Question

Jayeseeli is a sole proprietor having a provisions store. Following are the transactions during the month of january, 2018 journalise them.
Jun
1. Commenced buissness with cash - 80,000
2. Deposited cash with bank - 40,000
3. Purchased goods by paying cash - 5,000
4. Purchased goods from Lipton&co . on credit - 10,000
5. Sold gods to joy and received cash - 11,000
6. Paid salaries by cash - 5,000
7. Paid Lipton&co. by cheque for the purchases made on 4th Jan
8. Brought furniture by cash - 4,000
9. Paid electricity charges by cash - 1,000
10. Bank paid insurance premium as per standing instructions ​

Answer 1

1. Transaction : Jayaseeli commenced buissness with cash 80,000

Analysis : This is cash transaction as cash is involved

___________________________________

2. Transaction : Deposited cash into bank 40,000

Analysis : This is a cash transaction as cash is involved

_________________________________

3. Transaction : Purchases goods by paying cash 5,000

Analysis : This is a cash transaction as cash is involved

____________________________________

4.Transaction : Purchased goods from Lipton&Co on credit 10,000

Analysis : This is a credit transaction

____________________________________

5. Transaction : Sold goods to joy and recieved cash 11,000

Analysis : This is a cash transaction as cash is involved

____________________________________

6. Transaction : Paid salaries by cash 5,000

Analysis : This is a cash transaction as cash is involved

____________________________________

7. Transaction : Paid Lipton&Co by cheque for the purchases made on 4th jan

Analysis : This is a bank transaction as bank is involved

____________________________________

8. Transaction : Brought furniture by cash 4,000

Analysis : This is a cash transaction as cash is involved

____________________________________

9. Transaction : Paid electricity charges by cash 1,000

Analysis : This is a cash transaction as cash is involved

____________________________________

10. Transaction : Bank paid insurance premium as per standing instructions

Analysis : This is a bank transaction as bank is involved

____________________________________