Accountancy, asked by kaurlakhikaur, 9 months ago

plz don't give me irrelevant answers if you are not interested in these questions: 1. (Journal Entries) Journalise the following transactions in the books of Abhey
PICAL PROBLEMS
2016
July 1
2
Started business with 5,000 in cash and 2,500 worth of goods.
Opened a bank account and deposited 3,000.
2. Bought goods for cash 3 500.
5 Bought furniture from X on credit 3 500.
8 Sold goods for cash 750.
10 Sold goods to A on credit 1,350.
11 Received cash from A1,335 and allowed him discount * 15.
15 Purchased goods from C of the list price 800 subject to 12.5 percent trade discount.
20 Gave away as charity cash 101 and goods worth 51.
22 Paid C690 in full settlement of his account.
25 Withdrew goods for personal use 200
26 Cash withdrawn from bank for office use 400.
26 Purchased investments 1,500.
30 Paid rent 345 and salaries 100 for the month.
31 Received commission 125.

Answers

Answered by BRAINLYADDICTED

A2A

Answer :

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Journal Entries in the books of Abhay :-

① July 1 :

⏩ Cash Ac Dr....5000/-

Goods Ac Dr...2500/+

To, Capital Ac Cr...7500/-

( Being started business with cash, and goods )

⏩ Bank Ac Dr...3000/-

To, Cash Ac Cr...3000/-

( Being Bank account opened by depositing Cash )

② July 2 :

⏩ Purchase Ac Dr...3500/-

To, Cash Ac Cr...3500/-

( Being Goods purchased )

③ July 5 :

⏩ Furniture Ac Dr...3500/-

To, X's Ac Cr...3500/-

( Being Furniture purchased on credit )

④ July 8 :

⏩ Cash Ac dr...750/-

To. sales Ac Cr..750/-

(Being Goods sold for cash )

⑤ July 10 :

⏩ A's Ac Dr...1350/-

To, Sales Ac cr..1350/-

(Being Goods sold on credit )

⑥ July 11 :

⏩ Cash Ac Dr...1335/-

Discount Allowed Ac Dr..15/-

To, A's Ac Cr...1350/-

(Being Cash received and discount Allowed )

{7} July 15 :

⏩ Purchase Ac Dr...700/-

To, C's Ac Cr..700/-

(Being Goods purchased )

⑧ July 20 :

⏩ Charity Ac Dr...152/-

To, Cash ac Cr...101/-

To, Goods Ac Cr...51/-

( Being Cash and goods paid for charity )

{9} July 22 :

⏩ C's Account Dr....700/-

To, Cash Ac Cr..690/-

To, Discount Received Ac Cr..10/-

( Being Account settled )

①⓪ July 25 :

⏩ Drawing Ac Dr...200/-

Drawing Ac Dr...200/- To, Cash Ac Cr...200/-

(Being goods withdrawn for personal use)

①① July 26 :

⏩ Office Ac Dr...400/-

To, Bank Ac Cr..400/-

( Being Cash withdrawn from bank for office use )

①② July 26 :

⏩ Investment Ac Dr.. 1500/-

To, Cash Ac Cr...1500/-

( Being Investment Purchased in cash )

①③ July 30 :

⏩ Rent Ac Dr...345/-

Salary Ac Dr...100/-

To, Cash Ac Cr...445/-

( Being Rent and salary paid in cash )

①④ July 31 :

⏩ Cash Ac Dr....125/-

Cash Ac Dr....125/- To, Commission Ac Cr..125/-

(Being Commission Received )

NOTE :

1) In adjustment number seven we haven't considered Trade Discount, coz as per rule of Accounting principles we don't have to consider Trade discount in the books of account!

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