Question

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:
b) Show Journal entries for the following transactions:
2020
Jan 2 : Cash deposited into bank Rs.30,000
Jan 4
Cash withdrawn from bank for office use Rs. 5000
Jan 5
Purchased goods for Rs.5000 and paid by cheque.
Jan 6
: Purchased furniture and paid by cheque Rs 2000.
Jan 7
Purchased goods for Rs.20,000, paid in cash Rs. 12,000 and balance by cheque.
Jan 8
Purchased a comp. from HCL Ltd. For 20,000 paid in cash Rs.8000 and
balance by cheque.
Jan 9
Sold goods to A for Rs.30,000 and received a cheque from him {The cheque
deposited in to bank on same day for collection)
Jan 10
Goods sold to Eshwar and received a cheque Rs. 15000
Jan 11
Sold goods to Rahim for Rs.10,000 and received a cheque.
Jan 12
Sold goods to Sridhar for Rs.18,000, received cash Rupees 8,000, cheque Rs.10,000.
Jan 13
Sold old furniture for Cash Rs.3000
Jan 14
Sold old equipment for Rs.5000 and received a cheque.
Jan 15
Sold goods to Sitaram for Rs.7500 and received a cheque from him. The
cheque was deposited in bank on next day.
Jan 16
Cheque received from A for Rs.5,000 and gave it to Murali Enterprises for
furniture purchased.
Jan 17 Sold an old motor car for Rs.50,000 and received a cheque and it is deposite
into bank on the next day.
Jan 19
Purchased a furniture meant for re-sale Rs. 12,000
Jan 20
Sold furniture out of those meant for resale Rs.16,000​

Answer 1

JOURNAL ENTRIES

Explanation:

This question applies major three rule of the Journal:-

1. Debit what comes in, credit what goes out.

2. Debit the reciever, credit the giver.

3. Debit all the expenses, credit all the gains.

REFER TO THE IMAGES FOR THE ANSWER.