Journalise the following transaction:
Answers
Answer:
Explanation:
01.03.20 Cash A/c Dr 1,00,000.00
Bank A/c Dr 7,00,000.00
To Capital A/c 8,00,000.00
(being started business with Cash)
03.03.20 Purchase A/c Dr 25,000.00
To Narayan A/c 25,000.00
(Being purchased Goods from Narayan)
05.03.20 Cash A/c Dr 70,000.00
To Sales A/c 70,000.00
(Being goods sold to Rama)
07.03.20 Bank A/c Dr 1,00,000.00
To Cash A/c 1,00,000.00
(Being cash deposited into Bank)
09.03.20 Loss by Fire A/c Dr 6,000.00
To Purchase A/c 6,000.00
(being loss by fire )
12.03.20 Shyam A/c Dr 2,150.00
Discount A/c Dr 50.00
To Shyam A/c 2,200.00
(Being amount paid to Shyam & discount allowed by him)
15.03.20 Narayan A/c Dr 1,500.00
To Purchase A/c 1,500.00
(Being rebate allowed by Narayan for poor quality of goods supplied)
17.03.20 Narayan A/c Dr 6,000.00
To Purchase return 6,000.00
(Being goods returned to Narayan)
for claim lodged with Insurance company can not be termed as receivable from Insurance Company till it is admitted. If the claim is admitted, then the entry will be
19.03.20 Insurance Co Dr 6,000.00
To Loss by Fire A/c 6,000.00
(being insurance company admitted the claim)
Journal book of 2020
1 March :
Cash A/c . . . Dr - 1,00,000
Bank A/c . . . Dr - 7,00,000
- To capital A/c - 8,00,000
( Being started business with cash and cheque )
3 March :
Purchase A/c . . . Dr - 25,000
- To Narayan - 25,000
( Being goods purchased on credit )
5 March :
Cash A/c . . . Dr - 70,000
- To sales A/c - 70,000
( Being goods sold in cash )
7 March :
Bank A/c . . . Dr - 1,00,000
- To cash A/c - 1,00,000
( Being opened a bank A/c and cash banked )
9 March :
Lost by Fire A/c . . . Dr - 6,000
- To purchases A/c - 6,000
( Being goods lost by fire )
12 March :
Shyam's A/c . . . Dr - 2,200
- To discount received A/c - 50
- To cash A/c - 2,150
( Being cash paid to Shayam and discount received )
15 March :
Narayan's A/c . . . Dr - 1,500
- To purchase A/c - 1,500
( Being rebate allowed by Narayan for poor quality of goods )
17 March :
Narayan's A/c . . . Dr - 6,000
- To purchase return A/c - 6,000
( Being goods returned to Narayan )
19 March :
Insurance claim A/c . . . Dr - 6,000
- To lost by fire A/c - 6,000
( Being insurance company admitted the claim for lost of goods by fire )