Journalise the following transactions:
1. Purchased goods for cash Rs. 10,000
2. Purchased stationery for cash Rs. 500
3. Purchased furniture for cash Rs. 3,000
4. Sold goods for cash Rs.8,000.
5. Sold goods to Jane for cash Rs. 3,000
6. Sold goods to James Rs. 2,000
Ereso m bun
7. Paid Rent to Krishnan, the landlord Rs. 800
8. Paid salary of Rs. 8,000
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9. Paid Lokesh, the manager his salary of Rs. 3,000
10. Paid freight on goods purchased Rs. 300
11. Paid freight on machine purchased Rs. 400
12. Paid wages Rs. 500
13. Paid wages to erect a machine Rs.1,000
Answers
Explanation:
1.goods a/c dr. 10,000
to cash a/c 10,000
2. stationary a/c dr. 5,000
to cash a/c 5,000
3. furniture a/c dr. 3,000
to cash a/c 3,000
4. cash a/c dr. 8,000
to goods a/c 8,000
5. cash a/c dr. 3,000
to goods a/c 3,000
(sold goods to jane)
6. Rent a/c dr. 800
to krishanan a/c 800
(paid rent to krishanan)
JOURNAL ENTRIES
GIVEN: Transaction of a business
TO FIND: Journal Entries
SOLUTION: According to the question,
The following transactions will be recorded in the journal of the business based on the nature of accounts and dual aspect of book writing.
Goods A/c --dr. 10,000
To cash A/c 10,000
(being goods purchased for cash.)
Stationary A/c --dr. 5,000
To cash A/c 5,000
(being stationery purchased for cash.)
Furniture A/c --dr. 3,000
To Cash a/c 3,000
(being furniture purchased for cash.)
Cash A/c --dr. 8,000
To Goods A/c 8,000
(being goods sold for cash.)
Cash A/c --dr. 3,000
To goods A/c 3,000
(being goods sold to jane)
Rent A/c --dr. 800
To Krishnan A/c 800
(being rent paid to Krishnan)
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