Question

Donate goods of RS 5000 to ashram

Answer 1

CONCEPT ÷

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DONATE GOODS OF ₹ 5000 TO ASHRAM .

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JOURNAL ENTRY .....

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$\color{red} \boxed{ \frac{ashram \: \: \: \: \: \: \: \: 5000}{to \: charity \: account \: \: \: \: 5000} } \\ (being \: donation \: of \: 5000 \: to \: charity)$

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Clarification.÷

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Donate goods means goods donate to charity. ...Hence charity Account is credited with ashram .

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Important information

(•) Journal entry is incomplete without narration.

(•)Journal entry is required for the commencement of other steps in accounting process.

(•) Journal is helpful for preparing ledger.

(•) Journal entry is the recording of all the transactions .

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Thanks ☺️

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