Question

Journal entry of primary purchased from Gopal of rs 50000 on credit​

Answer 1

Answer:

Different kind of business transaction is recorded in the journal in sequential order. When the journal transaction is recorded in the journal it becomes journal entries. Journal entries are the systematic order record of the financial transaction in the journal. Journal entries consist of the name of debit and credit involved in the financial transaction with a brief narration. It is the basis of making ledger. There is example of two transactions and their journal entries:

Baisakh 10 Cash of Rs. 10000 received from ram.

Baisakh 11 Paid for the salary of Rs. 5000 and rent Rs. 5000.

Journal Entries

DateParticularL.FDebit Rs.Credit Rs.Baisakh 10Cash a/c.............................Dr.10,000To Ram's a/c10,000(Being cash received from Ram)Baisakh 11Salary a/c....................................Dr.5000Rent a/c......................................Dr.5000To Cash a/c10,000(Being paid for salary and rent)Total20,00020,000

Simple and compound journal entry

Simple journal entry is composed of one debit and another credit account. The journal entry of Baisakh 10 shown above is the simple journal entry.

Explanation:

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