Question

journalize the following transactions of swoop traders2017 jan
1 businesss started with cash 100000
2 opened bank account with sbi 5000
3 purchased goods for cash 10000
4 sold goods to suma20000
5 goods returned from suma 2000
6 cash recieved from suma 17500 in full settlement in her account
7 paid for stationery :1000
8 paid for rent by cheque :4000
9 drew for personal use :3000
10 purchased furniture on credit from anu steels hubli:10000
11 salary outstanding :60000​

Answer 1

Answer:

Required Journal Entries :

In the Books Of Swoop Traders ;

1. Cash ac Dr. 1,00,000

To capital ac. 1,00,000

( Started Business With Cash )

2. Cash ac Dr. 5,000

To bank ac 5,000

( Opened Bank Account )

3. Purchases ac Dr. 10,000

To Cash ac. 10,000

( Purchased Goods for Cash )

4. Suma ac Dr. 20,000

To Sales ac. 20,000

( Sold goods to Suma )

5. Suma ac Dr. 2,000

To sales Return ac. 2,000

( Goods Returned from Suma )

6. Cash ac Dr. 17,500

To Suma 17,500

( Cash received From Suma )

7. Stationery ac Dr. 1,000

To Cash ac. 1,000

( Paid For Stationery )

8. Bank ac Dr. 4,000

To Rent 4,000

( Paid Rent by Cheque )

9. Drawings ac Dr. 3,000

To Cash ac. 3,000

( Drew For personal use )

10. Anu Steels ac Dr. 10,000

To Purchases ac 10,000

( Purchased from Anu steels )

11. Salary Outstanding ac Dr. 60,000

To Cash ac. 60,000

( Salary Outstanding )

Format Of Journal Entry is attached ;