Question

pass the journal entries for the following transactions.(a)rent due to landlord ₹5,000.
(b) capital invested by the proprietor in the buisness ₹50,000 allowed interest on capital @5%p.a.
(c)accured commission ₹12,000.
(d) prepaid interest ₹500
(e) interest on drawings ₹1,150.
(f) Depreciation charged on plant (cost ₹1,25,000)@12%p.a.
(g) goods withdraw for personal use ₹2,400.​

Answer 1

Answer:

a) Rent A/c. ------Dr. 5000

To outstanding rent 5000

(being rent due to landlord)

e) Drawings A/c. ------Dr. 1,150

To interest on Drawings. 1,150

(being interest on drawings charged )

f) Depreciation A/c. ----- Dr. 1500

To plant A/c. 1500

(being depreciation charged)

{ 125000×12/100} = 1500

g) Drawings A/c ------Dr. 2400

To purchases A/c. 2400

(being goods withdrawn for personal use)