Question

Journalise the following transactions in Balan's books:
1985
Jan 1- Balan started business by investing cash Rs. 50,000. He bought goods of Rs. 4,000 and furniture of Rs. 500.
2 - Purchased building for Rs. 10,000
3- Purchased goods for cash Rs. 3,000
4-Purchased goods on credit Rs. 2,500
5- Paid cartage Rs. 20. ​

Answer 1

Answer:

20020

Explanation:

Jan 1-4000+500=4500

Jan 2=10000

Jan 3=3000

Jan 4=2,500

Jan 5=20

now we add all amounts=4500+10000+3000+2500+20=20020 Ans

Answer 2

Answer:

A journal entry is an act of recording any transaction, whether it is commercial or not.

An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry. The amount of the debits and credits must be equal in order for the journal entry to be declared balanced.

Depreciation or bond amortisation are examples of recurring items that can be recorded in journal entries. Accounts payable normally has its own sub-ledger that indirectly impacts the general ledger, and journal entries are frequently filed using a different module in accounting software. As a result, general ledger account balances are changed immediately by journal entries. The accurate date, the amount(s) that will be debited, the amount that will be credited, a description of the transaction, and a special reference number (such as a check number) are all included in a fully documented journal entry.

Explanation:

journal entries in the books of Balan Account as on 1985

1. cash a/c Dr.50000/-

purchase a/c Dr.4000/-

Furniture a/c Dr.500/-

       To capital a/c       54500/-

(Being business started with cash, goods, furniture)

2. building a/c Dr.10000/-

         To cash a/c               10000/-

(Being building purchase with cash)

3.   purchase a/c Dr.3000/-

           To cash  a/c           3000/-

(Being purchased goods for cash)

4.     purchase a/c Dr. 2500/-

            To creditor a/c 2500/-

(Being goods purchased on credit)

5.   cartage a/c Dr. 20/-

          To cash a/c 20/-

(Being paid cartage)

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