cheque.)

January 6:

Drawings A/c ... Dr - Rs 4,000

• To purchases A/c - Rs 4,000

(Being goods taken by a proprietor for personal use.)

January 10:

Sohan's A/c ... Dr - Rs 9,000

• To sales A/c - Rs 9,000

(Being goods sold to Sohan.)

January 14:

Travelling expenses A/c ... Dr - Rs 500

• To cash A/c - Rs 500

(Being travelling expense of Dev paid.)

January 18:

Machinery A/c ... Dr - Rs 40,000

• To bank A/c - Rs 40,000

(Being machinery purchased by cheque.)

January 20:

Cash A/c ... Dr - Rs 25,000

• To sales A/c - Rs 25,000

(Being cash sales made.)

January 22:

Bank A/c ... Dr - Rs 20,000

• To cash A/c - Rs 20,000

(Being cash deposited into a bank.)

January 25:

Sales returns A/c ... Dr - Rs 3,000

• To Sohan's A/c - Rs 3,000

(Being goods returned by Sohan.)

January 27:

Sales A/c ... Dr - Rs 1,000

• To Purchases A/c - Rs 1,000

(Being goods given as samples.)

Answer 2

Answer:

Concept :

An agreement that has been fulfilled between a buyer and a seller to trade goods, services, or financial assets in exchange for cash is referred to as a transaction.This straightforward definition of "transaction" might be challenging in corporate bookkeeping. Depending on whether a corporation employs accrual accounting or cash accounting, a transaction may be recorded by it sooner or later. Because businesses may agree to a contract today that won't be settled until later, transactions in the accounting world can be more complicated. Alternatively, they might have known but unpaid income or expenses. Transactions with outside parties may potentially obstruct the process.

Explanation:

• Bank A/C - Dr 5,00,000 - To capital A/C 5,00,000
• Purchase A/C -Dr 50,000 - To bank A/C 50,000
• Drawing A/C - Dr 4,000 - To purchase A/C 4,000
• Sohan - De 9,000 - To sale A/C 9,000
• Travelling expenses A/C - Dr 500 - To cash A/C 500
• Machinery A/C - Dr 40,000 - To bank A/C 40,000
• Cash A/C - Dr 25,000  - To sale A/C 25,000
• Bank A/C - Dr 20,000 - To cash A/C 20,000
• Sale returns A/C - Dr 3,000 - To Sohan 3,000
• Advertisement A/C - Dr 1,000 - To purchase A/C 1,000

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