Question

*Journal Entry*
Ramesh started business with cash ₹100000
Paid for repair of premises ₹10000
Paid into bank ₹70000
Loan from bank ₹25000
Bought goods for cash ₹5000
Drew cash from bank for office use ₹1000
Bought goods from Shyam ₹22500
Paid for carpage ₹500
Sold goods to Krishna ₹15000
Received from Krishna ₹15000
Paid to Shyam by cheque ₹22500
Cash sales for the month ₹8000
Paid salary to Ram ₹3000
Paid interest on loan from Bank on repayment ₹250

Answer 1

Cash dr
Capital cr
(Bring business started)
Repair dr
Cash cr
(Paid for repair of premises)

Bank dr
Cash cr
(Deposited into bank )

Cash dr
Loan from bank cr
(Loan received from bank )

Purchases ac dr
Cash account cr
(Goods are purchased )

Cash ac dr
Back ac cr
(Cash withdraw from bank )

Purchase ac dr
Shayam ac cr
(Goods purchase from shayam on credit)

Carpage ac dr
Cash ac cr
(Carpage paid)

Krishma ac dr
SAle ac cr
(Goods sold to karishna)

Cash ac dr
Karishna ac cr
(Cash received from karishna)

Shayam ac dr
Bank ac cr
(Cheque paid to shayam )

Cash ac dr
Sales ac cr
(Cash sales recorded)

Salary ac
Cash ac cr
(Salary paid to ram)

Interest in loan dr 250
Bank ac cr 250
(Interest paid on loan)

Answer 2

The journal entries are-

      Particulars                              Debit (in rupees)           Credit(in rupees)

1. Cash account debit                 10,0000

 To capital account                                                             10,0000

( business started with cash)

2. Repair account debit              10,000

  To cash account                                                                  10,000

( Premises being repaired with cash)

3. Bank account debit                  70,000

To cash account                                                                      70,000

( Cash deposited into the bank)

4. Cash account debit                  25,000

  To  Loan account                                                                  25,000

(Being loan taken from the bank)

5. Purchase account debit           5,000

 To cash account                                                                         5,000

(being goods purchased with cash)

6. Cash account debit                     1.000

  To bank account                                                                      1,000

( Being cash drawn from the bank)

7.  Purchase account debit              22,500

  To Shyam account                                                                  22,500

( being goods purchased from Shyam)

8. Carpage account debit                500

  To cash account                                                                       500

( carpage repaired with cash)

9. Krishna account debit                  15,000

To goods account                                                                         15,000

(being goods sold)

10. Cash account debit                       15,000

   To Krishna account                                                                   15,000

11. Shyam account debit                    22,5000

    To bank account                                                                      22,500

(being paid by cheque)

12. Cash account debit                     8,000

     To sales account                                                                          8,000

(given its cash sales)

13. Salary account debit                      3,000

To cash account                                                                           3,000

( being salary paid)

14. Interest account debit                      250

     To bank account                                                                      250

( being Interest paid)

              Total-                                      410250                             410250