Journalize the following transitions:
1. Commenced business with a loan of Rs.1,00,000/- from IDBI.
2. Opened a bank account by depositing Rs. 25,000/-.
3. Purchased goods of Rs. 12,000/- payment made by cheque.
4. 1/3rd of the above goods sold at profit of 20% on sales @ 2% cash discount.Rs.900/- received in cash
and balance through cheque and demand draft equally.
5. ½ of the remaining goods sold to Mehtab at 25% profit on cost. Sales tax charged @4% and paid cartage
Rs.25 (not to charge from customer).
6. Received interest Rs.1,000/- on personal investments and the same invested into the business.
7. Received V.P.P. for goods Rs.1,500/-.
8. Purchased goods of Rs.4,500/- from Ahemad. He paid VAT Rs.450/-and carriage Rs.50/- on our behalf.
9. On our instruction Mehtab made payment to Ahemad in full settlement of his account.
10. Sold goods of to Morris Rs.5,000/- for Rs. 6,000/-.VAT is chargeable Rs.500/-. Paid Rs.20/-as
carriage on his behalf.
11. Purchased one second hand scooter from Ruby for Rs.6700/-. Paid cash Rs1,000/- for repairing.
12. Received a cheque of Rs.6500/- from Morris in full settlement of his account, which is given to Ruby as
full & final payment.
13. Commission earned but not received Rs.250/-.
14. Income tax paid Rs.500/-.
15. Cash withdrawn from bank Rs.600/- for office use and Rs.400/- for private use.
16. Paid petrol charges of scooter Rs.1000/-. Scooter is used for business and personal purposes equally.
17. Morris’ cheque dishonored and returned by the bank after charging bank charges Rs.10/-.
18. Salary paid Rs.1500/- out of which Rs. 500/- is for next month.
19. Paid Rs.6,650/- to Ruby in final settlement of account.
20. Received from Morris Rs.6530/-(including bank charges)
21. Charged depreciation @5% on scooter.
22. Rent of office building paid in advance for four months Rs.1,600/-.
23. Sold goods costing Rs.2000/- @33.33% profit on sales at 5% T.D. and 10% C.D.50% amount received
in cash. VAT Collected @ 2%
24. 1/3rd of above goods returned by the customer. Cash paid Rs.900/- against the same in full settlement.
25. Customer of the above goods became insolvent and 50 paisa in a rupee could be recovered.
26. VAT paid earlier adjusted against VAT collected
27. Rent of this month adjusted from prepaid rent of office building.
28. Proprietor’s son’s fee Rs.650/- paid out of personal bank balance.
29. One bill of repairing Rs.450/- of self-residential building is yet to be paid.
30. Discount received Rs.50/-.
31. Goods costing Rs.250 given to an employee against his salary.
32. One personal car brought into the business for business use.
33. Refund of income tax Rs.150.
34. Received Rs.1,500 from Payol (a debtor) which were earlier written off as bad debts.
35. Goods of the selling price of Rs.6,000 were lost due to fire. (Profit added @ 25% on cost)
Answers
Answered by
1
Answer:
this not a good way to do homework
Similar questions