Q 1. Journalise the following transactions. Post them in to ledger and prepare a Trial balance. a) Business started with a capital of Rs 8,00,000 b) Furniture purchased in cash from jai Rs. 38000 c) Payment made to Raman Rs. 5000 d) Commission Received from Suresh Rs. 2000 e) Goods purchased from Ramlal Rs. 7,00,000 f) Rent paid to Anil Rs. 3000 g) Goods sold to Jaya Bahaduri in cash Rs. 5,00,000 h) Payment made to Hari Rs. 3920 and discount received Rs. 80 i) Cash received from Neelam Rs. 1880 and discount allowed Rs. 120 j) Bad debts Rs. 400
Answers
Answer:1) cash to capital 2)furniture to cash 3) raman to cash4)cash to commision 5)purchases to ramlal6)rent to cash7)cash to sales
Explanation:
Journal Entries for the given transactions and relevant Ledger A/cs and Trial Balance
Explanation:
Journal Entries:
- Cash A/c Dr. Rs.8,00,000
To Capital A/c Rs.8,00,000
(Being capital introduced into business)
- Furniture A/c Dr. Rs.38,000
To Cash A/c Rs.38,000
(Being Furniture purchased for Cash)
- Raman A/c Dr. Rs.5,000
To Cash A/c Rs.5,000
(Being payment received from Raman in cash)
- Cash A/c Dr. Rs.2000
To Commission A/c Rs.2000
(Being commission received in cash)
- Purchases A/c Dr. Rs.7,00,000
To Ramlal A/c Rs.7,00,000
(Being goods purchased from RamLal on credit)
- Rent A/c Dr. Rs.3,000
To Cash A/c Rs.3,000
(Being rent paid via cash to Anil)
- Cash A/c Dr. Rs.5,00,000
To Sales A/c Rs.5,00,000
(Being goods sold for cash)
- Hari A/c Dr. Rs.4,000
To Discount received A/c Rs.80
To Cash A/c Rs.3,920
(Being payment made to Hari and discount received)
- Cash A/c Dr. Rs.1,880
Discount allowed A/c Dr. Rs.120
To Neelam A/c Rs.2,000
(Being payment received from Neelam and discount allowed)
- Bad Debts A/c Dr. Rs.400
To Debtors A/c Rs.400
(Being bad debts realised)
Relevant Ledger A/cs:
1) Capital A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Balance c/d 8,00,000 By Cash A/c 8,00,000
8,00,000 8,00,000
2) Cash A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Capital A/c 8,00,000 By Furniture 38,000
To Commission 2,000 By Raman A/c 5000
To Sales 5,00,000 By Rent 3,000
To Neelam 1880 By Hari 3920
By Balance c/d 1253960
1303880 1303880
Trial Balance
as at 31.3.20XX
Particulars Debit(Rs.) Credit(Rs.)
Capital - 8,00,000
Cash 1253960 -
Rent 3000 -
Discount Allowed 120 -
Discount received - 80
Commission - 2000
Bad debts 400 -
Purchases 700000 -
Sales - 500000
Furniture 38000 -
Suspense A/c - 693400
1995480 1995480