April 21 Purchased goods on credit *4,200.
Journalise the following transactions in the books on
2015
Mar. 1 Commenced business with cash 1,00,000.
Mar. 4 Purchased goods for cash 85,000.
Mar. 7 Sold good for cash 12,000.
Mar. 12 Sold good on credit to Ambani 16,000.
Mar. 16
Sold goods to Singhania 13,500.
Mar. 20 Sold goods 9,000.
Mar. 22 Sold goods on credit * 14,400.
Mar. 24 Cash sales 37,700.
Journalise the following transactions in the books of Ram
2014
Jan. 1 Cash purchases
from Sham & Sons on creditcreditl
Answers
Answer
Golden Rules of Journal
Personal account rule
Debit- The receiver.
Credit- The giver.
Real account rule
Debit- What comes in.
Credit- What goes out.
Nominal account rule
Debit- All expenses and losses.
Credit- All incomes and gains.
Now
The journal entries will be
April 21 Purchases A/C DR ₹ 4,200
To Creditors A/C ₹ 4,200
(Being Goods Purchased on credit ₹ 4,200)
2015
Mar 1 Cash A/C DR ₹ 1,00,000
To Capital A/C ₹ 1,00,000
(Being Business Commenced cash Commenced business with cash ₹ 1,00,000)
Mar 4 Purchases A/C DR ₹ 85,000
To Cash A/C ₹ 85,000
(Being Purchased Goods for Cash ₹ 85,000)
Mar 7 Cash A/C DR ₹ 12,000
To Sales A/C ₹ 12,000
(Being Goods sold for cash ₹ 12,000)
Mar 12 Ambani's A/C DR ₹ 16,000
To Sales A/C ₹ 16,000
(Being Goods sold to Ambani on Credit ₹ 16,000)
Mar 16 Ram's A/C DR ₹ 13,500
To Sales A/C ₹ 13,500
(Being Goods sold to Singhania ₹ 13,500)
Mar 20 Stock A/C DR ₹ 9,000
To Sales A/C ₹ 9,000
(Being Goods sold ₹ 9000)
Mar 22 Sales A/C DR ₹ 14,400
To Creditors A/C ₹ 14,400
(Being Sold goods on credit ₹ 14,400)
Mar 24 Cash A/C DR ₹ 37,700
To Sales A/C ₹ 37,700
(Being Cash sales ₹ 37,700)
2014
Jan 1. Purchases A/C DR
To sham & sons A/C
(Being Purchases Cash from sham & sons on credit)
Answer:
purchased goods on credit ₹4200