Journalize the following transactions in the books of Kesh Nath for May 2021:
May 1: Kesh Nath started business with Rs.5,00,000 of which 25% amount was borrowed from wife.
May 4: Purchased goods from Anil worth Rs.20,000 at 20% Trade Discount and 1/5th amount paid in cash.
May 7: Cash purchases Rs.12,500.
May 10: Sold goods to Sameer Rs.15,000 at 30% Trade Discount and received 30% amount in cash.
May 12: Deposited cash into bank Rs.10,000.
May 15: Uninsured goods destroyed by fire Rs.2,750.
May 17: Paid Audit Fee Rs.5,400.
May 19: Received commission Rs.1,750.
May 22: Paid to Anil Rs. 12.750 in full settlement of A/e.
May 25: Cash stolen from cash box Rs.500.
May 27: Received from Sameer Rs. 7,250 and discount allowed Rs.100.
May 31: Interest received Rs.1,200 directly added in our bank account.
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Answer:
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May 2021
1
Wife's Loan Ac _dr 1,25,000
Bank ac _dr 3,75,000
To Capital ac 5,00,000
(being commencement of business; 25% Capital borrowed from wife.)
4
Purchases ac _dr 16,000
To Cash ac 3,200
To Anil 12,800
(being the goods purchased from Anil, 1/5th amount paid in cash.)
7
Purchases ac _dr 12,500
To Bank ac 12,500
(being cash purchases.)
10
Sameer _dr 7,350
Cash ac _dr 3,150
To Sales ac 10,500
(being goods sold to sameer @30% trade discount, recieved 30% of amount in cash)
12
bank ac _dr 10,000
To cash ac 10,000
(being cash deposit into bank.)
15
Loss of Stock by Fire ac _dr 2750
To Purchases 2750
(being uninsured goods destroyed by fire.)
17
Audit Fees ac _dr 5,400
To Bank ac 5,400
(being audit fees paid)
19
Cash ac _dr 1750
To Commission Received ac 1750
(being commission received.)
22
Anil _dr 12,800
To Bank ac 12,750
To discount received ac 50
(being payment to anil in full settlement.)
25
Theft ac _dr 500
To Cash 500
(being being cash stolen from cash box.)
27
cash ac _dr 7150
Discount Allowed ac _dr 100
To Sameer 7250
(being amount received from Sameer, allowed rs100 discount. )
31
Bank ac _dr 1,200
To Interest Received ac 1,200
(being interest received in bank)
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