Question

Journal entries for the following :-


Paid RS . 250 as wages on installation of a machine

suupplied goods costing RS.600 to shakuntala . Issued invoice at 10% above cost less5% trade discount

paid customs duty rs.11,000 in cash on import of a new machinery

Purchased car for RS.3,00,000 by taking loan of RS.2,50,000

purchased goods from Sarah for RS.30000 (is it a credit purchase , how ? )

stock in hand RS . 20000

Answer 1

1) wages A/c Dr 250
To Cash A/c 250
(being wages paid for installation)
2) import duty A/c Dr 11000
To cash A/c 11000
(being import duty paid in cash)
3)purchase A/c Dr 300000
To loan A/c 250000
To bank A/c 50000
(being taking loan for car Rs250000 and the entire amt are come from bank A/c)
4) stock A/c Dr 20000
To Cash A/c 20000
(being stock in hand )