Question

► Journalise the following:
1. Goods purchased for Rs. 5, 000 were used by the proprietor for personal purposes.
2. Rs. 200 due from Hari are bad debts.
3. Goods uninsured of Rs. 3, 000 (purchased cost) were destroyed by fire.
4. Goods costing Rs. 1,000 damaged by fire and Insurance Company accepted claim of Rs. 800
and cheque is received from the Insurance Company.
5. Goods costing Rs. 500 given as charity (sales Price Rs. 600).
6. Paid Landlord Rs. 1, 500 for rent.
7. Sold household furniture for Rs. 5,000. The proceeds were invested into business.​

Answer 1

Answer:

1. Drawings A|c....dr 5,000

To cash A|c 5,000

3. loss of Stock by fire A|c...dr 3,000

To Purchases A|c 3,000

4. Loss of Stock by fire A|c...dr 1,000

To Purchases A|c 1,000

insurance company A|c....dr 800

Loss of Stock by fire A|c...dr 200

To Purchases A|c 1,000

Bank A|c....dr 800

To Insurance Company A|c

5. charity A|c....dr 500

To Purchases A|c 500

6. Rent A|c....dr 1,500

To rent outstanding A|c 1,500

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