Journalise The following
June 1 Raghunath started business with cash Rs. 80,000, Goods Rs. 40,000 and
Furniture Rs. 20,000
June 2 Sold goods to Nandlal of the list price of Rs. 20,000 at trade discount of 10%
June 4 Nandlal returned goods of the list price of Rs. 4,000
June 8 Received from Nanlal Rs. 14,150 in full settlement in his account.
June 10 Purchased goods from Brij Mohan of the list price of Rs. 10,000 at 15% Trade
discount
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Answers
Answer:
Let us first Recall the journal rules
Golden Rules of Journal
Personal account rule
Debit- The receiver.
Credit- The giver.
Real account rule
Debit- What comes in.
Credit- What goes out.
Nominal account rule
Debit- All expenses and losses.
Credit- All incomes and gains.
Now
The journal entries will be
June 1 Cash A/C DR ₹ 80,000
Purchases A/C DR ₹ 40,000
Furniture A/C DR ₹ 20,000
To Capital A/c ₹ 1,40,000
(Being business started with Cash, Goods & Furniture)
June 2 Nandlal A/C DR ₹ 18,000
To Sales A/C ₹ 18,000
(Being goods sold less trade discount)
June 4 Sales Return A/C DR ₹ 3,600
To Nandlal's A/C ₹ 3,600
(Being Goods returned by Nandlal of the list price of Rs. 4,000)
June 8 Cash A/C DR ₹ 14,150
Discount Received A/C DR ₹ 250
To Nandlal 's A/C ₹ 14,140
(For cash received and discount allowed)
June 10 Purchases A/C DR ₹ 8,500
To Brij Mohan's A/C ₹ 8,500
(Being Goods purchased from Brij Mohan of the list price of Rs. 10,000 at 15% Trade discount )
Explanation:
Cash A/c. Dr.
Purchases A/c. Dr.
Furniture A/c. Dr.
To Capital A/c
(For business started with Cash, Goods & Furniture)
Rs.
80,000
40,000
20,000
18,000
3,600
Rs.
1,40,000
Nandlal A/c. Dr.
To Sales A/c
(For goods sold less trade discount)
18,000
Sales Return A/c. Dr.
To Nandlal
(For goods returned by Nandlal Rs. 4,000 less 10%)
3,600
Cash A/c. Dr.
Discount A/c. Dr.
To Nandlal
(For cash received and discount allowed)
14,150
250
14,400
Purchases A/c Dr.
To Brij Mohan
(For goods purchased on credit)
Brij Mohan A/c. Dr.
To Purchases Return A/c.
(For goods returned to Brij Mohan Rs. 1,000 less 15%)
850
850
Brij Mohan A/c. Dr.
To Cash A/c.
To Discount A/c.
(For cash paid and discount received)
7500
7344
306
Purchases A/c Dr.
To Anil A/c
To Sunil A/c
15,000
5,000
10,000
Anil A/c. Dr.
To Cash A/c
To Discount A/c
(For cash paid and discount received)
2,000
1,900
100
Sunil A/c. Dr.
To Cash A/c
To Discount A/c
(For cash paid to Sunil and discount received)
10,000
9,800
200
Drawings A/c Dr.
To Cash A/c
(For table fan bought for domestic use)
1,200
1,200
Cash A/c. Dr.
Discount A/c. Dr.
To Sales A/c.
(For goods worth Rs. 8,000 sold at 10% trade discount
and 3% cash discount