Question

Journalise the following transactions in the books of Gupta Brothers. (6 marks) 1. Started business with cash Rs. 30,000, Goods Rs. 15,000, Furniture Rs. 20,000. 2. Sold goods to Goyal Brothers on credit Rs. 6000. 3. Bought a vehicle for personal use Rs. 50,000. 4. Cheque drawn for personal use Rs. 800. 5. Cheque received from Goyal and deposited in the Bank. 6. There are outstanding salaries Rs. 500.​

Answer 1

Answer:

Journal entries in the books of Gupta brother

Cash a\c. Dr. 30000

Purchase a\c. Dr. 15000

Furniture a\c. Dr. 20000

To capital a\c 65000

(start business with cash ,goods and furniture)

2.

Goyal Brother's a\c. Dr. 6000

To Sales a\c. 6000

(goods sold on credit to goyal Brother's )

3.

Drawings a\c. Dr. 50000

To Cash a\c. 50000

(Bought vehicles for personal use )

4.

Drawings a\c. Dr. 800

To Bank a\c. 800

(Cash withdraw from bank for personal use )

5.

Bank a\c. Dr. 6000

To Goyal Brother's a\c. 6000

(Cheque received and deposited into bank from goyal brothers )

6.

Salary a\c. Dr. 500

To o\s salary a\c. 500

(there are outstanding salaries )