q.record the following facts in the Journal of Isha:
1)Isha started playing business with cash 125000.
2) Purchased goods for cash 16000.
3) Bought building from Mr.Amar on credit 95000.
4) Paid for building repairs by cheque3000.
5) Received Commission in cash800.
6) Goods of 18000 sold to Ms.Bikram on credit 21000.
7) Paid salary to Ms.Mamta1500.
8) Paid for advertisement by cheque 2800.
9) Goods given by donation 1700.
10) Mr. Bikram returned goods not upto the sample5000.
11)Cash used at home 8500.
12) Purchased a computer for office use15000.
13)Shares of I.T.C Ltd. purchased 7000
Answers
Answer:
- Cash A/c Dr. 125000
To Capital A/c 125000
(Begin Business started )
2. Purchase A/c Dr 16000
To Cash A/c 16000
(Begin Goods purchased)
3. Building A/c Dr. 95000
To Mr. Amar A/c 95000
(Begin building purchased on credit)
4. Repairs A/c Dr. 3000
To Bank A/c 3000
(Begin paid for Repairs)
5. Cash A/c 800
To Commission A/c 800
(Begin Commission received)
6. Ms. Bikram A/c Dr. 21000
To Sales A/c 21000
(Begin goods sold to bikram)
7. Salary A/c Dr. 1500
To Cash A/c 1500
(Begin salary paid)
8. Advertisement A/c Dr. 2800
To Bank A/c 2800
(Begin Paid for advertisement)
9. Donation A/c Dr. 1700
To Purchase A/c 1700
(Begin goods donated)
10. Sales Return A/c Dr. 5000
To Ms. Bikram A/c 5000
(Begin goods returned to us)
11. Drawings A/c Dr. 8500
To Cash A/c 8500
(Begin cash withdrawn for personal use)
12. Computer A/c Dr. 15000
To Cash A/c 15000
(Begin Computer purchased)
13. Equity Shares A/c Dr. 7000
To Cash A/c 7000
(Begin Shares purchased of I.T.C Ltd)
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JOURNAL ENTRIES
GIVEN: Transactions relating to the business of Isha
TO FIND: Journal Entries
SOLUTION:
The following entries shall be passed:
Cash A/c --------Dr. 125000
To Capital A/c 125000
(Begin Business started )
Purchase A/c ----------Dr 16000
To Cash A/c 16000
(Begin Goods purchased)
Building A/c ---------Dr. 95000
To Mr. Amar A/c 95000
(Begin building purchased on credit)
Repairs A/c -------------Dr. 3000
To Bank A/c 3000
(Begin paid for Repairs)
Cash A/c ------------Dr. 800
To Commission A/c 800
(Begin Commission received)
Ms. Bikram A/c ----------Dr. 21000
To Sales A/c 21000
(Begin goods sold to Bikram)
Salary A/c ---------Dr. 1500
To Cash A/c 1500
(Begin salary paid)
Advertisement A/c -----------Dr. 2800
To Bank A/c 2800
(Begin Paying for advertisement)
Donation A/c -----------Dr. 1700
To Purchase A/c 1700
(Begin goods donated)
Sales Return A/c -------Dr. 5000
To Ms. Bikram A/c 5000
(Begin goods returned to us)
Drawings A/c --------Dr. 8500
To Cash A/c 8500
(Begin cash withdrawn for personal use)
Computer A/c -------Dr. 15000
To Cash A/c 15000
(Begin Computer purchased)
Equity Shares A/c --------Dr. 7000
To Cash A/c 7000
(Begin Shares purchased of I.T.C Ltd)
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