Question

PRACTICAL PROBLEMS
Simple Journal Entries
1. Pass necessary Journal entries for the following transactions:
₹
2020
April 1 Business started with cash
April 2 Goods purchased for cash
April 3 Goods purchased from Pankaj on credit
April
5 Goods sold to Naresh on credit
April 7 Goods returned to Pankaj
April 9 Goods returned by Naresh
April 10 Cash paid to Ajay...
April 12 Commission received
April 15 Furniture purchased
April 16 Rent paid to Amit
April 19 Sold goods to Sumit for cash
April 24 Cash sales
April 30 Cash received from Naresh on account
April 30 Salaries' paid.........
60,000
15,000
18,000
9,000
12,000
1,400
6,000
2,700
7,000
5,000
6,000
7,000
5,000
10,000
1​

Answer 1

Answer:

1. Cash a/c dr.

to Capital a/c cr.

2. Purchases a/c dr.

to cash a/c cr.

3. Purchases a/c dr.

to pankaj a/c cr.

5. Sales a/c dr.

to naresh a/c cr.

7. Purchase return a/c dr.

to pankaj a/c cr.

9. Naresh a/c dr.

to purchase return a/c cr.

10. Ajay a/c dr.

to cash a/c cr.

12. cash a/c dr.

to commission recieved a/c cr.

15. Furniture a/c dr.

to cash a/c cr.

16. Rent a/c dr.

to amit a/c cr.

19. Sales a/c dr.

to cash a/c cr.

24. cash a/c dr.

to sales a/c cr.

30. cash a/c dr.

to naresh a/c cr.

30. salaries a/c dr.

to cash a/c cr.

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Answer 2

Answer:

1. Cash a/c........dr        60000

    to Capital a/c           60000

2. Purchases a/c...........dr       15000

     to cash a/c                           15000

3. Purchases a/c...........dr        18000

    to Pankaj a/c                       18000

5. Naresh a/c..............dr       9000

     to Sales a/c                     9000

7. Purchase return a/c........dr     12000

    to Pankaj a/c                            12000

9. Sales Return a/c.........dr       1400

     to Naresh a/c                        1400

10. Ajay a/c.........dr             6000

     to cash a/c                      6000

12. Cash a/c........dr                    2700

     to Commission received a/c   2700

15. Furniture a/c.........dr       7000

     to Cash a/c                       7000

16. Amit a/c.........dr     5000

      to Rent a/c             5000

19. Sumit a/c.........dr      6000

     to Sales a/c              6000

24. Cash a/c.........dr        7000

      to Sales a/c                 7000

30. Cash a/c.........dr           5000

      to Naresh a/c                5000

30. Salaries a/c.........dr        10000

       to Cash a/c                     10000

Explanation:

• Journal entry is the act of holding or recording an economical or uneconomical transaction. Transactions are recorded in the accounting journal, which shows the balance of the company's debits and credits.
• Journal entries can consist of multiple entries, each representing a debit or credit.

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