Question

give me answer to this

Answer 1

The Journal entry for the above mentioned transactions are as follows ;-

1. Krishna Started Business with ₹ 45,000

Cash A/c. ――― Dr.. 45,000
To Capital A/c. 45,000
(Being Cash brought into the business by krishna as capital).

2. purchase goods for cash ₹ 12,000

Purchases A/c. ――― Dr.. 12,000
To Cash A/c. 12,000
(Being Goods purchased for cash).

3. Cash deposited into Bank ₹ 12,400

Bank A/c. ――― Dr. 12,400
To Cash A/c. 12,400
(Being Cash deposited into Bank).

4. Goods sold for cash ₹ 18,000

Cash A/c. ――― Dr. 18,000
To Sales A/c. 18,000
(Being Goods sold for cash).

5. Cash paid to priya ₹ 1,000

Priya A/c. ――― Dr. 1,000
To Cash A/c. 1,000
(Being Cash paid to priya).

6. Goods purchased from Raja ₹ 5,000

purchases A/c. ――― Dr. 5,000
To Raja A/c. 5,000
(Being Goods purchased from Raja on credit).

7. Goods sold to kalyan ₹ 4,000

Kalyan A/c. ――― Dr. 4,000
To Sales A/c. 4,000
(Being Goods sold to kalyan on credit).

8. purchased Furniture ₹ 2,000

Furniture A/c. ――― Dr. 2,000
To Cash A/c. 2,000
(Being furniture purchased for cash).

9. Received Cash from kalyan ₹ 750

Cash A/c. ――― Dr. 750
To Kalyan A/c. 750
(Being Cash received from kalyan).

10. Goods purchased from Ramya with 2% Trade Discount ₹ 5,000

Purchases A/c. ――― Dr. 4,900
To Ramya A/c. 4,900
(Being Goods purchased from Ramya at 2% Trade discount).

11. Paid to hareesh ₹ 2,500

Hareesh A/c. ――― Dr. 2,500
To Cash A/c. 2,500
(Being Cash paid to hareesh).

12. Withdrew from Bank ₹ 1,000

Drawings A/c. ――― Dr. 1,000
To Bank A/c. 1,000
(Being Cash withdrawn from bank for personal use).

13. Stationery ₹ 1,200

Stationery A/c. ――― Dr. 2,500
To Cash A/c. 2,500
(Being Stationery purchased for Cash).

14. Commission received ₹ 1,500

Cash A/c. ――― Dr. 1,500
To Commission A/c. 1,500
(Being Commission Received)

15. Paid rent ₹ 1,700

Rent A/c. ――― Dr. 1,700
To Cash A/c. 1,700
(Being Rent paid).

16. paid Salaries ₹ 5,000

Salaries A/c. ――― Dr. 5,000
To Cash A/c. 5,000
(Being Salaries Paid).

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Total : 1,17,950(Dr. Side) ; 1,17,950(Cr. Side)
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