Question

Posting of Composite Entry
4. Enter the following transactions in journal of Talwinder Singh and post them into ledger :
2018
Dec. 1 Received cheques on account of sales 2,00,000; rent ? 40,000 and commission 15,000. Dec. 25 Paid by cheques on account of interest 12,000; machinery 38,000 and purchase of goods 760,000.

Answer 1

Explanation:

The line items are called ledger entries. Transfer the debit and credit amounts from the journal to the ledger account. After posting entries to the general ledger, calculate the balance of each account. Calculate the balance of an asset or expense account by subtracting the total credits from the total debits.

Answer 2

Answer:Dec 1

Bank Account Dr. 255000 Rs

To Sale Account Cr. 200000 Rs

To Rent Account Cr. 40000 Rs

To Commission Account Cr. 15000 Rs

Dec 25

Interest Account Dr. 12000 Rs

Machinery Account Dr. 38000 Rs

Purchase Account Dr. 60000 Rs Rs

To Bank Account Cr. 110000 Rs

Explanation: