Question

Enter the following transactions in journal and post them into ledger:
2015
Feb 1Business started with cash ₹80,000
Feb 4 Deposited cash into bank ₹18,000
Feb 7 Salaries paid ₹15,000
Feb. 10 Purchased computer ₹25,000
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Answer 1

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 :-

2015

Feb 1    Cash A/C   DR   ₹ 80,000

                TO Capital A/C               ₹80,000

  (Being Business started with cash ₹80,000)

Feb 4   Bank A/C    DR   ₹ 18,000

                 TO Cash A/C                 ₹ 18,000

 (Being Deposited cash into bank ₹18,000)

Feb 7   Salaries A/C   DR    ₹15,000

                 TO Cash A/C                  ₹ 15,000

       (Salaries paid ₹15,000)

Feb 10    Computer    A/c     Dr     ₹25,000

                       To Cash A/c                           ₹25,000    

      (Being computer purchased ₹25,000)