Journalise the following transactions in the books of Harpreet Bros:
(a) Goods worth Rs 20,000 were used by the proprietor.
(b) Charge Depreciation @10% p.a. for two months on machine costing Rs 3,00,000.
(c) Provide interest on capital of Rs 15,00,000 at 6@ p.a. for 9 months.
(d) Rahul who owed us Rs 20,000 becomes insolvent and a final dividend of 60 paise in a rupee is received from his estate by cheque.
(e) Goods costing Rs 80,000 sold to Mohan for Rs 1,00,000.
Answers
Answer:
a) drawing a/c dr. 20000
to purchases a/c 20000
e) mohan dr. 1,00000
to sales 80000
to p n l a/c 20000
Journal of Harpreet Bros
Explanation:
a) Drawings A/c …Dr. 20,000
To Purchase A/c 20,000
(being goods used by proprietor)
b) Depreciation A/c …Dr. 5000
To Machinery A/c 5000
(being depreciation charges for 2 months)
c) Interest on Capital A/c … Dr. 67,500
To Partner's Capital A/c 67,500
(being interest on capital provided for 9 months
at 6%)
d) Bank A/c … Dr. 12,000
Bad-Debt A/c … Dr. 8000
To Rahul 20,000
(being received out 20,000 from Rahul)
e) Purchase A/c … Dr. 1,00,000
To Mohan 1,00,000
( being goods costing 80,000 sold to Mohan at 1,00,00,)