Journalize the following transactions. 2021 oct
1 .commenced business with cash Rs.1,75,000
2.Goods purchased for cash Rs.75,000
3.Sold goods to ramesh RS. 30,000
4.Paid wages of RS . 500
6.Sold goods for cash RS. 10,000
10. Paid for trade expenses RS.700
12. Cash received from ramesh RS 29,500 and discount allowed RS .500
14. Goods purchased from suma RS .27,000
18.Cartage paid RS .10,000
20.Drew cash for personal use RS.5,000
22.Goods used for house hold purpose RS.2,000
25.cash paid to sum a RS.26,700 and discount of RS.300
Answers
Journal Entries :
1.)
Cash A/C ----------- Dr. 1,75,000
To Capital A/C 1,75,000
(Being the business started with cash ₹ 1,75,000.)
2.)
Purchases A/C -------Dr. 75,000
To Cash A/C 75,000
(Being the goods purchased against cash ₹ 75,000 )
3.)
Ramesh's A/C -------- Dr. 30,000
To Sales A/C 30,000
( Being the goods sold on Credit to Ramesh )
4.)
Wages A/C -------Dr. 500
To Cash A/C 500
( Being the wages paid against cash )
6.)
Cash A/C -------Dr. 10,000
To Sales A/C 10,000
( Being the goods sold against cash ₹ 10,000 )
10.)
Trade Expenses A/C -------Dr. 700
To Cash A/C 700
( Being the Trade Expenses paid against cash ₹ 700 )
12.)
Cash A/C ------------------------Dr. 29,500
Discount Allowed A/C --- ---Dr. 500
To Ramesh's A/C 30,000
( Being the cash received from Ramesh and discount of ₹500 allowed . )
14.)
Purchases A/C -------Dr. 27,000
To Suma's A/C 27,000
( Being the goods purchased from Suma on Credit )
18.)
Cartage A/C -------Dr. 10,000
To Cash A/C 10,000
( Being the Cartage paid against cash )
20.)
Drawings A/C -------Dr. 5,000
To Cash A/C 5,000
( Being the drawing of Cash made )
22.)
Drawings A/C -------Dr. 2,000
To Goods A/C 2,000
( Being the drawings of goods made )
25.)
Suma's A/C ------------------------Dr. 27,000
To Cash A/C. 26,700
To Discount Received A/C 300
( Being the dues amount paid to Suma and a discount of ₹ 300 received )
**Note :
Don't forget to write Grand Total and draw the format correctly.
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