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1. Pass Journal entries for the following transactions:
(i) Purchased goods for cash Rs. 10,000 and spent Rs. 200 for their carriage.
(ii) Purchased Machinery for Cash Rs. 50,000 and spent Rs. 500 for its carriage.
(iii) Paid Rs. 20,000 for Cement, Rs. 10,000 for timber, and Rs. 5,000 as wages for the construction of building.
(iv) Purchased an old machinery for Rs. 20,000 and spent Rs. 2,500 on its immediate repairs.
(v) Paid Rs. 500 for repairing some other machinery.
Answers
Answer:
Commenced business with cash 2,50,000
4 Purchased furniture for cash 20,000
4 Cash purchases 1,45,000
5 Deposited with bank 30,000
6 Purchase from Patil 40,000
Sold to Natarajan for cash 14,300
7 Stationery purchased 1,050
7 Purchase from Salil 26,000
7 Sold to Mukherjee 8,080
9 Rent for two years paid in advance 24,000
9 Drawings by the proprietor for household expenses 4,000
Goods taken out by the proprietor for domestic use 500
9 Cash withdrawn from Bank
Answer:
Journal Entries:
(i) Purchased goods for cash Rs. 10,000 and spent Rs. 200 for their carriage.
Cash A/c - Dr. 10,200
To Purchase A/c 10,000
To Carriage A/c 200
(ii) Purchased Machinery for Cash Rs. 50,000 and spent Rs. 500 for its carriage.
Machinery A/c - Dr. 50,500
To Cash A/c 50,000
To Carriage A/c 500
(iii) Paid Rs. 20,000 for Cement, Rs. 10,000 for timber, and Rs. 5,000 as wages for the construction of building.
Cement A/c - Dr. 20,000
Timber A/c - Dr. 10,000
Wages A/c - Dr. 5,000
To Cash A/c 35,000
(iv) Purchased an old machinery for Rs. 20,000 and spent Rs. 2,500 on its immediate repairs.
Old Machinery A/c - Dr. 22,500
To Cash A/c 20,000
To Repairs A/c 2,500
(v) Paid Rs. 500 for repairing some other machinery.
Repairs A/c - Dr. 500
To Cash A/c 500