Question

Journalise the following transactions in the books of Sanjay Trading Company
15
Jan 1. Started business with Cash Rs. 50,000 Bank Balance Rs. 80,000 and Building Rs 2,00.000. Out
of the cash introduced 50% was borrowed from Roma.
Jan 4. Purchased goods worth Rs. 60,000 from Kiran @ 12% GST and amount paid by cheque.
Jan 9 Paid for Advertisement Rs. 8,000.
Jan 12. Purchased a Horse for Rs. 45,000 and paid carriage Rs. 3,000.
Jan 14. Sold goods to Pravin worth Rs. 90,000 at 10% Trade discount and 5% cash discount terms.
Jan 18. Received Rent Rs. 4,000 and commission Rs. 5,000.
Jan 25. Purchased shares of Mahindra Company Rs. 40,000 and Rs. 1,000 paid as brokerage
Jan 30. Sold goods to Meena worth Rs. 20,000 at 10% Trade discount and Y2 amount received by cash
and 5% cash discount is allowed.
Jan 31. Received cash of Rs. 80,000 from Pravin in full settlement of his account​

Answer 1

Answer:

See the Picture and if you have any doubts then feel free to ask

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THANK YOU

Explanation:

There was a mistake in entry for date - Jan14 because in question it was not clearly mentioned that he has made the payment or not.

Answer 2

January 1

cash a/c. Dr. 50000

bank a/c. Dr. 80000

building a/c. Dr. 200000

to capital a/c. 305000

to Rama a/c. 25000

January 4

purchase a/c. Dr. 60000

input GST a/c. Dr. 7200

to bank a/c. 67200

January 9

advertisement a/c. Dr 8000

to cash a/c. 8000

January 12

horse a/c Dr. 45000

carriage inward a/c. Dr. 3000

to cash a/c. 48000

January 14

Pravin a/c. Dr. 81000

to sales a/c. 81000

January 18

cash a/c. Dr. 9000

to rent a/c. 4000

to commission a/c. 5000

January 25

shares a/c. Dr. 40000

brokerage a/c. Dr. 1000

to cash a/c. 41000

January 30

Meena a/c. Dr. 18000

to sales a/c. 18000

January 31

cash a/c. Dr. 80000

discount allowed a/c. Dr. 1000

to Pravin a/c. 81000