Question

Pass the necessary Journal entries for the following transactions:

1.) Deposited in bank for opening a Current Account ₹10,000.
2.) Withdrawn from bank ₹5,000.
3.) Received a cheque from Ramesh to whom goods were sold for ₹12,000 last year. Allowed him 1% discount on payment.
4.) Ramesh's cheque deposited in bank.
5.) Ramesh's cheque dishonoured (bank charges ₹20).
6.) Ramesh settled his account by issuing cheque including ₹60 for interest ₹12,080.
7.) Cash directly deposited by Raja (Customer) in bank account ₹8,000.
8.) Bank draft got issued in favour of M/s Lal & Sons ₹5,000. Bank charges ₹700.
9.) A bill of exchange of ₹4,000 (due after one month) discounted from bank for ₹3,800.
10.) Bank charges debited by bank ₹400.
11.) Goods sold for cash ₹7,000 and half of the sale proceeds deposited in bank.​

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Answer 1

Answer:

This is the answer....

Plz refer above images....

Answer 2

                          Journal Entries

1.  Bank A/C DR 10,000

                        To Cash A/C 10,000

( Being cash deposited into bank )

2. Cash A/C DR 5,000

       To Bank A/C 5,000

( Being cash withdrawn from bank )

3. Cheque in hand  A/C DR  11,880

Discount A/C DR 120

          To Ramesh A/C 12,000

( Being cheque recieved  )

4. Bank A/C DR  11,880

          To Cheque in hand A/C 11,880

( Being cheque deposited into bank  

5. Bank Charges A/C DR 20

      To Bank A/C  20

( Being bank charges dedcuted from bank account  )

5. Ramesh  A/C DR 12,020

             To Cheque in hand  A/C DR 11,880

             To Discount Allowed A/C DR 120

             To Bank Charges A/C         20

( Being cheque dishonoured )

6. Bank A/C DR   12,080

                 To Ramesh A/C 12,000

                  To Interest A/C 80

( Being amount paid by Ramesh )

7. Bank A/C DR 8,000

        To Raja A/C 8,000

( Being amount directly deposited in bank )

8. M/S Lal A/C DR 5,000

   Bank Charges A/C DR 700

                        To Bank A/C  5,700

( Being draft issued  and bank charges deducted from bank )

9.  Bank A/C DR 3,800

Discounting Charges A/C DR 200

                To Bills of exchange A/C 4,000

( Being bill discounted from bank )

10. Bank A/C DR

            To Bank Charges A/C

( Being bank charges )

11. Bank A/C DR 3,500

Cash A/C DR 3,500

           To Sales A/C 7,000

( Being sales done )