Complete the following Journal entries: 4
JOURNAL OF L LTD.
Date Particulars L.F Dr.
(Rs)
Cr.
(Rs)
Equity Share Capital A/c (470x Rs 10) ..Dr.
? ..Dr.
To Forfeited Shares A/c
To Calls- in- Arrears A/c
(470 shares forfeited for non -payment of
allotment and call money .)
4,700
?
840
?
940
6,110
?
?
?
Bank A/c .. Dr.
To ?
To ?
(60 Shares reissued at Rs 14 per share .)
? .. Dr.
To ?
(….?..
Answers
Answer:
2005
eptember 1. Started business with Rs. 100,000, paid into Bank Rs. 40,000,
2. Bought furniture for Rs. 10,000 and machinery for Rs. 20,000
3. Purchased goods for Rs. 28,000.
6. Sold goods for Rs. 16,000.
8. Purchased goods from Ishtiaq & Co. Rs. 22,000.
10. Paid telephone rent for the year by cheque Rs. 1,000.
11. Bought one typewriter for Rs. 4,200 from Universe
Typewriter Co. on credit.
15. Sold goods to Khurram for Rs. 24,000.
17. Sold goods to Ajmal for Rs. 4,000 for cash.
19. Amount withdrawn from bank for personal use Rs. 3,000.
20. Withdrew from bank for business use Rs. 7,000.
21. Received cash from Khurram Rs. 23,800, discount allowed Rs. 200.
22. Paid into bank Rs. 11,600.
25. Goods worth Rs. 2,000 found defective were returned to Ishta
& Co. and the balance of the amount due to them was settle
by issuing a cheque in their favour.
28. Bought goods worth Rs. 4,200 from Aslam and supplied then
to Akram at Rs. 6,000.
30. Akram returned goods worth Rs. 200, which in turn were se
to Aslam at Rs. 140.
30. Issued a cheque for Rs. 2,000 in favour
Explanation:
2005
eptember 1. Started business with Rs. 100,000, paid into Bank Rs. 40,000,
2. Bought furniture for Rs. 10,000 and machinery for Rs. 20,000
3. Purchased goods for Rs. 28,000.
6. Sold goods for Rs. 16,000.
8. Purchased goods from Ishtiaq & Co. Rs. 22,000.
10. Paid telephone rent for the year by cheque Rs. 1,000.
11. Bought one typewriter for Rs. 4,200 from Universe
Typewriter Co. on credit.
15. Sold goods to Khurram for Rs. 24,000.
17. Sold goods to Ajmal for Rs. 4,000 for cash.
19. Amount withdrawn from bank for personal use Rs. 3,000.
20. Withdrew from bank for business use Rs. 7,000.
21. Received cash from Khurram Rs. 23,800, discount allowed Rs. 200.
22. Paid into bank Rs. 11,600.
25. Goods worth Rs. 2,000 found defective were returned to Ishta
& Co. and the balance of the amount due to them was settle
by issuing a cheque in their favour.
28. Bought goods worth Rs. 4,200 from Aslam and supplied then
to Akram at Rs. 6,000.
30. Akram returned goods worth Rs. 200, which in turn were se
to Aslam at Rs. 140.
30. Issued a cheque for Rs. 2,000 in favour