Journal Entries :
Give journal entries (narrations not required) to rectify the following:
(i) Purchase of Furniture on credit from Nigam for ₹3,000 posted to Subham account as ₹300. (ii) A Sales Return of ₹5,000 to Jyothy was not entered in the financial accounts though it was duly taken in the stock book.
(iii) Investments were sold for ₹75,000 at a profit of ₹15,000 and passed through Sales account.
(iv) An amount of ₹10,000 withdrawn by the proprietor (Darshan) for his personal use has been debited to Trade Expenses account.
Answers
Answer:
Explanation:
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Answer:
The journal entry will be:
Furniture A/C Dr 2700
Subham A/C Dr 300
To Nigam A/C 3000
Explanation:
What is meant by journal entry ?
All company transactions are documented in journal entries. Any financial activity that has an effect on the firm is a transaction, in the broadest sense. They encompass every transaction involving the exchange of money, including interest payments, depreciation, costs, and payroll. They are not just restricted to the purchasing and selling of goods and services.
The Journal, also known as the Book of Primary Entry, serves as the initial log of every business transaction. After that, the data from these straightforward journal entries is transferred to the other books of accounts.
Sale return A/C Dr 5000
To Jyothi/C 5000
Sales A/C Dr 75000
To investment A/c 60000
To P/L A/c 15000
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