Question

Khushi started a business with cash 50,000 furniture of 25,000
She purchased goods from Rakshit Rs.20,000
She wasn’t able to pay the rent to Keshav due to COVID-19 pandemic of Rs.5000
Interest received Rs.4000 for the New order
Advance received from Ishan Rs.4000 for the new order
Cheap paid telephone bill in advance Rs.300

Answer 1

• JOURNAL ENTRY

Khushi started a business with cash 50,000 furniture of 25,000

Cash A/c Dr. 50,000

Furniture A/c Dr. 25,000

To capital A/c. 75,000

She purchased goods from Rakshit Rs.20,000

Purchase A/c Dr. 20,000

To Rakshit. 20,000

She wasn’t able to pay the rent to Keshav due to COVID-19 pandemic of Rs.5000

Bàd déb.ts A/c Dr. 5000

To Keshav 5000

Interest received Rs.4000 for the New order

Cash A/c Dr. 4000

To interest received A/c 4000

Advance received from Ishan Rs.4000 for the new order

Ishan A/c Dr. 4000

To advance received A/c. 4000

Cheap paid telephone bill in advance Rs.300

Prepaid expense A/c. Dr. 300

To cash A/c 300

Answer 2

Journal entry of her business -

Khushi started a business with Cash 50,000 and furniture of 25,000 -

• Cash A/c. DR. - ₹50,000
• Furniture A/c. DR. - ₹25,000
• To Capital A/c. - ₹75,000

She purchased goods from Rakshit ₹20,000 -

• Purchase A/c. DR. - ₹20,000
• To Rakshit - ₹20,000

She wasn't able to pay the rent to Keshav due to to COVID-19 pandemic of ₹5,000

• Rent A/c. DR. - ₹5,000
• To outstanding rent to Keshav A/c. - ₹5,000

Interest received ₹4,000 for the new order -

• Cash A/c. DR. - ₹4,000
• To Interest Received A/c. - ₹4,000

Advance received from Ishan ₹4,000 for the new order -

• Advance A/c. DR. - ₹4,000
• To Advance amount received from Ishan A/c. - ₹4,000

Cheap paid telephone bill in advance ₹300 -

• Prepaid A/c. DR. - ₹300
• To Telephone bill paid in advance - ₹300

hope it helps.